C.O.B. Tuesday

We have an exciting episode for you today! For the first time, representation from the entire TPH Research Team headlined this week's session to share key observations from the first half of the year and key focus areas as we enter the second half of 2021. Our all-star TPH Research lineup and their respective topics included:Matt Portillo, Managing Director, E&P Research | Upstream & AutomotiveMatt Murphy, Director, Integrateds and Upstream Research | Oil and Gas Macro​​​Matt Taylor, Director, Midstream Research | Natural Gas Liquids MacroColton Bean, Director, Midstream Research | Midstream and Renewable Power SectorGeorge O'Leary, Managing Director, Energy Services & Equipment (ESE) | ESE and SolarMatthew Blair, Managing Director, Refining and Chemicals Research | Refiners, Chemicals & Renewable Diesel​​​​​We had an overwhelming amount of brain power join us today. As you will hear, there was a lot to matador around! Big thanks to the team for joining and for bringing a handful of slides to help guide the conversation. Please let us know what you think!​​​​​To kick things off today, Mike Bradley shared his observations from the recent OPEC+ meeting (so he had a lot to cover!). Thanks again to the team and thanks to you all! We hope you enjoy it!----------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.

A few weeks ago, President Biden met with Russian President Putin in Geneva for their first summit. Since then, we have searched for a Russian expert - and wow, did we get lucky! We found Dr. Angela Stent, Director of the Center for Eurasian, Russian and East European Studies and Professor of Government and Foreign Service at Georgetown University. Dr. Stent is also a non-resident Senior Fellow at the Brookings Institution. As excited as we were, it was even better than what we expected. Her background is so extensive (you may read her full biography here) and there is no angle she hasn't seen. Our discussion crossed many borders and we started with Dr. Stent's latest book, "Putin's World: Russia Against the West and With the Rest." From there, we learned about Putin's childhood, how Russia operates, how they might perceive the energy transition, the Tokyo Olympics, and importantly the relationship between the U.S., Russia and China. We had a wonderful time and can't thank Dr. Stent enough for sharing her knowledge with us.Our TPH crew had some topical items to prepare us for our Russian discussion: Mike Bradley opened with an OPEC+ meeting preview and also reviewed what has happened since their last meeting. Matt Portillo chimed in with a look at equity and natural gas outlook and demand through 2022. Colin Fenton summarized current conditions by pulling 5 main headlines over the past few weeks including Russia, solar, nuclear, climate law and geothermal.We want to sincerely thank Dr. Stent for her time and expertise. Thanks to you all! We hope you enjoy.​​​​----------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.

One year ago, Greentown Labs announced they were expanding to Houston to open their second incubator. Today, we were thrilled to visit their new space in Midtown and host this week's session live with Emily Reichert, Chief Executive Officer. Their team has made tremendous progress over the past year and we are so pleased to welcome them to Houston and the energy community.Founded in Cambridge, MA, Greentown Labs is the largest climatetech incubator in North America. Their mission is to help early stage companies get started by providing the expertise, resources and support they need. Today, Greentown Labs supports over 180 climatetech startups, 40 of those in Houston. In today's discussion, you will hear Emily explain why "climatetech" is the name Greentown prefers.The team and I greatly enjoyed visiting with Emily to hear all about Greentown's expansion, the factors that they used to select Houston, the future of new energy technologies, how America is well suited to be a leader in the space, and much more. Emily also took us through the incubation process at Greentown and how their alumni continue to be involved post-launch. It was a shame we had to end the discussion as we had plenty more questions and topics to discuss. We hope you enjoy as much as we did... Emily was a wonderful and engaging guest.Our TPH expert crew provided today's introduction: Mike Bradley offered some oil and market outlook and analysis and also touched on considerations around inventory​ for the next few weeks. Matt Portillo shared TPH Research's piece on shared private operator activity in the US and also some reflections on recent investor visits. The ever-entertaining Colin Fenton wrapped up with data around $100 calls on WTI. The stats will blow you away.----------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.

