| Today’s Upstream Updates

• Oil prices are stable as market mulls demand uncertainty

• After trading off, natural gas prices have found some footing

• Warren Buffett continues to add to his Oxy position buying another ~2.9 million shares over the past three trading days

• A new E&P IPO from Tamboran Resources which is listing on the NYSE and will trade under the ticker TBN. Details below.

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil prices stable as demand uncertainty persists (Reuters)

• Buffett buys another ~2.9 million shares of Oxy (Release)

• Cheniere expands share repurchase and dividend increase (Release)

• TX producing fossil fuels at record levels (The Hill)

• 80 more years of oil: the big attraction of CCUS (OilPrice)

• US ready to reopen oil stock pile if prices surge again (Reuters)

• Tamboran launches IPO, Bryan Sheffield-backed company (Release)

• Senate set to send nuclear power bill to Biden’s desk (The Hill)

• Russia reclaims being EU’s largest gas supplier (OilPrice)

• Some Colonial pipeline owners eye $10 billion sale (Reuters)

• New Investor Presentation - Sitio Royalties (Link)

| Noteworthy from Energy X (Twitter)

• Baker Hughes LNG capacity forecast (Link)

• High copper prices the new norm (Link)

• Judge dismissed Exxon’s case against activist investor (Link)

• How the US and Saudi Arabia patched up their partnership (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).

| Partnerships

• Interested in promoting your business to our network? Advertise in Upstream Updates by contacting us today at [email protected]. 

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.