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W|EPC: LNG Canada – Updated Satellite Image Analysis & Construction Progress – Q420 Project Monitor Delays At LNG Canada Continue to Build (Pages 4 – 7, 10 – 13):   Fluor reported ~27.5% Engineering, Procurement, Fabrication, & Construction (EPFC) progress in September, vs our current estimate of…We believe Fluor’s 27.5% guidance implies module fabrication progress of ~45%, which is ~9x…Fluor also referenced COVID-related project delays (without getting specific)Our Current Delay Estimate:…..Estimated Probability Of Maintaining Schedule:…..Mind The Gap: There are several potential explanations for such a degree of progress variance…

Webber EPC – Hydrogen (H2) – The Production Roadmap Laying Out The Upstream, Midstream, & Downstream Process – Hydrogen ∙ Ammonia – Q420. Upstream Sources Of Hydrogen – Blue & Green (Pages 4 – 9) :    >95% of Hydrogen (H2) is produced using Steam Methane Reformer (SMR) technology that produces 7 units of CO2/unit of H2 (on average) . SMR w/ a carbon capture system (Blue H2) is the preferred option to environmentally manage excess CO2. (page 7). Green H2 provides minimal CO2 but current technology limits Green H2’s cost competitiveness. (Page 6)…..

LNG Canada: Detailed Labor Review, Project Estimates, & Baseline Satellite Image Analysis (Shell, Petronas Kogas, Petrochina, Mitsubishi)

W|EPC: Renewable Biofuel Analysis – Refinery Conversions, Crack Spreads, & Risks -Q420. Key Takeaways. Renewable Fuel Production… Just in Time or Too Late? (Pages 4 – 8). California & Oregon have mandated Carbon Intensity (CI) reductions in transportation fuels, which could increase demand by ~350%, from ~400MM gallons/year to 1,400MM by 2025. Ten other states are evaluating similar LCFS programs, which could potentially push U.S. demand toward 2,400MM gallons/year, up ~600%…

W|EPC: Renewable Methanol & Hydrogen – Analyzing Methanex’s (MEOH) Geismar Facilities. Lower-Cost Hydrogen Will Produce Cost Competitive Renewable Methanol: Pipe Dream or Reality? Global methanol demand sits near ~75 MTPA; with demand expected to ramp amid new EU and U.S. environmental mandates. Renewable Methanol (RM) is produced using Hydrogen (H2) from solar/wind and carbon dioxide (CO2) as compared to traditional methanol produced from fossil fuels (i.e. coal & natural gas). (Page 4)

Gorgon LNG – Pump The Breaks On Crack Narrative: While potential fabrication errors have been the primary narrative around the Propane Kettle cracks that shut down Gorgon LNG, it’s feasible that operational issues (and one in particular) may have contributed or even partially caused the cracks on Train-2’s kettles, which could have significant and more complex implications.