C.O.B. Tuesday

The oil and gas industry is facing a serious challenge and that's finding outside capital. To tackle that issue from all angles, we assembled an all-star cast from the legal and financial communities.The conversation starts in a very unique place ... and that's with the proposed Fair Access to Capital regulations coming out of the OCC. This unique regulatory proposal is aimed at preventing larger banks from discriminating against entire industries. The Gibson Dunn team led us in a fulsome overview of the current status. From there we hit Convertible Markets, Private Capital Markets, and Public Debt Markets.Today's top-notch team of experts included:​​​​Christopher Abbate, Partner of Riverstone and Co-Head of Riverstone Credit PartnersKevin Lockhart, Partner, Capital Market Advisory, Perella Weinberg PartnersArthur Long, Partner and Co-Chair of the Financial Institutions Practice Group, Gibson, Dunn & CrutcherShalla Prichard, Partner, Gibson, Dunn & CrutcherJason Wood: Founder & CEO, J. Wood Capital AdvisorsAs you will hear, Mike Bradley and Colin Fenton launched today's conversation by framing up the boundaries of today's markets. Towards the end, TPH's Craig Webster joined in with some recent Department of Labor proposals that could impact ESG funds. There wasn't enough time to unpack it all today but we certainly covered a lot of ground.Many thanks to you all for your friendship. We sure hope you enjoy!----------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.

Somewhere between a new Administration, the lead Iranian nuclear scientist being killed, and an ongoing OPEC meeting, we were hungry this week for Middle Eastern and Washington insights.  We were so lucky as we found our good friend Ambassador Edward Djerejian of Rice University's Baker Institute for Public Policy to help us sift through the issue.Ambassador Djerejian served 8 presidents from John F. Kennedy to Bill Clinton during his career in the U.S. Foreign Service.  He was also a former ambassador to Israel and Syria, stationed in the USSR during the Cold War and previously chaired the Advisory Group on Public Diplomacy in the Arab and Muslim World.  We touched on everything from the Arab Spring, the Iranian Nuclear deal, the Russians, the Chinese, why Syria matters more than you think, and a whole range of issues in between.  The chessboard that the new Administration faces drove much of the conversation.  In our discussion, we were of course listening carefully for clues on which way oil could be headed.    We kicked off the discussion with our usual COBT Team: Mike Bradley gave us market perspective on OPEC and oil and stock prices, Matt Portillo provided the latest natural gas macro outlook from the TPH Research Team, and Colin Fenton gave an OPEC production and production quota pregame ahead of the Ambassador Djerejian discussion.  We also had a special appearance from Deanna Zhang, a Director on our TPH Energy Tech team to preview our fourth Energy Disruption Conference [D4: Rebellion] happening next week.  The conference is a virtual 360 degree immersive format kicking off in Houston on Monday, Dec. 7th followed by Denver on Wednesday, Dec. 9th and closing out in Boston on Friday, December 11th.  Please join us for D4: Rebellion.  Click the link for details or locate more information below.  We also want to congratulate Deanna today on being named a Forbes' "30 Under 30" up and comer in Energy.  Way to go Deanna!  We are so very proud of you! So we had a lot happening today.  We are sure you will enjoy it all.  The Ambassador was fantastic.----------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 deem

First and foremost, HAPPY THANKSGIVING! 2020 has presented many challenges that remind us all how much we have to be truly thankful for.To celebrate and say thanks (and provide you a special Thanksgiving Day COBT surprise), we found energy folks working in the fields and facilities today -- on Thanksgiving! -- who could take a minute and tell the rest of us a little bit about their job. We hit the jackpot!We made some great new friends:Chad Bachmeier | Continental Resources - Tioga, North DakotaNick Newland | Diamondback Energy - Pecos, TexasSteve Lane | Liberty Oilfield Services - South TexasTed Kenny | Phillips 66 - Linden, New JerseyJeremy Carver | Plains All American Pipeline - Midland, TexasWithout the dedication and sacrifice of men and women like these, we couldn't have the Thanksgiving celebrations we all love. We hope you enjoy this “energy in action” show as much as we did.From your friends at TPH - we hope you have a wonderful Thanksgiving!----------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.

