Tudor, Pickering, Holt & Co., LLC (TPH & Co.)

What Tudor, Pickering, Holt & Co., LLC (TPH & Co.) does

Tudor, Pickering, Holt & Co., LLC (TPH&Co.) is an energy-focused investment bank and institutional securities firm, founded in Houston in 2004 as a research-only platform and operating since 2016 as the dedicated energy business of Perella Weinberg Partners (PWP). The firm provides strategic and financial advisory services, including mergers and acquisitions, divestitures, capital raising, restructuring, special committee engagements, and shareholder advisory, to management teams, boards of directors, investors, and government bodies across the global energy industry. Its client base spans upstream exploration and production, midstream infrastructure, refining and chemicals, energy services and equipment, and new energy (renewables, hydrogen, CCUS, grid storage, EV), with marquee mandates for Shell, ONEOK, Occidental, Diamondback Energy, EOG Resources, Cheniere, and others.

The firm operates a Securities division anchored by proprietary equity research on approximately 120 companies, distributed daily via the TPH&Co. Morning Note and nine specialized sector publications covering upstream, midstream, refining, chemicals, and renewables. An institutional sales force dedicated exclusively to energy delivers this research to portfolio managers and supports underwriting, distribution, and execution across the firm's seven global offices in Houston, Denver, New York, London, and Calgary.

TPH&Co. generates revenue through three primary streams: (1) investment banking advisory fees from M&A, divestitures, and restructuring engagements, (2) capital markets and underwriting fees from equity and debt offerings, and (3) institutional sales, trading, and research distribution. Pricing is transaction-based and negotiated per engagement; the firm does not disclose public pricing. The platform is differentiated by 20+ years of energy-only specialization, a leadership team with combined sell-side and buy-side experience at firms such as JPMorgan, Goldman Sachs, Citi, and Merrill Lynch, and integrated technical expertise (geoscience, petroleum engineering, chemical engineering) embedded into deal teams.

Name

Tudor, Pickering, Holt & Co., LLC (TPH & Co.)

Legal name

Tudor, Pickering, Holt & Co. Securities – Canada, ULC

Website

https://tphco.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

101–250 employees

Short description

Tudor, Pickering, Holt & Co. (TPH&Co.) is an energy-focused investment bank and institutional securities firm providing M&A advisory, capital markets, and proprietary equity research to global energy clients across upstream, midstream, refining, and new energy. The firm operates as the energy business of Perella Weinberg Partners from seven offices worldwide.

Ownership category

akta.pro rank

Product category

Energy Investment Banking

NAICS

Investment Banking and Securities Intermediation (523150), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (52394)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Industry-Specialist / Sector-Focused M&A Advisory (FSAEAGAJ)

akta.pro secondary industries

M&A Advisory (Buy-Side & Sell-Side) (BPAHAOAA), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE), Sell-Side M&A Advisory (FSAEAGAA), Fairness Opinions & Independent Financial Advice (BPAHAOAF)

Keywords

• Energy investment banking
• Mergers and acquisitions advisory
• Equity research services
• Capital markets underwriting
• Institutional sales trading

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Investment Banking Advisory: Fees from strategic and financial advisory in connection with M&A transactions, divestitures, capital raising, restructuring, and special committee engagements. Revenue is transaction-based and typically one-time per engagement.
2. Capital Markets/Underwriting: Revenue from underwriting equity and debt offerings, including IPOs, follow-on offerings, and debt issuances. Earns placement fees or underwriting spreads on capital raised.
3. Research and Sales Services: Institutional sales and trading services providing energy markets perspectives to institutional investors. Revenue generated through client relationships supporting execution and distribution of equity research.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

TPH&Co. provides strategic and financial advisory services to the global energy industry through two integrated divisions. The Investment Banking division delivers M&A advisory, divestitures, capital raising (IPOs, follow-ons, debt), restructuring, special committee and shareholder engagement services. The Securities division delivers sell-side equity research across ~120 companies covering upstream, infrastructure, energy services & equipment, refining, chemicals, renewables, and transportation, supported by a dedicated institutional sales and trading team and proprietary publications including the daily TPH&Co. Morning Note and weekly/monthly sector reports.

