C.O.B. Tuesday

This week we are delighted to welcome Betty Jiang, Managing Director of U.S. Integrateds and E&P Equity Research at Barclays. Betty joined Barclays in 2023 after leading the U.S. ESG Research team at Credit Suisse and has more than 15 years of equity research experience, with prior roles at UBS, Illuminate Capital Group, and Bank of America. We were thrilled to hear Betty’s insights on what’s top of mind for investors, key themes from earnings, and a preview of Barclays’ upcoming 39th Annual Energy-Power Conference, taking place next week from September 2-4 in New York. In our conversation, Betty shares why she finds energy research compelling and reflects on the interesting timing of her career, beginning in 2007 during the shale boom years. She explains how her experience in ESG and sustainability broadened her analytical skills and highlighted the complexity of the energy transition. We discuss the value of cross-sector research collaboration and Betty outlines key takeaways from Q2 earnings, including significant increases in free cash flow, shale resilience, a long-term bullish gas production outlook, and a market focus on efficiency and free cash flow discipline. We explore the intersection of gas and power demand and how factors like regional grid dynamics and AI are shaping the sector, the continuing need for baseload power, reluctance in adopting low-carbon gas, the importance of strategic positioning and capability for companies seeking exposure in power markets, and gas price and production outlook. Betty provides an insider perspective on how she navigates earnings season, noting how AI and research tools are increasingly shaping how research is consumed and analyzed, while emphasizing that AI cannot replace deep analysis essential for understanding nuance, context, and cross-company trends. We discuss the tension between short-term shareholder expectations and long-term strategic initiatives, emphasizing the importance of a clear “North Star” and consistent communication. Betty notes that energy sector investors vary widely, and while the E&P sector is generally out of favor with generalists, sustained capital discipline, cash returns, and demonstrated resilience are attracting renewed interest. We touch on the challenge of differentiation in energy companies and how thoughtful execution and innovative approaches can create competitive advantages, the key themes for Barclays’ upcoming conference with over 170 companies currently registered to attend, how efficiency gains and current free cash flow could influence 2026 outlooks, and more. It was a fantastic discussion and we greatly appreciate Betty for sharing her time and insights. To start the show, Mike Bradley noted that last week’s COBT theme was investor “anticipation” of the Jackson Hole meeting, while this week it’s investor “expectations” around NVIDIA’s Q2 results/forward guidance. On the broader equity front, the S&P 500 hit another high last week but traded sideways this week ahead of NVIDIA’s Q2 results. NVIDIA expectations are pretty bullish, with most expecting a beat-and-raise quarter, and the only real question at this point is whether NVIDIA’s forward outlook will be bullish enough to satisfy investors. At a $4.4 trillion market cap, larger than all but three countries’ GDP, NVIDIA’s AI commentary and forward guidance will be a market mover. On the crude oil market front, WTI price continues to trade sideways (low-mid $60s) amid continued 2H25 global oil surplus concerns that are being somewhat offset by lack of headway in Russian/Ukrainian peace (leading to possible stiff oil sanctions). On the natural gas front, U.S. natural gas price (prompt & 12mo strip) were trading at ~$2.70/MMBtu & ~$3.50/MMBtu (YTD lows). Investor sentiment is still more bullish for natural gas E&Ps, even though prompt natural gas price has significantly underperformed prompt WTI price this year. Mike also highlighted a

Yesterday we had the pleasure of hosting Dr. Michael Crow, President of Arizona State University. On Monday, we spent the day in Phoenix with Dr. Crow and his team, learning how ASU has been rethinking and reshaping the traditional university model to better reflect today’s fast-paced, high-tech world. The changes we saw are significant. Michael and his team are bringing innovation and disruption to a space long associated with tradition and stability. We loved the day and were delighted to have Dr. Crow join us for COBT.Before joining ASU as President in 2002, Dr. Crow served as Executive Vice Provost at Columbia University. His book Designing the New American University (2015) outlines the philosophical ideas he shared with us. At Veriten, we think of ourselves as an energy “knowledge platform,” so it was inspiring to talk with Dr. Crow about how to redesign the world’s “knowledge machines”— our universities. As you’ll hear in the discussion, ASU today is the nation’s largest university, with nearly 180,000 students enrolled across itheir in-person and virtual platforms.Our conversation covered a wide range of issues, opportunities, and new ideas shaping higher education. Since 2002, Dr. Crow and his