
C.O.B. Tuesday
C.O.B. Tuesday is a weekly one-hour talk show that serves as a knowledge pipeline for the energy industry and the energy curious. We host honest, timely, conversations with people we believe can improve the discussion, can provide new perspectives, can share unique insights into key energy issues, and can discuss inventive, pragmatic solutions for a stronger energy future. Produced by Veriten.
Latest episodes

Sep 27, 2023 • 57min
"Fighting For Their Survival, For Things We Take For Granted" Featuring Les Csorba, Heidrick & Struggles
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

Sep 25, 2023 • 47min
"In It For The Long Run" Featuring Commissioner Jimmy Glotfelty, Public Utility Commission of Texas
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!

Sep 20, 2023 • 1h 6min
"All Progress Comes From Deviating From The Norm" Featuring Dr. Pippa Malmgren, Economist and Author
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!

Sep 13, 2023 • 1h 5min
"Fight The Sea Blindness" Featuring Captain John Konrad, Author and CEO of gCaptain
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!

Sep 6, 2023 • 1h 8min
"If You Whittle A Piece Of Wood Too Much, You Don't End Up With Very Much Left" Featuring Jeff Merrifield, Pillsbury Law
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

Aug 30, 2023 • 60min
“We Need Everybody at the Table” Featuring Mayor Sylvester Turner, Mayor of Houston
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

Aug 23, 2023 • 1h 2min
"Living On A Prayer" Featuring Gabe Collins and Steven Miles, Rice University’s Baker Institute for Public Policy
Today we were thrilled to welcome back Gabe Collins, Fellow in Energy & Environmental Regulatory Affairs, along with his colleague Steven Miles, Fellow in Global Natural Gas, with Rice University’s Baker Institute for Public Policy. Gabe last joined us on COBT in May of 2022 (episode linked here) and has a fascinating background in the economics, policies, and geopolitics of Russia and China, as well as national security-related research and analysis. In addition to his position at the Baker Institute, Steven is a Senior Counsel at Baker Botts and previously was a twenty-year Partner with the firm, serving as the Energy Sector Chair focused on LNG, natural gas, electric power, and renewable energy industries. It was our pleasure to visit with Gabe and Steven for a global energy conversation focused on LNG and Europe. The focus was on one key question: “why isn’t Europe locking in more long-term gas supply?” The catalyst to our discussion stems from a report co-authored by Gabe and Steven that will be published in the near future. Titled “Eastern Promises or Energy Fantasies: Why Is Europe Not Replacing Russian Pipeline Gas With Long-Term LNG Contracts?”, the report leverages analysis from 600+ LNG contracts over 25 years leading up to the Ukraine invasion. In our discussion with Gabe and Steven, we cover key themes including the inspiration behind writing the paper, the potential role and intentions of China, Europe’s response to its gas shortage and its reliance on spot LNG, potential geopolitical risks, and the potential explanations for Europe’s reluctance to sign long-term gas contracts. We also discuss the concept of funding post-war Ukraine through gas surcharges, Mexico’s growing LNG capacity, how Europe’s decision not to contract LNG longer-term could be hurting the developing world and the climate, and the discrepancy between European policymakers’ optimistic view of hydrogen and renewable energy with the unease among industrial players who see the ongoing demand for gas and the challenges in transitioning away from it. Gabe and Steven also recently wrote an article in Foreign Policy that touches on many of these aspects, linked here. Mike Bradley kicked us off by highlighting upcoming events and topics of interest. Economically, all attention is on Federal Reserve Chairman Powell’s Jackson Hole speech this Friday for color/clarity on how much higher/how much longer interest rates could stay elevated. In commodities, crude oil remains steady around $80/bbl., with traders seemingly divided on which dynamic will win this year, that being supply (OPEC cuts) or demand (China weakness). He also noted that LNG markets will be closely following this week’s current Australian LNG labor negotiations to handicap the potential for an LNG strike in the coming weeks, which could impact up to 10% of global LNG. From a broader equity market standpoint, equity traders will be intensely focused on NVIDIAs earnings and rounded out the conversation by flagging recent midstream deals with one of the key themes being “controlling the molecules” from wellhead to end user/markets. He also highlighted a Permian E&P merger this week between two mid-cap E&Ps, which is leading investors to contemplate whether an acceleration of public-to-public deals could be forthcoming, and whether they’ll be done at premiums. Arjun Murti highlighted the spillover effects of how policies from the EU will have ramifications for the rest of the world, comparing key themes from Gabe and Steven’s report to recent Super-Spiked themes. Todd Scruggs chimed in to share LNG trends including the short-term extremely tight supply-demand balance in Europe and longer-term potential for the US to become

