| Today’s Upstream Updates

• Oil traded up on rate cut expectations, though capped by OPEC+

• EIA reported crude and products inventory increase

• New article on Devon Energy’s deal-making struggles

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil up on rate cut expectations, OPEC+ decision caps gains (Reuters)

• Markets have overreacted to OPEC+ plans (Oilprice.com)

• Big solar project launches in Idaho (Reuters)

• Crude and products inventory is up this past week (EIA)

• Vital Energy’s 57 miles of completed lateral (Hart Energy)

• Citadel, Blackrock plan new Texas-based stock exchange (Oil & Gas)

• Russian LNG growth stiffled by sanctions (Energy Intelligence)

• Devon Energy appoints new chairman of the board (Release)

• Oil plunge hits BP and Shell (Oilprice.com)

• Alaska LNG project (Anchorage Daily)

• Utah’s largest gas provider switches owners (KSL.com)

• How Devon missed out on the deal-wave (Yahoo Finance)

| Noteworthy from Energy X (Twitter)

• Great interview with the CEO of Chord Energy (Link)

• Aramco and Woodside looking at Tellurian LNG (Link)

• Charts of crude product builds (Link)

• Permian has become a key gas basin (Link)

| 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 h