| Today’s Upstream Updates

• Oil prices remain steady as the market is focused on US inflation data

• Summer demand continues to support natural gas prices

• WSJ out with an opinion piece about the “Green Transition” that wasn’t….interesting article that outlines some of the challenges of the green transition to displace fossil fuels, link below

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil prices steady as US inflation data in focus (Reuters)

• Ring Energy announces management changes (Release)

• US remains the most attractive renewables market (OilPrice)

• Exxon adds Air Liquide to hydrogen project (Release)

• Goldman names Hess chief to their board (FT)

• Mexico’s new refiner won’t be ready in 2024 (OilPrice)

• US refining capacity up 68 Mbo/d last week (Oil & Gas)

• Next stop for Uinta Waxy oil.. Supreme Court (CPR News)

• The beginning of a reconciliation between US and Saudi? (OilPrice)

• Rising labor costs threaten to derail new LNG projects (Reuters)

• The green energy transition that wasn’t (WSJ Opinion)

| Noteworthy from Energy X (Twitter)

• Chart - Material costs per terawatt-hour (Link)

• US unemployment has crossed above 36-month avg (Link)

• Data center power forecasted to grow 10% a year (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).

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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