Tudor, Pickering, Holt & Co. serves as financial advisor to Unit Corporation (NYSE:UNT) on its sale of 50% equity interest in Superior Pipeline Company for $300 million to affiliates of OPTrust and Partners Group. For Unit Corporation’s press release regarding this transaction, please click the link below.
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TPH Advises Unit Corporation on its Sale of 50% interest in Midstream Subsidiary
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Adam Gillon
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Adam Gillon
Adam GillonAssociate, Investment Banking
AGillon@TPHCo.com
Ph: +1.713.333.3856
Adam Gillon serves as an Associate in the Investment Banking division. Gillon was previously a reservoir engineer at Marathon Oil Company. Prior to that, Gillon worked with the reservoir solution team at Baker Hughes. He holds a BS in Civil Engineering from the University of Central Florida and a BS in Petroleum Engineering from Marietta College.
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Alistair Meadows
Alistair Meadows
Executive Director
Alistair Meadows is an Industry Analyst at Tudor, Pickering, Holt & Co. Asset Management. Meadows has nine years of experience in the investment industry. Prior to re-joining Tudor, Pickering, Holt & Co. Asset Management, Meadows was a Senior Analyst covering midstream at Citadel. Before Citadel, Meadows was an investment professional at TPH. Earlier in his career, Meadows worked in equity research at JP Morgan, covering the midstream sector. Meadows started his career at Goldman Sachs, advising companies on equity transactions, including IPOs and secondary offerings. Meadows received his JD & MBA from Columbia University and a BA from the University of Pennsylvania.
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Amy Lin
Amy Lin
Associate
Amy Lin serves as an Associate on the private equity investment team at TPH Asset Management. Before joining Tudor, Pickering, Holt & Co. Asset Management, Lin was an Associate in the energy investment banking group at Morgan Stanley. While at Morgan Stanley, Lin worked on mergers & acquisitions and capital markets transactions for clients in the upstream and oilfield services sectors. Prior to Morgan Stanley, Lin was an Associate Manager with BP’s Merger & Acquisitions group, delivering over $9 billion worth of transactions for BP as part of the asset divestment program from 2012 to 2013. Lin holds an MBA from Harvard Business School and a BA in Economics from Rice.
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Brent Orsak
Brent Orsak
Associate
Brent Orsak serves as an Associate on the private equity investment team at TPH Asset Management. Before joining Tudor, Pickering, Holt & Co. Asset Management, Brent was an Associate in the energy investment banking group at Citigroup. While at Citigroup, Brent worked on mergers & acquisitions and capital markets transactions for clients in the upstream, midstream, and oilfield services sectors. Prior to Citigroup, Brent was an analyst in Plains All American Pipeline’s Commercial Development group. Brent holds an MBA from Rice University and a BBA in Finance from Texas A&M.
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Rowan Companies CEO Visits TPH
Tom Burke is, without question, one of the most thoughtful leaders in our beloved energy industry, so we were thrilled to host him yesterday for what proved to be one of our most enlightening CEO conversations to date. Dr. Burke’s extraordinary background includes leadership roles at companies ranging from Schlumberger (wireline engineer; strategist) to management consulting (McKinsey & Co.) to North American onshore completion & production services (Complete Production Services, now part of SPN) to oilfield equipment manufacturing (LeTourneau Technologies), before his current position as CEO of Rowan Companies (a pioneering drilling contractor founded by Charlie and Arch Rowan nearly a century ago, by the way). These remain challenging times for the offshore drilling industry, but Tom and his team at Rowan are squarely focused on creating long-term value/returns for its shareholders (e.g., the recently commenced ARO Drilling joint venture with Saudi Aramco). Given some of the strategy, management and leadership insights that Tom was kind enough to share with our organization, we’ve supreme confidence that his team will prove successful in charting a unique course for Rowan in coming years.
Maynard Holt, Tom Burke, Jeff Tillery
TPH CEO Luncheon Series – Tom Burke from Tudor, Pickering, Holt & Co. on Vimeo.
