C.O.B. Tuesday

This week we had the great opportunity to visit with Todd Kantor, Founder, Managing Member and Portfolio Manager at Encompass Capital Advisors. Encompass is a highly regarded energy-focused investment firm, headquartered in New York. Today's discussion touched on a bit of everything including current investment trends, the team at Encompass, ESG, natural gas outlook, SPACs, the oil macro, Iran, and the energy transition investment space... just to name a few! Todd is a great friend of the firm and we had a fantastic discussion. As always, the TPH crew covered a few topics to kick things off: Mike Bradley covered the Colonial Pipeline outage and its potential impact for prices and politics. We also discussed the recent debate in Michigan over an important pipeline.​​​​​​ Matt Portillo expanded the discussion to include propane inventory levels in Michigan and for the US looking to the remainder of the year. Matt also touched on Q1 earnings for the upstream sector and passed it to Colin Fenton for a summary of unique events from this week, ending with a positive note on COVID-19 conditions in the US.  All the best 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.

Texans have forever prided themselves on our hardworking, gritty and friendly nature. We were lucky enough to visit with Dick Weekley this week who embodies all of those qualities and more. Dick is a true champion for the State of Texas - as a Texas Business Hall of Fame honoree, a philanthropist with several Texas based organizations, and with the work he and the team at Texans for Lawsuit Reform (TLR) are doing to keep Texas the pro-business place it is. Today we heard the story of how he and his brother David got started in the home building business (and ultimately built David Weekley Homes into the largest private homebuilder in the U.S.) and how he began to get involved in the litigation-plagued days of the early 1990s and ultimately co-founded TLR. As you will hear, TLR is an advocate for businesses across the state by both fighting against abusive lawsuits to businesses and also supporting pro-business reforms.  It was a fantastic discussion and we couldn't be more thankful to Dick for his time and the work he is doing for Texas.  A full complete copy of the slides from today's presentation can be found here. ​​​​The TPH team kicked off the session with some thoughts around price formation: Mike Bradley discussed​​​ ​​​​​the market's concerns about policy-fueled inflation, unintentionally candid sentiments from Treasury and the party line from the Federal Reserve; Matt Portillo continued the theme with observations on supply-chain disruptions and cost-push dynamics across the automotive sector. Colin Fenton shared a few tactical commodity slides to remind us the paths of commodity prices can stumble and fall even in inflationary environments. ------------------------------------------------------------------------------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 sh

Today we had the pleasure of hosting Bill Farris, Associate Laboratory Director for Innovation, Partnering, and Outreach at the National Renewable Energy Laboratory (NREL). In his role, Bill focuses on the NREL's partnership activity and accelerating commercialization and the transfer of laboratory technologies to the marketplace. He's worked on some pretty fascinating projects and we had a great time learning more about the NREL and their programs. The NREL is headquartered in Golden, Colorado. Bill took us through a presentation covering background on the lab, why they exist and their role between research and partnering with industry, government, and non-profits. Their work reduces the risk of bringing innovations to market by bridging the gap between innovative ideas and production. We learned a lot and encourage you to visit the NREL the next time you find yourself in the Denver area! We kicked of the session with our usual COBT crew: Mike Bradley touched on OPEC+, earnings chatter, and gave a preview of oil major earnings this week. Matt Portillo continued the earnings discussion with a preview of upstream earnings and provided a gas market update. Colton Bean​​​​ also joined today's session and gave an update on a few recent TPH Research coverage initiations in renewable power. Last but certainly not least, Colin Fenton shared four examples of the quest for the radical middle from news and recent events this week.  We could have continued the discussion with Bill for much longer and want to thank him for joining. 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.

In honor of Earth Day, we are thrilled to bring you this special edition broadcast from the Houston Museum of Natural Science. Today we had the pleasure of visiting with two great guests. First, we had Nicole Temple, Vice President of Youth Education, to hear about Earth Day activities at the HMNS, as well as updates on some of their programs for the nearly 400,000 students that visit the museum annually. More information about the museum's "Celebration: Earth" program is linked here. If you're interested in supporting the great things happening at the HMNS, you might consider membership options which can be found here. Big thank you to the HMNS for hosting us today! Second, we had our good friend Dr. Scott Tinker, Chairman of Switch Energy Alliance and Edwin Allday Endowed Chair in the Jackson School of Geosciences at the University of Texas at Austin. Scott's work is rooted in addressing major societal challenges in energy, the environment, and the economy. Today, as always, he provides a timely and thoughtful perspective on these pillars as we focus on our collective commitment to a prosperous and healthy world. Be sure to check out Switch Energy Alliance's latest film, "Switch On," which examines global energy poverty and the steps we may take to alleviate it. We also visit with our regular COBT cast members, Colin Fenton and Matt Portillo, for some context from the home team. ​​​​​​Our challenge for you today is to spend some time enjoying the great outdoors. Happy Earth Day to you all! ---------------------------------------------------------------------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