This week we had the great opportunity to visit with Greg McLean, Member of Parliament representing Calgary Centre in the Canadian House of Commons. In 2020, Greg introduced a bill to create a non-refundable performance-based tax credit for carbon capture, utilization, and storage (CCUS) projects. We took great interest in hearing Greg's story and were very pleased to visit with him.We started with background on Greg's motivation to switch from a career as a portfolio manager to becoming a Member of Parliament and quickly found ourselves entrenched in a discussion around carbon capture, pipelines, Greg's bill, considerations around Canadian oil exports, the future of energy, and the role of Parliament.​​​We kicked off with an update from the TPH crew: Mike Bradley provided an analysis of commodity and natural gas prices and summarized key points from the G7 summit meeting which concluded this week. He also previewed the upcoming FOMC meeting. Colin Fenton prepared four charts on comparative pricing ending on a positive note for the energy space.The team and I had a great time visiting with Greg and want to thank him for his time and for being a 'climate warrior.'----------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.

Yesterday at our annual Hotter 'N Hell Conference, we saw so many of you and absolutely loved it. I think everyone in the room had a sense of "life is back!" and all loved it.We had some phenomenal guests and a broad array of energy flavors up for discussion. The theme I kept finding myself coming back to is there has never been a more fascinating time to be in energy. The issues and opportunities also feel remarkably global again and that is no doubt going to be a big part of the fun.As you will see here, we shot a "live COBT" from the conference featuring Chris Wright. Chris and his team at Liberty have recently released a dramatic new type of ESG report which captures the full extent of energy and the environment in today's world. It is unlike any ESG report that we know of and would encourage all of you to take a look.In the lead-in, Mike, Matt and Colin gave some market and conference-driven thoughts that got our juices flowing. We moved from there to a full on "ESG and Me" conversation with Chris that was fantastic.For those in attendance or virtual yesterday, thank you. It was fantastic to be with you and we frankly value your friendship so much.We hope you have a great weekend and we'll be back with you next week!----------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 hit a triple today with this week's guests! We were thrilled to welcome three leadership members from the Independent Petroleum Association of America (IPAA).We had the pleasure of hosting Barry Russell, President and CEO, Dan Naatz, EVP of Government Relations and Political Affairs, and Mallori Miller, VP of Government Relations. The IPAA is critical in serving on behalf of the exploration and production segment of the industry to help representatives in Congress fully understand the scope and importance of the sector. We had an engaging conversation about how the industry has evolved, the IPAA as an organization, the core objectives for the IPAA, their work with regulatory agencies and Capitol Hill, their ESG program, and much more.Our expert TPH crew launched today's conversation: Mike Bradley touched on current market conditions and what to look out for in the next few days. Matt Portillo expanded on Mike's natural gas pricing thoughts and also previewed our Hotter 'N Hell Conference taking place this Thursday. Colin Fenton peppered in his comments around CPI and natural gas.As always, thank you for watching! We hope you enjoy.----------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 have a COBT Special Edition for you this week! We had the pleasure of visiting with a great friend of the firm, Jason Schenker. Jason is Chairman of the Futurist Institute, President of Prestige Economics and a renowned futurist, economist, speaker and author. This special edition is centered around Jason's latest book, "The Future of Travel: Trends and Technologies Shaping the Decade Ahead: The Futurist Institute." The Future of Travel investigates COVID's effects on travel, leisure and hospitality for the decade ahead. It touches on technology, "revenge travel," activity levels, supply and demand of tourism, and much more. We had a great time discussing the book, the future of business travel, the war for talent, and how travel demand may look over the next year. We kick off with a brief economics discussion on the Employment Situation Summary, which is scheduled to be released by the U.S. Bureau of Labor Statistics today, as well as the Consumer Price Index for May, scheduled to be released on June 10th. Colin, Mike, Matt and I had a lot of fun visiting with Jason and want to thank him for his time. We hope you all have a great weekend and enjoy "The Future of Travel!"----------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 were thrilled to welcome Les Csorba, Partner in the CEO and Board of Directors Practice at Heidrick & Struggles for this week's COBT session. Les is a highly experienced executive placement expert and his work focuses on senior-level assignments including CEO and board members across the entire energy value chain.Les began with providing background on Heidrick & Struggles' energy practice. As you will hear, the energy industry is seeing a tremendous demand for new directors. We had a far-reaching discussion covering what Les is currently seeing across boardrooms, the growing demand for board members with energy transition experience, board refreshment trends, ESG and board compensation. It was a pleasure to visit with and learn from Les and we are thankful to have spent the time with him.​​​​​The TPH team kicked off the session: Mike Bradley covered the latest OPEC developments and offered some oil market outlook. Colin Fenton prepped us for the start of summer with an analysis on ethanol, gasoline, corn and cattle. ​​Thank you Les for a great discussion. Energy industry corporate governance is an always topical and interesting subject. We hope you find today's conversation helpful!----------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 this week's session, we had the opportunity to visit with a great friend of the firm: J.P. Bauman, Principal at Altira Group. As you may know, Altira Group is a Denver-based venture capital firm that takes earned pride in building companies focused on the technology and software that will underpin the sustainable, vibrant, and fun future of supplying energy to all of us. We also had the opportunity to visit with one of Altira's amazing portfolio companies, FlexGen.FlexGen is one of the biggest energy companies in the crucial yet still emerging industrial/utility-scale battery segment. We had the pleasure to hear from Kelcy Pegler, Chief Executive Officer, and Yann Brandt, Chief Financial Officer. Kelcy and Yann gave an overview of FlexGen's business and were kind enough to answer our many questions about the future of power grids large and small, how flexible battery storage will fit into that model, the company's roots in creating homeland jobs for US veterans, and what they've learned along the way so far. We had a great time and a fantastic discussion.We kicked off the session with our panel of TPH experts: Mike Bradley provided an insightful update on market dynamics, Matt Portillo walked us through TPH Research's Global Automotive Forecast and Battery Cost Update and handed it to Colin Fenton who served a smorgasbord of warning signs now creeping up in emerging markets and segued from analysis of this week's G-7 climate communiqué and IEA Roadmap 2050 into our discussion with this week's guests.----------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.

