| Today’s Upstream Updates (details below)

• Happy Friday!

• After oil prices dropped yesterday, prices have stabalized as the market waits on US inflation data and OPEC+ meeting

• Natural gas storage showed a build of 89 Bcf and is trending above the historical 5-year highs supporting a bearish sentiment

• Aramco release details on its secondary stock offering

• Lastly, we will reset our Transaction Activity and Capital Markets tracking beginning next week for the new month

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy

• Oil stabilizes ahead of US inflation data and OPEC+ meeting (Reuters)

• Natural gas forward decline as production seen returning (Forward)

• This week in petroleum report (EIA)

• Weekly natural gas storage report (EIA)

• Aramco share sale that could raise $13.1 Billion (Reuters)

• Delay at Golden Pass LNG to remove 219 Bcf of demand (Hart Energy)

• Democrats accuse oil companies of collusion with OPEC (Fox News)

• OPEC+ working on complex production cut deal (Reuters)

• Big oil companies will keep getting bigger (WSJ)

• Should the US worry about the SPR this summer? (The Hill)

| Noteworthy from Energy X (Twitter)

• Future energy demand does not need fossil fuels (Link)f

• Nationwide, 6.4% of home sellers cut their asking price during the four weeks ending May 26, the highs since November 2022 (Link)

• Record solar output (Link)

| Transactions - Monthly Upstream Deals

| Capital Markets - Energy Debt & Equity

• Debt 5/22/2024 - Cheniere Energy (LNG) completed a private placement of $1.2 BN senior secured notes. Notes carry an interest rate equal to 5.75% and mature in 2034 (Link).

• Debt 5/21/2024 - California Resources Corp (CRC) announced the pricing and upsized private offering of $600 MM in 8.25% senior unsecured notes due 2029. CRC estimates the net proceeds will be approximately $590 MM after purchaser’s discount and expenses indicating a 98% discount. New notes will be used to repay the existing indebtedness of Aera Energy, LLC in connection with the pending business combination (Link).

• Equity 5/15/24 - Civitas Resources (CIVI) announced a secondary public offering by an affiliate of Canada Pension Plan Investment Board (CPPIB). Offering is for 6,956,520 shares of common stock at a price to the public of $73.80 per share (~4% discount). CIVI will not receive any proceeds from the offering. Underwriters will offer the shares from time to time and have a 30-day option to purchase up to an additional 1,043,478 shares (Link).

• Equity 5/14/24 - Magnolia Oil & Gas (MGY) reported affiliates of EnerVest agreed to sell 12,000,000 shares of class A common stock in an unregistered secondary block trade. MGY did not sell any class A shares in the block trade nor received any proceeds. Additionally, MGY agreed to purchase from EnerVest 3,000,000 shares of class B common stock at a price per share equal to that received in the class A block trade. (Link)

• 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)

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