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Enerplus CEO Visits TPH
ERF has been one of the best performing E&P stocks YTD (+14.3% vs E&Ps -2.64%) and it was our pleasure to welcome Ian Dundas, President & CEO of Enerplus Corp into our Houston office as we gained valuable insight to the drivers of this outperformance. Repositioning the business began in earnest late 2014 as the company was staring down a noncompetitive business structure. Recognizing the need for margin expansion, ERF successfully disposed of low margin, high cost Canadian assets, facilitating a 20% decrease in cash costs over three years, while further strengthening the balance sheet (0.6x vs. US peers at 2.4x) through a tough commodity environment. Though often labeled a “Canadian E&P”, 85% of 2018 capex is directed south of the border, with 75% going to North Dakota as they intend to grow liquids production by 20% in 2018. A quality land position and early adoption of high intensity completions (~1,000lb/ft) has earned them a reputation as a leading edge operator in the Williston Basin. Ian describes Enerplus’ business model as being one focused on full-cycle returns and improving capital efficiencies, as a result, we see little chance ERF puts their excess CF to work to chase top line growth. At US$50-55 WTI ERF’s capital program is fully funded and, if current strip holds, the company would look to increase share purchases through their pre-existing NCIB or put excess cash towards expanding inventory with projects that can compete on full cycle returns. We look forward to getting to know this unique North America story better, as the margin expansion efforts and shareholder friendly initiatives continue to play out.
Nathan Fisher, Maynard Holt, Drew Mair, Ian Dundas, Derek Wheatley
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RigUp CEO Visits TPH
Behind every great startup is a stellar management team, which is why we were stoked (technical term) to be joined by Xuan Yong of RigUp yesterday for our first ever tech startup-focused CEO lunch. Initially billed as the “Amazon Prime” of oilfield service work, RigUp is a marketplace for connecting contractors and service providers with potential buyers. Since inception in 2014, RigUp’s network has mushroomed to ~22,000 service providers and 250+ operators. The platform’s prosperity can be partially attributable to the massive pain point on which it has landed — the traditionally long, inefficient process of finding, signing, and paying high-quality contractor services for an operation. RigUp solves this problem by performing more functions than a typical job board: extensively vetting users in addition to the community review system, tracking work progress to keep the contractor accountable, and taking on the burden of negotiating MSAs and payment coordination. Landing this market was not an easy task – Xuan described two years of building and rebuilding the product to locate this market, in addition to many long days cold-calling contractors to aggressively sign up network participants. The push has clearly paid off, but Xuan’s vision for the platform is not done as the company still sees a lot of running room left for further product refinement and expansion. We’re excited for what’s to come for this story.
Deanna Zhang, Xuan Yong
TPH CEO Luncheon Series – Xuan Yong – RigUp from Tudor, Pickering, Holt & Co. on Vimeo.
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Tachyus CEO Visits TPH
Silicon Valley has arrived at TPH! We were pleased to be joined by Dakin Sloss, serial entrepreneur and the energetic, sharp-witted CEO of Tachyus Corp, a California-based oil & gas predictive analytics company founded in 2012. Tachyus offers a solution to a recurrent problem in upstream oil and gas — the reconciliation between slow-but-accurate reservoir simulators and speedy-but-imprecise data-driven models. Perhaps out of awareness of Dakin’s non-energy background (math, technology and government), Tachyus began its journey by interviewing 500+ oil & gas professionals to identify core pain points. The company’s customer base now includes 10+ E&P operators (incl. 30+ fields, 25k+ wells). Important to note that Tachyus designs its systems with the mindset that machines should only augment human experience and decision making, not replace it. This should help overcome one of the largest obstacles to widespread industry adoption of disruptive energy technologies as Silicon Valley is often criticized for attempting to disrupt industries in which it has no experience. Tachyus’ appreciation for the importance of marrying human and artificial intelligence is precisely what makes the company an attractive partner for energy industry veterans.
Deanna Zhang, Riyan Ariwibowo, Dakin Sloss, Jake Roberts
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Erica Powell
Erica Powell
Associate, Geologist
EPowell@tphco.com
Ph: +1.713.333.2983
Erica Powell serves as an Associate in the Investment Banking division. Previously, Erica was a staff geologist at Southwestern Energy Company. Powell holds a BS in Geology and an MS in Geological Sciences from The University of Texas at Austin.
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TPH Hosts 9th Annual Directors Dinner
Thursday, April 12, was our 9th Annual Directors Dinner, continuing our tradition of bringing together executive and non-executive directors across all sectors within energy for our 2018 TPH Directors Dinner. It was a great evening of conversation and cocktails as more than 70 of the industry’s top public company directors joined our annual event.
The evening’s theme of “Managing Through Crisis” was highlighted by a fireside discussion with Harris County Judge Ed Emmett and moderated by Bobby Tudor, Chairman of Tudor Pickering Holt. Judge Emmett shared his experiences in crisis management and discussed his insights and lessons learned as the top elected official for Harris County. Hurricane Harvey was a part of the discussion but in general the theme was particularly topical given the ever-increasing and critical roles of public company directors because of their own experiences in crisis management.
We thank our distinguished guests for joining us and appreciate this opportunity to host this community annually. We look forward to seeing you at next year’s Directors Dinner.
