We are pleased to share with you a very unique and special COBT episode that provides a glimpse into America’s proud energy past and highlights some of the great life lessons the American West and the oil patch can impart. Today we had the great pleasure of visiting with Hank True and Dave True of the True Companies. The True family is celebrating the 75th anniversary of True Companies, which was founded by Dave and Hank’s father, Dave True, Jr. in 1948. True Companies includes the following businesses: True Oil, True Drilling, True Ranches, Toolpushers Supply Company, Black Hills Trucking, Measurement Services LLC, Bridger Pipeline LLC, Eighty-Eight Oil LLC, Equitable Oil Purchasing Company, Hilltop Bank, Flowstate, and Brick and Bond, in addition to numerous other ranches and properties. The 75th anniversary celebrations are being held in Houston, Oklahoma City, and the Company’s headquarters city of Casper, Wyoming. The significance of the Company to the state of Wyoming and to energy can clearly be seen in the description of the Company’s anniversary from this summer’s Congressional Record, linked here.   You’ll hear many interesting points in our discussion. True Companies is an extremely large and complex organization, with approximately 1,150 employees in eleven states. Their business includes several aspects of energy including pipelines, oil and gas, oilfield services, technology, as well as agriculture and banking. What drew us to the Trues was not just the 75th anniversary but their reputation for leadership, involvement in the community, and their extensive and rich history. Large family-owned companies are becoming more rare in today’s modern world and it is refreshing to see the mindset of a private enterprise as they face challenges and take advantage of opportunities. Hank and Dave’s brotherhood/partnership is fascinating to watch as they reflect on the love and respect they have for their parents, how their parents raised them, lessons from summers spent in a modest cabin, and as they share wisdom learned from now three generations of an energy company and the ruggedness and toughness that was instilled in them. Their family’s story is a reminder of the American dream, building something from nothing, and of the energy industry’s grit and determination. It was a fantastic conversation and we are most honored the True brothers would share their reflections with us.   Mike Bradley kicked us off by sharing concern over global markets as they remain remarkably calm despite the Israeli-Hamas war. He highlighted that 10-year bond yields have surged from Friday’s close of 4.6% due to strong retail sales stats and are pushing towards trading highs of 4.9%. While bond traders expect the FED will pause rate hikes at the upcoming November 1st FOMC meeting, hotter than expected economic stats could change their calculus. He noted WTI crude oil prices have seen a modest increase over the past five trading days, reaching around $87/bbl., and that crude oil price volatility seems to be influenced weekly by demand or supply concerns, with this week’s supply concerns dominating including Cushing and SPR crude oil storage levels. He flagged the Biden Administration surprised the market by announcing an easing of Venezuelan oil sanctions and further noted crude oil traders are much more concerned with what direction the Biden Administration might take on Iranian crude oil sanctions. He wrapped by highlighting Oil Services Q3 reporting begins this week with Liberty Energy and Schlumberger reporting this week. Jeff Tillery also joined and added his perspective and questions in our discussion.   We were delighted and very thankful to visit with Hank and Dave. As we shared at the end, everyone we’ve come across that knows the True family holds them in high re

Today we had the pleasure of hosting Christopher Mohajer for a discussion centered around batteries and battery technology. Chris serves as the Director of Battery Technology Equity Research at U.S. Capital Advisors (USCA) and has a background in technical sales, having previously worked with Digatron Power Electronics, a supplier of battery test and formation equipment. Before that, he held several roles at the California Clean Energy Fund. Last year, Chris and the USCA team published a comprehensive report highlighting batteries as a pivotal component for decarbonization. We were thrilled to visit with Chris and discuss the latest developments and trends in the world of batteries. Our discussion today started with Chris’s background and what drew him to batteries originally. It was here that he made his light-hearted comment around being the “accidental battery guy.” At the heart of today’s discussion, Chris walked us through about 15 slides pulled from his and his team’s work on batteries. The presentation slides are linked here. In the presentation, Chris covers battery history from lead acid to today, the different battery chemistries, the metrics for measuring battery performance, the tradeoffs between performance, cost, and safety, cathode and anode technology developments, and the surprisingly lengthy duration to bring new technology to market. Chris also shares insights on battery production, the battery supply chain, and the importance of permitting and potential for the US to develop its own battery supply chain if the right conditions are met. Whether you are new to batteries or well-versed, Chris’s overview is very likely to be interesting to you. Today’s other discussion topics included mining challenges, battery market growth, battery