Millstein & Co. is partnering with Houston energy investment bank Tudor, Pickering, Holt & Co. (TPH) to advise oil and gas companies that are suffering from depressed commodity prices, according to people familiar with the matter.
The industry is trying to cope by selling assets, reducing debt and raising additional capital, creating opportunities for restructuring advisory firms, bankers and attorneys.
The informal partnership, which began earlier this year, has won assignments, said the people, who asked not to be identified because they were not authorized to speak to the media.
TPH has formed similar consulting alliances with other restructuring advisers, one of the people said Nov. 25.
Millstein and TPH declined to comment.
Millstein, a restructuring consultancy with offices in New York and Washington, was founded by Jim Millstein. Millstein is the former chief restructuring officer at the U.S. Treasury Department, who oversaw the government bailout of American International Group. The firm has advised the Puerto Rico government on the commonwealth's debt crisis.
Financial advisory firm Rothschild and oil and gas investment bank Petrie Partners have also joined forces to win new business in energy restructurings.
Magnum Hunter Resources Corp. (OTC: MHRC) hired financial advisory PJT Partners Inc. and law firm Kirkland & Ellis to advise on strategic alternatives for enhancing liquidity. Penn Virginia Corp. (NYSE: PVA), with operations in Texas, is working with Jefferies on a potential debt restructuring.
Recommended Reading
New US Rules Seek to Curb Leaks From Drilling on Public Lands
2024-03-27 - The U.S. Interior Department finalized rules aimed at limiting methane leaks from oil and gas drilling on public lands.
DOE Considers Technip, LanzaTech For $200MM ‘Breakthrough’ Technology Award
2024-03-25 - The U.S. Department of Energy funding will be used to develop technology that turns CO2 into sustainable ethylene.
Energy Transition in Motion (Week of March 22, 2024)
2024-03-22 - Here is a look at some of this week’s renewable energy news, including a new modeling tool for superhot rock.
EQT’s Toby Rice: US NatGas is a Global ‘Decarbonizing Force’
2024-03-21 - The shale revolution has unlocked an amazing resource but it is far from reaching full potential as a lot more opportunities exist, EQT Corp. President and CEO Toby Rice said in a plenary session during CERAWeek by S&P Global.
Investors: Energy Transition is on Policy-driven Life Support
2024-03-20 - Injecting private capital into the energy transition is worrisome because some projects couldn’t survive without government incentives, panelists said at CERAWeek by S&P Global.