Upstream Updates - Friday, August 2, 2024

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Upstream Updates
August 02, 2024

| Today’s Upstream Updates

  • Weekend Read - This is a great article about the history behind Exxon’s Guyana oil discovery (Link)

  • Earnings Today (8/2): CVX bmo, XOM bmo (active links to quarterly releases and presentations below)

| Markets - Energy Prices

Product

Close

$ Change

% Change

WTI Oil

$76.25

-$0.06

-0.08%

Brent Crude

$79.45

-$0.09

-0.07%

HH Natural Gas

$1.972

+$0.004

+0.20%

XOP

$142.00

-$4.39

-3.00%

Note: pricing is as of time of publishing.

| Daily Energy News

  • Oil prices set for fourth weekly fall (Reuters)

  • Oxy completes the acquisition of CrownRock (Release)

  • Meet Ohio’s new Utica play (Hart Energy)

  • EIA - Natural Gas Weekly (EIA)

  • Shell initiates a $2 BN share buyback program (OilPrice)

  • LNG exports fall again in July due to Freeport downtime (Reuters)

  • Ovintiv increases Oil & Gas production targets (World Oil)

  • OPEC+ sticks to oil policy, could pause Oct hike (Reuters)

  • Harris courts swing voters with fracking reversal (The Hill)

  • Robots to build solar farms across the US (Clean Technica)

  • Chevron to relocate headquarters to Houston (Release)

  • Is Trump better than Harris for oil & gas investors (WSJ)

  • Worlds deepest well planned for offshore Colombia (RigZone)

  • TX earthquakes: uncovering the links to oil & gas (OilPrice)

| X (Twitter) Energy - Insightful Posts

  • US cooling demand hits record this summer (Link)

  • Charts - Natural Gas storage (Link)

  • Electric cable companies making a killing on green energy (Link)

| Upstream Earnings - Releases & Presentations

| Monthly Upstream Deals

| Monthly Capital Markets Activity

  • Equity 7/29/24 - Permian Resources (PR) announced it has commenced a public offering of 26,500,000 shares of Class A Common Stock. Company plans to use a portion of the proceeds to fund the Barilla Draw acquisition. Offering was issued to the public at a price of $15.30/share.

  • Debt 7/29/24 - Permian Resources (PR) has upsized its $750 MM senior notes in a private placement, notes are due 2033. Pricing not yet announced. Proceeds will be used to redeem the 7.75% Senior Notes due 2026 and to fund a portion of the Barilla Draw acquisition.

  • Debt 7/25/24 - Oxy Petroleum (OXY) offered $600 MM senior notes, 5.00% due 2027, $1,200 MM senior notes, 5.20% due 2029, $1,000 MM senior notes, 5.375% due 2032, $1,200 MM senior notes, 5.55% due 2034 and $1,000 MM senior notes, 6.05% due 2054 for aggregate total of $5,000 MM. Notes are offers as part of Oxy’s acquisition of the CrownRock Permian assets.

  • Debt 7/18/24 - SM Energy (SM) announced it has upsized its private debt placement from $1.3 billion to $1.5 billion. Offering is for $750 MM, 6.75% senior note due 2029 and $750 MM, 7.00% senior notes due 2032. SM will use the proceeds to fund the purchase of its XCL acquisition and to redeem its 5.625% Notes due 2025. The 2029 notes will only be issued if the XCL acquisition is consummated.

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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 authors and publisher of this newsletter are not liable for any actions taken by readers based on the information contained herei