I would love to hear about what you'll have to say about it. How is the culture/exit opps/deal flow? I know Energy is not doing well right now, but other than that how are all the things mentioned above?

I wouldn’t want to speculate on the pay, but you could probably find stats on WSO. My guess, it would be street base and above bonus, but a guess. As a general rule, BBs pay slightly less than EBs. Houston specific - Jeffries, TPH and EVR are fabled to pay best dime but who knows what COVID will do to bonuses. At the most junior levels, Comp shouldn’t be a major concern - you’re going to be in the top 1% of your age bracket in the US anyway.

Historically a really solid group - I never looked there, but I have friends in Texas that have gone on to work there full-time. I also have been in contact with an MD in the group for a while, and he's been a strong mentorship figure. No doubt he'd bat for you if you're an analyst looking to exit. It's a sweatshop at times, but culture has gotten significantly better in the last 3-4 years. That being said, they've definitely been slipping to EVR and TPH, both with strong upstream platforms.

Assuming you make it into Citi and put in a little bit of time, most investment banks are fairly open to mobility as long as you’ve got decent reps. Houston to NY is a desired move as old as time. Houston banks hate it, but it is a reality.

Citi Houston - Thoughts? | Wall Street Oasis

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It’s really hard to say where O&G will be in the next 3-5 years. While Citi has been a top bank, it’s just hard to see how deals can go back to what they were before 2014, beyond the consolidation story. Bigger issue would be exists as mentioned. Someone did analysis of Energy PE historically having an average MOIC of 1.2x, not including the current downturn. With funds already struggling and portco valuations being cut in half in the near term, it’s hard to see the number of exit ops existing down the road. Combining poor returns with LP ESG concerns, Energy funds are looking for ways to diversify.

There are analysts in Houston who signed in on-cycle for Summer 2021, who have no idea what state the PE fund they will be joining will be in. Some are questioning if they should try to rerecruit if their fund looks like it’s going down hill. Again, hard to say how this will all play out, but my advice is that starting in O&G doesn’t provide enough upside to warrant the risk of being pigeonholed in a declining industry over your career.

Again, would say I’m probably being overly cynical coming from a BB without RX deal flow. There is an argument to be made that O&G is cyclical and will come back. This may happen with seesaw pricing after COVID, but with the ramp up of renewables and electrified mobility, it is hard to see how there will be oil production growth in the 2030s.

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Citi Houston - Thoughts?

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