| Today’s Upstream Updates

• Oil prices are steady amid US stock build, but war jitters abound

• Quick note - if you like listening to Alex Epstein, here is a link to a video presentation he did that summarizes his current themes (Link)

| Markets - Energy Prices

Note: pricing is as of time of publishing.

| Morning News - Energy 

• Oil steady amid US stock build, but war jitters abound (Yahoo)

• Oil prices hold up against falling US oil inventories (OilPrice)

• Natural gas prices jump over 4% on hot weather demand (BoeReport)

• Southwestern shareholders approve Chesapeake merger (Release)

• Microsoft to buy 8 million carbon credit from BTG (Reuters)

• Permian Resources amends share rights for PE investors (Release)

• World’s biggest offshore O&G companies (Yahoo)

• Amazon cancels use of nat gas to run datacenter (Seattle Times)

• Brazil looks to challenge China’s dominance in rare minerals (OilPrice)

• Zephyr Energy finishes completing Paradox Basin wells (WorldOil)

• Iran - US can no longer obstruct its oil production / exports (OilPrice)

| Noteworthy from Energy X (Twitter)

• Baker Hughes LNG capacity forecast (Link)

• Renewable electricity generation hits new record (Link)

• Fisk automotive files for bankruptcy…again (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

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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 herein.