Anyone know anything about GS NRG out of Houston? I tried digging through the boards but couldn't find anything recent.
Have a first round SA interview this week and wanted any inside information on how they're structured (ie: execution supposedly outsourced to NY?) as well as how they compare to other energy groups out of Houston. Any information is greatly appreciated.
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Wouldn't be my first, second, or third choice among Houston groups...unless you are going in as an analyst and strictly want the name. Even then, if you intend to stay in energy, Buyside firms know GS houston isnt on par with the typical GS rep.
Have heard bad things.
Ditto. They do have less autonomy than energy groups like Citi and Barclays. Barclays, CS, JPM and Citi are tops with DB not far behind. UBS could be a factor again after poaching the Morgan Stanley guys, but it'll be a few years before that happens.
^UBS took a couple MD's from Barclays shortly after the ones from MS as well.
As said, Barclays, CS, and Citi are the traditionally strong groups in Houston (Barclays being Lehman, Citi being ex-UBS.) Execution for CS is mixed between Houston and New York though.
Other than reputation, any idea how they structure the analyst role? (ie: generalist vs. pit, etc). I know some of the other mentioned banks let their analysts work the entire process from pitch to execution. Don't know anything about Goldman though.
As far as the energy space...CS kills it, Barclays NRG is very strong, RBC is big in O&G, Citi is making HUGE moves and expanding rapidly (hired 20 FT analysts for next July start...thats saying something, JPM is solid, and UBS is not bad. Agree with most above but still...a BB analyst position is a BB analyst position so I would go for it if you can get it. Moelis just started a group out in Houston and is really small but they brought Brady Parish (formally of GS) out of retirement to start the group and are really trying to make moves. I would try to apply over there as another option as well outside of the BBs.
Two key points about energy banking that make the sector different than others:
1) Valuation analysis (esp. for asset sales) often requires a more niche technical skillset than other industries. This allows dedicated energy shops complete with many geologists and ex-engineers to be successful (e.g. TPH, JEF, RBC, Scotia)
2) Developing and producing oil and gas is very capital intensive. Banks that commit a lot of balance sheet to lending in the sector (e.g. Citi, BAML, JPM) will see a lot of involvement in debt and equity offerings and sometimes M&A
Tho i'm not on the banking side, its clear these factors mix things up in Houston. That said, I think someone posted a league table recently, but if you're looking to do M&A then Barcap and GS are tops. You really can't go wrong with most firms in Houston now though as you make your way down the list.. so much activity in the space now youre bound to see good deal flow (unless you are 1 of 20?? analysts).
A VP specifically told me that all execution is done in the Houston office and that he imagines the no or partial execution rumor was started and perpetuated by rival banks in order to win over the best candidates.
An associate there claimed that they work more than the NY office. He said 110-120 hour weeks DO happen. An analyst there said that they'll have summer analysts do the work of an analyst on a deal when they're busy. This is all straight from the horse's mouth. But perhaps they were all lying or greatly exaggerating.
I also wondered why GS doesn't get as much love from energy PE firms when GS is #1 or #2 in US Oil and Gas M&A.
Highly unlikely that a Summer Analyst is doing the work of an Analyst on a deal... Maybe on a debt deal or an equity follow on, but very doubtful on an advisory process... The learning curve in the industry is such that they might be able to do that at the tail end of their summer, but unless they are very familiar with the valuation techniques associated with hydrocarbon reserves and production, they will not be very useful on a process. They will definitely sell it that way to candidates, and kids that intern will say they actively worked on deals but they aren't able to contribute the work of a full time analyst.
This isn't to say that they don't get great experience... I know our Summers were great last year and they got some transaction experience, but the level of granularity they experience is nothing like what a full time Analyst will be responsible for, and rightly so.
A friend of mine is an analyst over there and it's a sweatshop. They have extremely high turnover from burning their analysts out quickly. I don't think it's worth it considering they don't carry the prestige that the rest of GS does.
Goldman Sachs energy (Originally Posted: 11/16/2010)
Does anyone have any info on Goldman's energy office in Houston? I am having trouble finding info on them. Recent dealS?
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GS advised Chevron on the acquisition of Atlas. However, GS's Houston office sources everything to the NY office for execution*, which a lot of banks in Houston are starting to get away from, and some already have.
sources everything to the houston office? eh?
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