Tudor, Pickering, Holt & Co. s
erves as Co-Manager on ProPetro Holding Corp.’s (NYSE: PUMP) $350 million initial public offering. For PUMP’s press release regarding this offering, please click the link below.
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Tudor, Pickering, Holt & Co. served as financial advisor to the Ad Hoc Group of Unsecured Noteholders in Chaparral Energy, Inc.’s $1.8 billion chapter 11 restructuring. For Chaparral’s press release regarding this transaction, please click the link below.
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We always relish learning what makes great leaders tick, and we were particularly delighted to hear from Mr. Reeves yesterday as privately-owned Rubicon is off to a remarkably strong start (company established in 2015; first acquisition closed in May 2016; ~900 employees today) on the path toward its vision of building a global downhole products and equipment company. Rubicon’s wellbore-centric products portfolio offers both drilling solutions (e.g., drilling enhancement tools, downhole power systems, drill bits) and completions solutions (casing & reaming shoes, centralizers, wellbore clean-up tools) and is highly levered to our OFS thematic investment sweet-spot driver of footage drilled/completed. Mr. Reeves shared his insights into leading/managing a global company (Rubicon products sold into 54 countries) and delivering value to a diverse set of (E&P and OFS) customers in both North American and international unconventional/conventional plays. Perhaps most impressive is that Rubicon’s executive management team, most of whom worked together earlier in their careers at leading oilfield service and capital equipment companies and had the benefit of conceptualizing and starting Rubicon with a blank sheet of paper, has inculcated a corporate culture and set of values (the “Rubicon Intolerables”) which are about as impressive as we’ve ever encountered. Rubicon isn’t (yet) a household oilfield brand…but we surmise that it is well on its way to becoming one in the years to come.
George O’Leary, BJ Walker, Byron Pope, Jeff Tillery, Alex Somers, John Griggs, Mike Reeves, Max Barrett, Maynard Holt
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As our own Dave Pursell once said, “Permian plus Midstream, what else could you want?” Oryx fits this mold, operating crude and natural gas gathering assets exclusively in the coveted Permian Basin. Mr. Wiggs emphasized the importance of knowing the rock that underlies your assets, explaining why they chose to be a pure-play Permian company. The high growth of the Permian has led to extreme competition by investors; Mr. Wiggs mentioned that 80-90 private equity teams were searching for opportunities, with only about a dozen landing a deal. Despite the environment, Oryx has built an enviable position with >500k dedicated acres of oil gathering in the heart of the Delaware surrounded by competitors such as Noble, Plains, and Medallion. The company’s biggest surprise in its young history (founded late 2013) has been the explosive growth of the basin with throughput volumes likely to exceed its 4 year expectations in 2 short years. With rig activity on their footprint continuing to accelerate, Oryx is currently evaluating additional capacity to keep pace with producer needs.
Aaron Blomquist, Maynard Holt, Brett Wiggs, Karl Pfluger, John Chapman
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Tudor, Pickering, Holt & Co. served as financial advisor to Harvest Natural Resources, Inc. (NYSE:HNR) on the sale of its Gabon interests to BW Offshore Singapore Pte. Ltd. For Harvest’s press release regarding this transaction, please click the link below.
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Director, Investment Banking
ASomers@TPHco.com
Ph: +1.713.333.3850
Alex Somers serves as a Director in Investment Banking. Prior to joining TPH, Somers was an Executive Vice President and Chief Financial Officer at Kinetics Energy Services, LLC. Before that, Somers served as a Vice President at Simmons & Company International where he advised energy services and equipment clients and their boards of directors on a variety of M&A and capital markets transactions. He holds a BSM in Finance and Accounting, and a BS in Psychology and Philosophy from Tulane University. Somers also holds an MBA from the Harvard Business School.
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On Monday, April 17, we were delighted to host over 80 executive and independent board members of public companies, continuing our tradition of bringing together the industry’s top directors across all sectors within energy for our annual TPH Directors Dinner.
