Upstream Updates - Tuesday, August 13, 2024

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Upstream Updates
August 13, 2024

| Today’s Upstream Updates

  • Oil prices are steady today after rising for five sessions, market still watching the building tensions in the Middle East

  • Concerns over oil demand continue to permeate through the market as OPEC reduced its global demand forecast for 2024

| Markets - Energy Prices

Product

Close

$ Change

% Change

WTI Oil

$79.90

-$0.16

-0.20%

Brent Crude

$82.08

-$0.22

-0.27%

HH Natural Gas

$2.169

-$0.020

-0.91%

XOP

$138.29

+$1.85

+1.36%

Note: pricing is as of time of publishing.

| Daily Energy News

  • Oil prices steady after rising for five sessions (Reuters)

  • Chevron starts production at Anchor with new technology (Release)

  • World’s 5 largest oilfields and their impact (OilPrice)

  • US seeks 6 MM barrels of oil for the SPR (Reuters)

  • Gas pipelines in talks to fuel AI data center demands (Register)

  • Natural gas continues to recover (FX Empire)

  • Why oil prices fell by $10/bbl in a month (OilPrice)

  • US companies produce more crude with fewer rigs (Reuters)

  • Rio Grande LNG ruling shows risks of mega-projects (Construction)

  • Why is no one buying green hydrogen (Bloomberg)

  • Jerry Jones ups his ownership in Comstock (Release)

  • Tourmaline agrees to acquire Crew Energy for $1.3 BN CAD (Release)

  • Oxy files to sale shares for CrownRock - summary below (Release)

  • Elon tells Trump, we shouldn’t vilify the oil industry (The Verge)

| X (Twitter) Energy - Insightful Posts

  • September LNG delivery prices in NE Asia are increasing (Link)

  • How much prices have increased by category the last 24 yrs (Link)

| Upstream Earnings - Releases & Presentations

| Recent Upstream Deals

| Monthly Capital Markets Activity

  • Debt (8/8/24) - California Resources (CRC) - announced it is offering $200 MM of its 8.25% senior unsecured notes due 2029 and later upsized the offering to $300 MM. The Notes are being offered as additional notes under the indenture dated 6/5/24 and will have identical terms. Net proceeds will be used to purchase up to $300 MM of its 7.125% senior notes due 2026. CRC has commenced a tender offer for the 7.125% notes.

  • Equity (8/12/24) - Oxy Corp (OXY) - announced the launch of a secondary public offering of 29,560,619 shares of its common stock held by CrownRock Holdings, L.P. Oxy is not offering any shares of common stock and all proceeds will be received by the selling stockholder

| Partnerships

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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