We were honored and delighted to host Doug Terreson today. Doug is the Chief Investment Officer of Jubilee Investments and a Board Member of Phillips 66. While difficult to summarize Doug's distinguished career in Wall Street research, he has served as the Head of Global Research for over 25 years between Evercore ISI, ISI, and Morgan Stanley. During this time, he made several big calls which signaled a change in the direction the world was going. His dynamic perspective and enthusiastic attitude were energizing. We had a wonderful visit!

In our discussion, we looked at how the industry has evolved throughout Doug's career and how we may be able to predict the sector's performance in the next ten years. One of the major themes in our discussion was capital discipline and the link to strong market performance. We touch on everything from consolidation in the 90s compared to consolidation today, regulatory risk, energy private equity's explosion, the era of the super major, outside influences including OPEC+ and China, and more. It was an engaging and insightful discussion and we hope you enjoy it as much as we did!

We had a quick lead-in to kick us off: Mike Bradley provided a timely earnings update and had an interesting tidbit about LNG and IG mentions in last week's earning calls. Colin Fenton reported live from Stanford University, where he is attending their Energy Solutions Week conference, and shared tidbits and a few interesting panel topics from the event.

Huge thank you to Doug for sharing his time and expertise with us and thanks to you all for your support and friendship!