C.O.B. Tuesday

We say this often, but today was AWESOME! Last week set a new high bar with many of you as the feedback on Dr. Naomi Boness at Stanford was fantastic. We had our work cut out for us to keep it up this week! The great news is we were lucky enough to find four leading minds to attack a nagging question - how are we physically, financially, environmentally-friendly and otherwise going to mine all the minerals and metals needed for the currently projected growth in ev's, renewables, batteries and the like? It won't be easy (is it really possible?) - there are a ton of questions to be answered.We had an ALL-STAR team help us attack the questions, including:Dr. Roderick Eggert, Foundation Chair in Mineral Economics at the Colorado School of MinesFrank Fannon, Assistant Secretary for the Bureau of Energy Resources at the U.S. Department of State, joining from WashingtonJulian Kettle, Vice Chairman, Metals & Mining at Wood MackenzieMark Mills, Senior Fellow at the Manhattan Institute and Strategic Partner of Cottonwood Venture PartnersWith a lot to cover, the TPH crew gave a brief update to begin the session. Mike Bradley touched on crude oil market sentiments then handed it off to Matt Portillo and Matthew Blair to discuss TPH Research's new coverage on Darling Ingredients (DAR). Colin Fenton saved his energy for the dynamic discussion!Thank you for your friendship and see you next 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.

Today we had the pleasure of hosting Dr. Naomi Boness, Managing Director of the Stanford Natural Gas Initiative. The Natural Gas Initiative ("NGI") partners with research groups and industry partners to "generate the knowledge needed to use natural gas to its greatest social, economic, and environmental benefit." We had a fantastic conversation about a broad range of issues as well as the opportunities for natural gas to play a huge role in solving so many of the world's problems. Stanford's NGI is doing amazing work about which we can all be really excited.As you will see in the video, Naomi walked us through a great presentation that provided the basis for our roundtable discussion. We learned a ton!​Our TPH crew, Mike Bradley, Matt Portillo, and Colin Fenton kicked off the session. Mike hit crude oil and other market sentiments, Matt walked us through a few slides covering California's approach to electric vehicles, and Colin covered China's newly announced plan for net-zero emissions by 2060.We hope you enjoy! Thanks to all of you from all of us 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.

As we previewed in the midday note yesterday, COBT this week featured a robust conversation of the policies and the politics of energy. It was our way of preparing for last night’s first Presidential Debate. Our discussion covered a lot of ground and was particularly focused on the election’s implications for oil and gas. Thank you for all of the suggested questions and topics!With so much to cover, we dove right in (no pregame this week on the markets) with guests Bob McNally, President of Rapidan Energy Group, Glenn Schwartz, Director, Energy Policy Service of Rapidan Energy Group, and Charlie Gerow, CEO of Quantum Communications. Speculating on what MIGHT come out of Washington DC is a difficult chore but the Rapidan team laid out a number of thought-provoking scenarios. Charlie Gerow is an expert in all things “Pennsylvania energy” and gave some real life color as to how the energy/election debate is shaping up on the ground there. A big thank you to these three gentlemen for joining us and tackling some tough issues.    Our TPH regulars, Matt Portillo, Colin Fenton, and Mike Bradley also helped frame the discussion with questions and observations throughout the session. As always, many thanks to them too. At one point Colin references “existential millenarianism.” We had to pause on it too but it’s the belief (sometimes fantasy) that “all things will be changed.” Tune in and see what he means.  Energy politics isn’t an easy topic but energy policy is obviously really important. We hope today’s discussion adds some new dimensions to the debate for you. ----------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 we focused the show on the front lines of emerging energy technology.We were thrilled to be joined by Scott Gale, Executive Director of Halliburton Labs. Halliburton recently launched Halliburton Labs to provide early stage companies resources to help advance efforts towards cleaner and more affordable energy. A blend of incubation and acceleration, Halliburton Labs is like pulling into the "pits" for emerging tech company "race cars." Scott was joined by TPH's Deanna Zhang with both of them broadcasting live from the Halliburton Labs facility.We were also joined by Mike Bengtson, Chair of the firmwide Corporate Practice at Baker Botts, and his colleague Michael Torosian, Partner in the Corporate Practice and Co-lead of the Emerging Companies/Venture Capital practice. Baker Botts began a push in the 1990s to grow their tech practice and today has a technology effort that is as large as its longstanding and venerable energy practice. Mike joined from Houston today and Michael joined us from San Francisco. Their comments focused on the money available to tech start-ups. Deanna joined in that discussion as well.​​​​Today's conversation kicks off with the usual TPH band: Mike Bradley, Matt Portillo, and Colin Fenton giving us a great backdrop of what's happening in the energy markets. Bradley hit oil and gas with some Libyan flavor, Matt does a global sample of electric vehicles and Colin hit a broad range of unique global stats. We all learned the water depth of the Rhine River can tell you quite a lot. Yes..... you read that right!Thanks for watching as always. All the best from all of us 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.