Aug 16, 2023 • 1h 3min
"Coal-OBT" Featuring Dr. Hongcen Wei, Goldman Sachs
Today we had the very exciting and highly interesting opportunity to visit with Dr. Hongcen Wei, Commodities Strategist in Global Investment Research at Goldman Sachs. Hongcen joined Goldman two plus years ago from the University of Chicago where he taught math for many years and completed his PhD in Economics. Hongcen and his team have led the effort in re-launching Goldman’s global macro coal research coverage. We have long been interested in hosting a show focused on coal and were thrilled to connect with Hongcen to discuss his team’s research, global coal markets, coal consumption and related trends all around the world, and coal’s huge impact on the energy transition. In our conversation, Hongcen first shares details about his background and personal interest in coal and commodities in particular as the “in-between” of economics and finance. Hongcen then provides context for Goldman’s decision to re-launch coverage including coal’s role in the energy transition discussion, global coal demand and the obvious implications for natural gas use, and the revival of the coal market in the midst of an energy crisis. We discussed the global coal export/import market (about 1 billion of the 8 billion tons consumed annually) and its unique dynamics and major players, coal grade variations and the implications for emissions and power plant efficiency, and coal price volatility (especially in recent years). Hongcen walked us through a mini presentation outlining Goldman’s three main coverage themes: “reroute, rebalance, and revival” (slides linked here). We also discuss the data challenges of forecasting coal prices, the potential risks including shifts in domestic prices, changes in export dynamics and long-term climate policy concerns, the trajectory of coal demand with China’s significant influence over the next decade, and more. Hongcen was more than patient with our plethora of questions and we greatly enjoyed the discussion. We have been remiss in not talking more about coal on COBT so we were elated to have this important discussion. Mike Bradley kicked us off by highlighting that this was a light economic calendar week with traders mostly focused on July retail sales, which printed a little hotter than expected and are keeping bonds yields elevated, pressuring the Federal Reserve to keep interest rates higher for longer. Shifting to commodities, he flagged that crude oil prices have been under pressure this week due to weaker than expected economic stats out of China which looks to be temporarily reversing 2H’23 global oil “supply” deficit concerns back to near-term “demand” concerns. He also discussed the spike in European natural prices (+30%) over concerns of a possible Australian LNG worker strike in coming weeks which could affect 10% of global LNG exports. From an equity market standpoint, he highlighted that most of the S&P 500 companies have already reported Q2 results, and that this week would be dominated by large box retailers, which would provide a look at the health of US consumers. He rounded out the conversation by highlighting the huge relative performance disparity between global coal prices and a basket of US coal equities over the last two years. Arjun Murti prepared us for the discussion with Hongcen with a historical view of coal’s supply and demand dynamics, drawing parallels between coal and the oil and gas sectors and highlighting lessons oil and gas companies can learn from coal. Thanks again to Hongcen for joining us today and our best to you all!

Aug 9, 2023 • 1h 1min
"Where Is That On The Map?" An International E&P Discussion Featuring Bob Maguire and Parminder Singh, The Carlyle Group
Today we were delighted to host Bob Maguire, Managing Director and Co-Head of Carlyle International Energy Partners, along with Parminder Singh, Managing Director of International Energy, with The Carlyle Group at our office in Houston for a broad discussion on international energy investments. Bob is a seasoned international investor and has participated in global energy markets since 1986. Par brings prior experience in industrial sector investments and joined the Carlyle team in 2008. The Carlyle International Energy Group Fund is comprised of two funds which total approximately $5 billion of capital dedicated exclusively to international E&P. As we all ask ourselves where the world’s oil growth is going to come from, we were thrilled to visit with these two experts from the international arena. Bob and Par first share their insights on Carlyle’s recent Neptune Energy deal (press release linked here) including background on the deal, motivations behind the sale, and the changing landscape of international energy investments. We discuss the potential for strategic buyers to enter the market, the importance of having a solid understanding of the markets and regions in which you invest, the advantages of having international experience and networks, and the value of operational expertise in maximizing investment returns. Bob and Par highlight how Carlyle’s approach to asset selection and team collaboration has shaped their success. We discuss the changing nature of oil and gas markets with a shift towards international opportunities and increased interest from European players, the importance of having a well-rounded and diverse portfolio to mitigate risk, and the influence of inflation in services. We also cover traditional acquisition and exploitation strategies in the energy sector, how private equity approaches can be very appealing, the potential for value creation through reducing carbon intensity, the concept of responsible ownership, European energy policy, the changing landscape of energy financing, international onshore opportunities, and more. We ended with asking Bob for his vision of the future energy landscape in ten years. It was our total pleasure to visit with Bob and Par and we want to thank them for stopping by. Mike Bradley kicked us off with his insights on current market conditions, highlighting shifts in market sentiment from a demand problem to supply constraints. He mentions the impact of Chinese data on crude oil prices and flags upcoming CPI & PPI data releases. Mike also notes changes in the market’s behavior and highlights trends in crude oil pricing, production, and refining activity. Arjun Murti prepared us for the discussion with Bob and Par by highlighting the historical context of international energy investments and how it has evolved over the years, including a shift from a focus on US shale to increased interest in international opportunities and the challenges and opportunities associated with international investments. We hope you enjoy the conversation with Bob and Par as much as we did. Our best to you all!

