C.O.B. Tuesday

As you may know, yesterday we hosted our 5th Annual Disruption Conference [D5: Momentum] in Denver. With an audience of over 365 registrants, we had the great opportunity to host the Nuclear Energy Institute (NEI). ​​​​​​Representing the NEI today are Everett Redmond, Ph.D. (Sr. Technical Advisor, New Reactor & Advanced Technology) and Matthew Crozat (Senior Director, Strategy and Policy Development).Everett and Matthew walked us through a presentation outlining the NEI, their mission to promote the use and growth of nuclear energy through efficient operations and effective policy, how nuclear fits in the carbon free discussion, their technology members, future projects, and much more. You can find their presentation linked here. We had a great time, learned a lot, and can't thank Everett and Matthew enough for joining! It will be exciting to watch NEI's and the industry’s development over the next decade. We at TPH/COBT are pretty bullish on nuclear being a bigger part of the energy and climate solution.   Our TPH team hit a few topics to kick off the session: Mike Bradley touched on crude oil and the potential SPR release, Matt Portillo discussed auto sector updates, noting the Rivian IPO, and Colin Fenton set the stage for our discussion with NEI. Craig Webster joins live from Denver and adds his observations from the conference.----------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.

We often wonder why and how deals leak... and I can imagine many of you wonder the same. Today, we were excited to host the Abernathy MacGregor team to hear their insights on a few topics including the predictability of deal leaks and employee activism. Joining us today are Sydney Isaacs, Managing Director and Head of the Houston Office along with Blair Hennessy, Managing Director based out of Abernathy's New York office. Sydney and Blair were wonderful guests and we had a really great discussion!We kick off the episode with some background on Abernathy MacGregor and how they help their clients navigate complex situations with communications, engagement and advocacy expertise. One topic their team has focused on is employee activism and its developing role in M&A. We discussed the debate many companies have on what social topics they should touch on and how employees are driving change. As you will hear, Blair walked us through advising an M&A client through a deal, how they can best prepare for the deal to leak and the best scenarios for addressing stakeholders when it inevitably happens. Their data is striking on how often deals leak and the the patterns across sectors, seasons or deal size.​​​​To start the show, Mike Bradley shared a few slides showing the US and ECB balance sheets to debt ratio and touched on the OPEC+ meeting taking place later this week. Matt Portillo had a new update from TPH Research on the LCFS market as well as an auto sector earnings update. Craig Webster joined during a busy ESG week with his thoughts around COP26 and the recent proposal to limit methane emissions from oil and gas production. Colin Fenton took us all back to school and examined global oil demand projections.----------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.

We are back from India just in time for the World Series in Houston and had the pleasure of hosting the Environmental Defense Fund (EDF) for this week's COBT session. Joining us today are Andrew Howell (Director of Investor Influence) and Andrew Baxter (Director, Energy Transition) to discuss the launch of "ESG by EDF," a new platform which will leverage EDF's deep scientific and policy expertise for the benefit of the investment community. Their first report, "The Burning Question: How to Fix Flaring," looks at flaring data, with the intention of not just benchmarking company performance, but also to offer investors a more complete understanding of why flaring occurs, industry best practices and potential industry-wide solutions.In the conversation, we touch on the challenges of tackling flaring in less-regulated countries and some of the technologies that are making this possible, as well as the increasingly intense focus on curbing methane emissions. Like so many ESG issues, the solution to problems like flaring hinge on rational discourse which considers both the urgency of the issue as well as the practical challenges (e.g., maintaining safety standards) in resolving it. By providing the investor community a deeper understanding of these types of issues, our friends at EDF bring us one step closer to more of that much needed rational discourse.We had a really engaging discussion and can't thank both Andrews enough for sharing their time and expertise!First at bat is our TPH crew: Mike Bradley shared his analysis of what WTI prompt prices and time spreads are telling us. The answer weaves in oil storage projections for Cushing with recent energy headlines. After spending time with investors last week in Toronto, Matt Portillo discussed key themes from the trip, notably an emphasis on return to capital. Colin Fenton joined live from the Kayne Anderson Annual LP conference in LA and shared his observations from the Golden State. And our own ESG specialist, Craig Webster, was the natural clean-up hitter for our ESG discussion with EDF!----------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 co

