| Today’s Commodity Prices

Source: as of time of publishing.

| Daily Reservoir Roundup News

• US oil and gas production continues to shatter records (Link)

• Saudi Arabis hikes prices for most regions (Link)

• Big oil finds love in deepwater exploration fields (Link)

• High oil prices force Biden admin to halt SPR refill plans (Link)

• Exxon to take up to two year to hit stride with Pioneer purchase (Link)

• Heavy oil discount narrows slightly (Link)

• Shell sold millions of ‘phantom’ carbon credits (Link)

• AI could drive natural gas boom (Link)

• Windfall tax falls heavy on North Sea producers (Link)

• US shale-catters to IPO Australian Shale explorer on NYSE (Link)

| Free Flowing From Energy X (Twitter)

• US sanctions strangling Putins LNG growth ambitions (Link)

• Colorado agrees to no drilling regulation changes (Link)

• Chevron (CVX) says no new capital in Venezuela (Link)

• Analysis of crude oil production re: XOM/PXD (Link)

| Upstream Deals

• Phoenix Capital Group has acquired 1,500 net royalty acres in the Uinta Basin in Utah. Acquisition brings their total Uinta Basin net royalty acres to 4,500 all in Duchesne County, Utah. Deal value and seller were undisclosed (4/25/2024).

| Capital Markets

• Sunoco LP raised $750 MM bond with a coupon of 7.0% (4/16/2024)

• Diamondback Energy, Inc (NASDAQ: FANG) issues $850 MM bond with a coupon of 5.2% due 2027, $850 MM of 5.150% senior notes that mature in 2030, $1,300 MM of 5.40% senior notes that mature in 2034, $1,500 MM of 5.75% senior notes that mature in 2054 and $1,000 MM senior notes that mature 2064.

| Latest Upstream Earning Releases

| Upcoming Upstream Earnings

• Monday, May 6, 2024

  • Black Stone Minerals (NYSE: BSM) Q1-2024 Earnings AM

  • Crescent Energy (NYSE: CRGY) Q1-2024 Earnings AM

  • Ring Energy (NYSE: REI) Q1-2024 Earnings AM

  • Talos Energy (NYSE: TALO) Q1-2024 Earnings AM

  • Vitesse Energy (NYSE: VTS) Q1-2024 Earnings AM

• Tuesday, May 7, 2024

  • BP (NYSE: BP) Q1-2024 Earnings BM

  • California Resources (NYSE: CRC) Q1-2024 Earnings AM

  • Chord Energy (NASDAQ: CHRD) Q1-2024 Earnings AM

  • Evolution Petroleum (NYSE: EPM) Q3-2024 Earnings AM

  • Permian Resources (NYSE: PR) Q1-2024 Earnings AM

  • Occidental Petroleum (NYSE: OXY) Q1-2024 Earnings AM

  • Ovintiv (NYSE: OVV) Q1-2024 Earnings AM

• Wednesday, May 8, 2024

  • Magnolia Oil & Gas (NYSE: MGY) Q1-2024 Earnings BM

  • Amplify Energy (NYSE: AMPY) Q1-2024 Earnings AM

  • Highpeak Energy (NASDAQ: HPKEW) Q1-2024 Earnings AM

  • Phoenix Minerals (NASDAQ: PHX) Q1-2024 Earnings AM

  • Riley Permian (NYSE: REPX) Q1-2024 Earnings AM

  • Sitio Royalties (NYSE: STR) Q1-2024 Earnings AM

  • Texas Pacific Land (NYSE: TPL) Q1-2024 Earnings AM

  • Vital Energy (NYSE: VTLE) Q1-2024 Earnings AM

• Thursday, May 9, 2024

  • Baytex Energy (NYSE: BTE) Q1-2024 Earnings AM

  • Granite Ridge Resources (NYSE: GRNT) Q1-2024 Earnings AM

| 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 author and publisher of this newsletter are not liable for any actions taken by readers based on the information contained herein.