Today we had a fascinating discussion with the management of California Resources Corporation (CRC) about their low carbon initiatives. President and CEO Mac McFarland and Executive Vice President and CFO Francisco Leon joined us for a walkthrough of their thinking, activities and plans in this super important area. Much like the Apache team joining us to describe their innovative tree program, we hope to continue to highlight companies doing innovative things to make oil and gas cleaner. We are all in this together! We hope by sharing and highlighting innovative practices we can all get better.

What you will hear from the CRC team is that they have been studying these options for a very long time but in the last 6 months or so it was time to make the move. They were already using CO2 for injection but have now thought through storage and sequestration. They have added solar in the field, applied for two Class VI permits and have made a net zero commitment on scope one, two and three emissions by 2045. It's all honestly really impressive stuff. We really appreciate Mac and Francisco joining today. As discussed, you can find their most recent investor presentation and the clean air task force analysis.

We kicked off with Mike Bradley talking a little about what's going on "Over There" and Colin Fenton gave us an awesome tutorial on inflation. There are lots of fun facts but the best one was we have only been above 6 percent inflation (we are 6.2 now) 13 percent of the time since 1950. Transitory is on the verge of becoming predatory.

Craig Webster was able to join us for the CRC discussion as well. We hope you enjoy today's discussion and can take away some things for your own business as you hear the CRC story.

----------

Copyright 2021, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC, Tudor, Pickering, Holt & Co. Securities – Canada, ULC, Perella Weinberg Partners LP, and their affiliates worldwide.

Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors. Recipients should not forward this communication to a retail investor.

Why was Barcelona's league game in Miami cancelled?

The Athletic FC Podcast

How Real Madrid and Florentino Perez influenced events

The AI-powered Podcast Player