| Today’s Upstream Updates (details below)

• Good morning and let’s get you caught up after the weekend

• Oil prices were steady after OPEC+ agreed to slowly begin increasing production later this year and in 2025

• European nat gas prices jumped on supply disruption from Norway

• Devon Energy misses out on another deal - article below

• Novi Labs out with a new report quantifying remaining inventory in the Permian Basin - Energy X below

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil steady after OPEC+ signals plan to return barrels to market (Yahoo)

• OPEC still positive about global oil demand (Offshore Technology)

• Devon strikes out on another acquisition target (Yahoo Finance)

• Aramco share sale draws buyers in droves (oilprice.com)

• Schumer, Democrats push Justice Department to investigate oil industry for collusive tactics (AP Press)

• Oil companies make up for lost time as consolidation sweeps across industry (Yahoo Finance)

• Europe nat gas prices soar on Norway supply outage (oilprice.com)

• Tokyo Gas seeks more US natural gas assets (Reuters)

• Diversified Energy closes market leading securitization financing (Press Release)

• Texas senator introduces Natural Gas Tax Repeal Ace to eliminate Biden’s new methane emissions tax (WorldOil)

• Data centers set to consume 9% of US energy by 2030 (oilprice.com)

• FTC investigations are increasing energy M&A closing timelines (Oil & Gas News)

| Noteworthy from Energy X (Twitter)

• AI is projected to send electricity demand soaring (Link)

• Parade of planets beginning tonight (Link)

• How much inventory is left in the Permian? (Novi Labs)

| Monthly Upstream Deals

Pending Updates

| 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 here.