2014-2019 U.S. Energy M&A League Table

Hi all,

I have been interested in energy for a while now but have not been able to dig up a consensus on deal flow and relative strength of the different banks. Took a brief dive into my school Bloomberg and below is what I found. Focused on purely M&A as capital markets are currently in a slump. Feel free to fact check this post as these numbers are public information. All of the rankings I have seen around this forum came across as very subjective so wanted to share a more objective approach in case anyone else was interested as I personally found this very helpful. This is meant to be an informative post and I am hoping to hear what other people think about the energy industry and outlook on banking deal flow going forward.

07/28/2014 - 07/28/2019 U.S. Energy M&A League Table
Advisor | Rank | Market Share (%) | Total Deal Value (M) | Average Deal Value (M) | Deal Count
Citi | 1 | 38.6188 | 538,647.32 | 4,603.82 | 117
Barclays | 2 | 37.3133 | 520,466.28 | 4,910.06 | 106
Goldman Sachs | 3 | 25.6984 | 358,454.59 | 3,144.34 | 114
Evercore Inc | 4 | 19.6177 | 273,638.40 | 1,503.51 | 182
JP Morgan | 5 | 18.7659 | 261,756.32 | 2,698.52 | 97
Jefferies | 6 | 16.9017 | 235,753.36 | 1,932.40 | 122
Bank of America Merrill Lynch | 7 | 13.5022 | 188,335.63 | 2,729.50 | 69
Morgan Stanley | 8 | 13.1666 | 183,655.23 | 2,586.69 | 71
Credit Suisse | 9 | 9.9601 | 138,655.23 | 2,137.36 | 65
RBC Capital Markets | 10 | 7.8584 | 138,928.64 | 936.86 | 117

07/28/2018 - 07/28/2019 U.S. Energy M&A League Table
Advisor | Rank | Market Share (%) | Total Deal Value (M) | Average Deal Value (M) | Deal Count
Citi | 1 | 51.8828 | 185,693.29 | 5,990.11 | 31
Goldman Sachs | 2 | 35.9875 | 128,802.68 | 3,788.31 | 34
Barclays | 3 | 33.2452 | 118,987.48 | 4,406.94 | 27
JP Morgan | 4 | 28.7566 | 102,922.42 | 3,549.05 | 29
Evercore Inc | 5 | 27.5220 | 98,503.79 | 3,078.24 | 32
Jefferies | 6 | 26.0747 | 93,323.57 | 3,332.98 | 28
Bank of America Merrill Lynch | 7 | 25.0514 | 89,661.43 | 5,274.20 | 17
Lazard Ltd | 8 | 8.9319 | 31,967.96 | 1,880.47 | 17
Credit Suisse | 9 | 7.5016 | 26,848.87 | 1,917.78 | 14
Tudor Pickering Holt & Co LLC | 10 | 6.7952 | 24,320.55 | 1,737.18 | 14

It looks like Citi and Barclays are still the top dogs in Houston while historically strong names like Credit Suisse and TPH are now on the decline, allowing Evercore and Jefferies to capture market share. Thoughts? Is it still better to start out at a BB?

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Comments (23)

Jul 29, 2019 - 12:58am

Am i looking at this wrong, why is market share already topping 100% after the first 3 banks listed?

Money can purchase freedom, if you have the guts to buy it

  • 1
Jul 29, 2019 - 4:04pm

From what I understand (please correct me if I'm wrong), Citi and Evercore have the largest offices in Houston. Even then, most places seem to have one or two main rainmakers. For example, Skip McGee is Intrepid and Intrepid is Skip McGee. Total banker headcount thus shouldn't really mean much in that regard? It's not like analysts or associates are bringing in deals right?

Array
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Jul 29, 2019 - 3:53pm

I echoed these sentiments in the other Houston thread, but I think it's common knowledge that TPH and CS haven't had the best deal flow during the downturn. That being said, I don't think you can say "allowing Evercore and Jefferies..." because all of those places have done well historically. I think if you look at the league tables, it's a combination of many things ranging from firm capability to what verticals do these firms specialize in. For example, Citi has taken a good chunk of CS's business over the years, and this has nothing to do with the boutiques. On the other hand, TPH has had its restructuring business taken by firms not even listed on the league tables.

I chose to start out my career at a BB listed, and it provides you a great platform to learn the industry while not necessarily being thrown into the deep end. As another comment mentioned, the number of bankers at BB's and EB's varies by a solid amount, which means that those at EB's typically have leaner deal teams and more work. Breaking this down would definitely be interesting, but starting your career off at a place like Jefferies, TPH, or Evercore will likely give you more learning opportunities. There's no "better" place, but rather what you want out of it. The only thing I would note is that if a BB isn't on the league table, then that may be a bit concerning, especially since many of us have been forecasting another downturn. Which verticals do you want to work in, do you want to be on lean deal teams, what's your compensation, culture at the firm, exit opps, etc... are all questions to consider.

Jul 29, 2019 - 4:06pm

With capital markets in a slump, do you think this evens the playing field a bit for independents? Since it's mostly M&A now?

Array
Jul 31, 2019 - 9:44am

I have two similar questions that I would be interested to see if anyone has any thoughts on...

  1. Is there a bank in the 2014-2019 top 10 that you see dropping out of the top 10 five years from now?
  2. Is there a bank NOT in the 2014-2019 top 10 that you see IN the top 10 five years from now?

Just looking ahead to the future, seems like the landscape is changing down there due to weak capital markets activity and strong A&D deal flow. Any thoughts would be appreciated.

Jul 31, 2019 - 12:20pm

My guess is that CS will get replaced by Intrepid or Moelis but there are also other solid shops like Wells Fargo that are not too far behind. Would be great for a seasoned energy professional to opine

Array
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Jul 31, 2019 - 12:56pm

Why do you think Intrepid is going to break into the top 10? Also, what happened to CS? Thought they've always had a good team in Houston.

Array
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Jul 31, 2019 - 3:35pm

A few generalist PE but non energy MF is rare

Array
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Aug 6, 2019 - 12:23am

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