Participants were treated to a macro overview by Dave Pursell, Head of Macro Research, followed by a fireside chat with Joe Perella, Founding Partner and Chairman of Perella Weinberg Partners, and moderated by our very own Bobby Tudor, Chairman of Tudor Pickering Holt. Joe shared stories of his prolific 45+ years in banking, his profound experiences in advising boards and the many lessons he has learned along the way.
It was a privilege to be able to host our distinguished guests for an intimate gathering with friends and peers.
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Associate, E&P Research Canada
JMcniven@TPHco.ca
ph: +1.403.705.7828
Jordan McNiven serves as an Associate in the equity research division focusing on the Canadian E&P sector. Prior to joining TPH & Co., Jordan was an associate analyst at National Bank Financial. Before that, Jordan was an equity research associate at GMP Securities. He holds a BA in Economics from the University of British Columbia and a MA in Economics from Dalhousie University.
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Vice President, E&P Research Canada
ASwanson@TPHco.ca
ph: +1.403.705.7827
Aaron Swanson, serves as a Vice President in the equity research division focusing on the E&P sector based out of the firm’s Calgary office. Prior to joining TPH & Co., Aaron was a Director, research analyst at GMP Securities. Before that, Aaron served as a Vice President research analyst at Dundee Securities. He holds a BC in Finance from the University of Calgary and is a CFA® charter holder.
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Allison Labbe Executive Assistant, Research ALabbe@tphco.com Ph: +1.713.333.2990 Allison Labbe serves as an Executive Assistant in our Research division. Prior to joining Tudor, Pickering, Holt & Co., Labbe was the Research Coordinator at Simmons & Company International. Before that, Labbe taught literature and analytical writing to high school seniors. Labbe holds a BA in Psychology from the University of St. ... Read More
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On Monday, May 1, we were delighted to welcome 250+ guests to our 2017 Offshore Technology Conference reception at Hotel ZaZa. A very special thank you to all of our clients, guests, friends of the firm and colleagues for making it a great success. We look forward to seeing you next year for OTC 2018!
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Knowledge Manager
RKing@tphco.com
Ph: +1.713.333.3899
Robert King serves as a Knowledge Manager in the Investment Banking division. Prior to joining Tudor, Pickering, Holt & Co., King was a Senior Accountant and Operations Analyst at FourPoint Energy, LLC.. Before that, King was a Capital Accountant at Apache Corporation. He holds a BS in Merchandising from Michigan State University and a MS in Global Energy Management from University of Colorado Denver.
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Marking EP Energy’s encore visit to our firm-wide TPH CEO Luncheon series, Mr. Smolik’s participation was perfectly timed and gave us the opportunity to hear more about what has kept EPE busy since the team’s initial visit in 2014. We were reminded of the company’s focus and structure established by Mr. Smolik and his team long before the 2012 transition into a private entity, the organization’s continued transformation through the 2014 IPO including ~$2B in international disposals, and the progress that has been made since which includes monetizing the Haynesville to become more oil-focused in the Midland, Eagle Ford, and Altamont. The importance of continuous optimization embedded in the organization’s culture is reflected in the recent bounty of constructive announcements – productivity estimates have increased, while costs have decreased; favorable amendments to existing royalty agreements have been secured; and multiple avenues to improve the capital structure have been opportunistically accessed. Most recently, EPE has positioned itself to capitalize on this newfound momentum and further demonstrate the strength of its portfolio through a value-accretive drilling JV and improving efficiencies realized by data-driven enhancements. Should commodity prices warrant, the company remains ready to further accelerate to bring forward value, supported by (i) hedge protection against any protracted near-term weakness and (ii) the potential to continue its track record of successful portfolio management.
Jeoffrey Lambujon, Bill Baerg, Brent Smolik, Clay Carrell, Jamaal, Dardar
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Tudor, Pickering, Holt & Co. serves as Passive Bookrunner on Solaris Oilfield Infrastructure, Inc.’s (NYSE: SOI) $121 million initial public offering. For SOI’s press release regarding this offering, please click the link below.
