Tudor, Pickering, and Holt: perception of them on energy sector?

Hey Guys,

I just need a little color on the aforementioned company. What's the general perception of them on the street in the energy sector? Also, do you think it'd be a good place to start as a Summer Analyst in terms of experience, B-School Placements, etc.? Finally, how does TPH stack up compare to the rest of the energy field? Thanks!

 

Yes, take it over other MMs, maybe not Simmons. Simmons has big connections with HBS and you've got a helluva shot getting in there if you work for Simmons. But honestly, I think I would go with TPH over Simmons for post-analyst opps and the fact that they are a little higher up in the M&A pecking order.

As far as BBs, I would take Barclays and CS over them, but no others. Even that would be a tough decision.

 

Take them over most MM's, especially in Houston. BB's is pulling it. Depends on which culture you want to work for. TPH is a pretty small firm despite the size of the deals they pull in. If you want to be a corporate cog, go work for the BB's. As far as prestige TPH is slightly below the low tier BB's probably (cs/bcs/db/ubs).

I didn't say it was your fault, I said I was blaming you.
 
rufiolove:
tlynch5:
Take them over most MM's, especially in Houston. BB's is pulling it. Depends on which culture you want to work for. TPH is a pretty small firm despite the size of the deals they pull in. If you want to be a corporate cog, go work for the BB's. As far as prestige TPH is slightly below the low tier BB's probably (cs/bcs/db/ubs).

wrong... completely wrong

Why? I know a few analysts there and it seems to correct from what i hear...But i am human

I didn't say it was your fault, I said I was blaming you.
 
Best Response
tlynch5:
rufiolove:
tlynch5:
Take them over most MM's, especially in Houston. BB's is pulling it. Depends on which culture you want to work for. TPH is a pretty small firm despite the size of the deals they pull in. If you want to be a corporate cog, go work for the BB's. As far as prestige TPH is slightly below the low tier BB's probably (cs/bcs/db/ubs).

wrong... completely wrong

Why? I know a few analysts there and it seems to correct from what i hear...But i am human

They are way more highly regarded than DB and UBS, you can make a solid case on why CS or BarCap are better but if you want to work in O&G there are a ton of people who would take TPH over all the places you listed.

 

I had a first round with them last week. Very laid back culture, but pretty smart people. One of the guys that interviewed me drilled to me that investment banking is not the best finance option coming out of school in his opinion. I disagreed which was probably the reason I got dinged haha.

 

in addition to a firm name helping you get into a top MBA you need to also consider the alumni within the company. who is going to write your recommendation? having an alum from a school you are targeting helps. remember, it's not like you get an express pass if you work for company x and not company y.

 

In the same boat as you goblue200. Spoke to somebody Friday. The person I spoke to made it sound like I'd be hearing about another phone interview in the next few days, but nothing yet. Seems like a cool shop.

“Success means having the courage, the determination, and the will to become the person you believe you were meant to be”
 

@nontarget -- Did your interviewee give you any indication as to how many would be interning or when next steps would be taken? Although I did not feel the interview went poorly, I did not receive any information about if and when I might hear back/ what further steps might be taken. This was my first interview for an IB position, so maybe this is not rare. Thanks!

 

@Slik_Rick Where did you intern in banking if you don't mind me asking? I'm interested in O&G banking specifically; finding something so specific is somewhat rare to come by especially as an intern.

 

@Winning_Squared-- Like @nontarget, it was somewhat unclear to me as to whether or not I'd be hearing back at any point; interview was mostly all fit. Doing the research I can on this shop, the more I'm interested in doing work there.

 

@Winning_Squared -- I've heard some Houston Superdays are this week; I wonder if TPH&C is a part of this "tradition" as two of us in this thread had initial interviews just last week... anyone care to share some insight as to how quick a turnaround from interviews to superday usually is? Especially since one of us is explicitly from a non-target and I myself am a non- traditional candidate? (I am not in Ross nor in LS&A at UMich).