team have worked to transform ASU’s culture and philosophical approach, putting student learning and advancement back at the center of everything. We discuss how technology adoption has played a role, how Arizona shaped the outcome, how ASU expanded beyond state borders, and how the university’s unique approach to funding has enabled growth. Most importantly, you’ll hear how ASU embraces a customer-centric, partnership-driven mindset that is pushing both direction and outcomes. Many institutions talk about changing the world—at ASU, they are attempting to do so at scale. Through new teaching technologies and methods, they are exporting their approach to other universities as well. In a time when elite institutions are often criticized for stagnation, Dr. Crow’s vision is a refreshing reminder of the art of the possible.Turning to markets: Mike Bradley began by noting that the 10-year bond yield (4.3%) remains in a very narrow trading range. Even with last week’s hotter-than-expected PPI report, markets still overwhelmingly expect the Fed to cut rates by 25 basis points at the September 17th FOMC meeting. He also highlighted that markets will be laser-focused on Chairman Powell’s Jackson Hole speech this Friday, a venue often used for key policy announcements on inflation and employment—so expect some volatility later this week and into next. On equities, Mike noted that the S&P 500 hit another all-time high last week but is pulling back this week on a modest (2–3%) decline in the Tech sector. NVIDIA and a few large retailers are the last S&P names left to report Q2 results; after that, markets will likely be more driven by global events than earnings. On crude oil, WTI continues to drift lower (~$62.50/bbl) amid hopes of a Russia–Ukraine peace deal. Finally, Mike highlighted the all-stock merger between Black Hills Corp and Northwestern Energy Group, creating a $15+ billion regulated electric and natural gas utility. We hope you find today’s discussion as insightful and engaging as we did. Our best to you all!

We were honored this week to welcome Senator Kay Bailey Hutchison and Jack Balagia for a Special Edition COBT. Senator Hutchison is a Founding Member of the KBH Energy Center at the University of Texas, with a distinguished career spanning both public and private sectors, from bank executive to U.S. Senator to most recently U.S. Ambassador to NATO. Jack served as Vice President and General Counsel of ExxonMobil for nearly two decades before joining the University of Texas School of Law faculty. He was appointed as Executive Director of the KBH Energy Center in 2024. We were thrilled to visit with Senator Hutchison and Jack about the KBH Energy Center’s upcoming Symposium in September and also hear their unique perspectives ahead of Friday’s significant meeting between President Trump and President Putin. This year’s KBH Energy Center Symposium will focus on the future of energy innovation, investment, and security (agenda details linked here). Taking place Friday, September 12 in Austin, the program will cover global energy outlooks, the growing role of nuclear and AI, energy’s ties to national security, data infrastructure demands, capital markets, and media coverage. In our conversation, we explore the geopolitical backdrop of the upcoming Trump-Putin meeting in Alaska, the hope for a Ukraine ceasefire, and the implications for future negotiations involving President Zelensky and the EU. We discuss shifts in President Trump’s stance on Putin since the start of his second term, as well as the Symposium’s keynote from ExxonMobil CEO Darren Woods, the event’s audience profile and impact, and other notable speakers including Goldman Sachs Vice Chairman Rob Kaplan and investor Jim Breyer. We touch on the uniqueness of the Energy Studies Minor Program at the University of Texas (details linked here), the Center’s collaboration with more than 30 energy-affiliated organizations on campus, NATO unity under Trump, changing European attitudes on defense burden-sharing with the U.S., and European relief at U.S. military action to deter Iran nuclear weapon capability. Senator Hutchison shares her perspective on how Putin may have overplayed his hand by not striking an early deal with Trump, the potential for stronger measures against Russia, prospects for negotiation, potential outcomes from the Alaska meeting, the symbolism of its location, and more. As you’ll hear, the Symposium is nearing capacity but there is still room to attend. Registration details can be found linked here. We are excited about this year’s gathering and greatly appreciate Senator Hutchison and Jack for joining us. To start the show, Mike Bradley noted that bond and equity markets were focused on the July PPI report, hoping it would match Tuesday’s in-line CPI print and reinforce expectations for an interest rate cut at the September 17th FOMC Meeting. Markets were looking for a PPI print of 0.2%, but instead it came in at 0.9%, the highest monthly reading since July 2022, which pushed the ten-year bond yield up by 5bps (~4.28%). This PPI increase was the first sign since tariffs were implemented that companies were passing through tariff increases and this large PPI print temporarily reduced the odds for a September interest rate cut (especially a 50bp cut) and also looks to have created a short-term headwind for equity markets. On the crude oil market front, WTI price has been drifting lower for the past two weeks, mostly due to global oil supply surplus concerns, which were reinforced this week by bearish 2026 oil macro r