This week is all about being thankful and on that note, we were especially thankful to visit with our good friend Ken Hersh. Ken is the President and CEO of the George W. Bush Presidential Center located in Dallas, Texas. He was also the CEO of NGP from 1988 to 2015. We couldn't think of a better person to help us mix policy, energy and life into a Thanksgiving casserole than Ken.As you may or may not already know, the Bush Presidential Center works to support a variety of important domestic initiatives including economic growth, military service, education reform, global health, and women's empowerment to name a few. Ken draws on his Bush Center experience and his almost three decades working in energy to talk about everything from the energy transition, to the grace and dignity of the Bush Family, and finally to his optimistic outlook for the future.Our TPH crew kicked things off: Mike Bradley and Matt Portillo covered oil market performance and expectations. Colin Fenton had a potpourri of data points covering everything from global market data to potato chip market trends. It was an exceptional lead-in to an exceptional guest.----------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 have the opportunity to visit with Giorgio Bresciani and his colleague Dickon Pinner, both Senior Partners at McKinsey & Company. Giorgio, based in London, is McKinsey's leader of their Global Oil & Gas practice and Dickon leads McKinsey's Global Sustainability Practice from San Francisco. We had a robust discussion of the energy transition and in particular the role oil and gas and the capital markets may both play as it all unfolds. To kick things off, Mike Bradley gave an energy trading market and sentiment update and Colin Fenton prepped us for the McKinsey discussion with a presentation on recent COVID data, the vaccine news, and the implications for energy demand.----------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.

With the election behind us and the transition of a new administration on the horizon, we decided to call on two great friends of the firm and previous COBT guests for a COBT "Special Edition." We were thrilled to have the opportunity to visit with two great ambassadors of the oil & gas community: Leslie Beyer, President of PESA (the Petroleum Equipment and Services Association), and Anne Bradbury, CEO of AXPC (the American Exploration & Production Council).Both Leslie and Anne gave us their thoughts on the "Biden Effect" and let us ask their views on some of the burning questions we are all asking.Mike Bradley launched the conversation with market sentiment and passed it to Colin Fenton to give a fantastic overview/analysis of President-Elect Joe Biden's previously announced plans for the Energy Sector.----------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.

Today's guest has honored TPH with a handful of visits over the years, but today's discussion was a special treat. Walter Isaacson, renowned author, Professor of History at Tulane University, and Distinguished Fellow at The Aspen Institute joined us for this week's "vaccine and Biden focused" COBT session.With no time to waste, we jumped right into the discussion which covered Walter's participation in the Pfizer Covid-19 vaccine trial, his latest book, and his thoughts on how the energy industry and Washington overall may be affected by President-Elect Joe Biden's administration. No matter how you voted, Walter makes the case on a number of fronts for being optimistic about what lies ahead.Walter's referenced article in The Washington Post regarding the Pfizer vaccine can be found here. In the article, Walter explains the otherwise really complicated business of manufacturing vaccines in easy to understand ways. There is no doubt the public private partnership that has had early vaccine success is something of which we can all be proud.Thanks for watching (as always) and stay tuned for a special COBT edition later this week!----------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 the markets were rocked by the news that Europe was going back into lockdown ... at least in France, Germany and the UK. We got to thinking about the energy macro in Europe ... not just because of the lockdowns, but also because of all the talk of the energy transition that comes out of Europe. So we went hunting for two great guests in the TPH friends network.Wow did we get lucky!We had two great guests join us from London: Dr. Paula Franklin, Chief Medical Officer of Bupa and Elvis Pellumbi, Chief Investment Officer and Managing Partner of CF Partners. Paula sees everything happening at BUPA (the British United Provident Association) - the UK based health insurer and provider to over 33 million people globally. Elvis oversees investment in energy, commodities and infrastructure at CF Partners and has focused on renewables of late. Overall, Paula and Elvis gave us a great sense of all things Europe ... from lockdowns to markets to governments.To kick things off, Mike Bradley gave an energy market update and Colin Fenton shared a presentation on current European COVID data and market indices to help frame the discussion.----------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.

With all the talk of fracking and energy that showed up in the Presidential debate of late, we decided to try and do a show which was "on the ground" and "based in the reality" of today's energy world.That was a tall order but we called on the TPH friend network and found people "that know." We thought New Mexico - as the third largest oil producing state but also one with lots of federal acreage - was the right place to sort this out this week. As you will see, we had two Mayors, one County Manager, and the Minority Leader of the State House all join us. This was not about Republicans and Democrats. It was about jobs and economic development.We assembled an all-star discussion group:Mayor Sam Cobb, Mayor of Hobbs, New MexicoAllen Davis, Eddy County ManagerMayor Dale Janway, Mayor of Carlsbad, New MexicoRepresentative Jim Townsend, New Mexico State District 54We had a lotta fun and learned a lot talking to these grisly New Mexico veterans. We hope you enjoy it as much as we did!----------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.

Today's show is brought to you live from the Ronnie K. Irani Center for Energy Solutions at the University of Oklahoma! This week we are thrilled to be joined by Michael Cohen, Chief US Economist and Head of Oil Analysis at BP.The discussion centered around Michael's presentation, "Energy Outlook 2020 Edition."As always, the TPH crew covered a few topics to kick things off: Mike Bradley discussed Q3 earnings, Matt Portillo gave a TPH research update, and Colin Fenton set the scene for the discussion with Michael.Big thanks to the Ronnie K. Irani Center for Energy Solutions for the warm welcome.----------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.