I've got an interview for O&G coming up (Corporate Banking) and was wondering if anyone had advice as to how to prepare for O&G questions specifically. I don't know much about the industry - what kind of company should I try to pitch? Up/Mid/Down stream? Which one would have the best future outlook/is performing the best in the current COVID environment (I guess none of them are rn, but what about long term?). Any help is appreciated!
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In this environment, its usually best to pitch a super-major such as Chevron/Exxon, and then maybe a midstream company (they have Minimum Volume Contracts (MVCs) that help stabilize revenues in times like this. In terms of most to least volatile, OFS -> Upstream -> Downstream -> Midstream. BIWS has an O&G specific guide that was very helpful in terms of prep for me (ended up getting the offer so definitely worked haha). Also, be prepared to answer questions such as why do you want to enter an industry that's "going through a structural decline". now about NAV models specific to upstream and also know about different basins and how they are differentiated. Finally, also have a view on what's happened in the market recently (dating back to the start of the year) and where you think it is headed. Let me know if you have any questions.
Thanks so much, this is super helpful! I'll prepare a super major like you suggested, since it's corporate banking I'm not sure how in-depth it'll go but I will prepare anyway. Did you get an investment banking gig or also CB? Also, what would you say is the best way to answer the question about the industry going downhill? I don't have much experience in any geological area or anything so I hope that doesn't put me at a disadvantage; what did your experience look like?
O&G IB gig at a top firm. You should do some of your own research as well into why people might be too bullish on renewables (the cost-to-output ratio cant math O&G) and think about O&G being cyclical and things will improve. COVID was a black-swan event that probably won't happen for the next 50-100 years. Everything we are seeing right now is because of COVID, so once that's out of the picture, things should improve. Have a good grasp of the macroeconomic aspect of things.
Also, prepare another pitch since the interviewer might think that you are taking an easy way out of answering the question. I had literally 0 prev. experience in O&G. Just read up online about it, there are some primers available and see what they say and also know stuff like Marcellus is mainly gas, Permian is oil heavy (and the wells drilled here are much more attractive to upstream oil-focused companies than other permians cuz they have more reserves and stuff). You just need to seem interested in O&G because a lot of people may wanna do that just as a back-up for another gig, so really try and show your interest in O&G, Houston and why the company.
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