C.O.B. Tuesday

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376

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Aug 2026

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About the show

C.O.B. Tuesday is a weekly one-hour talk show that serves as a knowledge pipeline for the energy industry and the energy curious. We host honest, timely, conversations with people we believe can improve the discussion, can provide new perspectives, can share unique insights into key energy issues, and can discuss inventive, pragmatic solutions for a stronger energy future. Produced by Veriten.

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August 19, 2026Episode 3411 hr 33 min

"The Art Of The Possible Is Phenomenal" – Francisco Leon, California Resources Corporation

We are excited to continue our California COBT Series with a discussion featuring Francisco Leon, President and CEO of California Resources Corporation (CRC). This episode was the culmination of a full day with the CRC team studying California’s oil and gas complex firsthand. We started at the Port of Long Beach, traveled north to CRC’s Elk Hills operations near Bakersfield, and ended the day in Santa Clarita, where we sat down with Francisco to discuss what we had seen and the broader outlook for California energy. Along the way, we visited with Dean Persinger, Vice President of the Wilmington Production Complex, at the Port of Long Beach; Gabby Gonzales, Senior External Affairs Advisor, at Elk Hills to discuss CRC’s community engagement efforts; as well as Joe Jephson, Engineering Manager at Carbon TerraVault, and Brent Ilott, Vice President of Operations of the Elk Hills Production Complex. The day gave us the opportunity to see the breadth of California energy production up close and better understand the infrastructure and policies shaping the state’s energy system. It was a unique opportunity to see CRC’s operations firsthand and spend time with the people working across the company’s California footprint. In our conversation with Francisco, we discuss the changing energy landscape in California and the state’s efforts to balance affordability, reliability, environmental priorities, and local energy production. Francisco shares his perspective on a more constructive environment for energy investment, including improved permitting activity in Kern County and the growing focus on the costs and energy-security implications of relying on imported energy. We discuss CRC’s evolution into a broader California energy platform and the significant optionality across its existing asset base. We explore the history and future of CRC’s Long Beach and Elk Hills operations, including conventional oil and gas production, power generation, carbon capture and sequestration, and the proposed Golden Valley data center development. We cover CRC’s recently announced Crimson acquisition and the strategic value of ~2,000 miles of pipeline infrastructure across California, the company’s broader consolidation strategy following the Aera and Berry transactions, and how CRC could increasingly serve as both an operator and an enabler for additional capital, partnerships, and development in the state. Francisco also shares his thoughts on company culture, community engagement, and the importance of working constructively with regulators, political leadership, and local communities. Mike Bradley patched in and kicked us off by noting that the 30-year U.S. Treasury yield was trading at ~5.3%, its highest level in two decades, despite relatively subdued inflation data the previous week. He highlighted the record pace of bond issuance financing the AI infrastructure buildout and the possibility that it could be competing with heavy U.S. government issuance for capital and contributing to higher borrowing costs. Turning to equities, both the Dow and S&P 500 have modestly declined this week as second-quarter earnings season winds down and investors look ahead to NVIDIA’s results next week. In energy markets, WTI crude had risen ~$3/barrel this week to ~$85/barrel, largely reflecting expectations that the Iran conflict will remain an ongoing issue as the 60-day MOU expires. European natural gas prices have also increased to ~$22/MMBtu, up ~$2/MMBtu over the past couple of weeks. TTF prices are now up ~140% this year, with EU storage levels, particularly in Germany, well below seasonal five-year averages and below levels seen in 2021 ahead of the sharp increase in gas prices during the 2021-2022 winter. The energy sector has posted modest gains alongside higher crude prices. With second-quarter earnings largely complete, Mike expects sector performance to be driven by oil prices, the broader equity market, and company-specific fundamentals. In power, he highlighted Pennsylvania Governor Josh Shapiro’s executive order imposing stricter oversight on proposed data centers, including electricity and water-use guidelines and local approvals, effectively giving communities greater influence over siting decisions. Mark Castiglione joined us throughout the day and added his questions and perspective to the discussion.