 

goblue200, my interviewer was not completely explicit in his response, but when I asked him what the next step in the process would be, he said that I should be on the look out for another phone interview in the next few days and it seemed pretty clear that I was moving on (that was Friday). But again, still haven't heard anything.

Seems like most of the hiring process is through bankers and not HR, so the process/timeline might be volatile depending on dealflow?

“Success means having the courage, the determination, and the will to become the person you believe you were meant to be”
 

Very cool-- if I don't hear back within the next couple of days, I will email my interviewer and perhaps ask what the next step may be. Let's keep each other posted? What are all of your years in school? Target/ non- target? Field of study? Looking at the career bios on the TPH&C website, backgrounds are very diverse, which I really like.

 

This issue has come up a lot recently, the general impression that I have gotten from folks at the VP and Ass level in Houston is that these guys have one of the best, if not the best, team doing energy M&A right now. I would not group them with the MM folks, and I would not group them with the BBs either. Both seem like a bad fit. More of a specialized shop along the lines of Allen & Co.; in so much as they play in sizable transactions, but don't have a balance sheet.

The downside is that you will not get that much experience doing debt or equity raises because their capital markets side is small (but growing). They have strong M&A and A&D deal flow, where in the average analyst or asso closes about 3-6 a year (depending on size and timing).

I have no idea about their b-school placement, this is the first time I have ever heard that question. They are a pretty new shop, so I don't know if they have a track record. If you have an offer there, I would ping the senior analysts in the office and ask about their career planning.

It is my opinion that if you are looking to build a deal sheet, these guys cant be beaten. The only other ship that I think is on par with them as far as advisory is Evercore; who does a good number of mega deals, but might be getting bogged down in this Kinder Morgan / El Paso fiasco. Hard to tell if it will distract that group or provide them with something to build on.

BarCap is still the 500 lbs Gorilla in the energy capital markets space, and will likely stay there for a good while. Energy is a capital intensive business, so credit experience can be very valuable, BarCap (and to a lesser extent CS) will give you a more "well rounded" experience.

That said, if you want to play in the M&A game, TPH is currently the shop to hit, as they have been on a streak.

 
B-School Bound:
This issue has come up a lot recently, the general impression that I have gotten from folks at the VP and Ass level in Houston is that these guys have one of the best, if not the best, team doing energy M&A right now. I would not group them with the MM folks, and I would not group them with the BBs either. Both seem like a bad fit. More of a specialized shop along the lines of Allen & Co.; in so much as they play in sizable transactions, but don't have a balance sheet.

The downside is that you will not get that much experience doing debt or equity raises because their capital markets side is small (but growing). They have strong M&A and A&D deal flow, where in the average analyst or asso closes about 3-6 a year (depending on size and timing).

I have no idea about their b-school placement, this is the first time I have ever heard that question. They are a pretty new shop, so I don't know if they have a track record. If you have an offer there, I would ping the senior analysts in the office and ask about their career planning.

It is my opinion that if you are looking to build a deal sheet, these guys cant be beaten. The only other ship that I think is on par with them as far as advisory is Evercore; who does a good number of mega deals, but might be getting bogged down in this Kinder Morgan / El Paso fiasco. Hard to tell if it will distract that group or provide them with something to build on.

BarCap is still the 500 lbs Gorilla in the energy capital markets space, and will likely stay there for a good while. Energy is a capital intensive business, so credit experience can be very valuable, BarCap (and to a lesser extent CS) will give you a more "well rounded" experience.

That said, if you want to play in the M&A game, TPH is currently the shop to hit, as they have been on a streak.

TPH isn't exactly a new shop and doing capital markets transactions isn't the worst experience to miss out on... doing an IPO is the one exception... but after that a debt deal or a follow on is the same as any other... you do an internal memo and your syndication guys throw it down.

 

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