C.O.B. Tuesday

Today was really fun! We got the chance to spend an hour with Brian Sullivan, host of CNBC's "Worldwide Exchange" and a great friend of the firm. Brian has over 20 years of financial journalism and television experience, including serving as an anchor at Fox Business News as well as a producer, reporter and anchor for Bloomberg Television. He is also a Senior National Correspondent for the network.Brian has been sitting in one of the most interesting chairs in the world over the last year. The stock market swings, the money flows, the Covid-induced effects on people and business, the election... you name it, he saw it up close and personal. It was great to catch up and reflect over all that has occurred in the past year.As always, our TPH crew kicked off the session: Mike Bradley touched on what was said on this week's Saudi Aramco earnings call and Matt Portillo discussed current and projected drilling and fracking activity levels for 2021. Colin Fenton discussed last week's Oil Market Update Webinar hosted by Rice University's Baker Institute for Public Policy.----------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 the TPH Research Team came out with a "macro" hydrogen piece. Entitled "Jack of All Trades or a Master of None?" the report stares into the future and examines the prospects for all colors of hydrogen. Today we had a walkthrough with our team to learn more.In today's Special Edition, you'll hear Matt Portillo and Jordan McNiven provide some of the highlights and answer a few of our questions. If you are interested in the full report, please reach out to your TPH representative to learn more.Since we had Mike Bradley today too, you'll hear we also asked him to comment on yesterday's red screen and one that was pretty green today.---------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 baseball opening day right around the corner (April 1), we've dubbed today an "energy doubleheader!"We started with a discussion about this year's CERAWeek conference. We were so pleased to be joined by Dr. Atul Arya, Senior Vice President and Chief Energy Strategist at IHS Markit to speak to the conference's highlights and top themes. With everything from Biden, SPACs, the Energy Transition, and the ever changing future of oil and gas on their minds, over 19,000 attendees gathered virtually for what has to have been the most fascinating CERA yet. Atul takes us behind the scenes and provides some keen insights. For additional information about the conference and summaries of panel discussions, click here.We then segued to a presentation by TPH's subsurface technical team. We had posed this question to them - what are the five most interesting things happening in the Lower 48 today? Kirk Chatawanich (Chief Technical Officer), EJ Snikeris (Executive Director) and Erica Powell (Director) made their COBT debut to give us their views... and as you will hear, item 5 is a new energy angle on some classic oil and gas technology. Absolutely fascinating stuff.Our TPH crew warmed up in the bullpen before we got really rolling with our guests. Mike Bradley gave a brief energy market update, Matt Portillo discussed TPH's latest report on Hydrogen (hot off the presses today!), and Colin Fenton peppered in some comments on demand and the recent crude import data from China. Chinese data always tells you something interesting!----------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.

Welcome to another edition of COBT! This week we were thrilled to be joined by Tisha Schuller, Founding Principal of Adamantine Energy and Author of "The Gamechanger's Playbook: How Oil & Gas Leaders Thrive in an Era of Continuous Disruption" to discuss a number of energy and environmental related topics.Tisha's experience includes environmental consulting, company advocacy, policy, politics, and academia. You can find her podcast, "Energy Thinks," linked here. We had a fantastic discussion covering her background, her latest book, and as you will hear, how millennials will greatly influence the future of energy and energy companies. In the spirit of sharing knowledge, we challenge you to forward this video to your favorite millennial!We kicked off the session with our panel of TPH experts: Matt Portillo and Mike Bradley provided a market update and summary of upstream valuation methods then passed it to Colin Fenton who shared ten observations on commodities as we approach the one year anniversary of the COVID-19 lockdown.

