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Interviewed at Evercore's Houston office last cycle. Had some generic IB technicals to start, but they definitely test you on O&G specifics. Didn't make it to 2nd round, heard they go harder on the O&G technicals during it.
*edited my typo
Some banks are very technical, some banks aren't. Hence, best to prepare with the expectation that it'll be technical and then be pleasantly surprised that it's not.
JPM has a section in their SD specifically focused on O&G technicals. Not super difficult but I would definitely prepare before hand if that’s the group you’re interviewing with.
Where can I find it?
SD = super day, you won’t find anything. There’s a BIWS O&G guide, I can pm if you don’t have it
Interviewed this cycle and got BB offer. Yeah they do ask O&G specific technicals and sometimes the questions are ridiculous. Check out WSO O&G guide and study all things surrounding O&G right now will help.
What are some examples of the ridiculous questions you got asked?
If you want to do O&G banking and do not know the fundamentals of the industry I would consider that ding-worthy.
Basics include:
- Knowing how you go from prospect to consumable fuel/product (upstream > midstream > downstream)
- General macro situation / players (OPEC+ vs US)
- Technological improvements that go us to today (fracking)
- Know where US production comes from broadly (Permian, Alaska, Gulf, Bakken, Appalachia)
That's par in my eyes, next step is knowing the industry valuation norms and how to think about them.
This - biggest way to differentiate urself is to know the industry. Many can say they want to do oil and gas but a far fewer people can talk about the functionality of the industry and why the things are a certain way vs. another.
I think also keeping up with the news is super important. The industry is so dynamic that I think even something 6months ago can be very different with how it’s today. So, keep up to date with the news and what’s happening.
There’s a really solid RBC primer on the O&G industry floating around. Will provide you a good baseline understanding of the sector if you can get your hands on it.
PM me if you want some public co. models w/ industry-specific valuations to flick through
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