August 12, 2026Episode 3401 hr 0 min

"We Are Morally Obligated To Lean Into This" – Mike Fey, Island.io

Today we are thrilled to welcome Mike Fey, Co-Founder and CEO of Island.io, for a robust discussion on AI, technology, and the future of work. Mike is a seasoned technology executive and entrepreneur with deep experience in enterprise software and cybersecurity. Founded in 2020, Island is reimagining the enterprise browser as a platform that brings together access, security, and productivity, enabling employees to move faster while giving organizations the governance and control required at enterprise scale. We were pleased to hear Mike’s perspective on this rapidly evolving landscape. In our conversation, Mike first shares Island’s origin and founding premise: to improve the knowledge worker’s experience while building security into the platform rather than adding it as an afterthought. We explore Island’s philosophy of enabling employees to move quickly and innovate within an enterprise framework of security and governance, extending controls designed for human knowledge workers to “agentic knowledge workers,” and using the browser as an enterprise platform to replace legacy IT infrastructure and potentially consolidate portions of the security stack. Mike shares his perspective on why expectations for near-term enterprise AI ROI are often unrealistic and why successful adoption requires more than simply giving employees access to AI. We discuss the importance of creating a secure environment in which employees can experiment, build, share, and deploy AI while choosing the right AI model for the job and finding the right mix of sovereign, enterprise-controlled, and cloud-based AI. We examine how the valuable asset in AI may increasingly be the proprietary context, data, and workflows feeding models rather than simply the resulting work product. Mike explains how Island can give enterprises visibility into where data originated, who or what accessed it, why an action occurred, and how those capabilities become increasingly important as agents begin interacting with other agents. We explore Island’s “tactically strategic” approach to enterprise adoption, starting with practical, self-funding opportunities to simplify the technology stack and reduce costs while building the foundation for broader AI adoption. Mike discusses M&A as one example, where establishing a secure shared environment can allow companies to begin realizing value from an acquisition before completing the full IT integration. We discuss what boards should be asking about AI, how AI adoption is currently increasing worker capability rather than simply eliminating jobs, and the challenge of scaling AI across large organizations. Mike describes adoption as a “crawl, walk, run” process and argues that most companies remain in the crawl stage. He explains why companies shouldn’t wait to establish AI capabilities and shares examples of organizations using AI not simply to improve existing processes but to transform their business models. We end the session with Mike’s compelling view that AI adoption is a leadership obligation: companies should prepare their employees to remain capable and competitive in an AI-shaped economy rather than allow their skills to become outdated. It was a riveting discussion and we greatly appreciate Mike’s passion for the industry and his enthusiasm for the possibilities. Mike Bradley kicked off the discussion with observations on the fixed income market, noting that the 10-year U.S. Treasury yield was trading at ~4.7% ahead of Wednesday’s CPI and Thursday’s PPI reports, which could help shape expectations for the Fed’s next interest rate decision. In equities, the DJIA and S&P 500 were each down approximately 30 basis points. With second quarter earnings season largely complete, Mike highlighted Intel’s $20 billion equity offering to fund capital expenditures, which was reportedly oversubscribed by more than five times. Turning to energy, WTI crude oil had risen approximately $5/bbl this week to roughly $83/bbl, reflecting growing skepticism that shipping through the Strait of Hormuz will fully normalize in the near term. Mike noted that Iran-related policy has been a key driver of oil price volatility over the past two months. The energy sector had gained approximately 5% this week alongside higher crude prices. With second quarter energy earnings essentially complete, Mike wrapped by reviewing key themes across oilfield services, E&Ps, integrated oil majors, refiners, midstream, and power and electric utilities. Robby Kester and Veriten Senior Advisor Deborah Byers also joined and added their valuable technology perspectives and questions throughout the conversation.

August 6, 202645 min

"Stop Talking, Start Working" – Leif Johan Sevland, Offshore Northern Seas Foundation

