| Today’s Upstream Updates

• Oil prices remain steady as Chinese data disappoints

• Natural gas sell off continuing, though bullish sentiment remains

• Longer read below about Aramco’s recent share sale and how they have brought in foreign investors since their IPO

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil steady as downbeat Chinese data offset demand hopes (Yahoo)

• Bullish bounce for natural gas prices? (FXempire)

• 80 more years of oil: the big attraction of CCUS (OilPrice)

• Goodbye big oil, hello big solar (Clean Technica)

• US pushing to triple nuclear production by 2050 (OilPrice)

• Biden ready to used SPR to keep oil low again (Washington Examiner)

• OPEC trillion dollar bet against Shale oil (OilPrice)

• New SPAC plans to buy stuck PE energy assets (DealFlow)

• New Fortress to start LNG production at Mexico soon (NFE First)

• New Investor Presentation - Murphy Oil (Release)

• New Investor Presentation - Talos Energy (Release)

• War, Money, Oil and the shaping of Aramco’s share sale (Bloomberg)

| Noteworthy from Energy X (Twitter)

• Pensions moved into private equity investments and now stuck (Link)

• GasBuddy weekly data (Link)

• Money and quality scores for fast casual / fast food restaurants (Link)

| Monthly Upstream Deals

| Monthly Capital Markets

• Debt 6/13/2024 - Crescent Energy (CRGY) announced the pricing of $750 million senior notes due 2033. Notes will pay an interest rate of 7.375% per year and were priced at par. Proceeds will be used to fund the cash portion of the consideration of the previously announced merger with SilverBow Resources. Should the merger not happen, CRGY will redeem the notes for their full value and unpaid accrued interest (Link).

• 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 herein.