Thoughts on Houston?
How is Houston in 2023? Is it still hugely O&G or is there more general energy and renewables practice? Who are the MM players in Houston?
How is Houston in 2023? Is it still hugely O&G or is there more general energy and renewables practice? Who are the MM players in Houston?
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Really depends on the bank. Some banks are still and will always be massively focused on O&G. Some banks like Evercore, GS, Citi, and Moelis are building/have built “energy transition” teams down to junior level. Other banks (probably majority) will have seniors specialized in either energy transition or traditional O&G and rotate Associates and Analysts through both as needed, so if you are a junior at such bank you will have the opportunity to work on both O&G and energy transition for a few years. Overall seems like energy transition space has a lot of “interest” from sponsors and companies but not as many dollars flowing in as the green hype would make you believe.
I would echo this. Definitely still O&G heavy (still plenty of deal flow, particularly in upstream). The energy transition coverage is mostly either midstream guys moonlighting or an upstream flunky who got tasked with being the ET guy bc they liked him enough to not to fire him but not enough to keep him in the cool kids club. It’s tough though. Outside of power, which isn’t really covered in Houston, energy transition is a lot more talk than action, from a transaction standpoint
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