C.O.B. Tuesday

Today we had the pleasure of hosting Robert Catell, Chairman of the Advanced Energy Research and Technology Center ("AERTC") at Stony Brook University (go Seawolves!). Bob was previously the Chairman and CEO of KeySpan Corporation, the former Brooklyn Union Gas.The AERTC's mission is to innovate energy research, education and technology deployment with a focus on efficiency, conservation, renewable energy and nanotechnology applications for new and novel sources of energy. Our discussion begins with some background on Bob's distinguished energy and power career and continues to discuss Stony Brook and their goal to develop the new technologies necessary for the energy field going forward. We are really excited about the work Stony Brook and the AERTC are doing. Thank you Bob for letting us be students today!Our TPH crew, Mike Bradley and Colin Fenton launched the discussion with a brief energy and commodity market update. Colin explained how data from the NYM crude oil options market reveal derivatives traders were not surprised by the new Administration's policy decisions on Keystone XL, Dakota Access, or new leases on Federal lands and are, as of this week, more concerned about passing through the midpoint of a mild winter.----------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 bring you a special weekend edition of COBT. Our focus is one of the key factors for the future of energy: electric vehicles and their place in the rapidly evolving outlook for the global automotive sector. Earlier this week TPH Research launched coverage on this critical sector with a comprehensive 85-page report. The assessment is an incredibly detailed, thoughtful, and readable piece on the outlook for EVs across more than a dozen countries and a dozen manufacturers, with a look at the knock-on implications for global gasoline demand and power. This work was truly the fruit of many months of data gathering and contemplation by the entire TPH Research team. We could not be prouder of their superlative effort to produce this timely and valuable analysis. To drive us through the highlights of the work, co-author Colton Bean joins Head of Research Matt Portillo as guest presenter in this video. To get our motors revving, Colin Fenton brings us up to speed with commentary on two important developments in the week: (1) a technical breakdown in the bitcoin spot price, and (2) President Biden’s executive order to return the United States to the Paris Agreement and all its articles and clauses. Colin also provides a fact-based dashboard on raw materials content in US light-duty vehicles as well as evidence that more Americans with driver licenses are driving fewer cars. Hello Uber and the future of ride sharing! ----------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! There is no shortage of news this week with the inauguration of President Elect Joe Biden and his potential plans for executive orders in early days of his administration. We were pleased to be joined by Gregory Wrightstone, Executive Director at CO2 Coalition and Author of "Inconvenient Facts" to discuss a number of climate related topics.Another big topic is the possible Keystone XL Pipeline permit cancellation. Matt Taylor, Director of Research from TPH's Calgary office joined COBT for the first time this week to share reactions to the potential cancellation and its implications for Canada.And of course, we had the regular TPH crew: Mike Bradley and Colin Fenton jumped in to cover oil markets, a discussion on whether E&P companies can issue equity, US imports from Saudi Arabia, and US exports of crude oil and propane.----------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 delighted to visit with Jeffrey Harris, Founder of Global Reserve Group for this week's COBT session. Jeffrey is a fantastic guest, friend, and energy leader. As you all know, our goal is to host an open and intellectually honest conversation - Jeffrey was a fantastic contributor to that effort.Our TPH crew launched today's conversation: Mike Bradley provided a market update, Matt Portillo gave an update on TPH Research's gas upgrades and passed it to Jordan McNiven to cover TPH Research's latest LNG report from this morning. Colin Fenton's interesting tidbit of the week includes corn, wheat, and soybean prices!----------Copyright 2021, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC, Tudor, Pickering, Holt & Co. Securities – Canada, ULC, Perella Weinberg Partners LP, and their affiliates worldwide. Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors. Recipients should not forward this communication to a retail investor.

We are pleased to bring you this "Special Edition" discussion with Bob Harvey, President and CEO of the Greater Houston Partnership ("GHP"). Joining Bob in today's discussion is TPH's own Bobby Tudor, who is also proudly GHP's Chairman.GHP is a unique pro-business, pro-community, All-Houston organization. Bob has been its leader for 8 years now and has seen energy ups and downs, Hurricane Harvey, and now COVID-19, just to name a few. With COVID-19 cases rising, but also with vaccinations rising, we thought this was a great time to get a check in on the health of the city from two people who know it really well.Bobby has led the energy transition discussion at the GHP, something his position as a community leader and original TPH founder has helped him do. As we talked to Bob, Bobby added his perspective as a business leader, energy professional, and proud Houstonian.Bob takes us on an incredible tour of what's happening in America's 4th largest city. As it's not just our home but also our industry's capital, we thought you would all be interested.----------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 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.

