| Today’s Commodity Prices

Source: as of time of publishing.

| Daily Reservoir Roundup News

• ISS recommends Hess shareholders abstain from voting for merger with Chevron (Link)

• US oil output in top shale regions hit 6-month high (Link)

• Fed approves electricity reform to advance renewable power (Link)

• Presidio County Texas shows promise for geothermal development (Link)

• OPEC stocks to oil demand view (Link)

• Anglo rejects BHP again (Link)

| Free Flowing From Energy X (Twitter)

• US DUC rise slightly (Link)

• Texas electricity spot prices jump 100-fold (Link)

• California gasoline tax alert (Link)

• SPR stocks up ~600k (Link)

• Study confirms nat gas as a viable way to cut global emmissions (Link)

| Weekly Upstream Deals

• Pioneer Natural Resources (PXD) has divested Midland Basin assets located primarily in Regan County. No transaction or buyer were disclosed. Assets consisted of net production of 96 boe/d, 6,400 net acres and most leases covered all depths (5/10/24)

• Riley Permian (REPX) has acquired northwest shield asset for $20.5 MM. Assets consist of 1.1 Mboe/d net production and 13,900 net acres in Eddy County, New Mexico. Leasehold is adjacent to their existing assets in the area (5/08/2024).

• Permian Resources (PR) has acquired Delaware Basin assets in New Mexico and Texas from an undisclosed seller. Purchase price of $195 MM with the assets consisting of net production of 3.5 Mboe/d, 11,200 net acres and 4,500 net royalty acres. Includes 110 gross operated locations (5/07/2024).

• Dara Energy has acquired assets in Kentucky, Tennessee and Texas from Vinland Energy. Price and asset details not disclosed. Dara describes the assets as low decline, long-lived production wells.

• IOG Resources has agreed to acquire DJ Basin assets in Colorado from Civitas Resources (CIVI), assets are located in Weld County and include current net production of 4.7 Mboe/d and ~1,480 developed and undeveloped wellbores primarily operated by Oxy and Chevron. No transaction value reported (5/06/2024).

| Capital Markets

• Equity 5/13/24 - Permian Resources (PR) announced the pricing of 51,765,000 shares of Class A common stock at a price of $16.47 per share for affiliates of EnCap, NGP, Pearl Energy and Riverstone. Offering is a secondary public offering with Permian Resources not receiving any proceed nor selling any shares. Concurrently with the closing, PR agreed to purchase from certain of the Selling Stockholders 1,800,000 common units representing limited liability company interests in Permian Resources Operating, LLC at the same prices as the secondary offering. (Link)

• Notes 4/16/24 - Sunoco LP (SUN) priced its private senior notes due 2029 offering at 100% or 7.00% for an aggregate principal amount of $750 million. Additionally, it priced senior notes due 2032 at 7.25% for an aggregate principal amount of $750 million. Notes were issued in part of the Sunoco and NuStar merger (Link)

• Notes 4/09/24 - Diamondback Energy, Inc (FANG) issues the following notes: (1) $850 MM senior note with a coupon of 5.20% due 2027 and priced at 99.956%, (2) $850 MM senior note with a coupon of 5.150% due 2030 and priced at 99.83%, (3) $1,300 MM senior note with a coupon of 5.40% due 2034 and priced at 99.679%, (4) $1,500 MM senior note with a coupon of 5.75% due 2054 and priced at 99.957%, (5) and $1,000 MM senior notes with a coupon of 5.90% due 2064 and priced at 99.954%. (Link)

| Q1-2024 Upstream Earnings Releases and Presentations - Active Links

| Upcoming Upstream Earnings

• August 4, 2024

  • Shell Q2-2024 earnings release

| Partnerships

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Disclaimer - The information provided in this newsletter is for informational purposes only and should not be construed as investment advice. The contents and references herein do not constitute a recommendation to buy, sell, or hold any securities. Readers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions based on the information provided herein. The author and publisher of this newsletter are not liable for any actions taken by readers based on the information contained here