innovations, proposed US battery factories, utility-scale storage, the role of batteries on the grid, public equity investor sentiment, and more. We ended with asking Chris what he thinks the future of batteries will look like in ten years. He is definitely bullish on their role in our future energy systems. We want to thank Chris for joining us today and for providing a great and detailed overview. We learned a lot and look forward to continuing to follow Chris and his team’s insights. Mike Bradley kicked us off by pointing out the remarkable stability in global markets since the breakout of the Israeli war with Hamas. He observed that both US bond and equity markets have traded higher, and that equity market volatility has actually fallen. He flagged that 10-year bond yields have pulled back from Friday’s close of 4.8%, are trading at ~4.65%, for what looks to be a temporary rush to safety. Mike also noted that this week’s CPI & PPI prints will be important in determining whether the FED will pause/raise rates at their November FOMC meeting. He highlighted the modest increase in WTI crude oil price this week (~$3.00/bbl.) and also indicated that it had underperformed most trader’s expectations. He noted that crude oil traders will be very focused on Cushing weekly inventory levels, with consensus looking for a slight build, but that an unexpected draw could push WTI price/time spreads much higher. He rounded out the conversation by flagging that Q3 reporting is set to begin mid-next week with a handful of oil service companies. Todd Scruggs also joined today’s discussion and shared a few observations upfront, including both positive developments as well as potential challenges in battery technology and manufacturing. We greatly enjoyed the conversation with Chris and hope you enjoy it as much as we did. Our best to you all!

It was our honor today to welcome General David Petraeus (US Army Retired), Partner at KKR and Chairman of the KKR Global Institute. General Petraeus’ distinguished military career spans over 37 years of service, marked by six consecutive commands as a general officer including leadership of the US-led coalitions in both Iraq during the surge and Afghanistan. Following his military service, General Petraeus served as Director of the CIA during a period of significant achievements in the global war on terror before joining KKR in 2013. In addition to his roles at KKR, General Petraeus serves as a board member, strategic advisor, and lecturer. He has earned numerous honors, awards, and decorations for his outstanding service to our country. General Petraeus has also recently co-authored a new book with British historian Andrew Roberts entitled “Conflict: The Evolution of Warfare from 1945 to Ukraine.” We are thrilled to have had the opportunity to visit with General Petraeus about the book, which is set to be officially published on October 17th. Our team read advanced copies and found it to be thoroughly insightful. As you will hear in today’s episode, we covered a broad range of topics. General Petraeus first shares the inspiration behind his book and the critical role of strategic leadership in both military and business contexts. As the title suggests, “Conflict” explores the evolution of conflict and General Petraeus draws on his own experiences including his studies of Vietnam and his direct involvement in Iraq and Afghanistan. As you will hear, General Petraeus refers to a strategic leadership model developed for the Belfer Center at Harvard, which can be found linked here. We touch on the changes the Army made following Vietnam and the lessons learned there, the importance of leadership during key inflection points whether it’s in the oil patch or in combat, and how to create a culture that offers what General Petraeus refers to as “reasonable feedback.” We also discuss KKR’s investing strategies as well as the General’s experience stepping out of the normal military path to attend graduate school and the insights he was able to apply back in the military. The General walks us through geopolitical dynamics with Saudi Arabia, China, Russia, and the US, how modern technology has transformed elements of the battlefield, and the outlook for the US military today. We greatly appreciated General Petraeus’ thoughtful responses and are immensely grateful to him for sharing his time with us and for his service to our country. Mike Bradley kicked us off by highlighting that 10-year bond yields have surged to 4.8% (a 16-year high) due to worries that the FOMC will be holding interest rates higher and for longer. He flagged WTI crude oil price seems to have temporarily settled in at roughly $90/bbl., and that traders will be closely monitoring the October 4th OPEC meeting and Cushing oil inventory levels. He wrapped by noting two seminal events that occurred early last week that could have a huge and lasting impact on global energy transition goals, including NextEra Energy Partners (NEP) stock price plunge and the IEA’s updated Net Zero Roadmap report. Arjun Murti built on Mike’s comments on recent corrections in the new energy sector by flagging the risk associated with organizations like GFANZ pushing financial institutions, capital markets, and insurance companies to make decisions based on emissions metrics, potentially leading to unfavorable loans and policies in the new energy sector and insufficient investment in traditional energy. We hope you all enjoy the discussion as much as we did and consider adding “Conflict” to your reading list. Our best to you all! 

