Hey guys, any idea who is running energy or oil desks out of New York (BB or boutique)?
Tudor Pickering and Intrepid both have offices there, I am very familiar with TPH having grown up in Houston and worked in oil and gas, but any insight on Intrepid? All I know is it's Skip McGee's shop. They seem to have some pretty solid deals for the size and young age of the firm.
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The TPH NYC office is just a handful of senior guys working out of the PWP office. Not as sure about Intrepid, but my understanding is that most of their work is done out of Houston.
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I think JPM is shrinking their NYC O&G presence. For the 2018 SA class, they allocated fewer of the O&G spots to NYC and more to Houston.
Thanks for the feedback guys; sounds like there are a few NatRes or Energy groups in New York after all.
Does anyone know of a list out there on the internet of which banks’ groups are where? Surprisingly sparse information related to that on their websites.
Jefferies has a small energy team in New York. Just opened it.
I'm not really sure if such a list exists. Houston is going to be the hub for energy. All of the BBs are going to have some NRG presence in NYC. As far as boutiques, TPH has small offices in NYC and Denver, Petrie is HQ'd in Denver (but also has a Houston office), and Intrepid has a NYC office.
Heard JPM has a sizable energy group in NY, as does Lazard. Someone this morning also told me there are "plenty" of energy desks in NY. Maybe this won't be that difficult to figure out after all...
All the action is going to happen in Houston - you're going to need to sit there if you want any meaningful reps. Only HR Pickens would try to make an energy banking career out of NYC...
Also, Skip definitely works out of Houston. And I gotta say, he was a much more imposing BSD when he was at BarCap a decade ago with their consortium of rainmaking MDs that have (mostly) all retired now.
BAML used to have an E&P team in NYC, not sure about now. To my knowledge, majority of banks (outside of small bucket shops) don't house their Oil & Gas / upstream coverage team's in NYC, all this is ran out of Houston. The TPH team in NYC doesn't cover oil & gas, believe those guys do power and some downstream stuff. Intrepid's guys up there are doing restructuring and capital markets.
Has this updated at all? Are there any shops in NYC still doing energy investment banking?
Intrepid has grown their presence in NY. Have brought over some of their juniors from Houston to NY recently and now have a decent number of associates and a couple analysts in NYC.
BAML also has a decent NatRes presence in NYC. TPH has virtually no NYC presence, just a few senior guys working out of the PWP office as mentioned above.
Would you say that its rare to see kids out of college doing energy IB in NYC? Are most analysts starting their careers in Houston and then getting moved over after a couple years?
hlhz has a small dedicated practice in NY
Evercore has a team in NYC covers large cap E&P only
Barclays covers downstream and midstream out of NY. Think they do pretty well in midstream.
In general, nearly all upstream coverage is done out of Houston so I would suspect that all these NY energy teams that others have mentioned are midstream/downstream focused.
Not sure where you’re getting your info but Barclays NatRes runs a significant amount of their US deal flow across verticals through Houston
That’s correct, but was pointing out that downstream and midstream are primarily covered out of NY since that was the question.
While Intrepid is young, Skip McGee is an absolute killer and has done an incredible job just off of his network including those he brought in with him (including Chris Winchenbaugh). Their model of dual-tracking their IB and Merchant Banking efforts has yielded pretty great results especially in the Energy Transition space.
To add on to this from close friends at Intrepid, comp is top of the street, culture is very strong, and exits have been getting better every year- GIP, KKR, Citadel, and some MM/LMM exits over the last two years. Analyst classes are very small- 5/6 per year. Only recruit at UT and SMU but take in some kids from traditional targets every so often.
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