We have a potpourri of topics for this week's session and are very excited to share them with you all. First, we were delighted to welcome Castlen Kennedy, Vice President, Corporate Communications and Public Affairs and her colleague Gary Clark, Vice President of Investor Relations & Market Intelligence at Apache Corporation. We have all admired the Apache Corporation Tree Grant Program and Castlen and Gary joined to give an excellent overview of the program and its accomplishments.As you may know, the tree grant program has donated more than 4.8 million trees to U.S. nonprofits and governmental organizations so far. Since its formation in 2005, they have donated trees to schools, parks, cities, wildlife refuges and more in Louisiana, New Mexico, Texas and Wyoming. Castlen and Gary shared how the program developed and some of the interesting challenges they faced in order to meet the program's original goal of donating one million trees. As you will hear, Apache estimates the carbon capture of the trees they have helped plant today reduce about 16 percent of their US emissions.​​​​​​We also touched on Apache's​​​​​ 2021 Sustainability Report which is scheduled to release on Wednesday morning. Given the effort involved across the entire company, you will hear the team reference the Sustainability Report as "The New Annual Report." It's that meaningful and labor intensive in today's ESG world. The report focuses on three main areas: air, water, and community with Apache's progress and goals for each area. To add to the mix, this week marks the 5th India Energy Forum by CERAWeek in New Delhi, India, and virtually this week from October 20-22nd and I am attending the event in person! As you'll see in the intro, we have a guest appearance from our good friend Jamey Rosenfield of IHS Markit. This year's key themes include the energy transition, new sources of energy, energy demand and supply chains, Indian Energy sector growth, and everything in-between. We had an action packed intro from the TPH crew: Mike Bradley showed the correlation between media headlines and oil prices, natural gas levels and what may happen with a cold winter. Colton Bean joined to share renewable power trends from the last few months and passed it to Colin Fenton who expanded on Mike's thoughts with media interest in oil prices and took a look at natural gas futures pricing.----------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

We had the pleasure of visiting with Chet Thompson, President and CEO of the American Fuel & Petrochemical Manufacturers (AFPM) for this week's session. Chet joined us live from Washington where he and his team are working relentlessly to advocate for domestic refiners, petrochemical and midstream companies as well as educating policymakers and the public on the value their members provide for our nation and the world. We had an engaging and timely discussion given the recent proposed tax increases on American refined energy and plastics as well as just the rapidly changing backdrop of rising energy prices globally.Our discussion begins with some background on AFPM and how they have grown since they were founded in 1902. Currently representing 60+ member companies and 300+ associate members, their focus is on policies, regulations, and legal challenges impacting the downstream sector. As part of their education efforts, AFPM has an entire campaign dedicated to displaying the role petrochemicals play in all of our lives, "We Make Progress." We covered the whole waterfront of issues with Chet and came away super impressed with the depth of what AFPM is doing for the energy transition debate.​​​​To kick off the session, the TPH crew shared current news and themes from this week: Mike Bradley ​​​​​shared energy commodity and equity weekly performance, fertilizer prices vs. Bloomberg's agricultural index and continued his segment of top energy headlines from the last 48 hours. Matt Portillo shared key takeaways after spending time on the road in NYC and Boston and gave us some teasers from his GM analyst day visit. Matthew Blair joined to set the petrochemical stage for our discussion with Chet and Colin Fenton compared the current $80 oil price to oil prices around the world and the odds that we reach $100 crude.----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.

Today we had the pleasure of hosting two dear and longstanding friends from IHS Markit: Jamey Rosenfield, Senior Vice President and co-founder of CERA along with Dan Yergin, and Dr. Atul Arya, SVP and Chief Energy Strategist. As always happens when we visit with these renowned energy experts, we had a fun and broad conversation across the core topics of the day and really enjoyed our time together!Jamey and Atul remind us that CERAWeek's India Energy Forum is taking place in New Delhi in just over two weeks. Atul shared key themes including low carbon technologies and innovation, energy competition and business models, new sources of energy, and Indian energy sector growth. Perhaps his most pressing insight is the reminder that energy tech is hardware not software, with all the implications for pace, timing, and prices that fact carries.Looking ahead to CERAWeek Houston 2022, Jamey confirmed this industry marquee event fill finally once again be in person, much to the relief of us all in TPH Nation. Jamey also scattered a few bread crumbs about what we may see at the conference, including a Net Zero Village that will present in sharp relief what the cloudy concept of 'net-zero' might mean in real-world-cost-benefit terms. With so much to discuss in the current mix of markets, economics, and geopolitics, we quickly found ourselves in an all-energy discussion about coal, nuclear power, the capital and innovation needed to drive the energy transition(s), setting near-term targets for emissions goals, the importance of reliable and affordable energy, and much more. With all this talk about the fascinating things going on in energy and the world broadly, an immediate visit to India might be in order!The TPH crew ran through a few items to start: our energy strategist Mike Bradley looked at the 10-year history of the commodity spot price index vs. the 10-year government bond yield, European commodity prices over the last month, and recent energy headlines to share his normal assortment of valuable insights. Colin Fenton walked us through global natural gas prices and the European fundamental economics driving them to explain why natural gas prices are already making new all-time highs and to remind us why policy decisions have consequences.----------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. Institution