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On Thursday, May 11th, the TPH Infrastructure Team welcomed over 75 midstream industry professionals and TPH colleagues to Karbach Brewing Co. for an afternoon of crawfish, live music, Karbach beers and midstream networking. We enjoyed great weather and terrific company – thank you to our clients and colleagues for making it a fun afternoon. We look forward to making this an annual event – see you next crawfish season!
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Tudor, Pickering, Holt & Co. serves as Bookrunner on NCS Multistage Holdings, Inc.’s (NASDAQ: NCSM) $162 million initial public offering. For NCSM’s press release regarding this offering, please click the link below.
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TPH and PWP’s inaugural Energy & Restructuring Conference on May 15 at the New York Harvard Club was a tremendous success, due in large part to the great speakers, panelists and guests who participated. Over 200 clients and colleagues took part in an afternoon of lively discussion across energy and restructuring themes. The conference kicked off with an energy macro outlook, led by Matt Portillo, Managing Director and Head of E&P Research, followed by an energy M&A outlook with Chad Michael, Head of Upstream Investment Banking, and Michael Hayward, Director in the Investment Banking division of TPH Canada. The conference was anchored by panels featuring hedge fund and private equity experts including Matthew Bonanno of York Capital Management, Robert Hougie of 1901 Partners, Evan Lederman of Fir Tree Partners, Chris Ortega of TPG Capital, and Nate Walton of Ares Management. The success of this event highlights the great collaboration between our combined firms.
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TPHEN Administrator
SMoon@tphco.com
Ph: +1.713.333.2978
Stephanie Moon serves as the Energy Network Administrator. Previously, Moon was a Salesforce.com administrator at Alert Logic, Inc. Before that, Moon was a marketing & business analyst and Salesforce.com administrator at Cardinal Health. Moon holds a BA in International Studies from the University of West Florida.
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Taking a bit of a different tack, TPH got the opportunity to hear from the lead executive of one of the global supermajors’ unconventional business units. Mr. Guidry, a 35-year Shell veteran, described how the company’s approach differed from its peers – rather than physically separate the organization or acquire an independent and bolt it on as others have done, Shell has elected to fully integrate its unconventional unit in the global structure. Shell’s perceived slow start was a function of the objective recognition that building unconventional capability was the critical first step to success. Greg also pointed out that his team is not trying to distance from its integrated parent, but rather take advantage of the strengths global scope and scale provide – balance sheet, technical reach and bench strength, etc. The reverse is also true – Shell’s conventional businesses are adopting new practices learned from Mr. Guidry’s unconventional team. Lastly, while much of the conversation with outside stakeholders today is decidedly US Lower-48 focused (particularly Permian), there is clear enthusiasm on Shell’s part to “skip the learning curve forward” in high potential Tight Liquids Shales (or TLS, in Shell parlance) internationally, with Argentina’s Vaca Muerta shale high on that list.
Jeoffrey Lambujon, Matt Portillo, Greg Guidry, Ryan Birse, Michael Clingan, Sameer Panjwani, Oliver Huang
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We hosted an interesting “off the radar” private midstream player in our firm-wide CEO lunch series. Caprock Midstream, LLC is an Energy Spectrum Partners-backed, Delaware Basin focused “three phase” (oil, gas, water) infrastructure solutions provider. CEO Mike Forbau leads a veteran executive team – many of its members share a common El Paso pedigree. Key company attributes include: ~140 MMcfd gas processing capacity, more than 230 kbopd of oil transport assets and 140+ kpbd of water disposal capability on the Texas side of the Delaware Basin…with strong growth potential in all three phases. Mr. Forbau discussed the patience required to find “the right first deal” and why the Delaware Basin’s optionality – three produced fluid phases and multi-zone characteristics – presented the optimal platform. It was clear from Mike’s comments that the Delaware’s ultimate water solution is going to play a big role in the operating and cost experience of producers.
Maynard Holt, Mike Forbau
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Stephanie Moon