On Wednesday in Denver, we had the pleasure of joining Dr. Roger Pielke Jr. (UC Boulder) and Chris Wright, CEO and Chairman of Liberty Energy for a live discussion as part of Liberty Energy’s “Liberty and Energy” Presentation Series. Roger is a Professor in the Environmental Studies department at the University of Colorado Boulder and the author of “The Honest Broker” substack (linked here). Roger’s work focuses on the intersection of policy and governance issues related to science, technology, environment, innovation, and sports. It was exciting to bring the Denver area community together and have a live, studio audience to discuss the current state of climate, energy and the environment broadly. To kick off the discussion, Roger walked us through a presentation with key background on the current state of science around energy and climate (slides linked here). We then dove into how the broader population might get better data and discussion around energy and climate, issues with the IPCC’s summary for policy makers, how priorities in the environmental world have shifted to focusing primarily on climate, the impact of climate alarmism on children and young adults, and how Roger approaches teaching his students to appreciate the scale and complexity of energy and electricity in the world. Roger shares examples of the “scenario wars” that are taking place, his experience being investigated by Congress, and the overwhelming need for solid data on climate from a trusted, authoritative organization that allows for open discussion. We also discuss the role of oil and gas companies in the energy world of tomorrow, the math of getting to net zero 2050, the desperate need for more energy in the developing world, the glaring opportunity for America to help power the world, and conclude with some inside scoop on Roger’s chances of joining the team with Coach Prime. As you will hear, Roger is a great explainer and wonderful thinker. We can’t thank the Liberty team enough for allowing us to be a part of it. The world needs more “Liberty and Energy” town hall gatherings! As you will hear, Roger very positively mentions a podcast with Michael Liebreich and Jim Skea (the new head) of the IPCC. The episode is linked here. As we head into the weekend, we wish you well and hope your team wins! If you do get out for a walk or otherwise have some time, we hope very much you can tune in to this Special Edition COBT. We learned a lot!

Today we were thrilled to welcome back Les Csorba, Partner in Charge of the Houston office and a member of the CEO and Board of Directors Practice focused on the energy industry at Heidrick & Struggles. Les has over 30 years of experience in executive search, leadership consulting, and executive coaching and this year marks his 25th year at the firm. The catalyst for today’s discussion is a recent report from Heidrick & Struggles entitled “Lessons from Ukraine’s wartime CEOs on leading through crisis” (linked here). It’s a fascinating look at how these CEOs have adapted under duress and how they are planning for the future. As the son of Hungarian refugees that fled the country during the Russian invasion in 1956 (more on their story and parallels to Ukraine linked here), Les is very passionate about helping the people of Ukraine. It was our pleasure to visit with Les to discuss the report, the war in Ukraine, his recent trip to Kyiv, leadership overall, and the latest trends in finding CEOs and board members.   Les first shares background on the report’s creation, his experience traveling to Kyiv last month to meet with colleagues and deliver supplies, his impressions of what life in Kyiv is really like, and the resiliency, optimism, and unity he witnessed. We discuss the broader sentiment in Eastern Europe, Heidrick & Struggles’ CEO and Board Practice group, and lessons from the report that can be applied to all leaders. Les walks us through key takeaways from the report including planning for geopolitical exposure, adapting to wartime decision-making, operating in the here and now, being decisive, and speaking with radical candor. We touch on how managements have changed since Les’ last appearance on COBT in 2021 including an increased desire for leaders that understand strategy, regulations, energy policy, and have a balanced and pragmatic approach to the energy transition. Les shares trends he’s seeing in energy boards including a shift to recruiting board members with direct experience in either energy or relevant industries, large global industrial companies’ interest in board members with experience in energy, the war for talent in both oil and gas and new energy, CEO search and succession work, and more. We ended with Les’ thoughts on President Zelenskyy and where he sees energy in ten years. The Heidrick team is to be congratulated for such an interesting and unique report.   