| Today’s Upstream Updates

• Oil prices up slightly on summer fuel demand hopes

• Warmer summer weather is pushing natural gas prices up

• Details below, New Zealand’s introduces a bill to reversal exploration ban

• Noble Corp to acquire Diamond Offshore for $1.6 Billion

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil nudges higher on on hopes of summer fuel demand (Reuters)

• Will heat keep natural gas prices north of $3.00? (Fxempire.com)

• Noble Corp to buy Diamond Offshore for $1.6 Billion (Reuters)

• Aramco shares trade higher following stock offering (CNBC)

• Argentina prepares for an oil company IPO (oilprice.com)

• OPEC’s strategy to outlast the shale boom (Fortune)

• Growth in US oil and gas output slows down (oilprice.com)

• Buffett boosts stake in Oxy through new stock buys (Yahoo Finance)

• New Zealand bill to reverse oil and gas exploration ban (Reuters)

• US oil and gas industry in the grip of merger mania (oilprice.com)

• Houston company to build largest refinery in 50-years (oil and gas)

• BPX targets 60% production growth in Permian (mrt)

| Noteworthy from Energy X (Twitter)

• Air travel above 2019 level (Link)

• Details on New Zealand’s oil & gas reversal (Link)

• US LNG exports were 13.1 Bcf/d on Friday (Link)

• Natural gas macro slides (Link)

| Monthly Upstream Deals

| 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