We are very excited to share this Special Edition COBT on the 5th Anniversary of We are very excited to share this Special Edition COBT on the 5th Anniversary of COBT. Our very first show was March 10, 2020 (exactly 5 years ago today!), and we are beyond thrilled that Secretary Chris Wright joined us to commemorate the event. This week will be his debut party at CERAWeek, so the timing could not have been better for a discussion. Secretary Wright was nominated by President Trump to serve as the 17th Secretary of Energy on November 16, 2024, and confirmed by the U.S. Senate on February 3rd, 2025. If you have not yet watched his confirmation hearing, it’s a must-see for energy policy insights and is linked here. CERAWeek officially starts today in Houston (agenda linked here) and Secretary Wright was the kickoff speaker Monday morning. In our COBT discussion with Secretary Wright, we explore the expanding role of natural gas in the global energy mix, the rising costs of electricity, and the importance of grid stability supported by natural gas, nuclear, and coal. We discuss regulatory barriers affecting the construction of pipelines, transmission lines, and large-scale energy projects in the U.S. and how AI is shaping the future of energy from advancing fusion energy and grid optimization to breakthroughs in drug discovery and national security applications. Secretary Wright shares his observations that policymakers are becoming more pragmatic about energy affordability and reliability, the need for tailored energy solutions in the U.S. with many states relying on different energy sources, Puerto Rico’s ongoing energy crisis and the determination of the current Governor to fix it, pipeline infrastructure challenges in the Northeast, and the important work that U.S. National Labs are doing to advance scientific achievements. We ask Secretary Wright for his thoughts on Europe’s energy policies and the unfortunate industrial decline that’s happening there, Africa’s urgent need for reliable energy, and the complex realities of climate change. Secretary Wright emphasizes the importance of intellectual honesty in energy and climate discussions and shares insights on navigating government bureaucracy, building a high-performing team at DOE, and shaping energy policies that balance security, cost, and sustainability. As anyone who has listened to him knows, the message is “energy addition” and not “energy subtraction.” The other thing that resonates is his clear determination to do what he can to help the nation. A huge thank you to Secretary Wright for joining us today. To start the show, Mike Bradley provided an update on the year-to-date performance for a number of key flavors: the 10-year bond, broader equity markets, energy and power equities, and energy commodities, with an emphasis on the surge in U.S. natural gas prices. A few items were mentioned during the discussion: Secretary Wright’s first Secretarial Order is linked here, Jim Ratcliffe’s letter on the challenges facing Europe’s chemical industry is linked here, and the Bettering Human Lives report is linked here. Today marks Secretary Wright’s third appearance on COBT. We previously had the pleasure of hosting him on October 11, 2022 (episode linked here) and September 27, 2023 (episode linked here). As we look back on the past 5 years of COBT, we have had 269 regular Tuesday episodes, 32 Special Edition episodes, and over 320 guests from across the energy sector. For a fun look back from the archives, the first ever episode of COBT from Marc

Neil Mehta, Managing Director at Goldman Sachs, and Carly Davenport, Vice President of Equity Research, discuss current trends impacting the energy sector and utilities. Neil highlights a shift toward selective stock performance amid fluctuating commodity prices, emphasizing the need for capital efficiency. Carly delves into the rising power demand boosted by AI and data centers, exploring how utilities are adapting. They also address the critical role of management quality and the complexities of power pricing dynamics, offering valuable insights for investors.

In this captivating discussion, Dr. Dan Yergin, Vice Chairman of S&P Global and Pulitzer Prize-winning author, shares his profound insights into the evolving energy landscape. He delves into the delicate balance between energy security and economic growth amidst the global energy transition. Yergin also reflects on the influence of current U.S. policies and the stark contrasts between energy priorities in developed versus developing nations. Additionally, he previews key themes for the upcoming CERAWeek, emphasizing the geopolitical implications of today's energy challenges.

In this engaging discussion, Dr. Lars Schernikau, an energy economist and author, and Dr. Daniel Stelter, a macroeconomist and founder of the think tank Beyond The Obvious, explore the upcoming German elections. They express skepticism about meaningful reforms amidst Germany's economic decline, exacerbated by COVID policies and high energy costs. The duo also delves into the complexities of coalition politics, the need for strategic investments, and contrasts U.S. energy policies with Germany's challenges, emphasizing the critical role of communication in shaping a sustainable future.

The Honorable Lisa Raitt, Vice-Chair at CIBC and former Canadian Minister, shares her insights on U.S.-Canada trade dynamics. She discusses the implications of President Trump’s tariff comments, Canada's evolving political landscape with Prime Minister Trudeau, and the Conservative Party’s resurgence under Pierre Poilievre. Lisa emphasizes trade tensions' impact on unity among Canadians and the necessity for robust energy infrastructure. She also analyzes the fluctuating Canadian dollar's effects on various sectors, especially regarding small businesses and farmers.