Today we had the pleasure of welcoming Jillene Connors Belopolsky, Chief of Staff and Chief External Affairs Officer at the Clean Cooking Alliance (CCA), to our Houston studio. Jillene joined the CCA in 2021 and has over a decade of experience in energy sustainability, strategy, and innovation. She previously served as Head of North America for Earth Security Group and in several senior roles at BP, where she developed strategies addressing the environmental and societal impacts of technology, climate change, and carbon management. Established in 2010, the CCA works to enable, influence, and accelerate local transitions to clean cooking solutions globally by supporting governments, unlocking and diversifying funding, strengthening enterprises, and fostering a harmonized, resilient ecosystem. We were thrilled to hear Jillene’s insights on this important and often overlooked issue. In our conversation, Jillene shares an overview of the CCA’s mission, scope, and focus on energy poverty, as well as her personal journey in becoming interested in working to alleviate energy poverty to enable people to live the best lives of their own choosing. We discuss the importance of energy access for prosperity, the scale of the challenge with 675 million people without electricity and 2.1 billion relying on polluting cooking fuels, and the health, environmental, and economic impacts of lacking clean cooking solutions, as well as why clean cooking is often overlooked despite its broad benefits. Jillene walks us through the CCA’s range of solutions including induction stoves, improved biomass stoves, LPG with PAYGO models, ethanol solutions, and domestic biogas systems, alongside financing models and clean cooking performance standards. We explore ecosystem participants, from stove and fuel manufacturers to distributors and technology providers, as well as innovations such as smart metering, fuel ATMs, e-cooking tariffs, and monitored biogas systems. We touch on different LPG delivery methods, why Kenya is a leading example due to its prioritized clean cooking policies and regulatory environment, the $8.5 billion annual funding gap for deploying clean cooking solutions, the capital mix needed, government and international support, and opportunities to harmonize taxes and tariffs, build trade, and scale solutions across East and West Africa. Additionally, we discuss how businesses and individuals can support clean cooking solutions, the importance of a diverse mix of approaches, and clean cooking’s immediate, cost-effective benefits for health, environment, and energy access. We cover the necessity of government leadership in creating an enabling environment for clean cooking access and economic development, why a combined government-private sector approach is needed in Africa, the urgent need for private sector involvement to accelerate progress, the strategic opportunity for energy companies to leverage their expertise and resources to support clean cooking initiatives, and much more. It was a thought-provoking discussion and we’re very grateful to Jillene for sharing her expertise with us. For additional information on the CCA, their 2024 Annual Report is linked here. Mike Bradley kicked off the show by noting the 10-year bond yield (~4.3%) was unchanged as July CPI reported in-line with expectations. July PPI is due Wednesday, and if it also reports in-line, markets will be anticipating the first of three interest rates cuts for 2025 at the September FOMC Meeting. Initial Jobless Claims, Retail Sales, and Consumer Sentiment reports are all set to report later this week. The S&P 500 rallied ~1% on Tuesday mostly due to the in-line CPI print. Equity markets over the next few months will likely be more driven by economic/world events than equity fundamentals. The path of least resistance still looks up and to the right,

We are back on the road this week for an exciting visit with Emily Morris, CEO and Founder, and Tom Cuthbert, CTO, of Emrgy. Our team traveled to one of Emrgy’s hydropower facilities on Colorado’s Front Range to see their technology up close and in action before sitting down for a hydropower focused discussion. Emily founded Emrgy in 2014 and brings 15 years of experience in emerging hard tech development. Before launching Emrgy, she managed multi-million dollar federal contracts at AMT, bringing innovative technologies from ideation to commercialization. Tom joined Emrgy in 2020 after serving in several leadership roles at GE, most recently as CTO of Energy Storage for GE Renewable Energy. He has more than 20 years of experience in technology development across the automotive, rail, and energy sectors. Emrgy delivers low-cost power generation through innovative hardware and software that