Upstream Updates - Monday, August 12, 2024

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Upstream Updates
August 12, 2024

| Today’s Upstream Updates

  • Oil prices are up on Middle East fears and strength of US

  • Be sure to check out our expanded upstream transactions and multiples tracker below. We are showing the most recent months - let us know if you have any suggestions

| Markets - Energy Prices

Product

Close

$ Change

% Change

WTI Oil

$77.76

+$0.88

+1.15%

Brent Crude

$80.39

+$0.73

+0.92%

HH Natural Gas

$2.247

+$0.094

+4.39%

XOP

$136.44

+$0.05

+0.04%

Note: pricing is as of time of publishing.

| Daily Energy News

  • Crude oil prices surge amid geopolitical fears (FXEmpire)

  • US M&A spree set to surpass last year’s size (OilPrice)

  • Gloomy oil demand outlook focus of geopolitical uncertainty (FXstreet)

  • Nat gas 2025: early year weakness, late year rebound (OilPrice)

  • Petrobras open to extra dividends this year (Reuters)

  • US oil industry pumps record volumes with fewer workers (OilPrice)

  • Iran finds new buyer for its export oil (Dawn)

  • Nat gas has been negative a record number of times (Fortune)

  • Houston poised to benefit as US production grows (Hou Chron)

  • Permian produced water posing a challenge (RBN Energy)

  • SM Energy, Vital reveal Permian wildcatting (Hart Energy)

| X (Twitter) Energy - Insightful Posts

  • Chart - all rich countries are rich in energy (Link)

  • Chart - US M&A Quarterly Activity (Link)

| Upstream Earnings - Releases & Presentations

| Recent Upstream Deals

| Monthly Capital Markets Activity

  • Debt (8/8/24) - California Resources (CRC) - announced it is offering $200 MM of its 8.25% senior unsecured notes due 2029 and later upsized the offering to $300 MM. The Notes are being offered as additional notes under the indenture dated 6/5/24 and will have identical terms. Net proceeds will be used to purchase up to $300 MM of its 7.125% senior notes due 2026. CRC has commenced a tender offer for the 7.125% notes. 

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