We have been looking forward to today's session for awhile now! We were so pleased to be joined by Susan Waller, Executive Director of Natural Allies for Clean Energy, and Mike DuHaime, Partner with Mercury Public Affairs, to discuss their efforts to change the conversation around natural gas.

Natural Allies for Clean Energy advocates for a clean energy future that begins with affordable and reliable natural gas. Susan and Mike shared background on Natural Allies, their current projects, and how we can work together to emphasize natural gas's importance.
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We kicked off the session with our usual COBT team: Mike Bradley and Matt Portillo gave a recap on earnings so far and shared macro trends for E&P companies this quarter. Colin Fenton prepped us for the discussion with a few slides on the current natural gas market.

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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.

First and foremost, we hope you and your loved ones are safe and warm during this winter storm that is affecting nearly 25 states. We had several topics to discuss in today's session, starting with a power (or lack of power) update and explanation of the power systems in Texas by Jordan McNiven and George O'Leary from the TPH Research team.

​​​​​To expand on current conditions in the field, we were so pleased to be joined by David Adams, Senior Vice President of North America Business Transformation with Halliburton. David gave a great overview of the main roadblocks the industry is facing to continue operations in this weather.

​​​​​​Our other star guest of today's show is Anish Kapadia, Founder and Managing Director of AKap Energy. To make things even 'cooler,' we discussed Anish's recent detailed report on the helium market including some background on helium, it's main uses, unique properties and production. ​​​To contact Anish for his helium report, please find his details at the website linked here.
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Our expert TPH crew kicked things off: ​​Mike Bradley prepped us for what we can expect from E&P companies going into Q4 earnings tomorrow and Colin Fenton chimed in with commentary preparing us for the discussion with Anish.

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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.

You may already be familiar with the topic of today's show: ranked choice voting (also known as instant runoff voting). We were thrilled to be joined by two experts on the topic, Harriet Wasserstrum, Co-Founder and Chair of Ranked Choice Voting for Texas, along with Mark Jones, Ph.D., Fellow in Political Science and Chair in Latin American Studies for Rice University's Baker Institute.

Harriet walked us through a summary of how ranked choice voting works and how it is currently being used. "Ranked Choice Voting for Texas" is a nonpartisan, non-profit organization that advocates for the adoption of ranked choice voting for primary and general elections for local, state, and federal elections in Texas.

At this point you must be wondering, how does this all fit in with energy policy and the usual areas of interest for COBT? Here is how it fits in - it's a voting system that encourages more candidates, more voting, and perhaps more moderation and more centrism. What we need in energy, climate and economic development policies are more balance... more predictability... and more common sense. Perhaps Ranked Choice Voting could help us achieve those and other "moderate" goals? That's overly simplistic but please listen and see what you think. We had a great discussion!

We also had our expert TPH crew: Mike Bradley covered the delay on the DAPL hearing and Colin Fenton took us back to Sunday night's Super Bowl to discuss two automotive commercials and why they were both unique cultural moments.

Thanks to you all and see you next week!

Today's show was all about President Biden's recent executive order to "pause" oil and gas leasing on federal land. To help us discuss the scope of the order and how it's going to affect oil and gas, now and in the future, we were thrilled to be joined by two key ambassadors of the oil and gas community:

Kathleen Sgamma, President of the Western Energy Alliance
Ryan Flynn, President & CEO of the New Mexico Oil & Gas Association

Both of these organizations seek to represent oil and gas companies in New Mexico and across the West, where so much of the federal acreage is concentrated. Ryan and Kathleen shared their perspectives and left us feeling hopeful for the industry's future.
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Our TPH crew, Mike Bradley, Matt Portillo, and Colin Fenton kicked things off with a market update. Jake Roberts made his COBT debut and provided an overview on federal acreage to prepare for the discussion. 

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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.

Today we had the pleasure of hosting Robert Catell, Chairman of the Advanced Energy Research and Technology Center ("AERTC") at Stony Brook University (go Seawolves!). Bob was previously the Chairman and CEO of KeySpan Corporation, the former Brooklyn Union Gas.

The AERTC's mission is to innovate energy research, education and technology deployment with a focus on efficiency, conservation, renewable energy and nanotechnology applications for new and novel sources of energy. Our discussion begins with some background on Bob's distinguished energy and power career and continues to discuss Stony Brook and their goal to develop the new technologies necessary for the energy field going forward. We are really excited about the work Stony Brook and the AERTC are doing. Thank you Bob for letting us be students today!

