Upstream Updates - Wednesday, July 24, 2024

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Upstream Updates
July 24, 2024

| Today’s Upstream Updates

  • Oil prices bounce off six-week lows and trade higher

  • Nat gas prices fall, though Freeport LNG continues to ramp up exports

  • Links added below for the earnings releases and presentations for EQT, Matador Resources and Range Resources

| Markets - Energy Prices

Product

Close

$ Change

% Change

WTI Oil

$77.78

+$0.82

+1.07%

Brent Crude

$81.70

+$0.69

+0.85%

HH Natural Gas

$2.111

-$0.076

-3.48%

XOP

$143.57

+$0.43

+0.30%

Note: pricing is as of time of publishing.

| Daily Energy News

  • Oil edges up off six-week lows (Reuters)

  • Bright future for nat gas despite congestion fears (Investing.com)

  • US crude oil inventories continue to fall (OilPrice)

  • Newsom warned refinery phase-out impacts military readiness (Link)

  • An Oil Boom? What Boom? (Hart Energy)

  • Less EU gas consumption keeping storage full (EIA)

  • WTX earthquake felt in Dallas and blamed on oil (USA Today)

  • EQT marketing rest of Marcellus non-op assets (Hart Energy)

  • Senators introduce bill to speed approvals of energy projects (Reuters)

  • EQT signs binding LNG tolling agreement with Texas LNG (Release)

  • Global coal demand to remain flat this year (Reuters)

  • Reliance gets US nod to import Venezuela oil (Times of India)

| X (Twitter) Energy - Insightful Posts

  • Novi Labs - The best US shale productivity ever? (Link)

  • Freeport McMoran to invest $7.5 BN in Chile copper mine (Link)

  • Chart - top lithium producers in the world (Link)

| Upstream Earnings - Releases & Presentations

| 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.

| Partnerships

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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