Mike Bradley started us off by highlighting that market volatility has increased due to several lingering key issues including a spike in bond yields, a looming US government shutdown, resumption of student loan payments, a selective UAW strike, and a quarter end repositioning of mutual funds. From a commodities standpoint, he noted that WTI continues to trade around $90/bbl. due to global crude oil inventory tightness and also mentioned that Cushing crude oil inventory levels are expected to draw markedly again this week and are approaching historical absolute and seasonal lows. He ended with highlighting that bond and equity prices are both “technically” oversold, both are dialing in some heightened level of risk while these issues endure, and that a resolution of one or more of these issues could result in a temporary snapback in markets. Jeff Tillery discussed the IEA’s recently released updated net-zero roadmap, which outlines significant reductions in coal, oil, and gas demand by 2030, and will likely spur a fascinating debate about the report’s impact on decision-making regarding energy sources and cost implications. You may recall OPEC’s recent reac

We are excited to share this Special Edition with you. We had the opportunity late last week to visit with Jimmy Glotfelty, Commissioner on the Public Utility Commission of Texas (PUC). Jimmy was appointed as Commissioner by Governor Abbott in 2021 following an extensive career in the energy and power public and private sectors, including Founder of Clean Line Energy, Senior Policy Advisor to US Secretary of Energy Spencer Abraham, Energy Policy Director to then Texas Governor George W. Bush, Legislative Director for Congressman Sam Johnson, and Executive and Managerial roles at Calpine Corporation, ICF Consulting and Quanta Services. Jimmy was recently and additionally directed by the Governor (letter linked here) to lead a new Working Group focused on the future of nuclear energy in Texas. It was our honor not just to visit with Jimmy but to help him publicize the Working Group’s efforts in order to allow for anyone who has ideas or thoughts to aid in evaluating advanced nuclear energy to be able to share them with the Commissioner.   In our discussion, Jimmy shares background on the group’s creation and goals, Texas’ position to be a leader in nuclear energy, as well as the role of Texas communities. On Thursday, September 28th, the first public meeting will take place in Austin (details linked here) to discuss the Working Group’s proposed organizational structure, process and timeline for the coming months. Jimmy reiterated the group’s willingness to hear all opinions, including voices from underserved communities and those who are opposed to nuclear. We also discuss which other states are preparing to build nuclear sites and how nuclear can position Texas to have reliable and clean power for decades to come, how to address short-term power and transmission issues, how the Working Group will collaborate with the Federal government, the feedback Jimmy has received so far, and Jimmy’s personal interest in the cause. We ended with Jimmy’s vision for power in Texas in ten years. We are confident that Jimmy and his team are prepared for the challenge and were thrilled to spend time with him.   Mike Bradley kicked us off by highlighting that bond markets are under pressure given the FED’s recent dialogue that interest rates are likely to stay higher for longer, which pushed the 10-year yield to 17-year high of 4.5%. From a commodities standpoint, he highlighted that Brent and WTI price were relatively unchanged on the week given that Saudi remains vigilant with crude oil production management, which is keeping global physical crude oil markets tight. He also noted that WTI could be getting additional price support due to Cushing crude oil storage levels nearing 10-year seasonal lows. He highlighted that broader equity markets were down roughly 4-5% over the last five trading days due to lingering concerns around interest rates, crude oil prices, a US government shutdown, and the UAW strike against the three largest US automakers. He also noted that two high profile IPOs have recently traded under their recent IPO price which could be a worrisome sign for equity markets. Mike wrapped by noting that the UK government looks to be pushing out the phase out date for their ICE vehicle sales from the current date of 2030 out to 2035. Brett Rampal joined and contributed his nuclear perspective and questions in the discussion.   If you are in the area, we hope you’ll consider joining the Commissioner on Thursday or tune in online. Updates on the Working Group’s progress will be available on the PUC website (linked here) under Project #55421. Thanks to you all!

