Tudor, Pickering, Holt & Co. served as Co-Manager on Oasis Midstream Partners LP’s (NYSE: OMP) $128 million initial public offering. For OMP’s press release regarding this offering, please click the link below.
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It was an unbelievable weekend of friends, family and college football. Tudor Pickering Holt, along with Vinson & Elkins and Lime Rock Partners, kicked off Saturday afternoon with a tailgate as big as Texas in Alumni Park on USC’s University Park campus. More than 425 of our closest friends and family joined us in anticipation of the first meeting between the Texas Longhorns and the USC Trojans since the powerhouse programs’ last meeting in the 2006 Rose Bowl.
The rematch eleven years in the making took 60 minutes and 2 OTs but this famed matchup definitely had its mojo back. While it was a nail-biter of a game with a ton of respect on both sides, we were thrilled to be able to bring together the Longhorn and Trojan alumni, friends and families. Couldn’t tell from the tailgating and networking that a heated rivalry even existed between the programs so it was a perfect start to another memorable football game between the two schools. We hated to see it end but we plan to be back in Austin next year for the 2nd annual USC vs. UT Tailgate. Should be another outstanding TPH event leading up to another battle for the ages!
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As Halliburton closes in on the centennial anniversary of Erle P. Halliburton revolutionizing oil well cementing and founding the company (in 1919), we enjoyed hosting this oilfield service bellwether’s (particularly in North America) current leader. While only several months into his CEO seat, Jeff has been with Halliburton for a couple decades (half spent overseas) in a variety of progressively senior operational and business development roles, including most recently as COO, and then President. Proved an enlightening conversation ranging from Jeff’s leadership style and internal communications approach (important for a truly global organization with ~50k employees, spread across ~70 countries), to the organizational processes in place which enable Halliburton to execute well on its key corporate guideposts (delivering the best service quality to customers, delivering attractive returns for shareholders), to the road ahead for Halliburton in each of its three strategic market focus areas (Unconventionals, Mature Fields, Deep Water). Jeff’s mastery of the key drivers for (and value proposition of) the company’s broad portfolio of product service lines is impressive and speaks to why Halliburton’s board tapped him to lead the company into its second century. We came away from our visit even more enthused about the future prospects for this leading OFS story/stock, which was already one of our favorites.
Maynard Holt, Jeff Miller, Jeff Tillery
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Analyst, Investment Banking
Kkovac@TPHco.com
ph: +1.713.333.6128
Klayton Kovac serves as an Analyst in the Investment Banking division. Kovac previously worked as an investment and research analyst at Fidelis Realty Partners. Before that, Kovac served as an analyst at Encompass Capital. Kovac started his career as an Analyst, then Associate at TPH&Co. in the Equity Research division. Kovac holds a BBA and Masters in Accounting from Texas A&M University.
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Tudor, Pickering, Holt & Co. (TPH) formally announced today its Energy Technology (E-Tech) Investment Banking effort as well as the Firm’s intention to host its inaugural Energy Disruption Conference in Austin, Texas on November 10, 2017 at the W Hotel. The conference will focus on showcasing companies involved in developing and deploying disruptive technologies in the oil and gas industry. John Gibson, a Senior Advisor to TPH, joined the Firm in the Spring and is spearheading the effort to build out an Energy Technology Investment Banking practice.
“We have been watching all the changes happening in oil and gas around the use of data, predictive analytics, machine learning, artificial intelligence, completion and downhole technologies, sensors, and many other technology innovations coming into the traditional oil and gas space. We believe there is a business in advising energy companies around the development, acquisition and use of technology, private and public investors around their investment strategy in the space, technology companies trying to better penetrate the energy industry, and private energy technology companies regarding their M&A and IPO options. There are literally hundreds of companies focused in this space, ranging from the Integrateds, the large technology companies, Independents, Oilfield Service Companies, E-Tech startups as well as Private Equity and Venture Capital players. We believe this is a great opportunity for TPH to establish a new wing of the energy advice business,” said Maynard Holt, CEO of TPH.
On November 10th, TPH is hosting its first Energy Disruption Conference in Austin focused on the following segments: Digital, Cleantech, Efficiency, Subsurface, and Alternative Energy. Speaker topics will include Big Data, Predictive Analytics, Artificial Intelligence, Waste Reduction, Emissions Control, Robotics, Automation, Completions, and Energy Storage to name a few.
“We are delighted that John Gibson has joined us as a Senior Advisor in the Energy Tech space. His background in technology and his passion for science made him a perfect choice to kick off this new and exciting effort,” added Holt.
