In a year that witnessed the price of oil diving from $65 to below –$40 per barrel, we have also seen the price of bitcoin advance from $3,915 in March to a new all-time high above $28,365 this week. A host of extraordinary factors contributed to these outcomes. Our sense is the value drivers in digital assets remain far more mysterious for most observers.

To help unpack what is going on in bitcoin and why, we are fortunate this week to be able to draw on the expertise of Daniel Masters. Danny is the Executive Chairman of CoinShares, a pioneering firm in digital asset management. CoinShares launched the world’s first regulated bitcoin investment fund in 2014, offered the world’s first bitcoin-based securities on a regulated exchange in 2015, and regularly publishes white papers on the digital asset ecosystem to help educate the public.

In this fascinating conversation, Danny explains why digital assets are better thought of as networks and utilities, rather than as mere ‘digital gold’. He elaborates on how these tools are presently achieving a new level of maturity and what that evolution holds for the future of payment systems and physical logistics worldwide.

Mr. Masters is no stranger to the land of commodities. Earlier in his career, Danny traded oil for Shell and Solomon Brothers and served as Global Head of Energy Trading at Morgan Guaranty Trust Company, now J.P. Morgan Chase & Co.

Colin Fenton sets the table with some charts that situate bitcoin’s valuation relative to technical signals and the trillions of dollars in new debt that have been deployed in response to the COVID-19 pandemic.

Thank you for watching this video, COBT’s final offering for 2020. As this challenging and historic year draws to a close, we wish everyone across the world a happy and healthy 2021!

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Copyright 2020, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC., Tudor Pickering Holt & Co Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors.

We had the exciting opportunity to visit with Ryan Clancy to discuss the $900 billion COVID relief bill passed by the US Congress on Monday. Ryan is the Chief Strategist at No Labels, an organization at the spearhead of a non-partisan movement "to find common sense solutions to our toughest problems." No Labels and its liberal, moderate, and conservative partners in Congress played an instrumental part in breaking the logjam to deliver this long-needed relief.  In the course of the conversation, Ryan highlights some of the issues around infrastructure and energy in particular that you won’t want to miss.   

You can read about how the No Labels caucus worked together to get the bill over the goal line in this New York Times article: "A Dinner, A Deal, and Moonshine: How the Stimulus Bill Came Together."

As always, the TPH crew launched the discussion with observations on the week in global markets: Mike Bradley flagged emerging headwinds in oil prices as liquidity dries up for the holidays, Matt Portillo explained why TPH Research is getting more constructive on natural gas, and Colin Fenton noted the energy components in the broader $1.4 trillion 2021 Appropriations Bill to set the scene for the discussion with Ryan.

Thank you for joining us for another episode.  And here's to wishing you a Merry Christmas and Happy Holidays from your friends at TPH!

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Copyright 2020, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC., Tudor Pickering Holt & Co Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors.

Last week, an oilfield services company tried to buy logo apparel for all its employees. This was to be a holiday gift after a traumatic year. But the apparel’s manufacturer refused the order. We are told the apparel company did not want to “co-brand” with an oil and gas firm despite the fact most, if not all, of its own products are produced from hydrocarbon feedstocks sourced from the oil and gas industry. 

Similar incidents are becoming all too frequent. They reveal how far our society has drifted away from a thoughtful and honest discussion about energy, the environment, and the economy. I think Scott Tinker refers to that intersection as the 3E’s. 

In this instance, the ‘offending’ company is Innovex. We were lucky to have its CEO, Adam Anderson, join us to talk about his experience. He explains why he decided to share his story through social media, where it received far more attention than he anticipated! 

The world seems to have a very straightforward choice to make: acknowledge the full scope of the benefits hydrocarbons provide to all our lives and include oil and gas in the planning and process of making the world a better place, or exclude the industry, continue to perpetuate the myth it alone is to blame for the world’s environmental challenges, and learn the hard way what its absence would truly cost. This was a fun and different interview, and we are so thankful Adam joined us. 

At COBT, we are resolved to help the public better understand the opportunities and choices that interlink us so that we can all make more informed decisions on how to support each other with respect and gratitude. 

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Copyright 2020, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC., Tudor Pickering Holt & Co Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors.