This week we had the privilege of hosting Leif Johan Sevland, President and CEO of the Offshore Northern Seas Foundation (ONS), for a Special Edition. Leif is a Norwegian business leader and former politician with a distinguished career spanning public service and the energy sector. Prior to joining ONS, Leif served as the Mayor of Stavanger from 2005 to 2011. The ONS 2026 Conference is fast approaching, taking place from August 24–27 in Stavanger, Norway. The conference is held biennially and attracts 70,000+ global industry leaders representing over 1,100 companies and 35+ countries. We were honored to host Leif to preview this year’s conference, its major themes, and the trends shaping Norway’s, Europe’s and the world’s energy landscape. In our conversation, Leif shared a preview of what attendees can expect at ONS 2026 and how this year's conference theme, Courage, is intended to challenge industry leaders to move beyond discussion and embrace decisive action in addressing the world's evolving energy needs. We explore Norway's unique position as both a leading oil and gas producer and an energy innovator, discussing how energy security, affordability, technological innovation, and shifting geopolitical dynamics are reshaping energy markets, investment priorities, and policy around the world. We examine Europe's evolving innovation ecosystem, the accelerating adoption of AI and its growing impact on power demand, renewed interest in nuclear energy, and the convergence of energy, defense, and industrial technologies. Leif emphasizes the importance of open dialogue, global collaboration, and developing the next generation of industry leaders, and shares how ONS brings together policymakers, operators, investors, entrepreneurs, and innovators to exchange ideas and help shape the future of energy. The Veriten team will be at ONS, participating in a few panels, and connecting with good friends and with some of our partner and portfolio companies that will also be in attendance. Mike Bradley started off the discussion by noting that two key market themes remained in place: lower oil prices and stronger equity markets. The 10-year Treasury yield remained range-bound, showing little directional movement. On the equity market front, the Dow Jones Industrial Average was up ~500 to 600 points on the day, with gains driven primarily by Amgen, Caterpillar, and Goldman Sachs. On the oil market front, downward pressure on crude prices continued, with WTI falling by approximately $1/bbl to around $75/bbl. The decline was driven largely by market optimism that the temporary pause in U.S. military strikes on Iran would remain in place. He noted, however, that oil prices appear increasingly oversold from a technical perspective, having declined roughly $10 to $15/bbl over the past one to two weeks. As a result, crude prices could rebound sharply should the current military pause end or geopolitical tensions re-escalate. He concluded by highlighting key takeaways from Saudi Aramco’s 2Q earnings call, noting that management delivered a decidedly bullish message on the outlook for global oil markets. According to Aramco, oil markets are far tighter than many indicators/prices suggest. Aramco noted that global markets lost ~11mmbpd of supply because of the conflict and shipping disruptions; strategic reserve releases and inventory drawdowns have masked the true extent of the shortage; inventory data understates physical market tightness; global inventories have been heavily depleted and must now be rebuilt over several years; and it would take around 18 months and roughly 2.1mmbpd of incremental demand just to restore inventories to pre-conflict levels if conditions normalize immediately. We were fortunate to also have Veriten Venture Partner Karl Liapunov join and share his insights throughout the discussion. Karl is the founder of Starting Cold and is the U.S. Ecosystem Partner at Startuplab, where he previously served as Head of Energy & Climate Tech in Oslo.

August 5, 2026Episode 3391 hr 5 min

"If You Control Food Security, You Can Control National Security" – Corey Rosenbusch, The Fertilizer Institute

