Upstream Updates - Wednesday, July 31, 2024

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Upstream Updates
July 31, 2024

| Today’s Upstream Updates

  • Oil prices rise as tension in the middle east escalates

  • Natural gas prices jump on forecast for record heat

  • Earnings Today (7/31): AR amc, APA amc, HES reported, MGY amc, NFG amc (active links to quarterly releases and presentations below)

| Markets - Energy Prices

Product

Close

$ Change

% Change

WTI Oil

$77.09

+$2.36

+3.16%

Brent Crude

$80.78

+$2.15

+2.73%

HH Natural Gas

$2.135

+$0.009

+0.42%

XOP

$145.20

+$1.86

+1.30%

Note: pricing is as of time of publishing.

| Daily Energy News

  • Oil rises as mideast tensions overshadow concerns of China (Reuters)

  • US natgas prices jump on forecast for record heat (Reuters)

  • Good bye SilverBow, Crescent closes merger (Release)

  • Q2 upstream M&A continues at a furious pace (Reuters)

  • Warwick expands Eagle Ford position through new buy (Release)

  • Motiva to restart gasoline-producing unit at Port Arthur (OilPrice)

  • Viaro acquires North Sea assets from Exxon and Shell (Energy Voice)

  • US refinery capacity increased in 2023 due to expansions (EIA)

  • CenterPoint CEO grilled by Texas senate committee (Fox26)

  • Texas regulators investigating earthquakes (RigZone)

  • Disputed acreage excluded from Vital-Point Energy deal (Hart Energy)

  • Gasum ceases all LNG purchases from Russia (LNG News)

| X (Twitter) Energy - Insightful Posts

  • API inventory draws across the board (Link)

  • New Value Energy ETF launches Aug 1st (Link)

| Upstream Earnings - Releases & Presentations

| Monthly Upstream Deals

| Monthly Capital Markets Activity

  • Equity 7/29/24 - Permian Resources (PR) announced it has commenced a public offering of 26,500,000 shares of Class A Common Stock. Company plans to use a portion of the proceeds to fund the Barilla Draw acquisition. Offering was issued to the public at a price of $15.30/share.

  • Debt 7/29/24 - Permian Resources (PR) has upsized its $750 MM senior notes in a private placement, notes are due 2033. Pricing not yet announced. Proceeds will be used to redeem the 7.75% Senior Notes due 2026 and to fund a portion of the Barilla Draw acquisition.

  • Debt 7/25/24 - Oxy Petroleum (OXY) offered $600 MM senior notes, 5.00% due 2027, $1,200 MM senior notes, 5.20% due 2029, $1,000 MM senior notes, 5.375% due 2032, $1,200 MM senior notes, 5.55% due 2034 and $1,000 MM senior notes, 6.05% due 2054 for aggregate total of $5,000 MM. Notes are offers as part of Oxy’s acquisition of the CrownRock Permian assets.

  • 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.

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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