integrates seamlessly into existing water infrastructure. The company enables their customers to monetize previously unrealized energy assets, without anchoring or modifying their infrastructure. We were thrilled to visit with Emily and Tom and see Emrgy’s technology in action. In our conversation, we discuss the current state of hydropower, including the regulatory and environmental challenges near federally protected natural waterways and the shift from traditional to modern approaches. Emily shares the origin of Emrgy’s technology and its evolution from a defense application to commercial energy. Tom details Emrgy’s hydrokinetic turbines, which can be deployed in existing water infrastructure with minimal impact and high adaptability. We explore the vast water infrastructure network and market opportunity, with over two million miles of canals globally, along with recent advances in power electronics and regulations that enable deployment. We explore the environmental and operational advantages of hydropower, the predictable power output made possible by controlled water flows, and applications across rural and urban water infrastructure. We cover Emrgy’s dual monetization model (power generation and water conservation), project economics, cost-reduction targets, and speed-to-market advantages. We discuss regulatory pathways, including engagement with the Bureau of Reclamation and local water districts, incentives from the OBBB and other federal programs, and the market opportunity within aging water infrastructure. We also examine the speed of deployment and preference for incremental rollouts, interest from hyperscalers driven by power and water needs, permitting challenges near federally protected waterways, the benefits of co-locating with water infrastructure, and the advantages of innovating as a small company versus large incumbents. We end by taking a look at Emrgy’s technology and discussing the rising value of water, hydropower’s potential to generate hundreds of megawatts of renewable baseload power, the growing importance of decentralized energy systems near load centers, the long-term outlook, and more. We greatly enjoyed the discussion. Mike Bradley kicked things off by noting that bond markets are trading sideways this week after a tumultuous week last week, which saw a Nonfarm Payrolls report print well below expectations and sent bond yields plummeting (10-year yield trading today at 4.2%). On the broader U.S. equity market front, the S&P 500 seems to be meandering so far this week after last week’s Nonfarm Payrolls report pushed it down a couple of percent. While most of the Mag 7 Big Tech companies have reported Q2 results, plenty of S&P 500 companies still have earnings to release. Turning to energy equities, most Oil Service Companies have reported Q2 results, and 2H25 guidance has been adjusted lower, mostly due to rising service cost deflation. This week’s energy earnings will be concentrated on E&Ps, Midstream, and Electric Utilities. Mike also highlighted Brookfield’s $6 bil

We are excited to share this “on-the-road” COBT episode featuring Tim Latimer, CEO and Co-Founder of Fervo Energy. Our team traveled to Milford, Utah, to tour Fervo’s Cape Station project before connecting with Tim for an in-depth conversation. Tim earned a BS in Mechanical Engineering from the University of Tulsa and started his career as a drilling engineer in the Permian and Eagle Ford basins. He co-founded Fervo in 2017 after earning an MBA and an MS in Environment and Resources from Stanford University. Fervo is a developer, owner, and operator of geothermal assets. The company recently raised $206 million to advance the buildout of Project Cape, with phase one expected to deliver 100 MW of power to the grid in 2026. It was our pleasure to visit with Tim about the evolving geothermal landscape. As you’ll hear, we were also joined by Kareem El-Sadi, Fervo’s Drilling Engineering Manager, who brought valuable insights from the field. Huge thanks to all our new friends at Fervo for their hospitality and patience. We really had a blast. In our conversation, Tim shares the story of Fervo’s founding, explains the fundamentals of geothermal, and details what makes Fervo’s approach unique using deeper wells, horizontal laterals, and well stimulation. We explore the parallels between geothermal’s recent progress and the shale revolution, as well as Cape Station’s well specs, project economics and future cost reduction opportunities. We discuss how Fervo has dramatically improved dripping efficiency, cutting well costs from $13 million to ~$4 million by reducing the number of drill bits needed and decreasing total drilling days, the energy world’s shift from largely skeptical to increasingly bipartisan and broader support, policy tailwinds, and Fervo’s efforts to onshore supply chains amid steel and other tariffs. We cover geothermal versus oil and gas flow rates, design strategies for achieving high flow rates, water use efficiency, long-term production outlook, and overall “life of power plant” issues. We examine expansion plans for Cape Station, the leasing and mineral rights framework in