Today we had the pleasure of hosting Corey Rosenbusch for a wide-ranging discussion on the fertilizer industry, global energy markets, and the geopolitical forces increasingly shaping both. Corey is the President and CEO of The Fertilizer Institute (TFI), headquartered in Arlington, Virginia. Corey joined TFI in 2020 after serving as President and CEO of the Global Cold Chain Alliance. He currently serves as Chair of the Texas A&M University Agricultural Leadership, Education & Communication Department Advisory Board and the Association Leadership Group. We were thrilled to host Corey to better understand the connections between fertilizer, natural gas, food security, and global supply chains. In our conversation, Corey provides a comprehensive overview of the global fertilizer industry and its critical connection to energy markets. He explains how natural gas serves as the essential feedstock for nitrogen fertilizer production, outlines the distinct dynamics of nitrogen, phosphate, potash, and sulfur markets, and discusses why fertilizer has become increasingly intertwined with global geopolitics, food security, and national security. We examine how disruptions in the Strait of Hormuz affected global flows of urea, ammonia, phosphate, and sulfur, why export restrictions from China and Russia have reshaped global trade, and how government subsidies, tariffs, and state-owned enterprises continue to influence fertilizer pricing and availability. Corey highlights the concentration of global fertilizer production and exports across a handful of countries and explains how those supply chains have become increasingly vulnerable to geopolitical disruption. Corey shares why current fertilizer market conditions differ from the 2022 Russia-Ukraine disruption, how weak farm economics and higher input costs are impacting U.S. growers, and why fertilizer prices are ultimately driven by global supply and demand rather than local production. We discuss the outlook for fertilizer demand, key Farm Bill provisions, including E15 and biostimulants, the competitiveness of U.S. fertilizer manufacturing, and why expanding domestic production, streamlining permitting, and maintaining access to affordable natural gas will be critical to strengthening both U.S. food security and energy security. We learned a great deal from Corey and greatly enjoyed the discussion. To start the show, Mike Bradley noted the day's market trifecta: lower bond yields, lower oil prices, and higher equity markets. The 10-year Treasury yield was trading between 4.60% and 4.65%, well below last week's high of ~4.75%. The Dow Jones Industrial Average (DJIA) was up approximately 1,000 points, driven largely by significant share price gains in Caterpillar and Goldman Sachs. These two stocks alone accounted for roughly 500 points of the DJIA's gain. He highlighted several companies scheduled to report second-quarter earnings results this week, including AMD, Disney, Eli Lilly, and SpaceX. On the oil market front, he noted that WTI crude oil prices had fallen roughly $9/bbl to ~$75-$76/bbl so far this week following a temporary pause in U.S. military strikes on Iran. While U.S. strikes are on hold for now, military action could resume at any point, contributing to heightened oil price volatility. Despite WTI declining more than 10% this week, the energy sector was down only ~1.5%. Investor focus last week was primarily on second-quarter earnings results from the U.S. integrated oil majors, Chevron and ExxonMobil, as well as refiners, with management teams indicating that global refining margins remain structurally tight. He highlighted BP's new CEO's comment that it would be "prudent" to stop thinking of BP as a traditional Big Oil supermajor and instead compete within its own weight class. He concluded by highlighting President Trump's remarks about to Chevron’s and ExxonMobil’s record-setting quarterly results. President Trump argued that these companies were making too much money and should return more of their profits to the public and lower retail prices. Chevron and ExxonMobil generated average second-quarter profit margins in the mid-to-high teens and have generally reported high single-digit to low-double-digit profit margins over the past three years. By comparison, large-cap tech companies reported average second-quarter profit margins of ~40% and have averaged ~45% to 50% profit margins over the last three years. Jeff Tillery added his perspective on the outlook for U.S. natural gas demand, noting that forecasts call for roughly 20 bcfd of cumulative demand growth over the next five years. While significant, he emphasized that this largely represents a continuation of trends already underway. U.S. natural gas demand increased by nearly 20 bcfd over the past five years, driven primarily by LNG exports, and he expects exports to remain the primary driver of growth going forward. While he remains constructive on the long-term natural gas demand outlook, he emphasized that the next phase is more evolutionary than transformational.

July 29, 2026Episode 3381 hr 2 min

"Natural Gas Is An AI Vertical" – James West, Melius Research

Today we were delighted to welcome James West, Managing Director and Head of Energy and Power Research at Melius Research. James is a longtime energy analyst with more than 25 years of experience leading research teams covering oilfield services, equipment, clean energy, and power at Lehman Brothers, Barclays, Evercore ISI, and now Melius. Since joining Melius, James has expanded his coverage to include independent power producers (IPPs) and the broader power ecosystem. We were pleased to visit with James to hear his latest perspectives on the rapidly evolving energy landscape and the investment themes shaping the next decade. In our conversation, James reflects on his transition from Evercore ISI to Melius and explains why he believes the traditional Wall Street research model is evolving toward a more integrated approach that combines energy, power, technology, and industrials. We discuss how AI-driven electricity demand is accelerating the convergence of these sectors, why access to reliable power has become the biggest bottleneck to AI deployment, and why understanding the entire energy value chain has become increasingly important for investors. We examine the latest earnings season, the recent wave of energy, power, and nuclear IPOs, and how investor sentiment has shifted from enthusiasm around AI infrastructure to a greater focus on execution and capital discipline. James explains why he remains constructive on the long-term outlook for oilfield services, offshore development, international upstream activity, independent power producers, and natural gas, while highlighting the growing importance of behind-the-meter power solutions, regulatory reform, and grid infrastructure. We explore the outlook for advanced nuclear, geothermal, and critical minerals, Canada's strategic role in North American energy markets, how investors are balancing long-duration growth opportunities with near-term market volatility, and why AI is changing the way companies communicate with investors. As James notes, “your press releases have to be written for Claude or ChatGPT, whoever’s going to read it before the analyst.” We wrap up the discussion with James’ reflections on New York City’s enduring role as a global financial and innovation hub. We greatly enjoyed the conversation and appreciate James taking the time to join us. To start the show, Mike Bradley noted that fixed income markets were focused on the upcoming FOMC meeting, scheduled for Wednesday. The consensus expectation is for the Federal Reserve to leave interest rates unchanged. However, there remains a small possibility of a 25-basis-point rate increase, a move that could place Chairman Warsh in President Trump's crosshairs. From a broader equity market standpoint, the S&P 500 was up ~0.5% and the DJIA had gained 600 to 700 points. He attributed much of Tuesday’s advance to the sharp decline in oil prices. He also highlighted ongoing sector rotation, with investors shifting capital out of semiconductor stocks and into industrial names. Apple joined the exclusive $5 trillion market-cap club. Another key area of focus this week will be AI-related capex, with three of the Magnificent Seven technology companies scheduled to report earnings. On the oil market front, he highlighted the sharp decline in crude prices, noting that Brent crude had fallen by ~$13/bbl during the week to ~$83/bbl, while WTI crude had declined by ~$11/bbl to ~$78/bbl. He attributed the selloff to rapidly shifting sentiment surrounding the on-again, off-again conflict with Iran. He concluded by noting that the Energy sector had been one of the market’s strongest performers over the past several weeks but was down ~4% this week as declining oil prices weighed on sentiment. He emphasized that investors will be closely focused this week on second-quarter earnings reports from the U.S. integrated oil majors and refiners. Investors are hopeful that refiner commentary will provide greater insight into global refined product market fundamentals. Jeff Tillery noted that enthusiasm around AI-driven power infrastructure has cooled alongside AI capex sentiment, pressuring many merchant power and generation stocks, including several recent IPOs. Looking ahead, he believes the sector is entering an execution phase where investors will begin distinguishing between winners and losers rather than rewarding the entire theme uniformly.

