| Today’s Upstream Updates

• Oil prices are steady as the market awaits weekly inventory data

• EIA released a report estimating natural gas venting or flaring declined in 2023 - link to report below

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil holds above $85 as traders await fresh inventory data (Yahoo)

• Brent up on war concerns, WTI dips before inventory report (Reuters)

• EIA estimates natural gas vented or flared declined in 2023 (EIA)

• Natural gas outlook mixed amid volatile EU markets (OilPrice)

• Coming AI boom could keep coal and gas alive (Energy Network)

• Iran says US can no longer obstruct its oil exports (OilPrice)

• Revenir Energy (fmr. Legacy Reserves) closes its doors (Release)

• How hydrogen will trade in the markets of the future (OilPrice)

• US refinery capacity down 21,000 bpd (Oil & Gas News)

• SMA Solar shares fall 30% on profit warning (Reuters)

• Huge rare earth discover to benefit US (OilPrice)

| Noteworthy from Energy X (Twitter)

• Global status of nuclear deployment (Link)

• Golden Pass LNG warns of delays (Link)

• China’s LNG threatened by growing menu of alternative fuels (Link)

| Monthly Upstream Deals

| Monthly Capital Markets

• IPO Equity 6/17/24 - Tamboran Resources (TBN) launched its initial public offering of 6,500,000 shares of common stock. IPO is expected to price between $24 and $27 per share. Underwriters will have a 30-day option to purchase 975,000 shares at the IPO price, less the underwriting discount. TBN shares will be listed on the NYSE.

• 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 herei