John Gibson’s background includes being a former head of subsurface research at Chevron and numerous senior executive leadership roles at public and private companies including CEO roles at Landmark Graphics, Paradigm Geophysical, and Tervita, as well as President at Halliburton. As a Senior Advisor in TPH’s Energy Tech group, Gibson will aid TPH’s efforts in energy technology where thousands of breakthrough opportunities do / will exist. He will help TPH identify and follow the technologies with the greatest promise for materially changing the performance of the energy sector.
“We are in the midst of significant technological disruption in the energy industry and we believe the best technologies have yet to be uncovered,” asserts Gibson. “Our Energy Disruption Conference is an opportunity for those companies and startups in this space to promote their businesses to a C-Suite audience of oil and gas clients, venture capital firms, and private equity investors.”
For questions or to inquire about the TPH Energy Tech effort or Energy Disruption Conference in further detail, please visit www.tphco.com/2017-disruption-conference or email disruptionconference@tphco.com.
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Tudor, Pickering, Holt & Co. served as financial advisor to Bayswater Exploration & Production on the sale of Core Wattenberg Assets to PDC Energy (NASDAQ:PDCE). For PDC’s press release regarding this transaction, please click the link below
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On September 27, TPH hosted our 2017 Minerals Conference at the JW Marriott Downtown Houston. It was clear that minerals remain a hot topic among the oil and gas community. With over 250 members in attendance, it was a mix of individuals from minerals companies, operating companies and the financial sector. The conference kicked off with a networking lunch, followed by a half-day of speakers and panelist discussions touching on a wide range of topics pertinent to the minerals and royalties market. Compared to our previous minerals conference in 2014, we were impressed to see the growth and evolution of the space in such a short period of time.
Thanks to all who joined us for the conference and special thanks to the following speakers and panelists who helped make this such a worthwhile event:
• Black Stone Minerals – Holbrook Dorn
• Brigham Minerals – Rob Roosa
• Fortis Minerals – Chris Transier
• Kayne Anderson Capital Advisors – Aaron Terry
• NGP – James Wallis
• Santa Elena Mineral – Brendan Fikes
• Viper Energy Partners – Kaes Van’t Hof
Judging from the level of participation and the buzz from the crowd during the networking sessions, we’re excited about the entire minerals sector. For a summary of this year’s event or to be added to the invitation list for our next minerals conference, please contact your TPH representative.
Evan Monckton – emonckton@tphco.com
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Great leadership isn’t easy, particularly when faced with the challenge of leading an organization through a protracted (and severe) industry downturn, the likes of which the offshore contract drilling services business has endured the last several years. Against this sober industry backdrop, we were pleased to hear from the leader of this long-established, leading global deepwater drilling contractor. Jeremy Thigpen joined Transocean as CEO in April 2015 (i.e. during the teeth of the industry downturn) after a successful nearly couple decades in key operational and financial roles at National Oilwell Varco. What came across loud and clear during our visit is that Jeremy has been impactful in inculcating/enhancing the performance culture at Transocean, one which rallies around the seven (customer-centric) organizational charters put in place by this management team soon after Jeremy joined the company. These charters frame the way forward for Transocean, and based on our conversation regarding inroads made on several key fronts (fleet competitiveness and reliability, safety, drilling/organizational efficiency, etc.), the company is well on its way toward achieving its long-term strategic and operational goals.
Maynard Holt, Jeremy Thigpen, Jeff Tillery
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Analyst, Investment Banking
blines@TPHco.ca
ph: +1.403.705.7835
Brendan Lines serves as an Analyst in the Investment Banking division. Previously, Lines worked as an investment banking analyst at GMP FirstEnergy. Before that, he served as an investment banking analyst at Citi. He holds a BComm in Finance, with Distinction, from the University of Calgary.
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We were pleased to host the leader of one of the most successful LatAm focused E&P companies and one of the best performing stocks this year (+113% YTD). Jim shared with TPH the insights of what it has been an exciting journey building up and growing a company, which has become one of the top operators in Colombia and is expanding in the region. Jim sees Latin America as an area with numerous opportunities and limited competition and plans to double the company’s current production base of ~30kboe/d in the next 3-5 years. Core asset remains Colombia, with the Tigana/Jacana oil complex being the near-term focus as the resource has proven larger than expected, with more delineation catalysts in Q4’17. As seen in Q3 results, production continues to grow (+8% q/q; +28% y/y) mainly driven by Colombian production. The company expanded its LatAm footprint with a block awarded in the Potiguar Basin (POT-T-747) during Brazil’s Round 14 and which should see drilling this year. Argentina remains key to GPRK’s portfolio with start-up of the Rio Grande Oeste oil field in CN-V block shortly. Entering Mexico remains a priority but GeoPark will not overpay to achieve this.
