C.O.B. Tuesday

As we head into the Labor Day weekend here in the US, we have something we think you will find most intriguing for a Close-of-Business Thursday! We were lucky enough today to visit with Francesco La Camera, the Director General of the International Renewable Energy Agency (IRENA). Francesco has over thirty years of experience in climate and sustainability and oversees IRENA's strategy and partnerships with 165 nations that are members of the agency.IRENA is headquartered in Abu Dhabi. Their focus is to support countries in their transition to a sustainable energy future by providing practical tools and policy advice to accelerate renewable energy development. Francesco joined us from Rome for a fascinating discussion of today's energy, regulatory and technology world from his perspective. With the Glasgow Climate Summit right around the corner, today's discussion was a fascinating survey of the world from a very respected renewable energy perspective. We learned so much and can't thank Francesco enough for his thoughts and time.As you will hear, we leaned into the lead-in today with more force than usual. Mike Bradley does his usual market update but also provides a year-to-date perspective across all of energy. Matt Portillo gave a detailed update on the "renewables macro" to get our juices flowing prior to our discussion with Francesco. Colin Fenton added his spice with a few comments on global markets and CO2 allowance prices in Europe.All the best to all of you! Have a great and relaxing Labor Day Weekend!----------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.

For the past ten days, we have watched the events unfolding in Afghanistan with a mixture of alarm and sadness. Unfortunately, the situation on the ground remains dangerous and unresolved.For guidance, today's main segment features two former State Department officers whose expertise ranges from counterterrorism and human rights to the geopolitics of the energy transition. We are very lucky to welcome back our friend Frank Fannon, Managing Director of Fannon Global Advisors, Senior Advisor at the Center for Strategic International Studies and the Inaugural Assistant Secretary of State for Energy Resources. Through Frank, we also got to visit with Nathan Sales, Senior Fellow at the Atlantic Council, Former Acting Under Secretary of State for Civilian Security, Democracy, and Human Rights and Former Ambassador-at-Large for Counterterrorism. It was a fascinating discussion with multiple side alleys. The world suddenly feels like a less predictable place again. With their thoughtful perspectives, Frank and Nathan help us to understand the geopolitical ramifications a little better.The associated human tragedy is no less unsettling. We also include the personal story of Corey Mazza, a Harvard football player, U.S. Marine and former platoon leader in Afghanistan. Earlier this week, from his home in Los Angeles and managing around his current job in a private wealth management business, Corey worked the phones to help achieve the successful evacuation of his former unit's Afghan translator. He describes the ongoing efforts to get our friends and allies out of Afghanistan by August 31st and gave us visibility on how veterans and others are mobilizing here at home and abroad to do anything they can to help.Mike Bradley and Colin Fenton kick in some good things to get us going. Mike talks about oil and the recent rally and what's been helping turn the screen green. Colin provides the data on China's engineered economic slowdown, which the PBOC is now starting to reverse. He also discusses Monday's announcement of crude oil sales from the US Strategic Petroleum Reserve (whose negative effect on sour crude prices has been more than offset by the shut-in of one quarter of Pemex production) and the ballooning U.S. public debt (now 125% of GDP), as another game of political chicken gets played with the debt ceiling. The US debt stats are sobering and we need to de-lever, at least that's what my CFO friends would tell me.We hope you find this episode as informative and inspirational as we did. What's happening in Afghanistan is devastating and we're all praying it ends as well as possible. We also know these events will be affecting our future in ways we just can't anticipate yet. One thing we do know... we all need people, like Corey, who put public service first.----------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

This is a stunningly big week for energy networking. In Denver, EnerCom is hosting The Oil and Gas Conference at the Westin and in Houston, the NAPE Summit is taking place at the George R. Brown Convention Center, and the Offshore Technology Conference is happening at NRG. Holding conferences the same week in Houston, NAPE and OTC have joined forces with their "Synergy in Energy" program which allows attendees to visit both conferences. We salute EnerCom, NAPE, and OTC for their efforts to help us all have a chance to shake hands again.We took a trip to the NAPE exhibition hall to see the pregame action live and had the chance to visit with Aaron Vandeford, President of EnerCom as well as Jennifer Palladina Taylor, Business Development Manager at NAPE to hear all about these two flagship conferences. We covered a number of topics in our discussion starting with some history about the two conferences, the types of attendees and investors they are drawing and how that has changed, how their themes have morphed in the past few years, and overall how excited they are to be in person again. Thanks to Aaron and Jennifer for taking time out of their busiest week of the year to visit with us. We had a great conversation!We started the session with the TPH team: Mike Bradley shared an update on the oil market, the Delta virus overhang, and current stock trading levels. Colin Fenton took us to the future with new fusion energy technology from the Lawrence Livermore Laboratory and also put the spotlight on two recent "letter writing campaigns" coming out of Washington DC.It's a huge week for pressing ahead and also continuing to be careful. One of the great things you will hear in today's segment is that at NAPE they have set up a vaccination station sponsored by the good folks at Kroger.----------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.

