C.O.B. Tuesday

You never know who you might meet on the ski chairlift! As you'll hear, today we had the pleasure of hosting Terry Anderson, a great friend, author and scholar. Terry is the John and Jean De Nault Senior Fellow at Stanford University's Hoover Institution and is the author or editor of nearly 40 books. Terry is also a Bozeman Montana "FOL" - friend of Lance. Lance as in Lance Gilliland, Managing Director and Co-Head of Energy M&A at TPH. Together, we all had a great discussion around Terry's most recent book, "Adapt and Be Adept: Market Responses to Climate Change." We touched on everything from free speech at our universities to what works and what doesn't when it comes to combating climate change. We spent a fair amount of time on the underlying concept of cost-benefit... something Washington policy makers seem to be forgetting a little more each day. ​​​​Our TPH crew launched today's conversation: crude oil, OPEC, and what happens next was the main topic as Mike Bradley discussed current market sentiment, and "doing more with less" was Matt Portillo's theme as he discussed some of TPH Research's recent analysis of "maintenance versus growth" in US shale over the next few years. ​​​​As always, thank you for joining! We hope you enjoy!  ---------------------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 have all heard countries, states, cities and companies announce their plans to be somewhat or fully carbon neutral by 2030 or 2035 or 2050 or 2060... but the question remains, how are they... and how are we... going to really do that? For a Special Edition COBT this week, we were thrilled to visit with a great friend, Corby Robertson, to learn about the Carbon Neutral Coalition that is tackling this all important question. Surely significant carbon capture will play a meaningful role. We all know, however, that it won't happen in the scale we need unless we get the economic and market and legal structures right. The Carbon Neutral Coalition's mission is for the State of Texas to become carbon neutral by 2050 and maintain a robust economy that provides a good standard of living and affordable energy, products, and services. To do so, they are bringing together energy companies, environmentalists, politicians and regulators. As Corby points out, by working together with all these groups, the oil and gas industry could lead us to become a carbon neutral world. Be prepared for a great and detailed walkthrough from Corby. We loved it! As you will hear, Corby also references a National Petroleum CCUS report. The NPC Petroleum report is linked here. You may find more information on the Carbon Neutral Coalition and their full list of recommendations linked here as well.   Thanks again, Corby, for a great discussion and many thanks to you all too! Have a great weekend!​​​ ---------------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 was really fun! We got the chance to spend an hour with Brian Sullivan, host of CNBC's "Worldwide Exchange" and a great friend of the firm. Brian has over 20 years of financial journalism and television experience, including serving as an anchor at Fox Business News as well as a producer, reporter and anchor for Bloomberg Television. He is also a Senior National Correspondent for the network.Brian has been sitting in one of the most interesting chairs in the world over the last year. The stock market swings, the money flows, the Covid-induced effects on people and business, the election... you name it, he saw it up close and personal. It was great to catch up and reflect over all that has occurred in the past year.As always, our TPH crew kicked off the session: Mike Bradley touched on what was said on this week's Saudi Aramco earnings call and Matt Portillo discussed current and projected drilling and fracking activity levels for 2021. Colin Fenton discussed last week's Oil Market Update Webinar hosted by Rice University's Baker Institute for Public Policy.----------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.

This week the TPH Research Team came out with a "macro" hydrogen piece. Entitled "Jack of All Trades or a Master of None?" the report stares into the future and examines the prospects for all colors of hydrogen. Today we had a walkthrough with our team to learn more.In today's Special Edition, you'll hear Matt Portillo and Jordan McNiven provide some of the highlights and answer a few of our questions. If you are interested in the full report, please reach out to your TPH representative to learn more.Since we had Mike Bradley today too, you'll hear we also asked him to comment on yesterday's red screen and one that was pretty green today.---------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.