Today's guest is not only a great friend but also a TPH alum! We were so pleased to visit with Brad Olsen, Co-Founder and Portfolio Manager of Recurrent Investment Advisors which focuses their funds on public investments in natural resources and energy infrastructure. Our discussion was fruitful and most importantly good fun! As you will hear, Brad has a lively mind and got us thinking!After throwing everything but the kitchen sink at Brad during our introduction, he started by sharing some background on Recurrent Investment Advisors. Our discussion flowed from how they structure their benchmarks to their overall investment strategies, the paucity of third party capital for energy investments in the next 5 years, inflation, dynamics in energy public markets, and much much more. Brad was a wonderful guest and we look forward to hosting him again in the future. We didn't let him go today without extracting a promise to come back.As mentioned, the TPH team kicked off with an action packed introduction: with Matt Portillo on the road, Mike Bradley passed along a few of his natural gas comments and took a look at world oil demand & supply, European commodity prices, and top energy headlines in the last 48 hours. Craig Webster joined to share key points from recent TPH ESG pieces, ESG's Stewardship Conflict and Costs Matter, Even for ESG. Last but not least, Colin Fenton looked at debt and currency trading around the world. The move to the safety of the dollar is seemingly on.----------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.

We are very excited to share this edition of "COBT On the Road" from Van Horn, Texas! This week, we had the amazing opportunity to continue our exploration of space endeavors throughout Texas with a visit to Blue Origin. As part of our behind the scenes visit, we heard the Blue Origin team describe their mission to “build a road to space, step by step ferociously." Our travel squad this week included our good friend Tim Kopra, Former Astronaut and Vice President of Robotics and Space Operations at MDA, Mike Bradley, Managing Director, Capital Solutions at TPH, Harvin Moore, Principal of Frontera Technology Ventures, and Gary Morris, Senior Advisor at TPH with our Energy Technology team. It was an extraordinary visit. Seeing people doing what some would have said was impossible not long ago is tremendously inspiring. The people at Blue Origin are world class and could not have been nicer hosts. In addition to our Blue Origin facility tour we also went into Van Horn and had a great local lunch. The opportunities and the challenges in Van Horn are not unlike those we encountered in Brownsville when we saw SpaceX. One of the key takeaways from both visits is it's important to see what's happening as a launch pad to an entirely new industry, and not just near term experimentation. What all of this could look like in ten years (just to pick a date) truly blows the mind. We at TPH are having a ton of fun thinking about all the possibilities and hope you are too. As you will hear, we kicked off with today's market update segment with the COBT crew: Colin Fenton joined live from New York (fittingly from a cab) and shared some of the events taking place this week in the city including Climate Week and Biden’s address to the UN. ​​​​Mike Bradley touched on inflation trends and passed it to Matt Portillo who had a number of updates including TPH's RNG Conference last week, the LCFS market, the recent TPH Research Capital Allocation piece and getting back on the road with TPH Research.Visiting Blue Origin was certainly an exciting opportunity for us, but nothing nearly as exciting as the opportunities that the new space race presents to all of us. We hope you enjoy it as much as we do!----------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

We had the great opportunity to visit with Mike Sommers, President and CEO of the American Petroleum Institute (API) in today's session. Founded over 100 years ago, the API represents all segments of America's oil and natural gas industry with over 600 current members. Their mission is to promote safety across the industry globally and to influence public policy in support of a strong, viable U.S. oil and natural gas industry. They are fighting hard in today's politically overcharged Washington DC - it was a real honor and pleasure to host Mike today.Our discussion started with API's history and how they work with their members to advance policy at the federal and state level. We touched on a number of topics including U.S. energy independence, the shale revolution, API's Environmental Partnership Program, their Climate Action Framework to advance new technologies, coal to gas switching, the frequently undiscussed cost benefit analysis framework in GHG reduction, and much much more. It was a passionate, candid and informative discussion and we want to thank Mike and his team for their time and commitment to educating our elected representatives.​​​​​​The TPH crew kicked off the conversation: Mike Bradley took a look at rising European power prices and implications ahead of the UN Climate Conference in November. Matt Portillo echoed Mike's comments and turned it over to Matthew Blair who shared a few key points from TPH Research's recent "RNG 101" report.----------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.

​​​​​Heidrick & Struggles recently released a new report we think you will all find interesting and informative! The report, "Aligning Culture with the Bottom Line: How Companies Can Accelerate Progress," includes results from surveying 500 CEOs from around the world about how they define culture and how it influences financial performance. We had the pleasure of welcoming back our good friend ​​​​Les Csorba, Partner in Heidrick & Struggles' CEO & Board of Directors Practice as well as Mark Zorbas, Partner with Heidrick's Consulting Practice to help us dig in to the report's findings. As you will hear, Les and Mark walk us through the report's data and how companies may be missing the connection between focusing on culture and also recognizing culture as a top objective for financial performance. It was a fascinating discussion and we want to thank Les and Mark for sharing their expertise!The TPH crew kicked off with this week's newsworthy topics and events: Mike Bradley covered GOM production shut ins, energy market performance, and market performance since Q2 earnings reporting. Matt Portillo mentioned TPH's upcoming Spraberry to Mayberry Conference taking place on September 15th and shared midstream team tidbits from on the road. Colin Fenton shared a commodities and global macro update with a reminder that oil has not reached peak demand.----------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.