This week's session was truly remarkable. We had the honor of hosting the Salk Institute Harnessing Plants Initiative team comprised of some of the brightest minds working to mitigate climate change with perhaps the most genius idea since Jonas Salk's polio vaccine: harnessing the natural power of plants to rebalance our carbon cycle.  The Harnessing Plants Initiative team includes:Wolfgang Busch, Ph.D.: Professor, Plant Molecular and Cellular Biology Laboratory, Hess Chair in Plant Science and Harnessing Plants Initiative Co-DirectorJoanne Chory, Ph.D.: Processor and Director, Plant Molecular and Cellular Biology Laboratory, Howard Hughes Medical Institute Investigator, Howard H. and Maryam R. Newman Chair in Plant Biology and Harnessing Plants Initiative Co-Director​​Dave Lawrence, Ph.D.: Chairman of the Advisory Council of the Harnessing Plants Initiative, Chairman of Lawrence Energy Group LLC and Trustee on the Army War College Foundation Board following an extensive career of almost 30 years with ShellJoe Noel, Ph.D.: Professor and Director, Jack H. Skirball Center for Chemical Biology and Proteomics, Arthur and Julie Woodrow ChairTony Stiegler, Senior Director, Policy & Regulatory Affairs for the Harnessing Plants Initiative, former Partner at Colley Law Firm with an accomplished career dating to 1986 representing emerging technology companies, Fortune 500 companies and individualsThe HPI team took us through a presentation that can be found linked here. If you are as interested as we are and want to stay updated with their work, you may sign up for updates here. We can't thank the HPI team enough for their time and expertise! Our expert TPH crew provided today's opening act: Mike Bradley gave a market update on the one-year anniversary for negative prices for NYM WTI crude oil, Matt Portillo discussed recent Canadian legislation proposing a tax credit system for CCS development as well as a bill in the US to enhance the 45Q tax credit, and Craig Webster joined to cover Equinor and Shell's recent energy transition plans. ​​​​​​We also had some really exciting news in Houston today - Bobby Tudor joined to discuss Exxon Mobil's proposal to build the largest CCUS project in the world in Houston's very own ship channel, an effort supported by the Greater Houston Partnership to position Houston as a leader in the energy transition. Finally, Colin Fenton shared a few slides on crude oil and CO2 emissions to prepare us for the discussion.   We hope you find this session as inspiring and thought-provoking as we do. Imagine the possibilities if human ingenuity helped Nature be just two percent more efficient!  Thanks again to the HPI team and thanks to you all!​​​​------------------------------------------------------------------------------Copyright 2021, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not r

