Simmons Energy, a division of Piper Sandler, recently hired Doug Reynolds and Robert Urquhart, both previously with Scotiabank, as managing directors within the energy investment banking group.
Both Reynolds and Urquhart will be based in the firm’s Houston office and will focus on exploration and production.
Reynolds brings over 30 years of experience in energy investment banking. Prior to joining the firm, Reynolds was formerly head of U.S. energy corporate and investment banking at Scotiabank. Prior to that, he was the head of U.S. upstream investment banking at the Macquarie Group. Earlier in his career, Reynolds worked at Banc of America Securities, Credit Suisse and Salomon Brothers.
Urquhart brings over 10 years of experience in energy investment banking. Prior to joining the firm, Urquhart was a managing director within the energy investment banking group at Scotiabank, where he focused primarily on E&P. Prior to that, he was an associate at Madison Williams and a portfolio manager at PEAK6 Investments.
“We are excited to welcome Doug and Robert to the team as we continue to build upon the energy team,” James Baker, global co-head of investment banking and capital markets at Piper Sandler, said in a statement on Sept. 16. “These hires demonstrate our commitment to expand our industry efforts and provide a full suite of services to E&P companies.”
Reynolds and Urquhart are joining Dallas Griffin, E&P managing director, who has a long track record of successfully advising upstream oil and gas clients on a wide array of assignments, including A&D, M&A, public and private capital raises and strategic alternatives reviews. Griffin joined Simmons in 2009 and was promoted to managing director in 2020.
Headquartered in the Piper Sandler Cos. Houston office, with additional divisional locations in Piper Sandler Ltd.’s Aberdeen and London offices, the Simmons team is one of the largest and most experienced energy investment banking groups in the industry, according to a release from the firm.
Front-month natural gas futures rose 14.0 cents, or 5.1%, to settle at $2.881/MMBtu, their highest close since March 2019.
Shell, which decided to build the plant in 2016, has not provided a cost estimate for the facility. Analysts have estimated the project will cost $6 billion to $10 billion.
The waterway sits on the Texas-Louisiana border and connects the Gulf of Mexico to Cheniere Energy's Sabine Pass LNG export plant and to oil refineries in Port Arthur and Beaumont, Texas.