University of Texas Roundtable on Financing and Managing Energy Investments in a Low‐Price Environment |
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| Authors: | Marshall Adkins Greg Beard Bernard “Buddy” Clark Gene Shepherd George Vaughan Sheridan Titman |
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| Institution: | 1. Director of Energy Research at Raymond James, a group of analysts that Marshall put together and has run out of Houston for over 20 years.;2. The Global Head of Natural Resources and a Senior Partner of Apollo Global Management.;3. Partner of Haynes and Boone, a law firm with offices across the nation, and has run the firm's energy practice in Houston since 1999.;4. Chief Executive Officer of Brigham Resources, a relatively small independent energy company.;5. Principal Consultant in the Corporate Planning and Development group at ConocoPhillips—and, as such, he is the representative of “big oil” in this discussion.;6. University of Texas McCombs School of Business |
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| Abstract: | During the past 18 months, the U.S. oil industry has seen oil prices plunge from well over $100 a barrel to under $30. In a session that was part of a recent Private Equity Conference at the University of Texas in Austin, the CEO of a small independent producer and a representative of a large global oil and gas company discussed the challenges of financing and operating energy companies in today's low‐price environment with the director of energy research at a brokerage firm, the senior partner responsible for the natural resource investments of a well‐known private equity firm, and the head of the oil and gas restructuring practice of a national law firm. The panelists appeared to reach a consensus on at least the following three arguments:
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