Dear TPH Friends,
Yesterday, the TPH team had one of the more memorable and important employee town halls we have had. We discussed a few key things:
- How proud we all are of what TPH has become. Forgive us for saying so, but we see the firm as a truly differentiated, client first, people first, trusted advisor to the energy industry. We frankly love all of you, our industry, the firm we have built, our people, and what we do.
- We also discussed our team and specifically how proud we are of each and every one of them. We want the talented people of TPH to have the same great opportunity we have had “to work in a place that is a home.”
- We also discussed leadership succession and the vision for TPH going forward as the energy arm of Perella Weinberg Partners (“PWP”). It’s on this last point we also wanted to visit with you, our friends and clients.
As many of you probably know, Bobby and I grew up at Goldman Sachs and had a wonderful experience there. Once we met Dan Pickering and saw the uniqueness and quality of his research (and humor!), we both knew something special could be built. Because of you – our valued friends and clients – and the incredible hard work of all our people, TPH has exceeded even our most ambitious initial plans and dreams. Many wonderful and amazing people have worn the TPH jersey over the years – people who fell in love with the firm’s mission and worked tirelessly to serve our clients. We cannot thank the TPH employees and alumni network enough! At last count, over 533 individuals have worked with us since Dan started the original Pickering Energy Partners.
One of those original TPH pioneers is Chad Michael. Chad joined in 2007, helped us build the upstream banking business, and earlier this year became Co-Head of Investment Banking with me. We are so very pleased to announce Chad will now become President of TPH. Chad along with senior partners Aaron Blomquist and Tim Kisling in Infrastructure, Travis Nichols in Upstream, Geraldine Murphy in London, Derek Wheatley and Richard Matthews in Canada, Paul Perea and Lance Gilliland in M&A, and Rusty D’Anna and Matt Portillo in Securities together provide our people and our clients an incredibly deep bench of leadership and judgment. Overall, the 145 team members of TPH have unparalleled industry experience and the unique insights and capabilities to provide the expertise we know you want and need.
As you all may remember, we combined with PWP in late 2016. After five years under the same umbrella, it is clear the combination with Perella has been very successful. The PWP partnership has been most evident in our work with the PWP Restructuring team and increasingly with the Industrial, Technology, Automotive and Chemicals teams. What you may also know is that PWP is now a publicly traded firm, a significant 2021 accomplishment for the broader firm.
Yesterday, Bobby and I shared with all of TPH our plan to retire in January of 2022. We have one hundred percent confidence that we have the best team we have ever had in the history of TPH. Our advisory work this year alone for great companies like Hess, Occidental, Enerplus, Pioneer, Diamondback, Sinclair, Cimarex and Shell gives us phenomenal momentum going into 2022. Our firm would be nothing without the confidence our clients have put in us and without the friends we have made. We cannot fully express the depth of our gratitude. There is never a good time for founding partners to leave but with TPH operating from a position of strength and firing on all cylinders, Bobby and I have decided that this is the best time for us to step aside so the next generation of leadership can steer the firm forward.
Between now and January 2022, we will be going all out to make sure we do everything we can to help Chad, the TPH team, and all of you. Going forward, we will be the proudest of proud TPH alums.
Our Houston Christmas Party is scheduled for Wednesday, December 1st at the Post Oak Hotel and we cannot wait to celebrate with all of you then. Please go ahead and mark that date on your calendar. We plan to make it a very special celebration and hope you can join us.
Next year, Bobby plans on continuing his great work in leading the Houston Energy Transition Initiative with the Greater Houston Partnership. He has been doing more and more in the community in this area over the last couple of years and I am excited to see where he takes it. Bobby’s citizenship and care for the community are traits I have always loved in him as my partner.
As for me, I have thought hard about my own opportunities, about spending some more time with my family, and believe that this too is the right time for me to make a change. It is not without emotion that I’ve made this decision, but I am confident it’s the right time. I have always had an entrepreneurial spirit, will continue the effort we’ve created with the COBT (“Close of Business Tuesday”) initiative and look forward to pursuing other opportunities and interests in the years ahead. The next ten years in energy may be the most exciting ever.
Most importantly, however, I know that TPH will continue to grow and thrive in its next chapter; the firm won’t miss a beat in providing the outstanding counsel, research, and industry acumen for which it’s well known. I am thrilled about the opportunities our team has going forward, and it gives me great satisfaction to know that TPH has a bright future and will continue to meet and exceed clients’ expectations.
Thank you from the bottom of our hearts. God bless you, God bless the men and women who work in energy everyday around the world, and GO TPH!
Best always on behalf of Bobby, myself, and a grateful TPH Nation,