PJ Solomon has hired Tero Jänne to expand its restructuring capabilities into the energy sector, the boutique investment bank said in a statement on March 27, at a time of significant dislocation in the oil and gas industry.
Oil prices have sunk dramatically in the last three weeks due to the breakdown of the alliance of oil-producing nations known as OPEC+ and heightened concern about future crude demand as the global economy contracts amid the battle to contain the coronavirus pandemic.
The move has exacerbated pressure on U.S. shale producers, who were already being forced to cut costs and production by shareholders unhappy with returns during recent boom years, and associated energy companies. Many are bringing on advisers to assist in managing their finances and facilitating debt workouts.
RELATED:
Oil Crash Poses Extinction Risk for Some Shale Producers
Joining in its debt advisory and restructuring practice in New York, but working closely with the bank's Houston-based energy team, Jänne will allow PJ Solomon to provide turnaround services to distressed oil and gas companies.
"Tero will play a major role in helping our clients, particularly those in the energy sector, navigate today's difficult and complex market environment," Marc Cooper, CEO of PJ Solomon, said in the statement.
Jänne has more than 20 years of investment banking experience and has held roles in the restructuring groups of Rothschild & Co. and Jefferies.
PJ Solomon is an independent affiliate of French investment bank Natixis.
Recommended Reading
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
Barnett & Beyond: Marathon, Oxy, Peers Testing Deeper Permian Zones
2024-04-29 - Marathon Oil, Occidental, Continental Resources and others are reaching under the Permian’s popular benches for new drilling locations. Analysts think there are areas of the basin where the Permian’s deeper zones can compete for capital.
Petrobras Sending Nearly Half of Oil Exports to China
2024-04-30 - Conflict in the Middle East has enabled Brazil’s state-owned Petrobras to change the flow of its oil exports, with China being the primary beneficiary, followed by Europe.
New Permian Math: Vital Energy and 42 Horseshoe Wells
2024-05-10 - Vital Energy anticipates making 42 double-long, horseshoe-shaped wells where straight lines would have made 84 wells. The estimated savings: $140 million.
Ohio Utica’s Ascent Resources Credit Rep Rises on Production, Cash Flow
2024-04-23 - Ascent Resources received a positive outlook from Fitch Ratings as the company has grown into Ohio’s No. 1 gas and No. 2 Utica oil producer, according to state data.