July 23, 202657 min

"Humanoid Robots Are The Ultimate TAM" – Martin Viecha, MV Motion Advisory

We are pleased to continue our COBT California Summer Series with today’s episode featuring Martin Viecha, Founder and Advisor at MV Motion Advisory. Prior to founding MV Motion, Martin served as the Vice President of Investor Relations at Tesla and previously spent several years as a sell-side equity research analyst covering the automotive and technology sectors. Based in Palo Alto, MV Motion is focused on robotaxis and autonomy, humanoid robots, and the evolving automotive landscape. We were delighted to host Martin for a wide-ranging discussion on the technologies shaping the future of transportation, robotics, and AI. In our conversation, Martin provides a comprehensive overview of the rapidly evolving autonomous vehicle and humanoid robotics landscape. We discuss why he believes robotaxis are approaching a mainstream adoption inflection point, transitioning from a Silicon Valley novelty to a service that will soon be available across much of the U.S. He explains why California, Texas, and Florida have emerged as leading deployment markets, how expanding permitting and improving safety records are accelerating adoption, and why safety, utilization rates, and cost per mile will ultimately determine the industry’s winners. We explore Tesla’s camera-only autonomous driving approach versus Waymo’s multi-sensor strategy and the long-term implications for automakers, ride-hailing platforms, insurance, and vehicle ownership. We examine China’s growing leadership in EVs and robotics, the enormous long-term potential for humanoid robots, the significant technical hurdles that remain around dexterity, world models, and data collection, and why geopolitics, national security, and public policy are likely to play an increasingly important role in shaping the future of advanced robotics and AI. Martin outlines why, despite the excitement surrounding humanoid robots, they remain considerably further from widespread commercialization than robotaxis due to the vastly greater complexity of replicating human movement and decision-making. It was a fascinating discussion. We look forward to staying connected with Martin and continuing to follow his research. To start the show, Mike Bradley noted that the next three to four weeks will be dominated by second-quarter earnings reports. From a fixed income perspective, U.S. Treasury yields have continued to trend higher, driven in part by rising energy prices and their inflationary impact. The S&P 500 was up modestly on the day, gaining roughly 0.25%. In commodities, Brent crude oil rose approximately $2/bbl to around $94/bbl amid ongoing tensions in the Middle East. President Trump also formally approved a landmark agreement with Saudi Arabia to support the development of a civilian nuclear program in the kingdom, potentially opening the door to uranium enrichment activities there. In energy and power equities, GE Vernova (GEV) shares fell approximately 8% following earnings as the company fell short of highly elevated investor expectations despite reporting solid gas turbine performance and providing robust forward guidance. In contrast, Weatherford International (WFRD) shares rose as much as 9% after delivering strong quarterly results and a more optimistic outlook for the second half of 2026 than the market had anticipated. With equity markets trading near all-time highs and quarterly and second-half 2026 expectations remaining extremely elevated for many companies, Mike noted that the next three to four weeks of earnings reports could generate significant market volatility. Ellen Wilkirson also joined the discussion and peppered in her technology questions and perspectives.