On this week's COBT, we were very honored to be joined by Dr. Steven Koonin, author of a new book entitled "Unsettled: What Climate Science Tells Us, What It Doesn't, and Why It Matters." The title refers to the central thesis of the book... which is that in the rush to proclaim climate science definitive, we are glossing over and failing to speak honestly about so much that remains to be "settled." The book is a highly technical but also highly understandable tour of what we know, of the major studies that have been done by the UN, the US, and other bodies, of what the attempts at modeling the climate tell us and what the key assumptions really are. Along the way Dr. Koonin addresses many of the popular press-driven views on human-driven climate change and also offers his own thoughts about the right way forward. More than anything, he challenges us all to return to science and get away from "The Science"... his way of saying intellectual honesty and the pursuit of the truth must be made the primary goal. The stakes are high and we must stop the polarizing debate that's getting in the way of thoughtfulness as we approach all the choices before us.Dr. Koonin has an incredible background that has led him to write "Unsettled." A former Chief Scientist at BP from the "Beyond Petroleum" era, he served in the Obama Administration as the Undersecretary for Science in the Department of Energy. He is a graduate of both Caltech and MIT and today is a professor at NYU. The book has been a huge seller and it's clear that it has struck a chord with so many of us. TPH has purchased a very large order and will be making them available to guests at our upcoming "Hotter 'N Hell" energy conference in Houston on June 10th.We all read the book ahead of the discussion and wholeheartedly recommend it. It is very thought-provoking and does a great job laying out the complexity of the issues. We are most honored to have made a new friend in Dr. Koonin.We kicked off today with a quick discussion of the news and views of the last week. Mike Bradley touched on recent discussion around the JCPOA agreement and its effect on the market, Matt Portillo provided some background on TPH Research initiating coverage on Ford and GM, and finally Colin Fenton gave a brief market update and prepped us for the discussion with Dr. Koonin.Read "Unsettled" when you can. We learned a lot and had a ton of fun discussing it with Dr. Koonin!----------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, Ho