We were thrilled to host this week's session with Dr. Kenneth Pollack, Resident Scholar at the American Enterprise Institute (AEI). Dr. Pollack has an incredibly impressive background on Middle Eastern and National Security Policy. His experience includes a tour of duty at the CIA, serving twice at the National Security Council, working for the Joint Chiefs, and writing 10 books on the Middle East. Talking with Dr. Pollack was not only unbelievably engaging but just honestly fun. His candor, good nature, and intuition on these very serious matters was refreshing and super informative.


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Copyright 2020, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC., Tudor Pickering Holt & Co Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors.

The oil and gas industry is facing a serious challenge and that's finding outside capital. To tackle that issue from all angles, we assembled an all-star cast from the legal and financial communities.

The conversation starts in a very unique place ... and that's with the proposed Fair Access to Capital regulations coming out of the OCC. This unique regulatory proposal is aimed at preventing larger banks from discriminating against entire industries. The Gibson Dunn team led us in a fulsome overview of the current status. From there we hit Convertible Markets, Private Capital Markets, and Public Debt Markets.

Today's top-notch team of experts included:

​​​​Christopher Abbate, Partner of Riverstone and Co-Head of Riverstone Credit Partners
Kevin Lockhart, Partner, Capital Market Advisory, Perella Weinberg Partners
Arthur Long, Partner and Co-Chair of the Financial Institutions Practice Group, Gibson, Dunn & Crutcher
Shalla Prichard, Partner, Gibson, Dunn & Crutcher
Jason Wood: Founder & CEO, J. Wood Capital Advisors
As you will hear, Mike Bradley and Colin Fenton launched today's conversation by framing up the boundaries of today's markets. Towards the end, TPH's Craig Webster joined in with some recent Department of Labor proposals that could impact ESG funds. There wasn't enough time to unpack it all today but we certainly covered a lot of ground.

Many thanks to you all for your friendship. We sure hope you enjoy!

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Copyright 2020, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC., Tudor Pickering Holt & Co Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors.

Somewhere between a new Administration, the lead Iranian nuclear scientist being killed, and an ongoing OPEC meeting, we were hungry this week for Middle Eastern and Washington insights.  We were so lucky as we found our good friend Ambassador Edward Djerejian of Rice University's Baker Institute for Public Policy to help us sift through the issue.

Ambassador Djerejian served 8 presidents from John F. Kennedy to Bill Clinton during his career in the U.S. Foreign Service.  He was also a former ambassador to Israel and Syria, stationed in the USSR during the Cold War and previously chaired the Advisory Group on Public Diplomacy in the Arab and Muslim World.  We touched on everything from the Arab Spring, the Iranian Nuclear deal, the Russians, the Chinese, why Syria matters more than you think, and a whole range of issues in between.  The chessboard that the new Administration faces drove much of the conversation.  In our discussion, we were of course listening carefully for clues on which way oil could be headed.    

We kicked off the discussion with our usual COBT Team: Mike Bradley gave us market perspective on OPEC and oil and stock prices, Matt Portillo provided the latest natural gas macro outlook from the TPH Research Team, and Colin Fenton gave an OPEC production and production quota pregame ahead of the Ambassador Djerejian discussion.  

We also had a special appearance from Deanna Zhang, a Director on our TPH Energy Tech team to preview our fourth Energy Disruption Conference [D4: Rebellion] happening next week.  The conference is a virtual 360 degree immersive format kicking off in Houston on Monday, Dec. 7th followed by Denver on Wednesday, Dec. 9th and closing out in Boston on Friday, December 11th.  Please join us for D4: Rebellion.  Click the link for details or locate more information below.  We also want to congratulate Deanna today on being named a Forbes' "30 Under 30" up and comer in Energy.  Way to go Deanna!  We are so very proud of you! 

So we had a lot happening today.  We are sure you will enjoy it all.  The Ambassador was fantastic.

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Copyright 2020, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC., Tudor Pickering Holt & Co Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deem

First and foremost, HAPPY THANKSGIVING! 2020 has presented many challenges that remind us all how much we have to be truly thankful for.

To celebrate and say thanks (and provide you a special Thanksgiving Day COBT surprise), we found energy folks working in the fields and facilities today -- on Thanksgiving! -- who could take a minute and tell the rest of us a little bit about their job. We hit the jackpot!

