Austin Hughes
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The biggest M&A transaction in the world in 2023 was ExxonMobil’s ~$70 billion merger with Pioneer Natural Resources and Austin Hughes was all over it, generating key analyses for Petrie Partners’ client Pioneer. The “deal was one of the most challenging, given the small circle of knowledge about the potential transaction over a long period of time,” he says. “It required focus and attention to every detail and, in the final months, the flexibility to be on call 24/7.”
Which of your professional achievements are you most proud?
I was responsible for much of the analyses Petrie Partners generated to support the senior leadership of Pioneer Natural Resources in its negotiating with ExxonMobil. Petrie Partners was chosen to advise Pioneer on this crucial transaction not only for our excellent advisory work, but also because of Pioneer’s confidence that our firm could keep the largest oil and gas transaction this century under wraps for an extended period of time. Our team fulfilled these roles diligently and thoughtfully and it was an honor to serve on such an historic deal. A specific point of personal pride arose from being assigned the responsibility of devising a succinct summary of various merger analyses ahead of pivotal interactions between the companies’ CEOs. We updated this one-page table at least daily for weeks. That document became a sort of negotiation Rosetta Stone for efficient translation between exchange ratios, implied offer prices, stock price premiums and pro forma ownership profiles, ultimately being referred to as the “famous Petrie slide” by executives on both sides of the transaction.
Which transformations do you think the industry must undertake for it to thrive in the future?
Increased collaboration and education on a global scale would help immensely as our industry works to fulfill the largest demand for energy and natural resources the world has ever seen. I’d like to see more pragmatism throughout the industry, recognizing that addressing growing global energy demand in the decades to come will require all types of energy and technologies, while also moving the needle on decarbonization efforts.
Describe a memorable professional experience—something that may not be typical for industry members or that is especially meaningful for you.
During my recent wedding, a gentleman I have looked up to my entire life and the namesake of my firm, Tom Petrie, offered a poignant public tribute I will never forget. After recounting for all the attendees how much he had enjoyed working with me on a jointly authored article on energy policy and geopolitics, Tom highlighted what he viewed as my unique skill sets. He described how in a boutique-sized organization like Petrie Partners, the senior partners would rely on me to seamlessly act as the bridge between themselves and the junior bankers, and, as needed, to do the work of each of them. In other words, I am adept at wearing a lot of hats and I relish the challenges that come with that broad responsibility.
How have you exercised leadership to help shape your company?
Our firm’s culture requires that all our employees are dedicated to doing excellent work, getting creative as needed, being intensely focused on our clients’ goals, and doing it all with absolute integrity. Petrie does not have a dedicated recruitment department or training program and those are tough boxes to check when interviewing prospective new employees.
Take a look at the rest of the Forty Under 40 2024 winners.
