With so much in the news recently about the private "Race to Space," you may share a curiosity of ours, and that is "how far along are the commercial space businesses that have planted roots in Texas?" We have specifically been drawn to the exciting developments rapidly unfolding at Boca Chica, Texas just outside Brownsville. Our chance for an in-person tour and expert briefing came when we reconnected with friend, technology entrepreneur, former NASA astronaut, and current President of Robotics and Space Operations at MDA, Tim Kopra.
​​​​
Tim connected us with Brownsville's dynamic mayor Trey Mendez. Trey graciously helped arrange - and both Trey and Tim joined us for - a VIP tour of SpaceX. We walked through both the spaceship assembly plant and the launch site. We were blown away by the sheer scope of what Elon Musk and his team have built in just eighteen months. As we remark in the video, "it looks like a miniature Manhattan."

Trey also sat down with us to share his vision for building on this success. With a firm commitment to quality of life, Brownsville aims to attract the world's smartest, most competitive, most forward-looking and most fun businesses and people to this beautiful seaside community on the Gulf of Mexico. Trey, Tim, and everyone in the Brownsville ecosystem are passionate about forging Texas as the launch pad for humanity's permanent off-world research stations and settlements across the universe.

We kicked off the session with some great pregame from our team. Mike Bradley walked us through the latest specifics on OPEC+ supply plans and their effect on oil prices. Matt Portillo gave us a preview for earnings season, and Colin Fenton got us in "Space Shape" with some tailored space-oriented observations.
​​​​​
Thursday was incredible. Brownsville is experiencing massive growth and transformation. If Cape Canaveral or Huntsville was "the place to be" for aerospace engineers and explorers in the 20th Century, Brownsville surely makes a compelling case as the new frontier heading toward the 22nd Century. We are so excited about the hub for interplanetary exploration that's being built here in South Texas.

----------

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 an