Interested in being added to the invitation list for future director-only events, please contact us.
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TPH Serves as Co-Manager on Oasis Petroleum Inc.’s Senior Note Offering
Tudor, Pickering, Holt & Co. serves as Co-Manager on Oasis Petroleum Inc.’s (NYSE: OAS) $400mm senior note offering. For OAS’s press release regarding this offering, please click the link below.
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TPH Advises Conflicts Committee of the Board of Directors of Shell Midstream Partners on the acquisition of Shell’s ownership interest in Amberjack Pipeline Company LLC
Tudor, Pickering, Holt & Co. served as financial advisor to the Conflicts Committee of the Board of Directors of Shell Midstream Partners, L.P. (NYSE:SHLX) on the acquisition of Shell’s ownership interest in Amberjack Pipeline Company LLC. For Shell Midstream Partners, L.P.’s press release regarding this transaction, please click the link below.
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Elizabeth Wood
Elizabeth Wood
Conference Center Co Coordinator
ewood@tphco.com
Ph: +1.713.333.3896
Elizabeth Wood serves as a Conference Center Co-Coordinator. Wood previously was an assistant manager with Vince. She holds a BA in Education from the University of Mississippi.
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TPH serves as Co-Manager on Callon Petroleum Co.’s Follow-On Offering
Tudor, Pickering, Holt & Co. serves as Co-Manager on Callon Petroleum Co.’s (NYSE: CPE) $299 million follow-on offering. For CPE’s press release regarding this offering, please click the link below.
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Joele Frank, Wilkinson Brimmer Katcher Founder Visits TPH
Conversations with our institutional investor clients point to shareholders continuing to get more vocal in expressing how they want their energy companies governed and incentivized, so we were treated to a most timely and thought-provoking conversation with Joele Frank, founder and managing partner of Joele Frank, Wilkinson Brimmer Katcher, a leading global strategic communications firm and the dominant player in U.S. M&A public relations and activism defense. Feels like we’re setting up for more M&A and shareholder activism up and down the energy value chain in coming years and Joele shared with us tangible examples of how and why shareholder engagement is key to energy companies successfully navigating these event-driven corporate waters. It is also clear that environmental, social and governance (ESG) investing is more than just a passing fancy among large institutional investors and Joele was kind enough to leave us with some intriguing food for thought on this topic, which we suspect will garner more air time in our beloved energy industry in years to come.
Maynard Holt, Joele Frank
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TPH Advises Xtreme Drilling Corp. on its Strategic Business Combination with AKITA Drilling Ltd.
Tudor, Pickering, Holt & Co. is serving as exclusive financial advisor to Xtreme Drilling Corp. (TSX:XDC) on its strategic business combination with AKITA Drilling Ltd. (TSX: AKT.A) (TSX:AKT.B). For the press release regarding this transaction, please click the link below.
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Heidi Henrichs
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Heidi Henrichs
Heidi HenrichsExecutive Director, Corporate Finance
HHenrichs@pwpartners.com
Ph: +1.713.333.5269
Heidi Henrichs serves as an Executive Director in the Corporate Finance division. Henrichs previously served as the VP Finance of CSI Compressco LP. She holds a BBA in Accounting from Southern Methodist University. Additionally, she is a Certified Public Accountant.
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TPH serves as Senior Co-Manager on Mammoth Energy Services, Inc.’s Follow-On Offering
Tudor, Pickering, Holt & Co. serves as Senior Co-Manager on Mammoth Energy Services, Inc.’s (NASDAQ: TUSK) $153mm follow-on offering. For TUSK’s press release regarding this offering, please click the link below.
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TPH Hosts Western Canada Mini-Conference
On June 12, TPH hosted a mini-conference in our Houston offices to explore the theme “Is Canadian Energy Poised for a Rebound?” and share our enthusiasm for what we’re seeing north of the border. With over 75 guests representing 45 companies in attendance, the event included a broad cross-section of individuals from the U.S. upstream, oilfield service and financial sectors. The conference kicked off with a networking lunch, followed by a half-day of speakers and panel discussions touching on a wide range of topics exploring the current state of the Canadian energy space and several potential catalysts that could provide the opportunity for Canadian energy investment returns to materially improve.
Thanks to all who joined us for the conference and special thanks to the following panelists who helped make this a worthwhile event:
ARC Financial: Brian Boulanger
Azimuth Capital: Steve Larke
CES Energy Solutions: Tom Simons
Enerplus: Ian Dundas
Lime Rock Partners: Blair Barlow
Murphy Oil Corp.: Michael McFadyen
Vesta Energy: Curtis Cook
Warburg Pincus: David Krieger
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