We made some great new friends:

Chad Bachmeier | Continental Resources - Tioga, North Dakota
Nick Newland | Diamondback Energy - Pecos, Texas
Steve Lane | Liberty Oilfield Services - South Texas
Ted Kenny | Phillips 66 - Linden, New Jersey
Jeremy Carver | Plains All American Pipeline - Midland, Texas

Without the dedication and sacrifice of men and women like these, we couldn't have the Thanksgiving celebrations we all love. We hope you enjoy this “energy in action” show as much as we did.

From your friends at TPH - we hope you have a wonderful Thanksgiving!

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Copyright 2020, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC., Tudor Pickering Holt & Co Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors.

This week is all about being thankful and on that note, we were especially thankful to visit with our good friend Ken Hersh. Ken is the President and CEO of the George W. Bush Presidential Center located in Dallas, Texas. He was also the CEO of NGP from 1988 to 2015. We couldn't think of a better person to help us mix policy, energy and life into a Thanksgiving casserole than Ken.

As you may or may not already know, the Bush Presidential Center works to support a variety of important domestic initiatives including economic growth, military service, education reform, global health, and women's empowerment to name a few. Ken draws on his Bush Center experience and his almost three decades working in energy to talk about everything from the energy transition, to the grace and dignity of the Bush Family, and finally to his optimistic outlook for the future.

Our TPH crew kicked things off: Mike Bradley and Matt Portillo covered oil market performance and expectations. Colin Fenton had a potpourri of data points covering everything from global market data to potato chip market trends. It was an exceptional lead-in to an exceptional guest.

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Copyright 2020, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC., Tudor Pickering Holt & Co Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors.

We were thrilled to have the opportunity to visit with Giorgio Bresciani and his colleague Dickon Pinner, both Senior Partners at McKinsey & Company. Giorgio, based in London, is McKinsey's leader of their Global Oil & Gas practice and Dickon leads McKinsey's Global Sustainability Practice from San Francisco. We had a robust discussion of the energy transition and in particular the role oil and gas and the capital markets may both play as it all unfolds. To kick things off, Mike Bradley gave an energy trading market and sentiment update and Colin Fenton prepped us for the McKinsey discussion with a presentation on recent COVID data, the vaccine news, and the implications for energy demand.

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Copyright 2020, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC., Tudor Pickering Holt & Co Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors.

With the election behind us and the transition of a new administration on the horizon, we decided to call on two great friends of the firm and previous COBT guests for a COBT "Special Edition." We were thrilled to have the opportunity to visit with two great ambassadors of the oil & gas community: Leslie Beyer, President of PESA (the Petroleum Equipment and Services Association), and Anne Bradbury, CEO of AXPC (the American Exploration & Production Council).

Both Leslie and Anne gave us their thoughts on the "Biden Effect" and let us ask their views on some of the burning questions we are all asking.

Mike Bradley launched the conversation with market sentiment and passed it to Colin Fenton to give a fantastic overview/analysis of President-Elect Joe Biden's previously announced plans for the Energy Sector.

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Copyright 2020, Tudor, Pickering, Holt & Co. The information contained in this update is based on sources considered to be reliable but is not represented to be complete and its accuracy is not guaranteed. This update is designed to provide market commentary only. This update does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing contained in this update is intended to be a recommendation of a specific security or company nor is any of the information contained herein intended to constitute an analysis of any company or security reasonably sufficient to form the basis for any investment decision. Past performance is not indicative of future results. Tudor, Pickering, Holt & Co., and its officers, directors, shareholders, employees and affiliates and members of their families may have positions in any securities mentioned and may buy or sell such securities before, after or concurrently with the publication of this update. In some instances, such investments may be inconsistent with the views expressed herein. Tudor, Pickering, Holt & Co. may, from time to time, perform or solicit investment banking or other services for or from a company, person or entities mentioned in this update. Additional important disclosures, including disclosures regarding companies covered by TPH’s research department, may be found at www.tphco.com/Disclosure. Tudor, Pickering, Holt & Co. (TPH) is the global brand name for Tudor, Pickering, Holt & Co. Securities, LLC., Tudor Pickering Holt & Co Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC and their affiliates worldwide.
 
Institutional Communication Only. Under FINRA Rule 2210, this communication is deemed institutional sales material and it is not meant for distribution to retail investors.