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.

C.O.B. Tuesday Ep. 57 - "Adapt and Be Adept" Featuring Terry Anderson

C.O.B. Tuesday