We hope you are excited for a 45Q deep dive! We had the great opportunity to learn from some of the most credible 45Q experts in this week's session. Joining us today are Barbara de Marigny, Partner (Tax) at Baker Botts and Aileen Hooks, Partner (Environmental) at Baker Botts. As you may know, the section 45Q tax credit is one of the most promising economic incentive structures for the energy transition. We were certainly glad to spend time with Barbara and Aileen to dive into the nuts and bolts of 45Q. These ladies actually made tax fun!

Our discussion begins with a look at 45Q's history from its introduction in 2008 to becoming much more widely popular with a re-vamp in 2018. From there, we touched on the amount of credit allotted, ownership rights, the carbon capture process, tax equity, requirements around qualifying facilities, secure geological storage and beyond! As you will hear, Barbara and Aileen are highly experienced in the field and it was our pleasure to visit with them.

The TPH crew launched today's conversation: Mike Bradley shared key takeaways from E&P earnings this week, emphasizing a focus on return of capital and Matt Murphy chimed in with his thoughts on E&P earnings from his seat in TPH Research. Colin Fenton pointed out inflationary pressures in the housing market with demand for apartments at a 50 year high.

----------

Copyright 2021, 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. Securities – Canada, ULC, Perella Weinberg Partners LP, 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.