Today we have not one but two exciting things for you. First, we did our first "on the road" show, filming from Oceaneering's ROV center North of Houston. Second, we had the real honor of hosting Leslie Beyer, the President of PESA.PESA... the Petroleum Equipment and Services Association, is a stunning organization. It does things you would never guess (training State Department professionals that serve in oil and gas countries), is way out-front on issues you might not have expected (technology, ESG, diversity and inclusion), is expanding into new areas (via the energy transition), and is remarkably close to what's happening and what's not happening in Washington (Leslie and her team can tell you every energy-related job in every congressional district in the country). We had a great visit as Leslie's energy and determination were contagious!Our squad leads off with a discussion of the three C's: Crude, Colorado, and California.At the end, you'll see we also added some live shots of what's happening at Oceaneering. Special thanks to Rod Larson, Bill Mallin, and Michael Rowand for hosting our first "on the road" session.----------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 on COBT we decided to tackle something that was way too big to handle... but we did it anyway. The topic was "India" and luckily we had some fantastic help in thinking through what’s playing out in what will soon be the world’s most populous country.   Our esteemed panel of experts on “all things India” included Gauri Jauhar, Executive Director of Energy Transition & CleanTech Consulting at IHS Markit, Mohit Safar, Senior Partner at L&L Partners based in India, Rajiv Gupta, a Partner and Head of the India Practice at Latham &Watkins along with David Blumental, also a Partner at Latham & Watkins who leads the firm’s Energy Practice in Asia.----------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 have an OFS action-packed day for you today! We were thrilled to host two OFS stars: David Bat, President of Kimberlite Oilfield Research, and John Daniel, Founder and President of Daniel Energy Partners. These two guys both have their own firms, their own views, and lots of experience to boot. We had a great time talking about the trends, the sentiment, and the future. ----------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. Tudor, Pickering, Holt & Co. served as financial advisor to Liberty Oilfield Services on the transaction mentioned in this publication. 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. Recipients should not forward this communication to a retail investor.

We were thrilled to have the opportunity to visit with Bjorn Lomborg, President of the Copenhagen Consensus Center, to discuss his latest book, "False Alarm: How Climate Change Panic Cost Us Trillions, Hurts the Poor, and Fails to Fix the Planet."The TPH team kicked off the session: Mike Bradley discussed the Exxon/Dow news as well as Hurricane Laura and its effect on crude oil prices. Lance Gilliland chimed in to give an M&A market update and Colin Fenton hit California power prices.----------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, our COBT session was not only stimulating but also simply great fun. We had the honor of hosting Dr. Bradford Cornell, Emeritus Professor of Finance at UCLA's Anderson Graduate School of Management. Dr. Cornell has been teaching finance for 40 years and as you will see in the video, he takes us all back to some basics in today's graduate school finance session. His presentation, entitled "ESG and Investing," can be found here.Professor Cornell took us to the heart of ESG and from there we of course moved to the current debate around energy, the environment and capital. He has some refreshing views that had us all thinking hard about some of the current trends in capital allocation.Craig Webster, TPH's Head of ESG, kicked the session off. The regular cast of COBT, Mike Bradley, Colin Fenton, and Matt Portillo, also chimed in to cover a range of topics, including the oil and gas outlook for 2021 and a few other comments on recent news (I won't spoil the surprise of what's in Colin's bag this week).As always, we hope you find it interesting, informative and thought-provoking. Thank you for your friendship and see you next 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.

This week at COBT was all about one thing - one really important thing - POWER. We were very fortunate this week to have Robert Bryce join us. Robert is so many things - a power expert, an author of six books, an energy journalist, and a moviemaker. Robert’s true passion is the impact of power and electricity on people’s lives across the globe. It was a fantastic discussion that could have gone for two hours if we had just gone with it. Robert was a super engaging and ultra positive and informative guest. We discussed his most recent book, "A Question of Power: Electricity and the Wealth of Nations” and also his recent documentary movie “Juice.”The TPH crew chimed in to get our discussion going today. Mike Bradley hit highlights from the Saudi Aramco earnings call and recent strength in the energy credit markets. Matt Portillo hit the positives of the discipline coming out of recent energy earnings calls and Jordan McNiven provided a great foundation for the discussion with Robert by going through global power thoughts.----------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.