Tudor, Pickering, Holt & Co. serves as Senior Co-Manager on Nine Energy Service Inc.’s (NYSE: NINE) $161mm initial public offering. For NINE’s press release regarding this offering, please click the link below.
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TPH serves as Senior Co-Manager on Nine Energy Service Inc.’s IPO
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TPH Serves as Co-Manager on FTS International, Inc.’s IPO
Tudor, Pickering, Holt & Co. serves as Co-Manager on FTS International, Inc.’s (NYSE: FTSI) $351mm initial public offering. For FTSI’s press release regarding this offering, please click the link below.
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TPH serves as Senior Co-Manager on Cactus, Inc.’s IPO
Tudor, Pickering, Holt & Co. serves as Senior Co-Manager on Cactus, Inc.’s (NYSE: WHD) $437mm initial public offering. For WHD’s press release regarding this offering, please click the link below.
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TPH serves as Passive Bookrunner on Quintana Energy Services Inc.’s IPO
Tudor, Pickering, Holt & Co. serves as Passive Bookrunner on Quintana Energy Services Inc.’s (NYSE: QES) $93mm initial public offering. For QES’s press release regarding this offering, please click the link below.
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Michelle Decker
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Michelle Decker
Michelle DeckerConference Center Co-Coordinator
mdecker@tphco.com
Ph: +1.713.333.2987
Michelle Decker serves as a Conference Center Co-Coordinator. Decker previously was an administrative assistant with Gridiron Financial. She holds a BBA in Business Management from the University of Texas At San Antonio.
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TPH Advises Delek US on its sale of certain asphalt terminals to Andeavor
Tudor, Pickering, Holt & Co. served as the exclusive financial advisor to Delek US Holdings, Inc. (NYSE:DK) on its sale of certain asphalt terminals. For Delek’s press release regarding this transaction, please click the link below.
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Flotek CEO Visits TPH
In a world in which we’re still in the early innings of true completions optimization, we were pleased to host John Chisholm, Chairman, President & CEO of Flotek Industries, a leading oilfield specialty chemicals and logistics provider. Philadelphia Eagles fans still basking in the afterglow of their Super Bowl victory will be interested to know Mr. Chisholm learned valuable leadership lessons from noted Philly coach Dick Vermeil during John’s (admittedly brief) stint as a backup QB before heading to the oil patch in 1977. Pro football’s loss was the oilfield service industry’s gain and Mr. Chisholm cut his (entrepreneurial) teeth during the extreme boom/bust time period of the late 1970s and early 1980s, eventually founding (in 1985) a completion diagnostic services business which would become a centerpiece of Core Laboratories’ production enhancement portfolio when it acquired John’s company in 1996. Mr. Chisholm stepped up to serve as Flotek’s interim President during the global economic meltdown of 2009 and successfully shepherded the company through some harrowing days. John took the helm as Flotek’s CEO in early 2012. Against the backdrop of a rather fragmented oilfield specialty chemicals industry, and E&P operators’ quest for better capital efficiencies, we look forward to monitoring Flotek’s market share gains over time given its intriguing customized chemistries approach to helping E&P operators get the most out of their reservoirs during the completion and production phases of the life cycles of their wells.
Bryon Pope, John Chisholm, Danielle Allen, George O’Leary, David Orr
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Morgan McNew
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Morgan McNew
Morgan McNewMMcnew@pwpartners.com
Payroll Analyst
Ph: +1.713.333.3864
Morgan McNew serves as the Payroll Analyst for the firm. McNew previously served as the payroll delivery specialist for AON Hewitt. She holds a BA in Communications from Texas A&M University.
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Kristy Watt
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Kristy Watt
Kristy WattAccounts Payable Analyst
kwatt@pwpartners.com
Ph: +1.713.333.6127
Kristy Watt serves as an Accounts Payable Analyst for the firm. Watt previously served as an accounts payable lead at Par Pacific Holdings. Before that, Watt was an accounts payable analyst at Fiserv. She holds a BA from University of Houston.
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JJ Carrion-Almeida
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JJ Carrion-Almeida
JJ Carrion-AlmeidaAccounts Payable Analyst
jcarrion@pwpartners.com
Ph: +1.713.333.5425
JJ Carrion-Almeida serves as an Accounts Payable Analyst for the firm. Carrion-Almeida previously served as an accounts payable analyst at SABIC Innovative Plastics. He holds a BBA in Accounting from the University of Massachusetts Amherst.