When we heard about all of the great things the Permian Strategic Partnership (PSP) is doing for the Permian Basin, we knew we had to visit with them and also knew that all of you would love to hear more about their mission. We had the special opportunity to host Tracee Bentley, President and CEO, to discuss their annual report published just last week. Formed in January 2019, the PSP is a coalition of 17 leading Permian Basin energy companies who joined together to tackle some of the area's largest challenges including education, healthcare, infrastructure, workforce, and housing. Their member's grit, determination and can-do attitude have made lasting impact over the last 2.5 years and show the power of putting great minds together. We can't say enough great things about the PSP's contribution to the Permian and beyond!Tracee walked us through PSP's history as well as their recent report. It was encouraging to hear their success and we had a wonderful discussion. Thank you to Tracee and all of the members at PSP making a difference for the community!Our TPH team hit a few topics to kick off the session: Matt Portillo emerged from the earnings cloud to share his key takeaways from a TPH Research private investor conference hosted on Wednesday of last week. Craig Webster prepared us for the discussion with Tracee with a reminder of the importance of sustainability and how the PSP embodies the definition.We hope this provided some good news for your Monday morning! Thanks to all of you from all of us at TPH.----------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.

Tuesday was incredible. We traveled to Denver and drove about an hour to Greeley, Colorado. Greeley is the largest city (population of ~110K) in Weld County (~325K people). We went to Weld out of pure fascination - fascination with the county that produces over 80 percent of the oil and 60 percent of the total oil and gas in the state. It is a part of Colorado that loves ranching, agriculture, oil and gas, and the land itself. We loved every minute of our full day visit.We start off at Stockman's Café. The owner, Pat, served us hot coffee and made room as we shot the opening market segment in a prime location in the corner of her diner. From there, you will see we went to seat of local government and met two of the five Weld County Commissioners, Mike Freeman and Steve Moreno. There are three districts in Weld, each with a Commissioner. There are also two At-Large Commissioners. These five individuals handle all of the government business in the County. It's a fascinating and seemingly very effective form of government.You'll see we went back to Stockman's to meet with not only the County Commissioners but also Greeley City Council members including the County Attorney, Bruce Barker, the County Head of Planning and Building Services, Tom Parko, Director of the Weld County Oil and Gas Department, Jason Maxey, and a current Greeley City Councilman At-Large and former Mayor, Ed Clark. The food, the conversation, and real world grit were all fantastic. Weld County is "Can Do" America.We concluded the day with a visit to a drillsite. The PDC Energy team was kind enough to give us a tour of their Thunder Rig site. The people there could not have been nicer nor could they have been more proud of what they are doing. Visiting an active rig is a reminder of the hard work and determination it takes to fuel a nation.In our lead in this week, you will hear we hit some big topics: Mike Bradley shared a brief oil market update and passed it to Craig Webster for a briefing on the recent IPCC report. Colin Fenton looked in his crystal ball to preview a picture of what the future might look like and also took a look back at what has happened in 2021 so far. Also joining us today for his first COBT appearance is Jeff Knupp who as you may know is the head of our Denver banking office and has led all of our DJ Basin projects.From this week's video we hope you get what we got - a big dose of enthusiasm for what's possible in "Can Do America."----------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

We hope you are excited for a 45Q deep dive! We had the great opportunity to learn from some of the most credible 45Q experts in this week's session. Joining us today are Barbara de Marigny, Partner (Tax) at Baker Botts and Aileen Hooks, Partner (Environmental) at Baker Botts. As you may know, the section 45Q tax credit is one of the most promising economic incentive structures for the energy transition. We were certainly glad to spend time with Barbara and Aileen to dive into the nuts and bolts of 45Q. These ladies actually made tax fun!Our discussion begins with a look at 45Q's history from its introduction in 2008 to becoming much more widely popular with a re-vamp in 2018. From there, we touched on the amount of credit allotted, ownership rights, the carbon capture process, tax equity, requirements around qualifying facilities, secure geological storage and beyond! As you will hear, Barbara and Aileen are highly experienced in the field and it was our pleasure to visit with them.The TPH crew launched today's conversation: Mike Bradley shared key takeaways from E&P earnings this week, emphasizing a focus on return of capital and Matt Murphy chimed in with his thoughts on E&P earnings from his seat in TPH Research. Colin Fenton pointed out inflationary pressures in the housing market with demand for apartments at a 50 year high.----------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.

