Superday for Canadian BB in Energy
Hey all! I have a Superday coming up for a BB's Canadian branch energy division in Calgary. I can't find too much online about the group in particular but was wondering if anyone else has recruited in similar circumstances and has tips about either that or energy IB interviews. Thank you!
Was in a similar position last spring and would say it's pretty important to know the Canadian energy scene. That means upstream producers (Enbridge, Suncor, etc.) and midstream players (TC Energy, Alliance, etc.). It'd probably also help to know a bit about any upstream producers in the Bakken and Montney since some Calgary teams deal with upstream producers in both of these plays. On top of that, it'd probably be helpful to know a little about the overall regulatory environment in Canada and how the lack of infrastructure from Canadian oil fields to gulf coast refineries has played a role in the heavy price discount of Canadian crude. Those are just some starting points, but all the best in the interview.
Thank you so much! As a followup, were there any particular resources you found helpful for prepping energy-specific technicals?
Enbridge isn't an upstream company... if you mention that in a Calgary IB interview, that's an autoding
adding on to this, don't bring up company names unless you're ready and willing to deep dive into them. Canadian energy has couple of big name players and all the bankers will know them inside and out. Don't tempt fate
pm I can give you some questions
Dude go to BNN Bloomberg and read all about Canadian oil gas. Also google BOE Report and read all the articles/recent press releases. That should give you a good overview of the state of the industry.
If you're recruiting from Calgary, likely an easier sell, but if you're from Toronto, make sure your personal "Why Canadian Energy" thesis is strong. You have to really love the industry, and believe in building a career there. Aside from knowing the differing types of deals (E&P, midstream, OFS), have a good understanding of the unique valuation multiples used (and why they are different). For example $/BOE, or EV/DACF. Finally, the NAV model is generally used for all E&P (whereas a DCF can work for an OFS company), so be comfortable in understanding these models. Good luck!
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