July 22, 2026Episode 33757 min

"The Chinese Economy Is Built On Oil And They Are Dependent On Oil" – Giacomo Prandelli, The Merchant’s News

Today we had the pleasure of hosting Giacomo "Jack" Prandelli, Founder of The Merchant’s News Substack. The Merchant’s News covers oil, gas, LNG, metals, and geopolitics, with a particular focus on global trade flows, commodity markets, and the macro forces shaping energy prices. Jack is a former commodities trader who has built a large global following on LinkedIn and X through his data-driven analysis of rapidly evolving geopolitical events and energy markets. We were pleased to visit with Jack to discuss the Strait of Hormuz crisis, the resilience of global oil markets, and the evolving geopolitical forces reshaping the global energy landscape. In our conversation, Jack explains why he believes oil prices have been far more resilient than many expected despite the Strait of Hormuz crisis. He walks us through a few charts and outlines how coordinated releases from strategic petroleum reserves, a stronger-than-anticipated recovery in global oil flows, and increased production from the U.S. and Middle East producers helped offset supply disruptions. We discuss the evolving balance of power in global energy markets, including the growing influence of U.S. production, China's role as the world's largest oil importer, and what the conflict revealed about OPEC, strategic petroleum reserves, and the resilience of the global energy system. Jack outlines why refining, not crude supply, has emerged as the market's primary constraint, how Russian refinery attacks and China's inventory strategy have reshaped global energy flows, and why he believes the market remains structurally bullish over the longer term. We also explore the shift toward energy security, deglobalization, and the changing geopolitical landscape as countries increasingly prioritize control over energy, refining, and commodity supply chains. We greatly appreciate Jack for joining us and sharing his insights. To start the show, Mike Bradley noted that fixed income markets continue to trend higher, with the 10-year Treasury yield rising to ~4.62% and the 30-year Treasury yield reaching ~5.14%. Both benchmarks are nearing the peak levels seen during the height of the Iran war, highlighting bond market concerns around inflation. On the broader equity market front, the S&P 500 was up just under 1% for the week to date, while the Dow Jones Industrial Average was Tuesday's standout performer, gaining ~400 points on strength in industrial stocks, led by 3M, whose shares surged ~8%. Several high-profile companies are scheduled to report results this week, including Alphabet (Google), Tesla, IBM, Intel, and NextEra Energy. On the oil market front, Brent crude was trading at ~$91/bbl, up ~$3/bbl for the week and ~$15/bbl over the past two weeks. Notably, Brent settled above $90/bbl for the first time since early June. Mike noted that the energy complex is wrestling more with global refining constraints than a global crude oil supply shortage. As evidence, U.S. Gulf Coast refining crack spreads have risen to ~$70/bbl, up from ~$60/bbl three weeks ago and from ~$25/bbl prior to the onset of the Iran war. He concluded by noting that investors are turning their attention to second-quarter earnings across the oilfield services sector, with Halliburton kicking off the group's reporting season on Tuesday. Several other key service providers are scheduled to report this week, including Weatherford International, Liberty Energy, Oceaneering International, and SLB. The broader energy sector will also be active, with earnings expected from EQT Corporation, Range Resources, Equinor, Kinder Morgan, Ovintiv, TotalEnergies, and Repsol. Veriten Senior Advisor Deborah Byers also joined and added her perspectives and questions throughout the conversation.

July 16, 202654 min

"Permitting Can Really Strangle Our Country If We Don’t Fix It" – U.S. Senator Alan Armstrong