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TPH Advises Concho Resources on Delaware Basin Asset Sale
Tudor, Pickering, Holt & Co. served as financial advisor to Concho Resources Inc. (NYSE: CXO) on its sale of assets in the Delaware Basin for $280 million. For Concho Resources’ press release regarding this transaction, please click the link below.
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Patterson-UTI Energy CEO Visits TPH
Acknowledging our bias upfront. Patterson-UTI Energy is our favorite mid-cap OFS stock, so we were particularly pleased to host its President & CEO, Andy Hendricks for a wide-ranging conversation. A Texas A&M petroleum engineer, Mr. Hendricks’ professional path has been an intriguing one — he began the journey as a roustabout in the US GOM for offshore drilling pioneer ODECO during the vicious industry downturn of the late 1980s. Schlumberger lured Mr. Hendricks away in 1988. He spent the next 24 years tenure in a variety of leadership roles, including running the Western U.S. region and culminating as President of Schlumberger Drilling & Measurements, in which he oversaw a biz with ~10k employees in ~90 countries. Mr. Hendricks joined PTEN in 2012, and since then the company has adeptly broadened and high-graded its portfolio of oilfield services/assets, such that PTEN is now the 2nd largest U.S. land drilling contractor, a large and highly regarded pressure pumper, and a leading provider of directional drilling services, among other products/services. Mr. Hendricks reminded us that it is the frontline workers out in the field who enable PTEN to deliver value to its customers day in and day out, and the key to successfully managing a workforce in an inherently cyclical industry is dealing with folks openly, honestly and fairly. We concur.
Alex Somers, Andy Hendricks, Max Barrett, BJ Walker
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TPH Advises EQT on Separation of Upstream and Midstream Businesses
Tudor, Pickering, Holt & Co. acted as a financial advisor to the Board of Directors of EQT Corporation (NYSE: EQT) in connection with the separation of its upstream and midstream businesses. For EQT’s press release regarding this transaction, please click the link below.
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TPH Hosts Record-Setting 2018 NAPE Interactive
Our ever-popular, annual TPH NAPE Networking Reception brought out a record crowd this year. Energy and optimism were high as more than 1300 guests joined us for cocktails, hors d’oeuvres and lots of networking. Technology was the theme for the evening. In addition to augmented and virtual reality experiences for our guests, NAPE 2018 allowed us to highlight the fact that TPH has created an industry-leading Energy Technology practice. It proved to be another great opportunity for TPH to bring together movers and shakers, decision-makers, investors, and energy professionals into an innovative and record-setting Interactive NAPE atmosphere. We are hyped about the intersection of energy and technology and our NAPE Reception was a perfect way to kick our Energy Technology practice into high gear.
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Oil States CEO Visits TPH
It’s always fascinating to hear from an industry veteran who possesses a wealth of unique, valuable experience across a number of different oil & gas roles and Cindy Taylor certainly fits that bill, so we were incredibly lucky to host Mrs. Taylor to discuss her history in energy, from Cliffs Drilling to SCF Partners to her current leadership of OIS. Cindy’s various industry positions (operational, financial, etc.) have shaped her management style and helped inform the way she endeavors to run Oil States going forward. The businesses Oil States shed during the downturn (e.g. Accommodations, Distribution) are a reflection of the fact that Cindy is continuously learning, adapting and evolving to drive value for OIS shareholders…as are the businesses OIS has acquired through time. Accretive M&A is in Cindy’s DNA, engendered (at least partially) by her role with SCF Partners, one of (if not) the pre-eminent OFS private equity shop. The company has executed one of the most attractive M&A transactions in the space since entering the recent, protracted downturn in late 2014 in buying GEODynamics. Cindy reminded us that an acute focus on return on capital employed and earnings growth are embedded in her management style. These are also the two central drivers of OFS stock performance across the cycle. We continue to believe this is one of the top S/MID cap oil service investments out there and the recent GEODynamics acquisition only added to our enthusiasm for the name.