Our TPH crew, Mike Bradley and Colin Fenton launched the discussion with a brief energy and commodity market update. Colin explained how data from the NYM crude oil options market reveal derivatives traders were not surprised by the new Administration's policy decisions on Keystone XL, Dakota Access, or new leases on Federal lands and are, as of this week, more concerned about passing through the midpoint of a mild winter.

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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.

We bring you a special weekend edition of COBT. Our focus is one of the key factors for the future of energy: electric vehicles and their place in the rapidly evolving outlook for the global automotive sector. 

Earlier this week TPH Research launched coverage on this critical sector with a comprehensive 85-page report. The assessment is an incredibly detailed, thoughtful, and readable piece on the outlook for EVs across more than a dozen countries and a dozen manufacturers, with a look at the knock-on implications for global gasoline demand and power. 

This work was truly the fruit of many months of data gathering and contemplation by the entire TPH Research team. We could not be prouder of their superlative effort to produce this timely and valuable analysis. To drive us through the highlights of the work, co-author Colton Bean joins Head of Research Matt Portillo as guest presenter in this video. 

To get our motors revving, Colin Fenton brings us up to speed with commentary on two important developments in the week: (1) a technical breakdown in the bitcoin spot price, and (2) President Biden’s executive order to return the United States to the Paris Agreement and all its articles and clauses. Colin also provides a fact-based dashboard on raw materials content in US light-duty vehicles as well as evidence that more Americans with driver licenses are driving fewer cars. Hello Uber and the future of ride sharing! 

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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.

Welcome to another edition of COBT! There is no shortage of news this week with the inauguration of President Elect Joe Biden and his potential plans for executive orders in early days of his administration. We were pleased to be joined by Gregory Wrightstone, Executive Director at CO2 Coalition and Author of "Inconvenient Facts" to discuss a number of climate related topics.

Another big topic is the possible Keystone XL Pipeline permit cancellation. Matt Taylor, Director of Research from TPH's Calgary office joined COBT for the first time this week to share reactions to the potential cancellation and its implications for Canada.

And of course, we had the regular TPH crew: Mike Bradley and Colin Fenton jumped in to cover oil markets, a discussion on whether E&P companies can issue equity, US imports from Saudi Arabia, and US exports of crude oil and propane.

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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.

We were delighted to visit with Jeffrey Harris, Founder of Global Reserve Group for this week's COBT session. Jeffrey is a fantastic guest, friend, and energy leader. As you all know, our goal is to host an open and intellectually honest conversation - Jeffrey was a fantastic contributor to that effort.

Our TPH crew launched today's conversation: Mike Bradley provided a market update, Matt Portillo gave an update on TPH Research's gas upgrades and passed it to Jordan McNiven to cover TPH Research's latest LNG report from this morning. Colin Fenton's interesting tidbit of the week includes corn, wheat, and soybean prices!

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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.

We are pleased to bring you this "Special Edition" discussion with Bob Harvey, President and CEO of the Greater Houston Partnership ("GHP"). Joining Bob in today's discussion is TPH's own Bobby Tudor, who is also proudly GHP's Chairman.

GHP is a unique pro-business, pro-community, All-Houston organization. Bob has been its leader for 8 years now and has seen energy ups and downs, Hurricane Harvey, and now COVID-19, just to name a few. With COVID-19 cases rising, but also with vaccinations rising, we thought this was a great time to get a check in on the health of the city from two people who know it really well.

Bobby has led the energy transition discussion at the GHP, something his position as a community leader and original TPH founder has helped him do. As we talked to Bob, Bobby added his perspective as a business leader, energy professional, and proud Houstonian.

Bob takes us on an incredible tour of what's happening in America's 4th largest city. As it's not just our home but also our industry's capital, we thought you would all be interested.

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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 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.

For our first session of 2021, we were thrilled to welcome back an esteemed guest and great friend, Robert Bryce. Robert's experience includes being an acclaimed author, moviemaker, speaker, columnist, and much more.

Today's focus was all about Saudi Arabia and Georgia. We also took a look back at 2020 and ended with our favorite energy moments of the year.

Our TPH crew kicked off the discussion: Mike Bradley covered Saudi Arabia's production news and Matt Portillo discussed energy stock valuations and TPH Research's themes for 2021. Colin Fenton prepared us for our discussion with Robert with a few slides on Georgia, fundamentals, inflation, and bitcoin.

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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 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.