Tudor Pickering’s Founders Will Retire After Funding Shale Boom

(Bloomberg) -- Boutique energy bank Tudor Pickering Holt & Co., which helped fund the U.S. shale revolution, will get new leadership next year after the retirement of its founding partners.

Maynard Holt, the Houston’s firm’s chief executive officer, announced in a letter to employees Tuesday that he and Chairman Bobby Tudor will retire starting in January. Chad Michael, who joined the firm in 2007 and is now co-head of investment banking with Holt, will take over as president, Holt wrote.

Formed in 2007 when Tudor Capital bought Pickering Energy Partners, the prolific energy adviser was acquired by Perella Weinberg Partners roughly a decade later. By 2019, Pickering Energy Partners was spun off by Dan Pickering. 

“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,” Holt said. “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.” 

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