Is Goldman Sachs's NRG (energy IB) still not as good as other big players in Houston for energy? Which banks are dominating?

Most of the energy IB posts on the site are quite old. I'm wondering if GS has built up their reputation in Houston. Also, who are the best banks in Houston? Which bank usually get more analysts into mega funds? KKR, Blackstone, etc.?

Comments (22)

Apr 26, 2017

BarCap, CS, and TPH are all top names in Houston

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Apr 26, 2017

Why am I getting hit with monkey shit? he asked for the best names in Houston. All the banks I mentioned place extremely well.

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Apr 29, 2017

Lol do NOT try and rank banks ESPECIALLY energy bankson this site. Unless you, like me, enjoy the monkey shit.

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Apr 26, 2017

Yeah, it's probably not the best of the best, but the deal flow is good there too.

Apr 27, 2017

What about Morgan Stanley's Global Energy Group?

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Nov 27, 2017

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Apr 26, 2017

Neat, appreciate the perspective

Best Response
Apr 27, 2017
<span itemprop=name>EnergyIBK2010</span>:

GS has been on a tear for the last few years - probably the strongest group in HOU, at least from an advisory standpoint and I've seen them lead a lot of equity too.

I'm not an analyst so don't know where buyside placement shakes out. BARC is a shadow of its former self but would imagine they still place well.

From a dealflow perspective for globals:

Top groups: C, CS, GS (hear culture is challenging at all of them)

Middle of the pack: BARC, JPM, BAML

Bottom: MS, UBS, DB

I know much less about boutiques but I know that Evercore is great for midstream advisory. TPH and Simmons were both acquired in the recent past and I hear dealflow is down for both vs pre-oil crash.

This is pretty outdated...

Agree that GS has been crushing it on all fronts, but would not consider C a top tier bank in Houston. Advisory work has been extremely slow out of that group for the last year, and you're fighting an army to get any of the good work left. CS is solid, crushed it in equity (especially upstream) last year but is no where near what they were in the past. Culture is terrible at all three.

Barclays is a shell of its former self and living off its name. Lee Jacobe is good, they really don't have anyone else in that group. JPM and BAML are both decent, nothing special about either group work wise. I'd say JPM is the stronger of the two, especially in upstream work while BAML is pretty good at midstream and has the best refining MD in the game (although there aren't many deals left to do in the space). All three are fine culture wise.

MS has quietly been very good recently, especially in OFS and midstream though they've been slow in upstream and A&D work. I'd easily put them above JPM, BAML and C, on par with CS and a step behind GS. UBS and DB are still bad, but maybe DB will be able to do something with the C upstream guys they poached (apparently they were working with APC on their ill advised bid for APA).

WF is okay, have randomly won some huge M&A roles recently, RBC is solid for A&D type work. BMO is meh. EVR and JEF do a lot of deals and are absolute grindhouses so I'd avoid unless you're a masochist. Simmons has apparently recovered nicely, while TPH is still slowish. Moelis is a mystery. Lazard is decent, have been doing a ton of restructuring obviously but will likely slow down significantly now that that's behind us. Petrie is a sweatshop. Don't know much about Intrepid but would think it's a decent place to work.

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Nov 27, 2017

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May 3, 2017

I was under the impression WF was pretty dead right now.

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May 3, 2017
<span itemprop=name>EnergyIBK2010</span>:

GS has been on a tear for the last few years - probably the strongest group in HOU, at least from an advisory standpoint and I've seen them lead a lot of equity too.

I'm not an analyst so don't know where buyside placement shakes out. BARC is a shadow of its former self but would imagine they still place well.

From a dealflow perspective for globals:

Top groups: C, CS, GS (hear culture is challenging at all of them)

Middle of the pack: BARC, JPM, BAML

Bottom: MS, UBS, DB

I know much less about boutiques but I know that Evercore is great for midstream advisory. TPH and Simmons were both acquired in the recent past and I hear dealflow is down for both vs pre-oil crash.

Fwiw I've rarely seen GS Houston on deals. I rarely see them in any capacity actually but that could be for a variety of reasons. They may work some of the larger cap OFS deals or push some asset sales for larger cos (Freeport, Hess usually uses them) that we don't see but I have yet to see them where the real action is at this time and over the past few years, notably Permian and STACK. Even Wells has had some major deals in the Permian (Yates etc) although could never get a read on that group, seemed all over the place.

TPH let a lot of folks go recently and I've seen the resumes and they are loaded with fairness opinions masquerading as deal experience. Good folks there but seems like they tried to be all things to all people buy side and sell side and over hired as well.

Jefferies has a excellent deal flow it seems. Evercore pushing a lot of pre-restructuring stuff upstream, as someone else mentioned I guess their strong suit is midstream.

Meh, just like the weather in the south, wait a few hours and it'll change!

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May 3, 2017

Mandrills are primarily terrestrial monkeys, and they move with long arms to forage on the ground for fruits, roots, and animals such as insects, reptiles, and amphibians. Their cheeks have built-in pouches that are used to store snacks for later consumption. Though mandrills spend much of their time on the ground, they can climb trees and do so to sleep.

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May 3, 2017

Mandrills are the biggest players in Houston

May 3, 2017

I imagine Intrepid, started by Skip McGee, would be a decent place to work at, but not sure how active they are.

May 3, 2017

They're doing well, have closed two BX deals in the past two months (upstream and midstream) and had some solid RX mandates.

Dec 26, 2017

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May 5, 2017

anyone got any insight as to how CIBC is in houston?

Dec 26, 2017

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