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
E&P Highlights: Aug. 26, 2024
2024-08-26 - Here’s a roundup of the latest E&P headlines, with Ovintiv considering selling its Uinta assets and drilling operations beginning at the Anchois project offshore Morocco.
OMV Makes Gas Discovery in Norwegian Sea
2024-08-26 - OMV and partners Vår Energi and INPEX Idemitsu discovered gas located around 65 km southwest of the Aasta Hansteen field and 310 km off the Norwegian coast.
E&P Highlights: Sep. 2, 2024
2024-09-03 - Here's a roundup of the latest E&P headlines, with Valeura increasing production at their Nong Yao C development and Oceaneering securing several contracts in the U.K. North Sea.
Breakthroughs in the Energy Industry’s Contact Sport, Geophysics
2024-09-05 - At the 2024 IMAGE Conference, Shell’s Bill Langin showcased how industry advances in seismic technology has unlocked key areas in the Gulf of Mexico.
Devon Energy Expands Williston Footprint With $5B Grayson Mill Deal
2024-07-08 - Oklahoma City-based Devon Energy is growing its Williston Basin footprint with a $5 billion cash-and-stock acquisition from Grayson Mill Energy, an EnCap portfolio company.