It’s a big week in Houston with NAPE in town, and we were thrilled to welcome our good friend David Bat, President of Kimberlite Research, for an in-depth discussion of the latest OFS activity, trends, and technologies. David joined Kimberlite in 2015 and holds over 30 years of experience spanning upstream, power, and oilfield research. Kimberlite is a global oil and gas market research and consulting firm that gathers insights from more than 20,000 hours of annual interviews with industry professionals to analyze market trends and benchmark performance for oilfield equipment and service providers. We were excited to hear David’s perspectives on the evolving OFS landscape.In our conversation, David provides background on Kimberlite’s unique approach to gathering high-quality data from E&P operators and oilfield service users worldwide. He explains how their methodology offers deeper insights into technology adoption, service quality, and operational performance and walks us through key slides from a presentation (full version linked here). We explore recent technological advancements including rotary steerable systems improving drilling efficiency, self-oriented perforating guns enhancing completion effectiveness, and advancements in electric submersible pumps. We discuss how digitalization, software applications, and AI-driven analytics are reshaping oilfield operations as well as trends in frac technology, oilfield electrification, and shifts in fuel choices. David shares factors driving operator recommendations and highlights the contrast between North American and international markets, the potential for unconventional growth in Argentina, Australia, and the Middle East, the resurgence of offshore developments, and the challenges that prevent certain innovations from gaining widespread traction. We explore broader key industry themes, including consolidation trends in oilfield services, how company culture influences service provider success, the growing role of mobile power solutions across both oil and gas and non-energy sectors, and AI’s role in data aggregation, market intelligence, and operational decision-making. We end by asking David for his vision of the oil and gas services industry in the next decade. This is where he makes a great comment about "differentiation and an improving competitive moat" around the best companies. It was a wide-ranging and thought-provoking discussion and we’re very grateful to David for sharing his expertise with us.

It was our privilege today to welcome Philippe Ducom, President of ExxonMobil Europe, for a discussion centered on Europe’s challenges regarding energy policy and overall economic competitiveness. Philippe has been with ExxonMobil for 37 years and began his career as an engineer at the Notre-Dame de Gravenchon Chemical plant in Seine-Maritime. Over the years, he has held a variety of senior positions across manufacturing, business analytics, planning, sales, and marketing, working in Europe, Japan, the United States, and Saudi Arabia. Before being appointed as President of ExxonMobil Europe in 2018, Philippe served as Chairman, CEO, and President of ExxonMobil Saudi Arabia and previously led ExxonMobil Japan as Lead Country Manager. We noticed Philippe’s post, “Red tape is driving investment out of Europe – and threatening the energy transition” (linked here), in October of last year and have been eager to discuss. We were thrilled to host Philippe and learn from his unique perspectives and outlook for Europe.In our conversation, Philippe provides background on the European Parliament and Commission’s five-year cycle, and why the time to discuss these matters is now with a new 5-year legislative cycle just beginning. We discuss the challenges facing Europe including low growth, declining purchasing power, and lack of industrial competitiveness, as well as recommendations to reduce the regulatory burden. Philippe highlights how the previous Commission’s challenges have included managing COVID-19, helping the Ukrainians, pursuing energy security and trying to attain society's climate goals, all of which has bloated government balance sheets. Philippe shares his perspective on the complexity and inefficiency of Europe’s regulatory and permitting process, his recommendations for immediate actions that would require no cost but yield significant improvements, challenges of operating or opening new industrial facilities in Europe and he provides an update on the European chemicals and refining sectors. We examine the structure of the EU, cultural differences in the reliance on markets in the U.S. versus Europe, the importance of free markets and risk-taking to drive innovation and competitiveness, and ExxonMobil’s increased engagement with public policy and public discussions overall. We cover country-specific energy mix decisions among EU member states, how recent geopolitical events have exposed the importance of energy policy and gas infrastructure, Europe’s approach to energy regulation, the growing role of natural gas and nuclear energy in Europe’s energy mix, and the shifting dynamics of gas supply and infrastructure post-Ukraine invasion. We also explore the impact of Europe’s carbon border adjustment mechanism and the notion of extraterritorial regulations, how the U.S. IRA could offer valuable lessons for Europe, and much more. We ended by asking Philippe for his vision for Europe’s energy landscape in the next decade comparing two scenarios, one where Europe continues on its current regulatory path versus one where pragmatic policies are put in place. It was a wide-ranging and insightful discussion.

Thomas Gleeson, the newly appointed Chairman of the Public Utility Commission of Texas, brings 15 years of regulatory experience to the table. He discusses stabilizing Texas’s energy landscape post-Winter Storm Uri and outlines his collaboration efforts with ERCOT. Topics include enhancing grid reliability, the strategic increase of PUCT commissioners, and balancing energy costs with reliability. Gleeson emphasizes Texas's role in global energy dynamics and explores innovative strategies for harnessing the state’s natural gas and nuclear resources.