For the last few weeks, we have been asking ourselves "what do all these US energy policy decisions (especially Keystone) look like from the Canadian vantage point?" We set out to find a guest that could help us feed that curiosity. Wow did we score!We found Alex Pourbaix, President and Chief Executive Officer of Cenovus Energy, headquartered in Calgary. Alex was great and gave us an update on how Cenovus is doing as well as their current areas of focus. We of course asked him for his Canadian perspective on a few public policy areas as well. Alex and Cenovus are true advocates for the industry and it was clear we share a lot of the same perspectives cross-border!We kicked off the session with our usual COBT crew: Mike Bradley gave his predictions for the OPEC+ meeting taking place later this week and Matt Portillo shared a few slides from TPH Research's recent Battery Cost Update. Colin Fenton shared his observations so far from CERAWeek by IHS Markit taking place this week, noting a special emphasis on the importance of hydrocarbons! It has been a great conference so far and has us excited for the future.I also want to add that we broadcasted today's discussion from the Petroleum Club of Houston which is celebrating their 75th Anniversary this year. Should you ever need a meeting space or lunch spot in Houston, Jeremie Millwee and her team will surely be able to help. Thank you Jeremie and PCOH for your hospitality today!----------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 bring you a special edition to lift your spirits and your weekend out of this world! In fact, toward Mars, where the Perseverance rover has made a spectacular landing on the red planet in pursuit of new science. Leading our virtual mission from his post at Caltech is our good friend, John Grotzinger. John is a professor of geology and geobiology, and the division chair for Geological and Planetary Sciences, at that esteemed university. Prior to moving to Caltech in 2005, he spent 18 years as a member of the faculty at the Massachusetts Institute of Technology (MIT). John is a member of the National Academy of Sciences, a recipient of NASA's Distinguished Public Service Medal, and one of three inaugural advisory board members at Halliburton Labs.As if those credentials were not impressive enough, John is uniquely well qualified to explain Perseverance's significance. He served as chief scientist for the Mars Curiosity rover mission from 2007 to 2015. As John explains in our video, the informed risks taken during that mission, and lessons learned, enabled the Perseverance mission to push boundaries never before attempted. His explanation of the drill bit on the rover is not to be missed!Colin and I, both space enthusiasts, could barely contain our excitement. We hope you find this conversation with a genuine 'rock and rocket' scientist as stimulating as we did!----------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 been looking forward to today's session for awhile now! We were so pleased to be joined by Susan Waller, Executive Director of Natural Allies for Clean Energy, and Mike DuHaime, Partner with Mercury Public Affairs, to discuss their efforts to change the conversation around natural gas.Natural Allies for Clean Energy advocates for a clean energy future that begins with affordable and reliable natural gas. Susan and Mike shared background on Natural Allies, their current projects, and how we can work together to emphasize natural gas's importance.​​​​We kicked off the session with our usual COBT team: Mike Bradley and Matt Portillo gave a recap on earnings so far and shared macro trends for E&P companies this quarter. Colin Fenton prepped us for the discussion with a few slides on the current natural gas market.----------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.

First and foremost, we hope you and your loved ones are safe and warm during this winter storm that is affecting nearly 25 states. We had several topics to discuss in today's session, starting with a power (or lack of power) update and explanation of the power systems in Texas by Jordan McNiven and George O'Leary from the TPH Research team.​​​​​To expand on current conditions in the field, we were so pleased to be joined by David Adams, Senior Vice President of North America Business Transformation with Halliburton. David gave a great overview of the main roadblocks the industry is facing to continue operations in this weather.​​​​​​Our other star guest of today's show is Anish Kapadia, Founder and Managing Director of AKap Energy. To make things even 'cooler,' we discussed Anish's recent detailed report on the helium market including some background on helium, it's main uses, unique properties and production. ​​​To contact Anish for his helium report, please find his details at the website linked here.​​​​​​Our expert TPH crew kicked things off: ​​Mike Bradley prepped us for what we can expect from E&P companies going into Q4 earnings tomorrow and Colin Fenton chimed in with commentary preparing us for the discussion with Anish.----------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.

You may already be familiar with the topic of today's show: ranked choice voting (also known as instant runoff voting). We were thrilled to be joined by two experts on the topic, Harriet Wasserstrum, Co-Founder and Chair of Ranked Choice Voting for Texas, along with Mark Jones, Ph.D., Fellow in Political Science and Chair in Latin American Studies for Rice University's Baker Institute.Harriet walked us through a summary of how ranked choice voting works and how it is currently being used. "Ranked Choice Voting for Texas" is a nonpartisan, non-profit organization that advocates for the adoption of ranked choice voting for primary and general elections for local, state, and federal elections in Texas.At this point you must be wondering, how does this all fit in with energy policy and the usual areas of interest for COBT? Here is how it fits in - it's a voting system that encourages more candidates, more voting, and perhaps more moderation and more centrism. What we need in energy, climate and economic development policies are more balance... more predictability... and more common sense. Perhaps Ranked Choice Voting could help us achieve those and other "moderate" goals? That's overly simplistic but please listen and see what you think. We had a great discussion!We also had our expert TPH crew: Mike Bradley covered the delay on the DAPL hearing and Colin Fenton took us back to Sunday night's Super Bowl to discuss two automotive commercials and why they were both unique cultural moments.Thanks to you all and see you next week!

Today's show was all about President Biden's recent executive order to "pause" oil and gas leasing on federal land. To help us discuss the scope of the order and how it's going to affect oil and gas, now and in the future, we were thrilled to be joined by two key ambassadors of the oil and gas community:Kathleen Sgamma, President of the Western Energy AllianceRyan Flynn, President & CEO of the New Mexico Oil & Gas AssociationBoth of these organizations seek to represent oil and gas companies in New Mexico and across the West, where so much of the federal acreage is concentrated. Ryan and Kathleen shared their perspectives and left us feeling hopeful for the industry's future.​​​​Our TPH crew, Mike Bradley, Matt Portillo, and Colin Fenton kicked things off with a market update. Jake Roberts made his COBT debut and provided an overview on federal acreage to prepare for the discussion. ----------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.