geothermal, power plant design considerations including supply chain dynamics, permitting challenges and NEPA reviews, and project risk and learning curves from location to location. Tim shares his perspective on opportunities for geographic expansion beyond the Western U.S., cost curve and resource economics, commercial strategy and PPAs, near-term priorities for Fervo, geothermal’s underrepresentation in no-emissions power conversations, the competitive landscape, whether being a pioneer is an advantage or disadvantage, and much much more. It was a fantastic discussion. Tim references a few items in today’s conversation. MIT’s paper entitled “The Future of Geothermal Energy” published in 2006 is linked here. Additionally, the Geothermal Steam Act of 1970 is linked here. Mike Bradley kicked off the discussion by noting that bond and equity markets are focused on Wednesday’s FOMC Rate Decision Meeting. Consensus expects the Fed to leave interest rates unchanged; however, if the Fed were to surprise with a rate cut, broader markets would initially surge before worry set in as to why! Turning to U.S. equities, while markets continue to post new highs, sentiment appears to have shifted toward a “sell the trade deal” mindset. This will be an important week for the Technology sector, broader equity markets, and electricity equities given that Apple, Amazon, Meta and Microsoft are all reporting results and investors are going to be listening closely to their projected AI spending levels. Mike also highlighted a major development in the transportation sector with Union Pacific and Norfolk Southern’s anno

Today we had the pleasure of hosting Isabelle Boemeke, author of the forthcoming book, “Rad Future: The Untold Story of Nuclear Electricity and How It Will Save the World.” The book will be published on August 12 and is available for preorder here. Isabelle is a passionate advocate for nuclear energy and is also the creator of Isodope, a social media persona she uses to engage and educate the public about the benefits of nuclear power. Isabelle was involved in pushing to save the Diablo Canyon nuclear facility and has visited nuclear sites around the world. We were thrilled to hear her fresh and insightful perspectives. In our conversation, we explore nuclear energy’s rapid shift in public perception and the surge in investment and media attention from just three years ago to today. We discuss the role of advocacy in changing narratives, generational differences in attitudes toward nuclear, and the decline of the organized anti-nuclear movement. Isabelle shares her perspective on international attitudes toward nuclear, the origin of Isodope and her use of social media as an educational tool, the gender gap in nuclear support, and her personal background and journey to becoming curious about nuclear energy. We touch on the nuclear industry’s reception to Isabelle, including the strong support she’s received from women in the field. She shares her strategy for communicating complex nuclear topics to a broader audience, the key risks facing the nuclear renaissance, and the next major hurdles the industry must overcome, particularly challenges around financing and project management. We cover public awareness of SMRs compared to large-scale nuclear, community attitudes toward nuclear, and the strong local support Isabelle has seen near existing plants. Isabelle discusses her continued focus on nuclear for the next few years, where her interests may take her in the future, her 10-year outlook for energy and climate, and more. Mike Bradley kicked off the show by noting that broader U.S. equity markets continue to hit new all-time highs. A major driver of broader markets so far this year has been euphoria surrounding AI/Tech equities and the significant capital spending to support data centers. “Meme stock mania” seems to be rearing its head again and could be an early signal of a frothy equity market. On the energy equity front, he highlighted that both HAL and SLB have reported Q2 results and, for the most part, are guiding towards a weaker 2H25 market (especially NAM oil service pricing). Most oil service investors were hopeful Q2 would be the last quarter for downward 2025 revisions, which could be a reason why oil service stocks aren’t reacting to negative downward 2025 EPS revisions. Electric Utilities are up ~13% this year and continue to be viewed as “growth” stocks. The PJM Capacity Auction posted results after the close, with pricing coming in at ~$330/mw versus last year’s print of ~$270/mw. A handful of PJM exposed IPPs were up modestly after the close on the news. Mike wrapped by noting that SMR equities are up on average ~175% YTD and continue to be electricity darlings. He also flagged today’s news out of Japan that Kansai Electric is reportedly exploring a plan to build the country’s first nuclear plant since the Fukushima disaster in 2011. Brett Rampal peppered in his nuclear perspective and questions to the discussion. We are excited to continue following Isabelle’s activities as a positive “influencer” for nuclear and hope you enjoy the conversation as much as we did. Our best to you all!