Today we were delighted to host Dr. Pippa Malmgren. Pippa is an experienced economist, author, and speaker, served as an advisor to President George W. Bush, and has advised the British Cabinet and the Cabinets of several Asian nations on economic policy. She has held several significant positions throughout her career including Senior Advisor to Monaco Foundry and Avonhurst, Board Member at Premios Verdes, former Managing Director at Bankers Trust, and the author of several award-winning books. She is a founder and co-founder of tech ventures spanning robotics, cleantech, space, and more. We were thrilled to get Pippa’s perspective on current global economic trends and geopolitical events. Our discussion explored a range of topics starting with Pippa’s experience in the White House during 9/11 and her team’s challenging task of re-creating a market for US Treasuries and re-opening the NYSE. Pippa shares her outlook on today’s stress-filled geopolitical environment, the unique and often misunderstood relationship between the US and China, and why Pippa thinks the world is at a peak in geopolitical tension (and trending down from here). We discuss the potential for war between China and Taiwan, what surprises might happen there, geopolitics in Latin America including Chinese and Russian influence in the area, and the possibilities for the often-dismissed potential of space-based solar power. We then explore leadership and leaders around the world, Pippa’s latest book “The Infinite Leader,” autocracy vs. democracy, Europe’s seat at the table geopolitically, AI’s potential and the importance of the human element and creativity, and more. We ended with Pippa’s thoughts on the current culture at universities and her advice to all of us to shift from a “scarcity mindset” to the “possibility of abundance.” We look forward to continuing to follow Pippa’s work on SubStack (linked here) and can’t thank her enough for sharing her geopolitical wisdom, for stimulating our thinking, and for encouraging all of us to think outside our own boxes. Mike Bradley kicked us off by highlighting this week's FOMC meeting, noting that consensus was placing near zero odds for a rate hike at this meeting but roughly 50% odds of a rate hike at the next FOMC meeting. From a commodities standpoint, he highlighted that Brent and WTI prices surpassed $95/bbl. and $$92/bbl. respectively. He also noted that there was an interesting back and forth last week between the IEA (Financial Times Op-Ed from Fatih Birol linked here) and OPEC (statement linked here) regarding peak oil demand prior to 2030. He ended by highlighting that energy equities have lagged the surge in crude oil price, mostly because equity investors need to see how crude oil price trades when Saudi begins pushing crude barrels back into the market before there can be energy equity multiple expansion. Jeff Tillery shared a few observations of the public energy markets over the past 8-9 months, noting an overall trend towards normalcy in the energy sector. We greatly enjoyed the conversation with Pippa and hope you find it as interesting as we did. Thanks to you all!

