As we previewed in the midday note yesterday, COBT this week featured a robust conversation of the policies and the politics of energy. It was our way of preparing for last night’s first Presidential Debate. Our discussion covered a lot of ground and was particularly focused on the election’s implications for oil and gas. Thank you for all of the suggested questions and topics!

With so much to cover, we dove right in (no pregame this week on the markets) with guests Bob McNally, President of Rapidan Energy Group, Glenn Schwartz, Director, Energy Policy Service of Rapidan Energy Group, and Charlie Gerow, CEO of Quantum Communications. Speculating on what MIGHT come out of Washington DC is a difficult chore but the Rapidan team laid out a number of thought-provoking scenarios. Charlie Gerow is an expert in all things “Pennsylvania energy” and gave some real life color as to how the energy/election debate is shaping up on the ground there. A big thank you to these three gentlemen for joining us and tackling some tough issues.

Our TPH regulars, Matt Portillo, Colin Fenton, and Mike Bradley also helped frame the discussion with questions and observations throughout the session. As always, many thanks to them too. At one point Colin references “existential millenarianism.” We had to pause on it too but it’s the belief (sometimes fantasy) that “all things will be changed.” Tune in and see what he means.

Energy politics isn’t an easy topic but energy policy is obviously really important. We hope today’s discussion adds some new dimensions to the debate for you.

----------

Copyright 2020, 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 Advisors LP, Tudor, Pickering, Holt & Co. Securities – Canada, ULC 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.

C.O.B. Tuesday Ep. 31

C.O.B. Tuesday