For our first session of 2021, we were thrilled to welcome back an esteemed guest and great friend, Robert Bryce. Robert's experience includes being an acclaimed author, moviemaker, speaker, columnist, and much more.Today's focus was all about Saudi Arabia and Georgia. We also took a look back at 2020 and ended with our favorite energy moments of the year.Our TPH crew kicked off the discussion: Mike Bradley covered Saudi Arabia's production news and Matt Portillo discussed energy stock valuations and TPH Research's themes for 2021. Colin Fenton prepared us for our discussion with Robert with a few slides on Georgia, fundamentals, inflation, and bitcoin.----------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 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.

In a year that witnessed the price of oil diving from $65 to below –$40 per barrel, we have also seen the price of bitcoin advance from $3,915 in March to a new all-time high above $28,365 this week. A host of extraordinary factors contributed to these outcomes. Our sense is the value drivers in digital assets remain far more mysterious for most observers.To help unpack what is going on in bitcoin and why, we are fortunate this week to be able to draw on the expertise of Daniel Masters. Danny is the Executive Chairman of CoinShares, a pioneering firm in digital asset management. CoinShares launched the world’s first regulated bitcoin investment fund in 2014, offered the world’s first bitcoin-based securities on a regulated exchange in 2015, and regularly publishes white papers on the digital asset ecosystem to help educate the public.In this fascinating conversation, Danny explains why digital assets are better thought of as networks and utilities, rather than as mere ‘digital gold’. He elaborates on how these tools are presently achieving a new level of maturity and what that evolution holds for the future of payment systems and physical logistics worldwide.Mr. Masters is no stranger to the land of commodities. Earlier in his career, Danny traded oil for Shell and Solomon Brothers and served as Global Head of Energy Trading at Morgan Guaranty Trust Company, now J.P. Morgan Chase & Co.Colin Fenton sets the table with some charts that situate bitcoin’s valuation relative to technical signals and the trillions of dollars in new debt that have been deployed in response to the COVID-19 pandemic.Thank you for watching this video, COBT’s final offering for 2020. As this challenging and historic year draws to a close, we wish everyone across the world a happy and healthy 2021!----------Copyright 2020, 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 Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC 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.

We had the exciting opportunity to visit with Ryan Clancy to discuss the $900 billion COVID relief bill passed by the US Congress on Monday. Ryan is the Chief Strategist at No Labels, an organization at the spearhead of a non-partisan movement "to find common sense solutions to our toughest problems." No Labels and its liberal, moderate, and conservative partners in Congress played an instrumental part in breaking the logjam to deliver this long-needed relief.  In the course of the conversation, Ryan highlights some of the issues around infrastructure and energy in particular that you won’t want to miss.   You can read about how the No Labels caucus worked together to get the bill over the goal line in this New York Times article: "A Dinner, A Deal, and Moonshine: How the Stimulus Bill Came Together."As always, the TPH crew launched the discussion with observations on the week in global markets: Mike Bradley flagged emerging headwinds in oil prices as liquidity dries up for the holidays, Matt Portillo explained why TPH Research is getting more constructive on natural gas, and Colin Fenton noted the energy components in the broader $1.4 trillion 2021 Appropriations Bill to set the scene for the discussion with Ryan.Thank you for joining us for another episode.  And here's to wishing you a Merry Christmas and Happy Holidays from your friends at TPH!----------Copyright 2020, 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 Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC 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.

Last week, an oilfield services company tried to buy logo apparel for all its employees. This was to be a holiday gift after a traumatic year. But the apparel’s manufacturer refused the order. We are told the apparel company did not want to “co-brand” with an oil and gas firm despite the fact most, if not all, of its own products are produced from hydrocarbon feedstocks sourced from the oil and gas industry. Similar incidents are becoming all too frequent. They reveal how far our society has drifted away from a thoughtful and honest discussion about energy, the environment, and the economy. I think Scott Tinker refers to that intersection as the 3E’s. In this instance, the ‘offending’ company is Innovex. We were lucky to have its CEO, Adam Anderson, join us to talk about his experience. He explains why he decided to share his story through social media, where it received far more attention than he anticipated! The world seems to have a very straightforward choice to make: acknowledge the full scope of the benefits hydrocarbons provide to all our lives and include oil and gas in the planning and process of making the world a better place, or exclude the industry, continue to perpetuate the myth it alone is to blame for the world’s environmental challenges, and learn the hard way what its absence would truly cost. This was a fun and different interview, and we are so thankful Adam joined us. At COBT, we are resolved to help the public better understand the opportunities and choices that interlink us so that we can all make more informed decisions on how to support each other with respect and gratitude. ----------Copyright 2020, 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 Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC 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.

We were thrilled to host this week's session with Dr. Kenneth Pollack, Resident Scholar at the American Enterprise Institute (AEI). Dr. Pollack has an incredibly impressive background on Middle Eastern and National Security Policy. His experience includes a tour of duty at the CIA, serving twice at the National Security Council, working for the Joint Chiefs, and writing 10 books on the Middle East. Talking with Dr. Pollack was not only unbelievably engaging but just honestly fun. His candor, good nature, and intuition on these very serious matters was refreshing and super informative.----------Copyright 2020, 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 Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC 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.