Welcome to another week of COBT! For today's session, we took a trip offshore to visit with Erik Milito, President of the National Ocean Industries Association (NOIA). NOIA's mission is to advance and promote the interests of the offshore energy industry including both traditional and renewable energy resources. We had a great conversation all about the NOIA organization itself, life in Washington, D.C., the importance of the Gulf of Mexico, and the energy transition. It was a pleasure to speak with Erik and hear about NOIA's efforts and impact. Erik's presentation can be found attached here. We hope you enjoy the conversation as much as we did!Our expert TPH crew kicked things off: Mike Bradley gave an earnings preview and noted the current holding pattern in the market and Matt Portillo gave a natural gas macro update and an earnings outlook for the new energy sector. Craig Webster made a guest appearance to explain the recent SEC risk alert on ESG funds and finally Colin Fenton shared a few slides analyzing inflation rates for the ICE EUA CO2 Emissions Price, the California LCFS Credit Market, and Bitcoin.​​​Thank you Erik for a great discussion and thanks to you all! ---------------------------------------------------------------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 cooked up a special weekend edition for you... featuring two areas of focus for us this week at TPH. Hopefully wherever you are it will be nice this weekend and you’ll find our discussion the perfect companion for a walk or a run. Then again, what goes better with a glass of wine than ESG and Solar inverters? :-)Craig Webster kicked us off today. Craig leads the ESG charge at TPH and joined to discuss O&G emissions data that he has been studying for the past few months. There are promising trends in what we are doing as an industry and there are some interesting areas of focus that the data draws you to. We won’t be blasting out all of Craig’s conclusions... this is data that needs an interpreter. But as you will hear, Craig is available to you all as you want to learn more.   After Craig cleared the air on emissions, the sun came out as George O'Leary and Taylor Zurcher joined from the TPH Research team to walk us through this week's “Midas Touch” Solar Research report. The piece has been well received and lays out the solar “macro” in a fashion similar to our team’s recent reports on wind, electric vehicles, and hydrogen. Wear your sunblock (or maybe not!) and listen in as we all try to get smarter on solar.If you’re interested in learning more about either of these reports, you are always welcome to reach out to me or your friendly TPH representative.  Thanks to all of your for your friendship. Have a great weekend and let us know what you think!-------------------------------------------------------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 had a super-unique and stimulating session today all about interactions between the energy industry, the media, public opinion and energy policy. We were lucky to be joined by two experts in the field: Jim Krane, Ph.D., Author and Wallace S. Wilson Fellow for Energy Studies at Rice University's Baker Institute and Chris Tomlinson, Author and Business Columnist for the Houston Chronicle. With Jim and Chris's backgrounds, we were able to cover several topics including journalism, energy in the classroom, climate change, Jim and Chris's time spent in the Middle East and the ethical trade-offs in energy and the environment to name a few. It was a far reaching and lively discussion. As you will hear, we didn't always agree and we touched on some hard topics... but in the spirit of what we are trying to do at COBT, we found two great friends today and we learned from them. Thank you Jim and Chris! As always, the TPH crew kicked off with today's scoop: Mike Bradley discussed the DAPL decision deadline coming up this Friday as well as recent talks to revive the Iran Nuclear Deal. Matt Portillo shared a few updates from the TPH Research team including a review of the recent Virtual Battery Workshop held last week, their recent Solar Forecast Report and the rise of interest in Carbon Capture technologies. Colin Fenton prepared a few slides covering an update on producer's hedging strategies and COVID-19 data on vaccinations and the possibility for herd immunity in the near future.Thank you, as always, 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 investo

You never know who you might meet on the ski chairlift! As you'll hear, today we had the pleasure of hosting Terry Anderson, a great friend, author and scholar. Terry is the John and Jean De Nault Senior Fellow at Stanford University's Hoover Institution and is the author or editor of nearly 40 books. Terry is also a Bozeman Montana "FOL" - friend of Lance. Lance as in Lance Gilliland, Managing Director and Co-Head of Energy M&A at TPH. Together, we all had a great discussion around Terry's most recent book, "Adapt and Be Adept: Market Responses to Climate Change." We touched on everything from free speech at our universities to what works and what doesn't when it comes to combating climate change. We spent a fair amount of time on the underlying concept of cost-benefit... something Washington policy makers seem to be forgetting a little more each day. ​​​​Our TPH crew launched today's conversation: crude oil, OPEC, and what happens next was the main topic as Mike Bradley discussed current market sentiment, and "doing more with less" was Matt Portillo's theme as he discussed some of TPH Research's recent analysis of "maintenance versus growth" in US shale over the next few years. ​​​​As always, thank you for joining! 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 all heard countries, states, cities and companies announce their plans to be somewhat or fully carbon neutral by 2030 or 2035 or 2050 or 2060... but the question remains, how are they... and how are we... going to really do that? For a Special Edition COBT this week, we were thrilled to visit with a great friend, Corby Robertson, to learn about the Carbon Neutral Coalition that is tackling this all important question. Surely significant carbon capture will play a meaningful role. We all know, however, that it won't happen in the scale we need unless we get the economic and market and legal structures right. The Carbon Neutral Coalition's mission is for the State of Texas to become carbon neutral by 2050 and maintain a robust economy that provides a good standard of living and affordable energy, products, and services. To do so, they are bringing together energy companies, environmentalists, politicians and regulators. As Corby points out, by working together with all these groups, the oil and gas industry could lead us to become a carbon neutral world. Be prepared for a great and detailed walkthrough from Corby. We loved it! As you will hear, Corby also references a National Petroleum CCUS report. The NPC Petroleum report is linked here. You may find more information on the Carbon Neutral Coalition and their full list of recommendations linked here as well.   Thanks again, Corby, for a great discussion and many thanks to you all too! Have a great 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.