We are pleased to share with you a very unique and special COBT episode that provides a glimpse into America’s proud energy past and highlights some of the great life lessons the American West and the oil patch can impart. Today we had the great pleasure of visiting with Hank True and Dave True of the True Companies. The True family is celebrating the 75th anniversary of True Companies, which was founded by Dave and Hank’s father, Dave True, Jr. in 1948. True Companies includes the following businesses: True Oil, True Drilling, True Ranches, Toolpushers Supply Company, Black Hills Trucking, Measurement Services LLC, Bridger Pipeline LLC, Eighty-Eight Oil LLC, Equitable Oil Purchasing Company, Hilltop Bank, Flowstate, and Brick and Bond, in addition to numerous other ranches and properties. The 75th anniversary celebrations are being held in Houston, Oklahoma City, and the Company’s headquarters city of Casper, Wyoming. The significance of the Company to the state of Wyoming and to energy can clearly be seen in the description of the Company’s anniversary from this summer’s Congressional Record, linked here. 
 
You’ll hear many interesting points in our discussion. True Companies is an extremely large and complex organization, with approximately 1,150 employees in eleven states. Their business includes several aspects of energy including pipelines, oil and gas, oilfield services, technology, as well as agriculture and banking. What drew us to the Trues was not just the 75th anniversary but their reputation for leadership, involvement in the community, and their extensive and rich history. Large family-owned companies are becoming more rare in today’s modern world and it is refreshing to see the mindset of a private enterprise as they face challenges and take advantage of opportunities. Hank and Dave’s brotherhood/partnership is fascinating to watch as they reflect on the love and respect they have for their parents, how their parents raised them, lessons from summers spent in a modest cabin, and as they share wisdom learned from now three generations of an energy company and the ruggedness and toughness that was instilled in them. Their family’s story is a reminder of the American dream, building something from nothing, and of the energy industry’s grit and determination. It was a fantastic conversation and we are most honored the True brothers would share their reflections with us. 
 
Mike Bradley kicked us off by sharing concern over global markets as they remain remarkably calm despite the Israeli-Hamas war. He highlighted that 10-year bond yields have surged from Friday’s close of 4.6% due to strong retail sales stats and are pushing towards trading highs of 4.9%. While bond traders expect the FED will pause rate hikes at the upcoming November 1st FOMC meeting, hotter than expected economic stats could change their calculus. He noted WTI crude oil prices have seen a modest increase over the past five trading days, reaching around $87/bbl., and that crude oil price volatility seems to be influenced weekly by demand or supply concerns, with this week’s supply concerns dominating including Cushing and SPR crude oil storage levels. He flagged the Biden Administration surprised the market by announcing an easing of Venezuelan oil sanctions and further noted crude oil traders are much more concerned with what direction the Biden Administration might take on Iranian crude oil sanctions. He wrapped by highlighting Oil Services Q3 reporting begins this week with Liberty Energy and Schlumberger reporting this week. Jeff Tillery also joined and added his perspective and questions in our discussion. 
 
We were delighted and very thankful to visit with Hank and Dave. As we shared at the end, everyone we’ve come across that knows the True family holds them in high re