Joe Amador, Andres Ocampo, Stacy Steimel, James Park, Maynard Holt
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Marica Mukul Office Assistant Mmukul@tphco.com Ph: +1.713.333.7180 Marica Mukul serves as an Office Assistant in the Securities division. Prior to joining TPH, Mukul was a paralegal at The Ammons Law Firm. Before that, Mukul was a paralegal and legal assistant at the Chambers Law Firm. Mukul has a BA in Liberal Arts with a concentration in Social & Behavioral Sciences ... Read More
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We were fortunate to kick off the 2018 series with a firm-wide sitdown with private Legend Energy Services founding investor and CEO Trey Ingram. The discussion proved particularly timely as Legend’s core business is focused on providing coiled tubing and pressure pumping services in high profile basins, including the Permian, Bakken and others. Mr. Ingram’s strategic philosophy, which has roots in his executive career experiences at Great White Energy Services and FedEx, is clear – run as lean and efficiently as possible (the company had zero debt entering the 2014 downturn) and leverage data and technology to deliver leading analytics-based solutions to customers. Trey’s comments reinforced a couple of prevailing “facts of life” in the business today – 1.) high spec assets really matter (higher tech, more robust coiled tubing and higher horsepower frac equipment) as lateral length and stimulation intensity grow, and; 2.) industry’s collection and use of the vast amounts of available key data to drive sophisticated analytics, while in their infancy, are critical. Mr. Ingram has built and positioned Legend as a leader on both of those key competitive fronts.
Max Barrett, BJ Walker, Trey Ingram, Alex Somers, Dave Pursell
We stepped out of the onshore shale mainstream on Wednesday and sat down with offshore entrepreneur, Tim Duncan, private Talos Energy LLC’s Founder, President & CEO. Leveraging an extensive technical, business development and executive background in the world of conventional assets, Mr. Duncan is building offshore-focused Talos on a two part foundation of cash flowing, acquired reserves and production and exploration inventory. With respect to the former, Tim described the GoM as a province where “everything is for sale” and which is in the midst of a generational opportunity where significant advantages rest with well-positioned buyers like Talos (extensive “local knowledge”, low leverage, well-capitalized). Talos’ exploration proficiency is evidenced by its July 2017 Zama discovery, offshore Mexico. The first exploration well in Mexico to be drilled by the private sector encountered ~1,100’ of gross oil pay with an initial estimate of 1.4-2 billion barrels of original oil in place. Lastly, Talos is expected to close its pending (announced November 2017) all-stock reverse merger into recently restructured Stone Energy in late first quarter or early second quarter 2018. Mr. Duncan will lead the combined public company in which Talos’ existing shareholders will own 63%.
John Gibson, Tim Duncan, Maynard Holt
Tudor, Pickering, Holt & Co. serves as Senior Co-Manager on Liberty Oilfield Services Inc.’s (NYSE: LBRT) $216mm initial public offering. For LBRT’s press release regarding this offering, please click the link below.
TPH served as advisor to Northwoods Energy LLC, a portfolio company of certain funds managed by affiliates of Apollo Global Management, LLC (NYSE:APO), on the acquisition of SM Energy’s core Powder River Basin assets for $500 million. For Northwoods and Apollo’s press release regarding this transaction, please click the link below.
Associate, Investment Banking
WMoore@TPHco.com
ph: +1.713.333.7684
Will Moore serves as an Associate in the Investment Banking division. Previously, Moore was an associate in the energy investment banking division at CIBC World Markets. Prior to attending business school, Moore served in project engineering and planning & strategy roles at Hess Corporation. He holds a BS in Mechanical Engineering and a BBA in Finance from The University of Texas at Austin and an MBA from Harvard Business School.
Tudor, Pickering, Holt & Co. acted as financial advisor to the Energy Transfer Partners, L.P. (“ETP”) conflicts committee in connection with the contribution of ETP’s compression business to USA Compression Partners, LP. For ETP’s press release regarding this transaction, please click the link below.
Analyst, TPHAM
csolcher@tphco.com
Ph: +1.713.337.3792
Christian Solcher is an Analyst for Tudor, Pickering, Holt & Co Asset Management. Prior to joining TPH Asset Management, Christian was a financial analyst at OpenLink Financial, where he assisted management with forecasting and budgeting. Before that, he was a transaction services deals associate at PricewaterhouseCoopers, where he conducted due diligence on energy companies. Christian double majored in Engineering Science and Economics with a double minor in Corporate Strategy and Engineering Management and a Master of Accountancy from Vanderbilt University.
Associate, Engineering – Investment Banking
csuchecki@TPHCo.com
Ph: 713.333.2994
Carmen Suchecki serves as an Associate in the Investment Banking division. Previously, Suchecki was a reservoir engineer at Encana Oil and Gas. She holds a BA in Chemistry and an MS in Chemical Engineering from Northwestern University.
Will Moore