For today’s COBT, we had the pleasure of hosting Captain John Konrad, Founder and CEO of gCaptain and Author of "Fire on the Horizon." John is a highly experienced US Merchant Marine officer with a diverse background and has worked on container ships, oil tankers, and offshore supply vessels across the world. gCaptain is a leading global maritime and offshore industry news platform offering insights, information, and resources on shipping, offshore drilling, safety, technology, and more. We are struck by how important the relationship is between energy and shipping and John proved to be the perfect expert to help us explore shipping, energy, global trade, geopolitics, technologies, inflation, regulatory impact, and more.   John first shares his journey from an interest in sailing and computers to attending the Naval Academy (and then the Merchant Marine Academy) to becoming a captain, his experiences in the offshore oil industry, and the inspiration behind "Fire on the Horizon." We discuss the gCaptain platform and the importance of raising awareness about the shipping industry and its role in the global economy, key geopolitical challenges in shipping, the importance of ton-miles, shipping efficiency, and the shortage of shipyard capacity globally. John explains shipping’s recent impact on inflation, the challenges of using alternative fuels, how the uncertainty of future regulations is impacting construction of new ships today, and how countries are preparing for new routes opening across the Arctic. We also cover the critical "choke points" around the world, the aging workforce in shipping, the need for increased attention from the US government, as well as the space’s increasingly numerous and attractive investment opportunities. As you will see, the time flies as we go from one interesting angle to another. Shipping may be one of those industries you just think you understand, until you realize how much you are missing.   To start the show, Mike Bradley highlighted key economic events over the next week and noted that Brent and WTI prices surpassed $92/bbl. and $89/bbl. respectively, due to concerns of a widening global crude oil supply deficit in Q4’23 of 3mmbpd. He pointed out that the last time the global crude oil supply deficit was this wide was Q3’21 and that the US SPR was over 600mm barrels and today it’s 350mm barrels, which provides little price manipulation latitude this go around for the Biden Administration. He also noted the last time 12-month crude oil time spreads were this deep in backwardation was June 2022 when WTI price was trading over $110/bbl. He concluded by noting that energy equities have generally lagged behind the current surge in crude oil price mostly because equity investors want to see how crude oil price trades when Saudi eventually begins pushing crude oil barrels back into the market. Arjun Murti mentioned a recent opinion piece predicting peak fossil fuel demand this decade (by Fatih Birol in the Financial Times) and highlighted the math of global energy needs for long-term demand, the need to depoliticize energy discussions, and the importance of a healthy North American oil and gas sector.   We greatly appreciate John’s thorough tour of the complex and multifaceted world of shipping. John is not only incredibly knowledgeable, but the experience of talking with him was a reminder that sometimes the best way to understand energy better is to go to an adjacent industry and look back with a different vantage point on all these questions the world has on energy, the environment, and national security. Simply put, the discussion with John was outstanding!   We certainly hope you enjoy. Our best to you all!

Today we were thrilled to welcome Jeff Merrifield, Partner and Head of Global Energy at Pillsbury Law, for an engaging nuclear-focused discussion. Jeff is a global thought leader on nuclear power with over three decades of experience in the energy industry. His current leadership roles in addition to Pillsbury include serving as Vice Chairman of the US Nuclear Industry Council and Chairman of the Advanced Nuclear Task Force, as well as serving on the Civil Nuclear Trade Advisory Committee. Jeff is a former two-time presidential appointee to the US Nuclear Regulatory Commission and serves as the outside counsel for the Fusion Industry Association, along with additional industry related board positions. We were delighted to visit with Jeff and hear his important perspective on a wide range of nuclear-related topics.   In our discussion, Jeff shares insights about Pillsbury’s extensive experience in the nuclear sector and their expansion to include fusion and hydrogen practices, along with wind and solar. We discuss the pace of nuclear investment and activity, the significance of interest from industrial companies seeking their own low carbon power solutions, and the evolving landscape within all different levels of the government around nuclear technologies. Jeff highlighted the military’s interest in microreactors for portable power generation before turning to his experience as a Commissioner of the Nuclear Regulatory Commission, the future of the nuclear regulatory picture, and nuclear supply chain challenges such as uranium enrichment capabilities. We also discuss corporate finance in nuclear startups, investor and financial institution interest in nuclear technologies, the nuclear fusion community and connectivity across nuclear technologies, the NRC’s recent decision to reduce the minimum evacuation zone surrounding nuclear facilities, Canada’s recent nuclear investments, and more. It was in reference to regulatory not going too far that Jeff commented you can whittle a piece of wood away to nothing if you aren’t careful. We ended with Jeff’s vision for the future landscape of nuclear energy in ten years. It was our pleasure to host Jeff and we greatly enjoyed the discussion.   