Commodities…

O&G banker at another Houston group here. TPH definitely took a hit with senior turnover, but is still a very solid group, and I'd say it's still in-line with other good Houston groups (Jefferies, Evercore, Citi, GS) with one of the better cultures in Houston (although that's not a very high bar). Very good in the upstream and midstream space, and they've also been very solid in the energy RX space through leveraging PWP's RX group. Pay is on the higher side (in-line with Evercore/Moelis Houston). They've been making a pretty big push into the energy transition space, and PWP recently hired a pretty big P&U/energy transition rainmaker from JPM who'll sit in LA and work very closely with PWP seniors as well. Overall, still a very good group, but especially with the departure of their former leadership I see PWP gradually integrating TPH into PWP especially given PWP's recent P&U senior hires.