C.O.B. Tuesday

We had the great opportunity to visit with MacKenzie Davis, a Managing Partner at SailingStone. SailingStone is a well-known, highly regarded global natural resource investor based in San Francisco. The firm has recently completed some fascinating research on the changing energy world and that was the focus of our conversation.MacKenzie walked us through a summarized version of SailingStone's whitepaper entitled "The Energy Transition: Outlook and Implications for Upstream Commodities." For a link to the complete report, please click here. Get ready... the energy transition discussion has more assumptions and variables in it than you can think through in one sitting. We loved our conversation with MacKenzie as his real world demeanor made it easy to pause, question and sometimes debate.Matthew Murphy made his first COBT appearance to discuss the recent BP news on a new strategic course for that company. We also had Craig Webster, TPH's Head of ESG join. The regular cast of COBT, Mike Bradley, Colin Fenton, and Matt Portillo, also contributed to cover oil and crude prices, earnings season, and the future of electric vehicles. It was a content-packed day!

We have been very lucky to have had some incredible guests on our Close of Business Tuesday segments. Each week, we try and find someone who really speaks to a strong curiosity and/or need that we sense needs filling. This week we were blessed to find Admiral McRaven - the need he fulfilled is the one we all feel for an America that is pulling together to solve problems.Admiral McRaven has tackled a lot of problems for this nation. He led missions to capture both Osama bin Laden and Saddam Hussein. As a four star Admiral, he commanded our special operations soldiers globally. He led the effort to craft the overarching strategy of the War on Terror in the Bush White House. He worked with President Obama to execute the daring assault that caught and killed Bin Laden. He joined a disheartened US military in the late 70s and helped the country rebuild, restore and reinvigorate the Armed Forces into one of the country's most respected institutions today. Finally, as you all probably know, he figured out somewhere along the way that if you really want to change the world, one place to start is making your bed in the morning.As you will see in our discussion, he talks openly and frankly about leadership, the country, and the journey we are all on together. It was a fantastic discussion and most certainly satisfied the need we all felt for a good dose of what's great about America.----------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.

Pedro Palma, Director at Ecoanalítica (joining from Caracas, Venezuela), David Voght, Managing Director and Founding Partner at IPD Latin America (joining from Madrid, Spain), and Luis Pacheco, Chairman of the PDVSA Ad-Hoc Board of Directors and Nonresident Fellow at Rice University's Baker Institute (joining from Bogota, Colombia) for a Venezuela panel. Joe Amador, Managing Director at TPH and Head of our LatAm effort, made his first COBT appearance to help lead the discussion around Venezuela oil & gas as well as its current economy and social conditions. We are very thankful to have such an expert panel give us their perspectives.

We welcomed another great guest to COBT this week! Michael Shellenberger, Founder and President of Environmental Progress, joined us to discuss his new book, "APOCALYPSE NEVER." Michael is a lifelong environmentalist and wrote the book to counter the extreme arguments often made in today's climate debate. He has also been an outspoken proponent of nuclear power as a means of dealing with the effects of climate change. Michael's highly acclaimed and highly analytical book leaves you feeling hopeful about what has been and can be accomplished. We were thrilled to have him talk with us.--------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 a “COBT Special Edition” for you this week! We were thrilled to have the opportunity to visit with Senator Kevin Cramer of North Dakota this morning. We had plenty to cover with the Senator given the Dakota Access Pipeline controversy and how it affects the Bakken and America's national and economic security.   Senator Cramer was very generous with his time and thoughts and we greatly enjoyed the conversation. As you will hear towards the end, we also had some great conversation around the 45Q tax provision, the Paris Accord, and how the energy debate can be made more balanced and more bipartisan. For the good of the nation and the world, we need it. We are excited to keep pushing for what our friend Scott Tinker calls the “radical middle” and we appreciate your thoughts and suggestions as we try and get there.We want to say a big thank you to Senator Cramer on behalf of the energy community for giving us the "on the ground" view of the current environment in North Dakota.-----------------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 honor of hosting a great friend of the firm and a great friend of the industry, Congressman Bill Flores (R-TX, 17th District). It was a real pleasure to hear from Bill as he shared his perspective on some of the current challenges policymakers are facing, what he hopes might get done in the next Congressional session, and what good things he believes are happening that we aren't talking about enough. As always, Bill is direct and practical in his comments.Colton Bean, Director of Midstream Research for TPH, made his first COBT appearance. Colton provides his thoughts on both the Dakota Pipeline news, the recent Dominion transaction with Warren Buffett, and infrastructure broadly.Mike Bradley, Colin Fenton, and Matt Portillo also chimed in with their current views on oil, gas and current markets. Colin hit us up with some carefully crafted charts of the week.

This week we were thrilled to be joined by Daniel Neff, Co-Chairman of Wachtell, Lipton, Rosen & Katz, along with Paul Perea, TPH's Co-Head of M&A. Gained from over four decades of experience advising major companies, Dan shared his insightful perspective on top concerns for public company directors, managing a New York-based law firm through COVID-19 and the unique, positive aspects of deal making in the energy industry.  We kicked off the session with our panel of TPH experts: Mike Bradley, Colin Fenton, and Matt Portillo. Mike hit earnings for Q2 and what we can expect for the second half of the year. Colin and Matt shared their thoughts around the upcoming election and its implications for the industry.

Welcome to another edition of COBT! This week, we were thrilled to have the opportunity to speak with Ben Ratner, a Senior Director for the Environmental Defense Fund, a non-profit seeking to solve the world's toughest environmental issues in practical and economic ways. We were also joined this week by Craig Webster, TPH's Head of ESG.And of course, we had the regular TPH band members: Mike Bradley, Colin Fenton, and Matt Portillo. They jump in on $40 dollar oil, a preview of earnings season, and Carbon Emissions Trading levels in the European Union and how to understand them. Our opening commentary begins with the TPH crew and then 15 minutes onward, you'll find our discussion with Ben Ratner.

Today we had the pleasure of speaking with two Energy Technology stars: Emily Reichert, CEO of Greentown Labs, and Brad Burke, Managing Director of the Rice Alliance for Technology and Entrepreneurship. Greentown Labs has just announced that they are expanding to Houston and we couldn't be more excited for them to join in the effort to make Houston the capital of the new energy world. Headquartered outside Boston, Greentown Labs coming here is an exciting leap forward for the city. Emily was most kind to join us on GL's big day. (Press release available here).Brad and the Rice Alliance team also have the excitement of their startup competition this week. The competition has been going for twenty years, offers the most prize money of any similar competition, and has seen almost 700 startups over these last 20 years. Successful startups coming out of Rice have gone on to raise almost $3 billion in additional capital. Brad did a great job getting us fired up for everything happening "inside the hedges" over on South Main.We also had our expert TPH crew: Mike Bradley, Colin Fenton, and Matt Portillo. The screens were green today and our team offered up some summary commentary on latest sentiment. Lebanese protests, Japanese stimulus, LNG cargos, Chinese-Indian skirmishes, Beijing schools and promising COVID treatment news were all in there.