Today we were thrilled to welcome Premier Danielle Smith of Alberta. Premier Smith was elected in October 2022 and previously served as MLA for Highwood and as Leader of the Official Opposition in Alberta’s Legislative Assembly. Most recently, she was President of the Alberta Enterprise Group. Before re-entering politics, Premier Smith spent several years as a talk radio host and has a diverse background spanning media, public policy, and business. As Premier, she has prioritized economic growth, energy development, and the defense of provincial jurisdiction. It was our honor to host the Premier for an insightful conversation on recent developments in Alberta and across Canada, the future of Canadian energy, and the evolving U.S.-Canada energy partnership. In our conversation, we explore Canada’s historical energy policy challenges, including tensions between federal and provincial jurisdiction over natural resources, and Alberta’s vast oil and gas endowment. Premier Smith discusses shifting federal attitudes and growing recognition that national energy policy needs rebalancing and also outlines Alberta’s recent legislation aimed at streamlining energy project approvals and restoring international investment confidence. We discuss the need for durable, cross-party support to ensure long-term infrastructure investment, Alberta’s experience with Keystone XL, the risks posed by sudden policy reversal, and the recent surge in proposals for AI datacenters in Alberta. Premier Smith shares her perspective on the two sides of Prime Minister Carney (the pragmatic banker versus the GFANZ advocate), the history and impact of international campaigns to defund Canada’s oil sands, and Alberta’s “all of the above” approach to energy abundance. We examine Canada’s lagging economic growth relative to other developed countries, the hope for a shift back to a growth-oriented mindset toward energy development, and the potential for U.S.-Canada pipeline collaboration, particularly if projects are structured to reduce political risk by involving U.S. companies. We cover Canada’s LNG development, including the first shipment from Kitimat and growing momentum in British Columbia, Nova Scotia, and Quebec, natural gas’s long-term role as both a transition and destination fuel, the importance of integrating with the U.S. pipeline network, the need to resolve U.S.-Canada tariff disputes to unlock investment and advance cross-border energy partnerships, and more. As mentioned, the letter from Canadian energy CEOs to the Prime Minister, “Build Canada Now: An Urgent Plan to Strengthen Economic Sovereignty,” is linked here. Premier Smith’s list of nine priorities for Alberta presented to the Prime Minister linked here. We greatly enjoyed the discussion and appreciate Premier Smith for joining. Mike Bradley kicked off the show with commentary on U.S. markets, noting that both bond and equity markets were being negatively impacted by the rise in the 30-year bond yield above 5%. Despite June CPI printing slightly below expectations, U.S. bond yields moved higher on Tuesday. He added that June PPI, set to be reported on Wednesday, could pave the way for a rate cut at the September FOMC meeting if it too prints below expectations. On the crude oil market front, WTI price has pulled back ~$2/bbl (to $66.50/bbl) this week. Oil traders were hopeful that President Trump would impose new sanctions on Russian oil (as high as 500%), but he instead proposed a 50-day wait period before imposing a 100% sanction increase. Turning to energy equities, he highlighted that SLB will kick off Oil Services Q2 reporting on Friday, with the other Big 3 OFS names and pressure pumpers reporting

Today we were delighted to welcome Jack Belcher and Sarah Venuto of Cornerstone Government Affairs, along with Brook Papau, CEO of Orennia, for a discussion focused on the energy implications of the One Big Beautiful Bill (OBBB). Jack, a Principal at Cornerstone, has over 30 years of experience in energy and energy policy, having previously served as Manager of Regulatory Affairs and Policy at Shell and Staff Director for the U.S. House Subcommittee on Energy and Mineral Resources. Sarah, Principal and Counsel, joined Cornerstone in 2023 following roles as Director of the Office of External Affairs at the Federal Energy Regulatory Commission, Senior Advisor and Chief Counsel to Senator Joe Manchin, and Democratic Staff Director for the Senate Energy and Natural Resources Committee. Brook founded Orennia in 2021 and previously served as Managing Director at RS Energy Group (now Enverus). Between Jack, Sarah, and Brook, we had a wealth of insight and expertise that fueled a thoughtful and detailed conversation. In our discussion, we explore the implications of the OBBB for U.S. energy policy, including a shift in emphasis toward fossil fuels (particularly natural gas), along with a renewed focus on reliability and dispatchability. Jack shares his perspective on the “winners” (oil and gas, nuclear, geothermal, and hydrogen) and “losers” (wind and solar), major changes to clean energy tax credits, and the pullback of unobligated funds from federal agencies reclaiming money originally authorized under the IRA. We discuss the introduction