Recently completed my analyst stint at a BB in Houston and thought I'd make an up-to-date ranking for energy IBs. Seems to be a lot of misinformation on this site so here's the official 2022 ranking:
Tier 2a: Citi, GS, Moelis, TPH
Tier 2b: MS, BofA, Jefferies
Tier 3: Piper Sandler, RBC, WF, Barclays
Tier 4a: TD, Lazard, CS, Intrepid
Tier 5: greenhill, HSBC, Mizuho, Keybanc, CIBC, Scotia, Guggenheim
Thoughts?
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Just a prospect, but this seems interesting.
Perhaps you can add Simmons, Macquarie, and Petrie Partners to expand the list.
Already included Simmons but I've added the other two
Cool, dropped an SB. Hopefully, your thread builds up some traction!
GS & JPM Houston is just a brutal culture..
Pre-edit^
Personally, if basing tiers more on recent performance, I'd move GS & JPM up to Tier 1, move Citi down to Tier 2, and move CS up to Tier 2 (though some significant recent departures)
Would probably swap Greenhill and RBC
Solid list overall- would also agree to swap RBC and Greenhill.
Done
Isnt Jefferies considered the #1 shop in energy last few years?
Yeah this list is wildly inaccurate lmao - I'd move CS to tier 2, JEF to tier 1, MS/JPM to tier 3 just off the top of my head
Fixed
Slightly off topic but how would you guys rank comp/exits/sector focus at these shops? Heard historically EVR, JEF, Citi, GS, LAZ has had solid exits and sector exposure towards energy transition (althought Citi, GS, LAZ probably lag on the comp front?)
Most of my friends and clients at top 5 energy pe fund are from Barclays and CS
Where’s TD Securities?
Thread got me curious so pulled a Factset league table for 21 o&g m&a. Probably not super clean data but was interesting
List is all over the place. Clearly You haven’t followed MD moves, traction with sponsors, mandates (successful or not). Another example is it seems a lot of your list is colored by overall shops reputation than Strictly oil and gas.
Imo It goes like this (using banks in OP)
Tier 1: Evercore, JPM
Tier 2a: Citi, GS, Moelis
Tier 2b: MS, BofA, Barclays
Tier 3: Piper Sandler, RBC, WF, Jefferies
Tier 4a: Guggenheim, Lazard, CS, Intrepid
Tier 4b: PJT, UBS, TD, Petrie
Tier 5: greenhill, HSBC, Mizuho, Keybanc, CIBC, Petrie, Scotia
U have JPM in tier 1, Moelis in tier 2, MS & BofA and WF on par with JEF? Ur list is even worse than OPs lmao
Why is BoA on par with Barclays? And Scotia and Petrie below Gugg?
This is the most reactionary list lmfao just cuz one of these groups may have had a good year or poached an MD and my man puts them above some of the most active legacy shops in houston
Moelis wildly overrated here. What have they done? JEF should be 2a and RBC should be 2b, or WF should be way down..... CS has also picked up a couple good mandates
Here are a few more names to consider to round the list out and make it more comprehensive:
Baird (Expanded in 2018)
Lincoln (Energy, Power, and Infrastructure)
Cowen (small energy presence thru partnership with Intrepid last yr)
Stephens (Energy investment banking practice began in 2009 and has completed over 65 transactions to-date)
Oppenheimer (Mostly just debt work)
None of these shops are relevant
Disagree with a lot of the list and just going to list off some thoughts here. Please let me know if I am wrong on anything:
-Evercore hasn't had a great year IMO. Am I missing something? Not like it was terrible, but I don't think you can call them the top shop in Houston.
-Would move RBC up a tier or two. Feel like a lot of people don't give them enough credit. Would say RBC is better than MS and could see an argument for them being better than Barclays too.
-Would also move up JPM. Feel like they've had a great year. Idk how you could say any of the other BBs had a better year. Citi's energy transition team is good though, so maybe you could call them equal?
-Piper actually had good deal flow in the OFS space. Don't see why they would be below Scotia, HL, or Lazard.
-TD actually got some deals done this year, and I heard CIBC had some big mandates. What have Stifel, RJ, Truist, and Gugg done to be above them? I guess Gugg has their ABS stuff, but I think that’s it.
Ok taking into account some of the comments on my earlier list + some research; I will revise as follows.
Below is definitive list and does not take into account bank’s overall reputation:
Tier 1: Evercore, JPM
Tier 2a: Citi, GS, Moelis
Tier 2b: MS, BofA, Jefferies
Tier 3: Piper Sandler, RBC, WF, Barclays
Tier 4a: TD, Lazard, CS, Intrepid
Tier 4b: PJT, UBS, Petrie
Tier 5: greenhill, HSBC, Mizuho, Keybanc, CIBC, Scotia, Guggenheim
Where did TPH go
Oversight. Tier 2 for me
OP here. Agree with this. Updated my list with yours.
Its still way off looool. RBC should be higher, JefCo should be higher, Moelis should be lower lmao
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