With baseball opening day right around the corner (April 1), we've dubbed today an "energy doubleheader!"We started with a discussion about this year's CERAWeek conference. We were so pleased to be joined by Dr. Atul Arya, Senior Vice President and Chief Energy Strategist at IHS Markit to speak to the conference's highlights and top themes. With everything from Biden, SPACs, the Energy Transition, and the ever changing future of oil and gas on their minds, over 19,000 attendees gathered virtually for what has to have been the most fascinating CERA yet. Atul takes us behind the scenes and provides some keen insights. For additional information about the conference and summaries of panel discussions, click here.We then segued to a presentation by TPH's subsurface technical team. We had posed this question to them - what are the five most interesting things happening in the Lower 48 today? Kirk Chatawanich (Chief Technical Officer), EJ Snikeris (Executive Director) and Erica Powell (Director) made their COBT debut to give us their views... and as you will hear, item 5 is a new energy angle on some classic oil and gas technology. Absolutely fascinating stuff.Our TPH crew warmed up in the bullpen before we got really rolling with our guests. Mike Bradley gave a brief energy market update, Matt Portillo discussed TPH's latest report on Hydrogen (hot off the presses today!), and Colin Fenton peppered in some comments on demand and the recent crude import data from China. Chinese data always tells you something interesting!----------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! This week we were thrilled to be joined by Tisha Schuller, Founding Principal of Adamantine Energy and Author of "The Gamechanger's Playbook: How Oil & Gas Leaders Thrive in an Era of Continuous Disruption" to discuss a number of energy and environmental related topics.Tisha's experience includes environmental consulting, company advocacy, policy, politics, and academia. You can find her podcast, "Energy Thinks," linked here. We had a fantastic discussion covering her background, her latest book, and as you will hear, how millennials will greatly influence the future of energy and energy companies. In the spirit of sharing knowledge, we challenge you to forward this video to your favorite millennial!We kicked off the session with our panel of TPH experts: Matt Portillo and Mike Bradley provided a market update and summary of upstream valuation methods then passed it to Colin Fenton who shared ten observations on commodities as we approach the one year anniversary of the COVID-19 lockdown.

For the last few weeks, we have been asking ourselves "what do all these US energy policy decisions (especially Keystone) look like from the Canadian vantage point?" We set out to find a guest that could help us feed that curiosity. Wow did we score!We found Alex Pourbaix, President and Chief Executive Officer of Cenovus Energy, headquartered in Calgary. Alex was great and gave us an update on how Cenovus is doing as well as their current areas of focus. We of course asked him for his Canadian perspective on a few public policy areas as well. Alex and Cenovus are true advocates for the industry and it was clear we share a lot of the same perspectives cross-border!We kicked off the session with our usual COBT crew: Mike Bradley gave his predictions for the OPEC+ meeting taking place later this week and Matt Portillo shared a few slides from TPH Research's recent Battery Cost Update. Colin Fenton shared his observations so far from CERAWeek by IHS Markit taking place this week, noting a special emphasis on the importance of hydrocarbons! It has been a great conference so far and has us excited for the future.I also want to add that we broadcasted today's discussion from the Petroleum Club of Houston which is celebrating their 75th Anniversary this year. Should you ever need a meeting space or lunch spot in Houston, Jeremie Millwee and her team will surely be able to help. Thank you Jeremie and PCOH for your hospitality today!----------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 bring you a special edition to lift your spirits and your weekend out of this world! In fact, toward Mars, where the Perseverance rover has made a spectacular landing on the red planet in pursuit of new science. Leading our virtual mission from his post at Caltech is our good friend, John Grotzinger. John is a professor of geology and geobiology, and the division chair for Geological and Planetary Sciences, at that esteemed university. Prior to moving to Caltech in 2005, he spent 18 years as a member of the faculty at the Massachusetts Institute of Technology (MIT). John is a member of the National Academy of Sciences, a recipient of NASA's Distinguished Public Service Medal, and one of three inaugural advisory board members at Halliburton Labs.As if those credentials were not impressive enough, John is uniquely well qualified to explain Perseverance's significance. He served as chief scientist for the Mars Curiosity rover mission from 2007 to 2015. As John explains in our video, the informed risks taken during that mission, and lessons learned, enabled the Perseverance mission to push boundaries never before attempted. His explanation of the drill bit on the rover is not to be missed!Colin and I, both space enthusiasts, could barely contain our excitement. We hope you find this conversation with a genuine 'rock and rocket' scientist as stimulating as we did!----------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 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.​​​​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.----------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.​​​​​​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.----------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.