Product overview

TPH&Co. operates as a unified energy-focused financial services platform combining investment banking advisory and securities research services. The Investment Banking division provides M&A advisory, capital raising, restructuring, special committee, and shareholder engagement services to energy sector clients. The Securities division delivers equity research on approximately 120 companies across the energy value chain through its proprietary Morning Note publication and specialized sector reports, supported by a dedicated institutional sales force.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Advisory Strategic and financial advisory services to energy sector clients, including mergers and acquisitions, divestitures, capital raising, restructuring, special committee engagements, and shareholder advisory.
• Equity Research Sell-side equity research coverage on approximately 120 companies across upstream, infrastructure, energy services & equipment, refining, chemicals, renewables, and transportation sectors, distributed to institutional investors.
• Institutional Sales & Trading Dedicated institutional sales and trading team for the energy sector, providing energy market perspectives to institutional investors and supporting execution and distribution of equity research.
• TPH&Co. Morning Note Daily research publication distributed via email to institutional investors and industry professionals, containing concise and in-depth commentary covering the entire energy landscape from traditional to new energy, including financial models, company research notes, and thematic reports.
• Specialized Sector Research Reports Regular recurring research publications including Weekly Rig Roundup, Oil Refining Weekly, Natural Gas Weekly, Propane Weekly, Commodity Chemicals Weekly, NGL Monthly, US Vehicle Miles Traveled Monthly, DOE Snapshot Monthly, and Renewable Fuels Weekly.

Quantifiable outcome

• Leading energy M&A advisory franchise as measured by market share and profitability
• +2 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Perella Weinberg PartnerscoreStrategic or Co-development Partner · 1 January 2016In 2016, TPH&Co. joined forces with Perella Weinberg Partners (PWP), becoming the energy business of PWP. TPH&Co. operates as the energy-focused division of the global advisory and investment firm, with PWP providing institutional infrastructure, brand, and resources while TPH&Co. maintains specialized energy focus.
• Aviso Financial Inc.minorOthersAviso Financial Inc. serves as the carrying broker for Tudor, Pickering, Holt & Co. Securities – Canada, ULC. In the event of significant business disruption, clients can contact Aviso regarding trade settlement issues at 1-888-545-5959 or [email protected].

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Petrie Partners: Petrie Partners is a boutique investment bank focused exclusively on the energy sector, providing M&A advisory, capital raising, and strategic advice. It is the closest direct peer to TPH&Co. in terms of pure-play energy specialization and senior-banker-led franchise model.
• Jefferies Energy Group: Jefferies maintains a dedicated Energy Group within its investment bank covering upstream, midstream, and energy transition subsectors with M&A and capital markets capabilities. Comparable to TPH&Co. in sector focus and middle-market deal orientation, though operating within a broader full-service platform.
• Piper Sandler (Energy): Piper Sandler's Energy Group (built on the legacy Simmons & Company franchise) provides advisory and capital markets services across E&P, midstream, and energy transition. Direct competitor to TPH&Co. in energy M&A advisory with comparable sector specialization and middle-market focus.
• Macquarie Capital (Energy): Macquarie's Energy & Renewables division provides M&A advisory and capital raising to energy clients globally, with strong focus on infrastructure and energy transition. Comparable in energy sector expertise and global mandate capability.
• Evercore (Energy): Evercore's Energy and Infrastructure Group provides M&A and restructuring advisory to energy clients, with strong sector credentials. Comparable in independent advisory model and senior-banker-led energy franchise, though operating within broader diversified platform.

Others

• Perella Weinberg Partners (Parent): PWP is the parent firm of TPH&Co., providing broader advisory services across M&A, restructuring, and capital advisory. Relevant as the platform through which TPH&Co.'s energy franchise operates and accesses institutional infrastructure and brand.
• Tudor Capital (Tudor Fund): Tudor Capital is an alternative investment firm sharing historical branding lineage with TPH&Co. (Alexandra Pruner joined TPH from Tudor Capital in 2007). Adjacent ecosystem participant in energy and commodities investing rather than a direct competitor.

Broad incumbents

• Lazard (Energy): Lazard's Global Energy Group provides M&A and strategic advisory to energy clients worldwide. Comparable in energy advisory capability and senior-led franchise model, though Lazard operates as a broader diversified advisory firm with energy as one of many sectors.
• Houlihan Lokey (Energy): Houlihan Lokey's Energy Group provides M&A, capital markets, and restructuring advisory to energy clients. Comparable in middle-market energy advisory, though Houlihan Lokey is a broader diversified advisory platform with energy as a focused vertical.
• RBC Capital Markets (Energy): RBC Capital Markets maintains a large Energy Investment Banking practice covering E&P, midstream, and energy transition. Relevant comparable for large-cap energy mandates and capital markets execution, though operating within a full-service bulge bracket platform.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/tph_co
• Facebookfacebook.com/761257017317778
• LinkedInlinkedin.com/company/tph-co

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles56 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tudor, Pickering, Holt & Co., LLC (TPH & Co.)