We had the pleasure of visiting with Chet Thompson, President and CEO of the American Fuel & Petrochemical Manufacturers (AFPM) for this week's session. Chet joined us live from Washington where he and his team are working relentlessly to advocate for domestic refiners, petrochemical and midstream companies as well as educating policymakers and the public on the value their members provide for our nation and the world. We had an engaging and timely discussion given the recent proposed tax increases on American refined energy and plastics as well as just the rapidly changing backdrop of rising energy prices globally.

Our discussion begins with some background on AFPM and how they have grown since they were founded in 1902. Currently representing 60+ member companies and 300+ associate members, their focus is on policies, regulations, and legal challenges impacting the downstream sector. As part of their education efforts, AFPM has an entire campaign dedicated to displaying the role petrochemicals play in all of our lives, "We Make Progress." We covered the whole waterfront of issues with Chet and came away super impressed with the depth of what AFPM is doing for the energy transition debate.

To kick off the session, the TPH crew shared current news and themes from this week: Mike Bradley shared energy commodity and equity weekly performance, fertilizer prices vs. Bloomberg's agricultural index and continued his segment of top energy headlines from the last 48 hours. Matt Portillo shared key takeaways after spending time on the road in NYC and Boston and gave us some teasers from his GM analyst day visit. Matthew Blair joined to set the petrochemical stage for our discussion with Chet and Colin Fenton compared the current $80 oil price to oil prices around the world and the odds that we reach $100 crude.

----

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. 85 Fueling Up with Chet Thompson

C.O.B. Tuesday