Mike Bradley kicked us off by highlighting several recent commodity and energy equity events. From a commodities standpoint, he flagged that Brent price eclipsed $90/bbl. and that crude oil time spreads exceeded 1-year highs due to a strong “physical” crude oil market. He noted that crude oil prices have moved higher on news that Saudi was continuing its “price over volume” strategy and extending its 1mmbpd of production cuts through year-end and 2H’23 global crude oil S/D deficit greater than 2mmbpd. From an energy equity standpoint, he highlighted this week’s Barclays Energy & Power Conference and that investor sentiment seems to be constructive. He also noted that energy management teams seemed to be modestly more constructive with the 2024 commodity macro setup which could be the reason we’ve seen a handful of upstream, midstream and utility deals over the last 4-5 weeks. He wrapped by highlighting a leading offshore wind developer potentially having to take substantial impairments in its US wind portfolio because of uneconomic PPAs stemming from higher equipment inflation, lack of investment tax credit movement and higher than expected interest rates. Brett Rampal shared recent nuclear developments including news that Oklo has been selected to supply a microreactor at an Alaskan Air Force base and India’s recent achievement of bringing its first indigenously designed commercial reactor to full capacity.   We mentioned a number of nuclear companies and projects in today’s episode. If you are interested in learning more about some of these companies, Veriten’s COBT episode with Westinghouse is l

Today we had the honor of hosting Mayor Sylvester Turner, the two-term Mayor of Houston, in the Veriten offices. Mayor Turner and a delegation of the city’s business and government leaders recently led a trade mission to West Africa visiting Nigeria, Cote d’Ivoire, and Ghana. Their mission focused on finding new economic opportunities for Houston companies in Africa, continuing to grow the cultural and civic engagement between Houston and Africa, and expanding opportunities for overall collaboration with African nations. We were thrilled to visit with the Mayor and discuss the trip and get his perspectives on how the Houston energy community and energy community at large in America can do more in Africa.   We start with some background from the Mayor on the impetus for the trip to West Africa. In the discussion, we touch on the difference in energy sentiment in developing Africa versus the OECD and how oil and gas is more often seen as a necessity for survival and development in the region. The Mayor highlighted in his remarks the receptivity of constituents in African countries for American businesses to invest with a focus on “win-win” situations. We touch on the lack of classic energy investment in the continent from organizations like the World Bank, the richness of resources in the region, supply chain needs from much of the developed world in a post-Ukraine environment, and a reluctance or lack of trust the region has in some countries (i.e. former colonial powers) in helping the continent prosper. We openly discuss the competitive advantage the U.S. has over other countries to pursue opportunities in a continent with a huge population, a young population and 40% of the world’s minerals. We mention the $2,500 per capita GDP that hasn’t changed in over 20 years and dig into the historical issues with getting investment to the region and why there is a struggle to fill the slots in trade investment missions like the one recently organized by Mayor Turner’s office. The Mayor emphasizes the need for the U.S. to recognize the opportunities in the African continent before it’s too late and encourages America to not leave it to countries like China and Russia to take advantage when the desire from the region is for relationships with the U.S. We transition the conversation to the importance of relationships – from the work between mayors in various cities to relationships across the many sectors necessary to help the region as well as relationships within administrations and the need to work across the aisle and the importance of valuing everyone at the table. We close out the discussion focused on the energy transition and the effect of these decisions on the people most impacted economically, how we can all work collaboratively to meet goals without creating winners and losers, why Houston is a positive place for business, and what’s next for the Mayor following the end of his second term in Houston. It was an exceptional discussion with an exceptional person. The Mayor always strives to have “everyone at the table” and we couldn’t agree with his philosophy more.   Mike Bradley kicked us off by highlighting several events that were topical last week and in coming weeks. From an economic standpoint, he highlighted that bond yields plunged on Tuesday due to a much weaker than expected JOLTS Job Openings report. He discussed the FED Chairman Powell’s Jackson Hole speech last week and that September’s FOMC rate decision would be dictated by near-term economic data. He noted that the UAW labor contract will expire on September 14 th and that it has serious economic, financial and political ramifications. From a commodity standpoint, he highlighted that crude oil prices have been stalled around $80/bbl. for the last few weeks. He also noted that crude “product” markets will be very focused on below average US product inventories, and the lingering effects of last week’s Garyville ref