Many of you have likely noticed the growing interest in Greenland making headlines recently, including the U.S.’s overt interest in potentially “acquiring” the country. As we’ve followed these developments, we have been intrigued to explore further and were fortunate to connect with Dr. Mark Nuttall, Professor and Henry Marshall Tory Chair of Anthropology at the University of Alberta and Adjunct Professor at the Greenland Climate Research Centre. Mark joined the University of Alberta faculty in 2003 and became affiliated with the University of Greenland and the Greenland Climate Research Centre in 2012. He holds a Ph.D. in Arctic Anthropology and his research focuses on the societies and environments of the circumpolar North and Northern Europe. Mark is also the author of several books, including his most recent, “The Shaping of Greenland’s Resource Spaces: Environment, Territory, Geo-Security.” We were delighted to host Mark for an insightful discussion on Greenland’s global significance. We covered a wide range of topics in our conversation, beginning with Mark’s personal interest and extensive history studying Greenland and the Arctic and Subarctic regions. We discuss the historical context of Greenland’s status and its complex relationship with Denmark, including economic policies, relocation programs, and cultural assimilation efforts that have contributed to Greenlandic attitudes toward Denmark. We explore Greenland’s strategic importance in U.S. and global security strategies dating back to World War II and the Cold War, concerns about how Greenlandic independence could increase foreign influence, particularly from Western adversaries, and Greenland’s economic considerations and resource development. Mark shares insights into Greenland’s regulatory framework and ownership of its subsurface resources, the potential for developing these resources, Greenlanders’ right to self-determination and their cultural and political aspirations for independence, the U.S.’s longstanding interest in Greenland, and its significance in Arctic shipping lanes. We cover challenges for Greenland’s economic independence, including its financial reliance on the Danish block grant, which accounts for 60% of Greenland’s public budget and 20% of its GDP, implications for Denmark if Greenland achieves independence, and concerns about the social and environmental impacts of large-scale resource extraction on small communities. We also explore whether independence might lead to shifts in policies for oil and gas exploration to support Greenland’s economy, the challenges of balancing tourism growth with infrastructure constraints, the unique system of land and resource ownership in Greenland, and more. We greatly appreciate Mark for sharing his deep expertise and perspectives. It was a fantastic discussion.Mike Bradley opened the conversation by noting that markets are mostly focused on two near-term events: U.S. economic reports this week and Trump’s Executive Orders in the coming weeks. On the bond market front, December PPI printed lower than expected on Tuesday and surprisingly pushed the 10-year bond yield higher (~4.8%) which is the highest 10-year yield since Trump was elected. Investors appear much more focused on Wednesday’s December CPI report which could result in added market volatility. On the broader equity market front, the S&P 500 is down ~2% over the last week and has almost completely roundtripped since Trump was elected. Over the last week, Energy was the best performing S&P sector (+4%) with Technology the worst performing (-5%). On the crude oil market front, WTI price has rallied another $4/bbl (~$78/bbl) this week due to stiffer Russian oil sanctions from the Biden Administration which could ultimately reduce Russian oil exports by 0.5-1.0mmbpd. He noted that these unexpected Russian oil sanctions plus the potential for Iranian oil sanctions under Trump could result in global oil markets going fr

This week we were on the road in Oklahoma City and had the exciting opportunity to sit down with Dr. Ann Bluntzer Pullin, Executive Director of the Hamm Institute for American Energy at Oklahoma State University. Ann was appointed to Executive Director in August and has over 25 years of experience in higher education as a professor and administrator, most recently serving as Executive Director of the Ralph Lowe Energy Institute at TCU’s Neeley School of Business where she served in several leadership capacities for a tenure of eleven years. Ann started her career as a Foreign Service Officer in Education and Agriculture and served in Poland, Lithuania, Indonesia, and Australia. Established in 2021, the Hamm Institute is at the forefront of energy geopolitics and international energy security initiatives, in addition to driving technological and policy innovations through research to address domestic and global energy challenges. It was our pleasure to visit with Ann on-site at the Hamm Institute to discuss their latest updates and observations on today’s energy world. In our discussion with Ann, we explore the critical intersection of energy security and national security, the Hamm Institute’s mission to foster informed dialogue around energy and economic growth, and the importance of partnerships with responsible energy producers to improve global security and sustainability. Ann shares insights from a recent trip to Taiwan, Korea, and Japan with Governor Stitt of Oklahoma, highlighting discussions with energy ministries, economists, and industry representatives about the energy security challenges faced by these countries, as well as the global trend to prioritize national interests and how a strong and self-reliant America can serve as an example for other nations. We touch on the role of the U.S. in exporting natural resources and fostering energy security, the challenge of balancing short-term geopolitical stability with long-term innovation and sustainability, the Hamm Institute’s efforts alongside OSU to shape global energy discussions and support developing nations’ energy needs, the potential for Elon Musk and Vivek Ramaswamy’s DOGE initiative to disrupt conventional thinking, the positive opportunity for media to bring awareness to government issues and necessary reforms, and much more. We greatly enjoyed the discussion and appreciate the important contributions Ann and the Hamm Institute team are making around energy, particularly with issues around national security and energy security and how they are completely intertwined. Thanks to Ann for joining and thanks to you all for your friendship and support!