We are excited to share this Special Edition featuring Senator Alan Armstrong (R-OK). Senator Armstrong, alongside Senators Rick Scott (R-FL), Cynthia Lummis (R-WY), Katie Britt (R-AL), and James Lankford (R-OK), recently introduced the American Energy and Mineral Infrastructure Act. The legislation seeks to modernize the federal permitting process for energy and mineral infrastructure projects while preserving strong environmental protections. We were delighted to host Senator Armstrong to discuss his experience in Washington, the motivation behind the legislation, and what it could mean for the future of U.S. infrastructure development. In our conversation, Senator Armstrong discusses his transition from leading Williams Companies to serving in the U.S. Senate and explains why permitting reform has become one of the country's most pressing economic and national security priorities. He walks us through the American Energy and Mineral Infrastructure Act, outlining how the legislation seeks to streamline federal permitting, reduce unnecessary litigation, provide greater regulatory certainty for project developers, and create a more predictable process for building critical infrastructure. We explore how permitting delays increase costs for consumers, discourage private investment, and threaten America's economic and technological competitiveness as electricity demand accelerates alongside AI and data center growth. Longer term, it’s not an overstatement to say failing to address these issues will also threaten the country’s national security. Senator Armstrong shares his perspective on building bipartisan support for permitting reform, maintaining an energy source-neutral approach, and ensuring that pipelines, transmission lines, nuclear facilities, and other critical infrastructure can be built in a more timely and predictable manner. We touch on the growing importance of grid reliability, the intersection of permitting reform and national security, and why he believes the current Congress has a unique opportunity to address these long-standing challenges before rising power demand and infrastructure constraints become even more acute. The discussion was especially timely as the push is on to get permitting reform done during this Congress. The Senator emphasized, “Who in the world would oppose this? We’re going to be asking that question exactly on the floor tomorrow as we’re starting to put pressure on moving this bill forward.” We greatly appreciate Senator Armstrong for joining us and for his leadership on this important issue. To start the show, Mike Bradley highlighted key market developments, noting that favorable inflation data has supported markets this week. Cooler-than-expected CPI and PPI reports released on Tuesday and Wednesday, respectively, pushed the 10-year Treasury yield down to roughly 4.55% and reduced near-term pressure on the Federal Reserve to increase interest rates. In commodities, Brent and WTI crude oil prices appeared to have temporarily stabilized at approximately $85/bbl and $80/bbl, respectively, despite President Trump’s escalation of military strikes against Iran. On the equity front, the S&P 500 was up about 0.25% on the day, supported by the favorable PPI report. Telecom was the top-performing sector, gaining roughly 2.5% to 3.0%, led by Google, following reports that Berkshire Hathaway had taken a large position in the stock. He concluded by highlighting the significant value creation achieved during Alan Armstrong’s tenure as CEO of Williams Companies. Veriten Senior Advisor Bill Flores also joined the discussion, offering valuable perspective on the legislative process and the dynamics in Washington.

July 15, 2026Episode 3361 hr 13 min

"Commercialization Is Really Around the Corner" – Dr. Michl Binderbauer, TAE Technologies

This week we had the exciting opportunity to travel to Lake Forest, California, to tour TAE Technologies’ facilities and spend time with the company’s CEO, Dr. Michl Binderbauer. Founded in 1998, TAE has spent nearly three decades pursuing one of the energy industry’s most ambitious goals: commercializing a safe, sustainable, and economically viable source of fusion energy. With renewed momentum in the fusion industry, we thought it was the perfect time to visit TAE and better understand why many believe fusion’s moment may finally be approaching. Our visit also marks the beginning of a California COBT series, where over the coming weeks, we'll highlight some of the state's innovative companies, technologies, and leaders. We will also touch on a challenge or two the state is facing. Stay tuned! In our discussion, Michl explains why he believes fusion has reached a true inflection point after nearly three decades of scientific and engineering progress. He outlines why TAE was founded with the “end in mind,” deliberately choosing the more technically challenging hydrogen-boron fuel cycle because it offered the best path to a commercially viable power plant rather than simply proving the science. We explore how advances in AI, machine learning, advanced computing, and materials science have accelerated development, why TAE believes commercial fusion is now measured in years rather than decades, and how the company is preparing to build its first demonstration power plant. We discuss TAE’s innovative approach to commercializing technologies developed along the way, including its advanced power management platform that is finding applications in AI data centers, industrial facilities, and grid modernization. Michl shares his vision for fusion’s role in delivering abundant, reliable energy to meet the world’s rapidly growing electricity demand, the importance of recent U.S. regulatory reforms, the race with China to commercialize fusion, workforce and supply chain challenges, and why he believes fusion has become not only an energy opportunity, but also an economic and national security imperative. We look at what the next five years could look like for TAE, why hyperscalers, industrial customers, and the Department of War may become some of fusion’s earliest adopters before widespread utility deployment, the company’s long-term vision for a more distributed electric grid, and much more. It was a fascinating and wide-ranging discussion, and we greatly appreciate Michl for sharing his time and insights. To start the show, Mike Bradley noted that markets have been volatile this week. He highlighted that the cooler-than-expected CPI report sparked a rally in Treasuries, driving the 10-year yield down from roughly 4.65% to 4.55%, and said Wednesday's PPI report will be another important data point for the Fed. U.S. equities also moved higher, with the S&P 500 gaining approximately 0.5% on the back of the CPI report and strong bank earnings, while the Dow lagged following a sharp selloff in IBM shares after disappointing quarterly results. In commodities, Brent and WTI crude prices climbed roughly $8-$9/bbl this week following the collapse of the Iran-U.S. ceasefire and renewed disruptions through the Strait of Hormuz. He emphasized that today's challenge is less a global crude supply issue than a global refining problem, citing tight refined product inventories and the loss of roughly 1.5 million bpd of Russian refining capacity following Ukrainian attacks. He also highlighted that European natural gas prices have surged from approximately $16/MMBtu to $19/MMBtu as storage levels remain 20%-25% below seasonal norms and buyers compete for LNG cargoes. Mike noted that Energy is the best-performing S&P 500 sector this week, up approximately 3%, as investors turn their attention to second-quarter oilfield services earnings. He also highlighted the newly announced strategic alliance between SLB and Liberty Energy focused on data center infrastructure and power solutions, noting that similar partnerships are likely to become increasingly common across the energy sector.

