| Today’s Upstream Updates (details below)

• Oil prices fall as bearish sentiment builds

• Natural gas prices tick up as production concerns ease

• New SM Energy and Talos investor presentations, links below

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil prices fall as market sentiment turns bearish (oilprice.com)

• Natural gas prices leap higher, western heat takes hold (NGI)

• US buys 3 MM barrels of oil for Srategic Petroleum Reserve (Reuters)

• IEA, the world will struggle to triple renewable energy (oilprice.com)

• E&Ps launch refracs of vintage Eagle Ford wells (Hart Energy)

• Permian land owner LandBridge files for IPO (MarketWatch)

• Riley Exploration announces management changes (tipranks.com)

• Diamondback expands water infrastructure through JV (seekingalpha)

• US LNG exports rise in May (Reuters)

• SM Energy - new investor presentation (Link)

• Talos Energy - new investor presentation (Link)

| Noteworthy from Energy X (Twitter)

• Annual energy M&A deal making on track to match 2023 (Link)

• OPEC+ to unwind voluntary production cuts explained (Link)

• How much inventory is left in the Permian? (Novi Labs)

| Monthly Upstream Deals

Pending Updates

| 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).

| 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 here.