We are very excited to share this edition of "COBT On the Road" from Van Horn, Texas! This week, we had the amazing opportunity to continue our exploration of space endeavors throughout Texas with a visit to Blue Origin. As part of our behind the scenes visit, we heard the Blue Origin team describe their mission to “build a road to space, step by step ferociously." Our travel squad this week included our good friend Tim Kopra, Former Astronaut and Vice President of Robotics and Space Operations at MDA, Mike Bradley, Managing Director, Capital Solutions at TPH, Harvin Moore, Principal of Frontera Technology Ventures, and Gary Morris, Senior Advisor at TPH with our Energy Technology team.

It was an extraordinary visit. Seeing people doing what some would have said was impossible not long ago is tremendously inspiring. The people at Blue Origin are world class and could not have been nicer hosts. In addition to our Blue Origin facility tour we also went into Van Horn and had a great local lunch. The opportunities and the challenges in Van Horn are not unlike those we encountered in Brownsville when we saw SpaceX. One of the key takeaways from both visits is it's important to see what's happening as a launch pad to an entirely new industry, and not just near term experimentation. What all of this could look like in ten years (just to pick a date) truly blows the mind. We at TPH are having a ton of fun thinking about all the possibilities and hope you are too.

As you will hear, we kicked off with today's market update segment with the COBT crew: Colin Fenton joined live from New York (fittingly from a cab) and shared some of the events taking place this week in the city including Climate Week and Biden’s address to the UN. Mike Bradley touched on inflation trends and passed it to Matt Portillo who had a number of updates including TPH's RNG Conference last week, the LCFS market, the recent TPH Research Capital Allocation piece and getting back on the road with TPH Research.

Visiting Blue Origin was certainly an exciting opportunity for us, but nothing nearly as exciting as the opportunities that the new space race presents to all of us. We hope you enjoy it as much as we do!

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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.

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C.O.B. Tuesday Ep. 82 Live from Van Horn, TX at Blue Origin: “Building a Road to Space”

C.O.B. Tuesday