U.S. bank JPMorgan Chase & Co has hired two bankers, Mark Deverka and Jonathan Sloan, to expand its coverage of oil and gas in Houston, according to a memo seen by Reuters on Aug. 21.
Deverka and Sloan join from Catalyst Energy Advisors, a company Deverka founded and where Sloan was serving as chief financial officer until their hire by JP Morgan.
A JP Morgan representative confirmed the contents of the memo.
The two bankers will focus on "acquisitions and divestitures" (A&D) for oil and gas companies. A&D transactions, which often involve mineral rights or acreage, incorporate complex engineering and technical research needed to value oil and gas deposits far beneath the earth's surface.
Deverka will join JP Morgan as head of A&D, according to the memo.
The hires come amid depressed oil and gas prices which have caused the investment banking business to shift from a focus on initial public offerings, when oil prices were high, to advising companies on deals to raise cash as their earnings dwindle.
Prior to founding Catalyst, Deverka worked at Petrie Parkman & Co and Merrill Lynch.
Sloan, in addition to his CFO duties at Catalyst, advised on deals involving oil and gas pipelines as well as A&D assignments.
During its five years of operation, Catalyst advised clients on $5 billion worth of acquisitions and divestitures.
Deverka and Sloan will be based in Houston, and report to the co-heads of JPMorgan's oil & gas investment banking practice, Paschall Tosch and Lackland Bloom.
Recommended Reading
Exclusive: Halliburton’s Frac Automation Roadmap
2024-03-06 - In this Hart Energy Exclusive, Halliburton’s William Ruhle describes the challenges and future of automating frac jobs.
Fracturing’s Geometry Test
2024-02-12 - During SPE’s Hydraulic Fracturing Technical Conference, industry experts looked for answers to their biggest test – fracture geometry.
Betting on the Future: Chevron Technology Ventures’ Investment Strategy
2024-04-09 - After a quarter century, Chevron Technology Ventures seeks both incremental and breakthrough technologies with its early-stage investment program.
Exclusive: Silixa’s Distributed Fiber Optics Solutions for E&Ps
2024-03-19 - Todd Chuckry, business development manager for Silixa, highlights the company's DScover and Carina platforms to help oil and gas operators fully understand their fiber optics treatments from start to finish in this Hart Energy Exclusive.
Axis Energy Deploys Fully Electric Well Service Rig
2024-03-13 - Axis Energy Services’ EPIC RIG has the ability to run on grid power for reduced emissions and increased fuel flexibility.