July 10, 20261 hr 4 min

"We Win on Innovation Ten Out Of Ten Times" – Dr. Rian Bahran, U.S. DOE Office of Nuclear Energy

With the recent wave of milestones across the U.S. nuclear sector, we were eager to better understand what these achievements mean for the future of advanced reactors. Over the past month, Antares, Valar Atomics, Deployable Energy, and Aalo Atomics each achieved criticality, an important technical milestone, through the Department of Energy's Reactor Pilot Program (RPP) and Nuclear Energy Launch Pad. To help us put these milestones into context, we were delighted to host Dr. Rian Bahran, Deputy Assistant Secretary for Nuclear Reactors in the U.S. Department of Energy’s Office of Nuclear Energy. Rian oversees the Department's portfolio for advanced reactor research, demonstration, and deployment, and is a career member of the Senior Executive Service who has served under both the Biden and Trump Administrations. We were thrilled to visit with Rian to "demystify" the latest developments in U.S. nuclear and discuss what still needs to happen before these technologies reach commercial scale. In our conversation, Rian explains why the four recent criticality milestones represent an important step forward for advanced nuclear. While criticality is not the finish line, he shares how these demonstrations help validate a new commercialization pathway by allowing companies to build and test nuclear hardware in months rather than years. He describes how the Department of Energy’s Reactor Pilot and Launch Pad initiatives are creating greater regulatory certainty, helping companies unlock private capital, and accelerating progress toward commercial deployment. We discuss the DOE’s broader strategy for expanding U.S. nuclear capacity, from gigawatt-scale reactors and small modular reactors to microreactors. Rian explains why the DOE is pursuing multiple technologies simultaneously, allowing the market to determine the winning designs while supporting innovation across the reactor, fuel cycle, and supply chain ecosystems. He outlines how reactor uprates, restarts, and investments across the nuclear fuel cycle can provide near-term additions to U.S. generating capacity while advanced reactors continue progressing toward commercialization. We explore the role advanced nuclear could play in powering AI infrastructure, military installations, industrial facilities, and future export markets. Rian discusses how the DOE is leveraging AI to accelerate reactor design, licensing, manufacturing, and deployment, and why workforce development has become one of the industry’s greatest long-term challenges. He emphasizes that the U.S. has reached a true inflection point for nuclear energy, driven by unprecedented alignment across government, industry, private capital, and growing electricity demand. It was a wide-ranging and fascinating discussion, and we sincerely appreciate Rian taking the time to join us during such a busy time. Mike Bradley kicked us off by noting that three key themes have driven markets so far this quarter. First, Treasury yields have continued to move higher, with the 10-year Treasury yield rising to approximately 4.55% and the 30-year Treasury yield climbing above 5%. Second, renewed geopolitical uncertainty following the end of the Iranian ceasefire helped lift WTI crude oil prices by roughly $4/bbl this week to approximately $72/bbl. Third, equity markets have experienced notable sector rotation, with investors shifting capital out of semiconductor stocks and back into the Magnificent 7. Mike concluded by highlighting the sharp reversal in sentiment toward small modular reactor (SMR) companies. While SMR stocks were among the market's strongest performers entering 2026 amid growing enthusiasm for nuclear power, the group is now down roughly 30% on average year-to-date. Nick Morriss, Brett Rampal, and Veriten Senior Advisor Bill Flores also joined the discussion, contributing their perspectives and questions on nuclear energy and power.