Hi everyone, I have an interview with the MD in the Energy/Oil & Gas sector. Can somebody please share some insights as to what kind of questions can come up? And how to answer why O&G sector?
Thank you very much in advance.
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Here are some basic questions that you could expect in an interview:
- O&G verticals and what they do (Upstream (E&P), Midstream (Transportation & Storage), Downstream (Refining), OFS (Drilling & Equipment)) + Companies in each
- Rank verticals in terms of volatility (least to most = Midstream, Upstream, OFS)
- US Basins (Permian, Marcellus, Utica, Haynesville, Eagle Ford, Bakken)
- Recent M&A Deal in the industry
- What is fracking and why is it significant? (Using high pressure water and sand to crack open rock and significantly improve efficiency of a well, Shale Revolution)
- Overview of Global Energy Landscape (Energy transition themes as well as high 2022 prices given Russia's invasion of Ukraine and European price spikes and energy security concerns)
- Pitch a buy and short stock in the industry and explain rationale.
- Common valuation metrics (EV / Proved Reserves, EV / EBITDA, EV / EBITDAX)
- What is a NAV and why would you use it instead of a DCF? (Resources are finite, cannot assume perpetual growth given nature of natural resource production and depletion)
- What is the price of oil and natural gas? What factors influence these prices?
- What is OPEC and its purpose?
- 3 main types of reserves (1p = proved, 2p = proved and probable, 3p = proved, probable, and possible)
- Where do you see the energy industry in 5, 10, & 50 years?
- Why energy IB? (Arguably the most complex industry and global logistical and humanitarian challenge out there, find something you are interested in or passionate about within the industry. Energy impacts every human in every aspect of life. Energy has enabled modernization and globalization and improved the lives of billions)
I'm sure there are more basic questions that I'm leaving out, but this is a good starting point.
Amazing list of O&G questions.
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