| Today’s Upstream Updates

• Happy Friday!

• Oil prices continue to trade up slightly behind OPEC+ support

• EIA reported a natural gas storage build of 98 Bcf

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil ticks up ahead of US job report (Reuters)

• Biden sold 50% of SPR, is that a problem? (Fortune)

• Occidental and Berkshire Hathaway team up on project (Yahoo)

• Russia is cutting oil production under OPEC+ deal (Oilprice.com)

• Canadian oil executives slam emission cap proposal (Oilprice.com)

• US oil and gas production shows signs of slowing (Reuters)

• US solar capacity soared 71% in Q1 (Clean Technica)

• IEA expects investment in clean energy to be $2 trillion (DW.com)

• Natural gas billionaire bets on greener fossil fuel (WSJ)

• Natural gas storage build of 98 Bcf beat estimates (fxempire.com)

• Zephyr completes drilling in Utah Paradox Basin (World Oil)

| Noteworthy from Energy X (Twitter)

• Euro LNG is its savior and curse (Link)

• Thoughts on OPEC+ new strategy (Link)

• Average led time for new mine is 18 years (Link)

• Permian has become a key gas basin (Link)

| Monthly Upstream Deals

Pending Updates

| Monthly Capital Markets

• Debt 6/03/2024 - Diversified Energy (DEC) announced it has closed on an ABS refinancing. The $610 million principal notes with net proceeds of $592 million (net of fees, expenses and interest reserve) carry a blended fixed coupon of 7.28%. Proceeds to refinance existing ABS and reduce borrowings on Company RBL. Financing is also part of the Oaktree WI purchase. DEC noted the offering was oversubscribed with over $1.7 billion in orders from 18 investors (Link).

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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 h