Upstream Updates - Monday, July 22, 2024

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Upstream Updates
July 22, 2024

| Today’s Upstream Updates

  • Oil prices trade down following Biden’s exit

  • Earnings - Tuesday kicks off upstream 2Q-24 earnings releases with MTDR and RRC, we’ll link to the earnings releases and presentations over the next few weeks to give you a centralized source

  • Deal News - Woodside Energy has agreed to acquire Tellurian and Driftwood LNG for $1.2 billion, link to release below

| Markets - Energy Prices

Product

Close

$ Change

% Change

WTI Oil

$77.92

-$0.72

-0.92%

Brent Crude

$81.97

-$0.66

-0.80%

HH Natural Gas

$2.248

+$0.083

+3.74%

XOP

$146.48

-$0.23

-0.16%

Note: pricing is as of time of publishing.

| Daily Energy News

  • Oil price dip after Biden’s exit (Reuters)

  • Morgan Stanley - oil market likely to be in surplus next year (Reuters)

  • Woodside to buy Tellurian and Driftwood LNG (Release)

  • US natural gas market becomes global LNG force (OilPrice)

  • OPEC+ to stick to production hike plan (World Oil)

  • FTC probes Hess, Oxy over OPEC communication (BOE Report)

  • The dramatic fall of Mexico’s oil giant (OilPrice)

  • Freeport LNG prepares to restart exports (BOE Report)

  • Operators add rigs again for the second week (MarketScreener)

  • Williams CEO, US will fall behind in AI without nat gas (CNBC)

| X (Twitter) Energy - Insightful Posts

  • Chart of what powered the world in 2023 (Link)

  • US data center demand growth chart (Link)

| Monthly Upstream Deals

| Monthly Capital Markets Activity

  • 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.

| 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