Here at TPH we pride ourselves on being 'all energy, all the time'; this week's guests are also 'all energy, all the time'! We had the great opportunity to host the Upstream team to hear all about their paper, how they operate and what they are excited about in energy. With us today is Leia Marie Parker, Editor in Chief, Jennifer Lynn Presley, Americas Bureau Chief and Fabio Palmigiani, South American Correspondent.Our discussion kicked off with Leia, joining us from London, to give us a broad overview of Upstream and their team of 17 journalists across the globe. Jennifer expanded on three of the current upstream hot topics, including shale, offshore and the energy transition focused on the Americas. Fabio chipped in with activity taking place across Latin America and interesting developments there. Thank you to the team for joining and for putting forth great energy journalism every day!As always, our TPH crew provided a brief intro: with earnings in full swing, Mike Bradley touched on what to expect from natural gas companies reporting later this week. Colin Fenton raised the importance of journalistic integrity with a few examples of science and skepticism.----------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 Al Carnrite, Founder and CEO of The Carnrite Group. Al has been a tremendous resource to many of us in the industry and we had a great visit discussing today's world, current trends the Carnrite team is seeing and what the future of the industry may look like.  As you will hear, Al is direct, fun, and very knowledgeable.  The Carnrite Group is based out of Houston with remote offices in the UK and UAE. They are a uniquely energy focused boutique consulting practice advising companies and executives across the entire energy value chain on strategy, cost, the energy transition, digital transformation and more from operations to the board room. Al is full of 40 plus years of energy wisdom and we really enjoyed spending time with him.We launched the session with a discussion on newsworthy topics and events from the last week: Mike Bradley shared a market update on crude oil and equities. Colin Fenton continued the COVID-19 variant discussion and prepared some carefully crafted slides on interpreting the latest COVID statistics as well as their effect on crude oil. ----------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.

With so much in the news recently about the private "Race to Space," you may share a curiosity of ours, and that is "how far along are the commercial space businesses that have planted roots in Texas?" We have specifically been drawn to the exciting developments rapidly unfolding at Boca Chica, Texas just outside Brownsville. Our chance for an in-person tour and expert briefing came when we reconnected with friend, technology entrepreneur, former NASA astronaut, and current President of Robotics and Space Operations at MDA, Tim Kopra.​​​​Tim connected us with Brownsville's dynamic mayor Trey Mendez. Trey graciously helped arrange - and both Trey and Tim joined us for - a VIP tour of SpaceX. We walked through both the spaceship assembly plant and the launch site. We were blown away by the sheer scope of what Elon Musk and his team have built in just eighteen months. As we remark in the video, "it looks like a miniature Manhattan."Trey also sat down with us to share his vision for building on this success. With a firm commitment to quality of life, Brownsville aims to attract the world's smartest, most competitive, most forward-looking and most fun businesses and people to this beautiful seaside community on the Gulf of Mexico. Trey, Tim, and everyone in the Brownsville ecosystem are passionate about forging Texas as the launch pad for humanity's permanent off-world research stations and settlements across the universe.We kicked off the session with some great pregame from our team. Mike Bradley walked us through the latest specifics on OPEC+ supply plans and their effect on oil prices. Matt Portillo gave us a preview for earnings season, and Colin Fenton got us in "Space Shape" with some tailored space-oriented observations.​​​​​Thursday was incredible. Brownsville is experiencing massive growth and transformation. If Cape Canaveral or Huntsville was "the place to be" for aerospace engineers and explorers in the 20th Century, Brownsville surely makes a compelling case as the new frontier heading toward the 22nd Century. We are so excited about the hub for interplanetary exploration that's being built here in South Texas.----------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 an

Today we had the honor and pleasure of hosting U.S. Congresswoman Lizzie Fletcher (D-TX). Representing Texas's Seventh Congressional District - in the greater Houston area which many of us call home, Congresswoman Fletcher is committed to bridging the toxic hyper-partisan divide that puts blind politics ahead of common-sense solutions we can all get behind for the advancement of freedom and happy growth in our world. We commend her positive and collaborative spirit. We had a terrific visit and touched on her constituents' biggest priorities, the enthusiasm behind the quest for Houston to be a leader in the carbon capture space, specific priorities for a large infrastructure ("it's investment not spending"), and more.With us also today is Bobby Tudor, Chairman of TPH, and former Chair of the Greater Houston Partnership, an organization devoted to finding non-partisan solutions to society's most pressing problems. Bobby will not be happy with me for flagging that the esteemed Financial Times of London in an article earlier this week applauded his own efforts to find the right balance between environmentalism and energy in all its forms. The article quotes, "If Houston wants to continue to be the world's leading energy capital, then it's going to need to be a leader in the newer forms of energy."----------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.