Byron Pope, Cindy Taylor, Dan Pickering, Patricia Gil, George O’Leary
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TPH Hosts Disruptors Dinner During Innovation Agora at CERAWeek
CERAWeek 2018
CERAWeek and AGORA combined to create a five day endurance contest for both the mind and body. Plenary speakers included Daniel Yergin, Vice Chair for IHS Markit, Amin Nasser, President and CEO, Saudi Aramco, and Mary Barra, Chairman and CEO of GM. Many others graced the stage and often inspired and occasionally bored a cautiously optimistic audience that reached 4300, the highest number of attendees in the conference’s 35-year history. Simultaneous sessions progressed on three separate floors of the hotel from 7:30 AM until about 9:00 PM. Perhaps the most exciting area (biased view) to be was the AGORA underwritten by TPH. Speakers engaged an AGORA audience that grew YOY by 300%. TPH played an active role in designing many elements to include providing a slate of technical companies that covered everything from Robotics to DNA sequencing. All of the TPH recommendations focused on improving the performance of upstream, midstream and or downstream companies.
We hosted an Agora strolling-dinner with eclectic food options that featured the technical leadership team from Anadarko. Mario Cole, CIO, Anadarko, graciously explained how Anadarko has recruited talent in three core areas to manage the competencies needed to leverage technologies reshaping our industry. Deep knowledge of new emerging tools was evident from their dialogue. Agora experienced large crowds with standing room only available in many of the studios for the panels. TPH provided panelists for numerous sessions.
We also hosted the delegations of the Ambassador from Kazakhstan and the Canadian Minister of Natural Resources in our offices during the week.
The strange element lurking in some conversations and presentations was the belief that the planet should be driven by a Zero-Carbon agenda. When challenged by a vision of Affordable Energy with No Impact as a basis for measuring all energy, the zero-carbon narrative had no answer. All energy providers should be measured against these two criteria. Unaffordable energy does not improve the quality of life for those in energy-deprived economies and hurts strong economies. None of the energy sources have zero impact. The task at hand remains selecting the best solution optimizing the two metrics. The oil and gas industry wins the affordability argument easily and has a duty to drive the industry to No Impact just as it has done in the safety arena by committing as an industry to Zero Incidence.
All in all, great event for attendees, great event for TPH!
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TPH Hosts Inaugural OFS Breakfast
Tudor, Pickering, Holt & Co. hosted approximately 50 executives at the firm’s inaugural OFS Executive Breakfast held at River Oaks Country Club in Houston last week. Thank you to our clients, guests, friends of the firm and colleagues for making it a great start to the day. Attendees gleaned insights from a presentation on investor perspectives and outlook for 2018 from TPH’s own Chief Investment Officer, Dan Pickering.
The breakfast will become a quarterly feature where industry executives gather to hear topical perspectives from TPH representatives and guest speakers alike.
If you are interested in attending our next breakfast event, please contact your TPH representative. We look forward to seeing you in June for the next TPH OFS Executive Breakfast.
Alex Somers – asomers@tphco.com
Max Barrett – mbarrett@tphco.com
BJ Walker – bwalker@tphco.com
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Chris Micsak
Chris Micask
Director
Chris Micsak is a Director at TPH Asset Management. Prior to joining Tudor, Pickering, Holt & Co. Asset Management, he was a Vice President at Haddington Ventures, a midstream infrastructure focused private equity fund. Before that, Micsak was a senior analyst at Bentek Energy, a boutique energy consulting and analytics firm where he covered North American and global energy markets. Micsak has also held trading and analytical positions at investment banks and hedge funds in New York, Connecticut and Hong Kong. He received a B.A. in Economics and Asian Studies and graduated magna cum laude with Honors from Colgate University
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Spencer Harris
Spencer Harris
Associate, Investment Banking
SHarris@TPHco.com
ph: +1.713.333.7136
Spencer Harris serves as an Associate in the Investment Banking division. Previously, Harris was an associate director in the global energy group at UBS Investment Bank. He holds a BA in History from Texas A&M University and an MBA from The University of Texas at Austin.
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TPH Advises RSP Permian, Inc. on its Combination with Concho Resources Inc.
Tudor, Pickering, Holt & Co. served as exclusive financial advisor to RSP Permian, Inc. (NYSE:RSPP) on its combination with Concho Resources Inc. (NYSE:CXO). For the press release regarding this transaction, please click the link below.
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