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DEUTSCHE BANK
Evercore, Jefferies and Citi.
Citi is without a doubt the dominant force. Barclays as well, but they are not as hot as they used to be.
GS, EVR, and Jefferies are also very strong, as someone has already posted.
For M&A (traditional IB): Citi, GS, RBC, Evercore, Credit Suisse For RX (increasingly important): Lazard, Houlihan
M&A: Evercore, Citi, JPM Midstream: Evercore, Citi, Jefferies Capital Markets / Financing: CS, Barclays, GS A&D: Jefferies, TPH, RBC, Scotia Services: Simmons, TPH RX: Moelis, TPH
Dumb question: what is the differnece between M&A and A&D in this context?
M&A = big corporate transactions (Oxy/Anadarko, RSP/Concho, any of the big midstream simplifications, C&J/Keane, Aramco/SABIC) - usually bigger in deal value and much harder to get on the advisory team if you're a boutique (since you can't help finance any of it)
A&D = asset/acreage transactions that are exclusively upstream (Spur/Concho, BP/Petrohawk) - usually smaller in value and higher in volume. Emphasis placed more on "technical expertise/execution" from the banks technical/engineering team (Ralph Eads and Jefferies have traditionally been the kings here although EVR and TPH do very well for themselves; Scotia does fairly well here too - albeit to a lesser extent - with the added bonus of lots of Latam/international exposure).
Surprised there’s so much discussion on the bulges and not the eb’s. Citi and Barclays have always performed well, mainly because they work across multiple verticals. Other bulges haven’t performed as hot; JPM has continued to build out its midstream group, but there’s only so much you can do when there’s that much competition in the vertical. Everyone knows CS has been in a slump, and it’s apparent already in this discussion. GS really only does OFS, so you already know they’re in for a rough time (see Q reports)
Evercore has always been at the top of the pack, for both M&A and RX. I wouldn’t consider them the best E&P player, but they’re T3 for sure. Jefferies also a brand name firm in the space, but A&D flow has been pretty dry all of 2019. Simmons has had job cuts at the VP and As level; TPH would’ve too, but anyone familiar with the group knows the seniors would rather take paycuts than lay people off.
Outside of Oxy, there hasn’t been many great M&A deals. Even when they occured this year, it’s typically the EB’s that’s the main advisor (See Recent WPX/Felix). AramCo IPO left the bankers with less than desired fees, and some banks probably expended more than they gained. Surprised more banks didn’t drop off like EVR did since it was so drawn out. Looking on the other side, the RX vultures are eating good. EVR has won some debtor side mandates, but they’re facing increased competition from LAZ and Moelis. A name that’s not even mentioned in the thread is PJT; the RSSG group has been behind the scenes constantly in the O&G world, especially looking at the big restructuring mandates. They recently opened a Houston office, and it’s definitely not for M&A/A&D. HL has been the legacy creditor advisor, and they’ve also been on most of the RX mandates. Let’s not forget to mention JP has connections with all the legacy managers, so the NY/HOU/LA FRG groups there are going to have some disastrous hours. TPH has been stealing the show on debtor side mandates, which isn’t surprising given the group’s heritage.
If you’re a college student, I would tread carefully with O&G in Houston. Compared to NY/SF, you’re going to have a rough time - might not even have job security just looking at the current environment. Another thing to note is that there’s an increasing number of energy buyside opportunities out of undergrad, but it’s currently only for T3 targets. Some HH would rather email a kid at H/W/S with a summer gig than even an analyst at Citi. Might as well train them in-house, right?
lmfao where do I start...
If you’re going to Citi, Barclays, CS, or even GS for that matter, you’ll be fine. You’re not going to be out of a job, especially out of undergrad.
Rumors about job cuts were only rumors. There were talks about TPH firing analysts, but I confirmed that this never happened. Sure the other boutiques are doing just fine.
Deal flow has always been variable for O&G. There’s obviously not going to be as much work as when crude was priced higher. It’s a cyclical industry, so the industry just favors the distressed/rx cycle right now.
PJT moved down to Houston for everything - they ran an O&G group out of NY and thought it was about time to move to the big H. Not surprising, but the bulk of restructuring is done out of NY still.
HL FRG values culture and work/life. No ones going to get “crushed,” but you can expect a lot of deal flow. If you know anything about the firm or space, you would know the group head cares about the analysts and associates.
Banks didn’t get what they wanted/expected from the IPO, but it’s not bad either. No one got screwed really - just unfortunate for lengthy time on the deal and the small %.
Only 2 groups off the top of my head hire out of undergrad for O&G. One group only looks at H/W, the other doesn’t care. Your point makes no sense since these buyside firms would rather hire someone from industry at a major as opposed to a 22 year old. There’s no overall industry shift lmfao
Stop exaggerating firms like EVR and TPH and making other boutiques sound like terrible places to work. Sure, they’re great places, but there are so many places. If you like OFS, go to GS or TPH then. If you like RX, there’s a handful of firms to work for. If you want A&D, goto Jefferies. Anyone exiting undergrad should find a firm with people they enjoy being around and a place they can just learn.