Jefferies Houston; other similar boutiques?
Wanted to get a feel for the culture at this group as of the last 1-2 years. Seems like deal flow is insane but haven't had the chance to hear from current or recently department junior bankers in this group. Spoke with a former analyst who used to be there almost 4 years ago but wanted a more recent take. Additionally, are there any other E&P groups out there that are considered similar? I've read good things about TPH as well.
Don't be burnt out kid you will be able to get through it. In the mean time here is the 2017 Ranking from GO-BUYSIDE employee.
The Dream Team : 1: PJT, GS, Evercore, MS, Lazard, Moelis
Warriors: 2: JPM, Centerview, Greenhill, Perella Weinberg Partners 2.5: CS, BAML ________________________Mega fund cut line*________________
3: Barclays 3.5: DB, Citi, Houlihan, Jefferies 4: UBS, Roths of the world like Liontree 5: Wells Fargo, RBC,BMO ________________________Don't even think about PE line_______
6: HSBC, Baird, KBW,Other no name boutiques, Regional bank IB like Key bank, Foreign banks with no deal flow like Mizuho/Nomura/SocGen
This ranking is deceiving for Energy IB as no way Centerview is a Tier 2 it has no deal flow. Also while Greenhill is a great M&A shop they too have had limited deal flow, especially compared to say BMO that has had >5x the deal flow the (ranked 5th) and sent 2 Juniors to two mega energy funds this year. Since this general ranking it misses Simmons & Co. which is like TPH, not sure about PE exits but the bank does handle deals for SCF partners (another mega energy fund) so the MDs do have connections if you decide exit.
Sorry mr. BMO the rain maker
Just answering the question, maybe next time check a league table and not post a general ranking about PE for a O&G question bud.
Simmons does pretty well. They seem to place at all the big energy funds every year. Greenhill Energy is a shadow of what it used to be after MS hired essentially the entire Houston office away.
This is so very wrong for energy
You're an idiot. Good luck on you SATs!!!
your*^ @Donnie
Donny your a fucking moron you dumbass high schooler. Stop copying and pasting irrelevant shit.
TPH is a very good shop. I've met lots of team members at every position and they really pride themselves on culture. All six of their summer analysts are returning. I even heard Maynard Holt give a 30-minute speech to us college students, when we were going through the recruiting process.
However, JEF is by far the best shop in Energy, boutique or bulge. I networked a lot with them and had a superday there as well. They probably work harder than any other firm and their analysts get paid like associates, associates like VPs, etc. What differentiates JEF is that it is fully committed to Energy advisory and does not take any short cuts like the BBs.
If you're looking more at boutiques I would also recommend Greenhill, Simmons, and Seaport. Although I heard a former Simmons banker (now working at TPH) that TPH has a lot better dealflow.
I tried recruiting for energy IB in Houston but ultimately had no luck. I go to a liberal arts school (H/Y/P) and felt like I didn't convince the interviewers that I wanted to be in O&G bad enough, since some of the UT, TCU, SMU kids have been dreaming about being in the industry since high school. But I was lucky enough to receive NY IBD offers at an EB (LAZ/EVR) and a mid-tier BB (BAML/Citi/CS). Feel free to PM me if you have other questions. I might be able to give you some more info about Houston recruiting.
I don't think Seaport really belongs on the same tier as those other banks. Definitely a step down. I was also under the impression that Greenhill Houston has been a shadow of itself since it got raided in 2014 by MS, but that could have changed. TPH definitely has Simmons beat when it comes to E&P deal flow; however, Simmons is better at midstream and OFS.
I definitely agree with you about TPH culture. Simmons is also great in that regard.
Confirming this reply. A buddy of mine is an associate at TPH. He loves the culture and wouldn't have gone back to IB if it was any other shop. Hours are typically 9am to 12am M-T, 9am-9pm or so on F, Saturdays generally off, and 9am-7pm Sunday. So ~80-90 hours per week. Dinners always comp'd. He hasn't experienced any true assholes in the group.
Ignore donny. His is not energy specific.
Jefferies in Houston is a bit fishy I hear. I hear they are under water. Too soon?
Thanks to those of you who replied. I was able to aggregate bits and pieces from other more general O&G IB threads over the past year or two. Would be interested to see how analysts get allocated between the upstream and midstream "teams". Also, the all-in 1st year comp number for this year that I saw floating around seemed pretty ridiculous.
I am not specifically interested in the "megafund" exit opps touted from some of the household BBs. Personally, I am more focused on getting my hands dirty on transactions as they relate to hard-assets (Traditional A&D and midstream asset deals vs. cap markets) for a few years as I hope to eventually be able to gravitate towards a role that involves, in some capacity or another, working with PE-backed management teams within the space (interested in both opco side or investing/backer side, though I understand they are not mutually exclusive). Seems like there are 2-3 other teams that are similar in terms of the analyst experience offered. Would be interested to get opinions from the rest of you all on which groups may fit this profile the best.
For those of you who are interested, I found this thread helpful as well: WSO /forums/houston-Jefferies-tph-simmons
Seem's like you have a pretty good grasp on it. GS, EVR, Citi, MS & JPM would probably be best for megafund. With that said, Jeffco, TPH and Simmons guys can still place there.
If you don't want to do CapM avoid Citi, BAML, JPM, MS...essentially all of the bulges. Jefferies sounds like a great fit for you and their 1st year analyst bonus number is ridiculous for this year (it's pretty variable year to year, not something to count on). They won't do as much midstream from what I have heard, pretty upstream A&D focused.
EVR would also be a great place to target, probably gives you the most diverse experience and exit-op optionality without having to do CapM. You would get more exposure to all of the verticals and corporate merger experience (lots of A&D to be had there if you want).
Apply everywhere, get momentum (offers). Target Jeff & EVR if you get offers there. TPH & Simmons still great places to land.
What is your source? From what I hear, 2nd year analyst numbers were even more ridiculous. Hard to believe any bank, especially a MM like Jefferies, has the ability to pay that much no matter how "variable" it gets.
Out of curiosity, what have you seen for compensation numbers recently for oil IB? The company I got an intern offer for on the engineering side starts full time around ~$150k from what I've heard (if you stick out the vesting period). That's on the high end, but I'd assume banks beat that number, I'm curious how much the top shops pay in Energy as I don't know the numbers a myself
The top 1st year analyst numbers in Houston this year cleared $200k all in. Obviously not a short-term game though, you really need to be considering the potential payout in 5-10 years time. There are a quite a few firms in O&G IB that would be suited to get you there. Engineering salaries are definitely much more appealing on a $/hour basis but tend to plateau for most people after a couple of years relative to BB/EB banking/PE/HFs.
No body has mentioned it so far, but Skip McGee's new shop, Intrepid would also be worth taking a look at.
shhh that is a secret...
I know an someone in this office. Crazy hours, but you learn A LOT.
Any updates pay numbers about Jefferies Houston? Analyst 1, 2, Associate 1, 2, 3?
Does the office also do energy levfin or is it mainly advisory?
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