of Foreign Entity of Concern (FEOC) restrictions across tax credits, intended to accelerate the reshoring of critical supply chains, and how the current energy tax credit framework increasingly aligns with Trump Administration energy priorities. Brook shares implications for the U.S. grid and power mix, including anticipated delayed retirements of natural gas facilities, a near-term rush to install solar, wind, and storage while tax credits remain in place, severe supply chain constraints for new thermal generation, and growing post-2028 uncertainty as AI-driven demand growth threatens to outpace renewable power additions for the first time. Sarah describes the evolving U.S. energy policy landscape, with regulatory loosening across federal agencies, reduced enforcement capacity due to staffing cuts, and a return to traditional energy provisions, including reinstated onshore and offshore lease sales, lowered royalty rates, renewed support for drilling in Alaska, and accelerated tax treatment for intangible drilling costs. We examine the continued bipartisan support for nuclear, growing cross-party momentum for reshoring advanced manufacturing and critical supply chains, the inflation implications of phasing out tax credits, the partial permitting reforms included in the bill, the importance of codifying reforms into law to avoid policy reversals, early industry reaction to the bill, and much more. As mentioned, a few slides from Orennia’s latest report on the OBBB are linked here. It was an engaging and insightful conversation, and we greatly appreciate Jack, Sarah, and Brook for sharing their perspectives. Mike Bradley opened the conversation by highlighting broader equity market performance, recent OPEC+ developments, and President Trump’s surprising proposal to implement a copper import tariff. On the broader equity market front, markets have mostly moved sideways this week after posting all-time highs last week on passage of the One Big Beautiful Bill. Trumpatility is beginning to resurface ahead of President Trump’s July 9th tariff deadline. Upcoming CPI and PPI reports, due next week, could significantly influence whether the Fed moves to cut interest rates at the July 30th FOMC Meeting. Additionally, Q2 reporting begins

We are very pleased to share a special Fourth of July edition of COBT. Earlier in the week, we had the opportunity to tour the Lone Star Flight Museum (LSFM) and to sit down with Jerry Scott, LSFM’s Chief Operating Officer and Director of Flight Operations. The museum draws visitors from all over the world and features flying historical aircraft, many of them iconic military planes. Jerry was named COO in June 2024 and has 40 years of experience in aviation sales as well as people, project, and logistics management. He previously served as a volunteer at LSFM for 15 years and as a crew chief and plane captain for several of the museum’s aircraft. For our conversation, we sat right next to a B-25, the same type of aircraft flown by Jimmy Doolittle and his squadron. This particular plane has been meticulously restored to the exact standards of the Doolittle Raiders’ aircraft, making it an especially unique setting for our discussion. We were thrilled to visit with Jerry and to get to spend time with the team at the museum. Special thanks to LSFM’s CEO Anna Hawley for all her help in particular. In our conversation, we explore the parallels between modern military missions and World War II operations, the extraordinary bravery of the Doolittle Raiders, the unique similarity of the Doolittle mission to the recent US strikes on Iran, and Jerry’s personal journey and passion for aviation. We discuss LSFM’s mission to honor veterans and preserve their stories for future generations through a living, flying museum, the pilot training progression required to fly historic aircraft, the museum’s move from Galveston to Ellington Field after Hurricane Ike, and the critical role of volunteers in keeping the operations running. Jerry shares insights into the museum’s reach, welcoming over 100,000 visitors annually, its rotating aircraft exhibits, and its broader community impact through educational programs and events. We reflect on Jimmy Doolittle’s legacy, the spirit of innovation and sacrifice that defines American aviation history, and the museum’s vision to inspire future leaders. As mentioned, the “Thirty Seconds Over Tokyo” film is available on Amazon Prime (linked here). A huge thank you to Jerry and the team at LSFM for their support in making today’s episode possible. We highly recommend planning a trip to the museum to see the aircraft up close! To start the show, Mike Bradley highlighted a handful of key events that influenced markets in 1H25 including President Trump’s import tariffs (Day of Liberation), Trump’s One Big Beautiful Budget Bill (OBBB), the Israeli-Iranian War/U.S. strike on Iranian nuclear facilities and OPEC’s substantial/surprising accelerated oil output hikes. For our Canadian friends, we hope you had a fantastic Canada Day on Tuesday. For everyone celebrating the Fourth today, we hope you have a great day filled with food, family, friends, and fun. God bless you, and God Bless America. Have a wonderful Independence Day!