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- Upstream Updates - Tuesday, July 23, 2024
Upstream Updates - Tuesday, July 23, 2024
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Upstream Updates
July 23, 2024
| Today’s Upstream Updates
Oil prices are flat on hopes of a EU rate cut and possible Gaza ceasefire
Earnings Section added below, active links to earnings releases and company presentations will be added as they are made available
| Markets - Energy Prices
Product | Close | $ Change | % Change |
|---|---|---|---|
WTI Oil | $78.18 | -$0.22 | -0.28% |
Brent Crude | $82.17 | -$0.23 | -0.28% |
HH Natural Gas | $2.254 | +$0.003 | +0.13% |
XOP | $145.76 | -$0.72 | -0.49% |
Note: pricing is as of time of publishing.
| Daily Energy News
Oil flat on possible EU rate cut and Gaza ceasefire (Reuters)
Physical oil market hints at potential upswing (OilPrice)
Oil market to be in a surplus in 2025, Morgan Stanley (Boe Report)
Energy trade group applauds energy permitting reform act (World Oil)
Oxy in talks to sell 30% stake in CrownRock (Oil & Gas Journal)
Heritage Foundation, oil demand will never peak (Rig Zone)
US wholesale nat gas prices hit record low in 1H-24 (EIA)
Golden Pass LNG project could continue after settlement (Reuters)
Lawsuit whether Tellurian sale is fair to shareholders (Release)
Harris seen as tougher on oil industry than Biden (Bloomberg)
Beyond Permian? Second half M&A prospects (Hart Energy)
Freeport LNG resumes gas exports (Reuters)
5 highest paying dividend oil & gas stocks (OilPrice)
Oxy planning on raising $5 billion of high-grade debt (Bloomberg)
| X (Twitter) Energy - Insightful Posts
| Upstream Earnings - Releases & Presentations
EQT Corp (NYSE: EQT) 2Q-2024 Earnings Release | Presentation
Matador Resources (NYSE: MTDR) 2Q-2024 Earnings Release | Presentation
Range Resources (NYSE: RRC) 2Q-2024 Earnings Release | Presentation
| Monthly Upstream Deals
| Monthly Capital Markets Activity
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