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April 30, 2024
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Unless you are dead set on working on O&G I'd suggest focusing on a generalist type seat...you should be able to land that since there are only so many O&G-specific RX nuances and you can also position yourself as an O&G resource when opportunities do arise. There aren't really many distressed O&G trading opportunities right now, really only whole company acquisition / asset A&D situations and its a tough to find funds who will do that which aren't energy-specific such as Riverstone etc.
Thanks for the info. Would you recommend going to NY banks or is Houston fine when recruiting for top distressed debt funds?
I am sure you’ll be fine trying to recruit for NY from Houston. As you know large energy Houston guys like AG or GSO also have NY teams / bulk of resources in NY
Riverstone, like BX, Apollo, KKR (now that all the Independence stuff has been spun out), Carlyle, etc, is out of E&P. All transition shops now.
There only a handful of credit/SSG funds that are still actively investing in O&G - think it’s really only SSP, AG, Quantum’s credit vehicle, etc. GSO is out on new E&P from what we’ve heard. There’s some equity guys that are still putting money to work but that list shrinks every day.
Also, as should be evident by your E&P deal flow if you’re an RX banker, most of the distress has been pushed out by higher prices. Still some opportunities but nowhere near what they used to be.
Yes, would emphasize the larger historical firms in E&P are in wind down and the job would primarily be supporting that process and other PortCo activities. I don't think there would be a lot of new deal work. For example, AB's E&P book, which was almost entirely credit, is now almost entirely reorg equity and basically an asset management exercise. Riverstone is putting some $ to work in the space but only to support existing positions within the credit book and have gotten a bad rep. See new money (credit & equity) being put to work mainly in the LMM space unless you are Vitol.
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