Aug 2, 2023 • 59min
"If You Don’t Have A Giant Oilfield, Find One" Featuring Harold Hamm, Founder of Continental and Author of "Game Changer"
It was our honor today to welcome Harold Hamm, Executive Chairman and Founder of Continental Resources, on the date of the official debut of his new book entitled "Game Changer: Our Fifty-Year Mission to Secure America’s Energy Independence." Harold is an acclaimed and veteran wildcatter, an American Patriot, an advisor to four Presidents on American energy policy, a visionary entrepreneur, and a loyal Oklahoman. He has made sizable contributions to the industry while also leading nonprofit efforts in health, education, and energy industry advocacy. "Game Changer" sheds light on the energy industry’s history, challenges, and potential solutions for securing America’s energy independence and prosperity. We were incredibly thankful to have the good fortune of visiting with Harold on this exciting day – the official release date for "Game Changer." His is a uniquely American story, as it takes us from his time as a five-year-old boy who lived in rural Oklahoma without power to being Executive Chairman of one of America’s leading oil and gas companies. This book is a reminder of what can only happen in America. As you will hear in today’s episode, we covered a broad range of topics. Harold first shares his inspiration for writing the book and how his childhood sparked his interest in the oil industry. We touch on his experiences in the 1970s and the energy policies and challenges faced by the US in that decade, the importance of adopting effective and balanced energy programs in Washington, and the changing attitudes of environmentalists towards using oil from certain regions along with the need for education to address misunderstandings about energy sources. Harold shares his insights on going public and then back to private with Continental and the benefits of being a private company, including longer-term planning and reduced pressure from quarterly reports. We also cover the significance of natural gas in reducing emissions, the challenge and necessity of lifting the ban on the export of American oil, Continental’s progress in carbon capture technology, building a company culture that is fun and focused, what it means to run on "Hamm-time," and more. Apart from his contributions to the energy sector, Harold’s philanthropic pursuits are equally significant, and we discuss his efforts to bring down the cost of insulin and prescription drugs. In his support for education, the Harold Hamm Foundation, together with Continental Resources, established the Hamm Institute for American Energy at Oklahoma State University, serving as the nation’s premier institute for security, innovation and growth for all forms of energy. We are struck by Harold’s ability to tackle challenging or impossible missions (what you’ll hear as the "culture of the possible") and turn them into successes. We are immensely grateful for the time he shared with us today. Mike Bradley kicked us off by highlighting that this week would be a very heavy week of earnings, with roughly 35% of the S&P 500 companies reporting, and to expect some trading volatility. He also flagged that this week was a light week for economic stats and that the bond market has temporarily bought into a US soft landing scenario, which has pushed the 10-year yield above 4 percent. Also, with Harold Hamm being today’s guest and a key proponent of an alternative to the WTI crude oil contract, we highlight the American Gulf Coast crude oil contract that he has advocated, which is trading at ~$82.50/bbl. and ~$1.25/bbl. premium to WTI. Mike rounded out the discussion by noting this also would be a heavy reporting week for the energy sector, particularly US & Canadian E&Ps, Midstream and Refiners. Arjun Murti built on Mike’s comments with two key themes that oil demand has not peaked and is still growing, especially with global demand growth from countries like India and continents like Africa, and that desp
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