Upstream Updates - Thursday, August 1, 2024

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Upstream Updates
August 01, 2024

| Today’s Upstream Updates

  • Oil prices rise on concerns of war in the Middle East

  • Earnings Today (8/1): CIVI amc, COP bmo, CTRA amc, EOG amc, KRP bmo, SHEL bmo, SWN amc (active links to quarterly releases and presentations below)

| Markets - Energy Prices

Product

Close

$ Change

% Change

WTI Oil

$78.65

+$0.74

+0.95%

Brent Crude

$81.58

+$0.77

+0.92%

HH Natural Gas

$2.044

+$0.008

+0.39%

XOP

$146.39

+$1.19

+0.82%

Note: pricing is as of time of publishing.

| Daily Energy News

  • Oil prices rise amid Middle East conflict (OilPrice)

  • Exxon-Chevron arbitration extended to 2025 (Yahoo Finance)

  • US oil output falls in May, first time since January (Reuters)

  • BofA say’s Oil’s Bermuda triangle nearing an end (RigZone)

  • Silver Hill closes 4th fund by raising $1.1 BN for energy (Release)

  • EIA - This Week in Petroleum (EIA)

  • Driller emit far more methane than US estimates (Reuters)

  • Trump accuses OPEC of lowering prices to favor Harris (Yahoo)

  • Exxon submits application for Hammerhead offshore Guyana (O&GJ)

  • New Fortress Energy announces closing of loan for 2nd unit (LNG)

  • EQT advances Phase 1 planning of clean hydrogen project (Release)

  • New Permian natgas pipeline to Gulf Coast reaches FID (Release)

  • Ecopetrol decides not to buy 30% of CrownRock from Oxy (Release)

| X (Twitter) Energy - Insightful Posts

  • Golden Pass LNG to begin construction again (Link)

  • New copper discoveries becoming rare (Link)

| Upstream Earnings - Releases & Presentations

| Monthly Upstream Deals

| Monthly Capital Markets Activity

  • Equity 7/29/24 - Permian Resources (PR) announced it has commenced a public offering of 26,500,000 shares of Class A Common Stock. Company plans to use a portion of the proceeds to fund the Barilla Draw acquisition. Offering was issued to the public at a price of $15.30/share.

  • Debt 7/29/24 - Permian Resources (PR) has upsized its $750 MM senior notes in a private placement, notes are due 2033. Pricing not yet announced. Proceeds will be used to redeem the 7.75% Senior Notes due 2026 and to fund a portion of the Barilla Draw acquisition.

  • Debt 7/25/24 - Oxy Petroleum (OXY) offered $600 MM senior notes, 5.00% due 2027, $1,200 MM senior notes, 5.20% due 2029, $1,000 MM senior notes, 5.375% due 2032, $1,200 MM senior notes, 5.55% due 2034 and $1,000 MM senior notes, 6.05% due 2054 for aggregate total of $5,000 MM. Notes are offers as part of Oxy’s acquisition of the CrownRock Permian assets.

  • 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.

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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