| Today’s Upstream Updates

• Oil trades flat as market awaits US CPI data

• Natural gas continues breakout and shows room to run

• Bill Gates backed company, TerraPower, began construction on a next-generation nuclear plant in Wyoming, two articles below

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil flat as cautious investors await Fed meet, US CPI data (Reuters)

• Natural gas eyes higher target after key breakout (fxempire)

• Texas is leading US GDP, fueled by energy industry (oilprice)

• Russia seeks to avoid US sanctions with stealthy oil transfers (oilprice)

• Texas could face rolling blackouts in August? (Click2Houston)

• Bill Gates breaking ground on nuclear plant in Wyoming (PBS)

• Bill Gates letter describing the next-gen plant (Bill Gates)

• Comstock registers shares issued to Jerry Jones to sale (SEC)

• California seeks Big Oil profits in lawsuit (Reuters)

• Family offices new and old investing in oil and gas (Hart Energy)

• OPEC+ surprise triggered record hedge fund oil sales (Reuters)

• Clean energy investment: a tail of two halves (Financial Times)

• Where is the most exciting oil exploration region? (Rigzone)

• Encino Energy’s Utica wells top the charts in OH (Hart Energy)

| Noteworthy from Energy X (Twitter)

• US oil output could drop by 1 MMb/d unless rigs are added back (Link)

• Regasification projects set to lead China midstream investments (Link)

• US registered 13th warmed month of May, bullish for Nat Gas (Link)

| Monthly Upstream Deals

| 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 herein.