Tudor Pickering Holt

Tl;dr: 3 examples of presentations prepared by Tudor Pickering Holt for their clients in real transactions. Learn how investment bankers do their job by seeing real examples of the PowerPoints they create.

Tudor Pickering Holt Investment Banking Presentation Examples

Here are 3 presentations to check out.

Hit the button that looks like a box to open it up full screen for your viewing pleasure!

Antero Midstream Partners LP

About

Antero Midstream Partners LP is a company focused on developing and operating midstream energy infrastructure, primarily in the Appalachian Basin. Headquartered in Denver, Colorado, Antero Midstream provides services such as gathering, compression, processing, and water handling for natural gas and natural gas liquids (NGLs). These services are critical for supporting the energy production activities of its primary customer, Antero Resources Corporation.

The company was initially formed to handle Antero Resources’ midstream assets, including high-pressure gas gathering pipelines and compressor stations. Antero Midstream’s infrastructure is essential in transporting natural gas from production sites to processing facilities and, ultimately, to market.

In 2024, Antero Midstream acquired additional gathering and compression assets in the Marcellus Shale for $70 million, enhancing its operational capabilities. This acquisition is part of their strategy to expand and improve their midstream infrastructure, aiming to increase their service capacity and operational efficiency. The company has projected strong financial performance for 2024, with expected net income between $415 million and $455 million, and adjusted EBITDA between $1.035 billion and $1.075 billion.

Deck

Amerigas Partners LP

About

AmeriGas Partners LP is the largest retail propane marketer in the United States. As a master limited partnership, AmeriGas serves over 1.3 million customers across all 50 states from approximately 1,400 locations. The company’s product offerings primarily include propane sales, which are utilized by residential, commercial, industrial, agricultural, and motor fuel customers.

Founded in 1959 and headquartered in King of Prussia, Pennsylvania, AmeriGas operates through its subsidiary, AmeriGas Propane LP. The company has a significant market presence and infrastructure, with about 1 billion gallons of propane sold annually. This extensive distribution network allows AmeriGas to maintain a leading position in the retail propane market.

AmeriGas Partners was publicly traded on the New York Stock Exchange under the ticker symbol “APU” until it was acquired by UGI Corporation. UGI Corporation, which already owned a stake in AmeriGas, completed the acquisition to simplify its structure and operations. This strategic merger aimed to streamline the business and improve efficiency within the parent company’s portfolio.

Deck

El Paso Pipeline Partners,

About

El Paso Pipeline Partners, L.P. was a major natural gas pipeline company that owned and operated significant natural gas transportation and storage assets in the United States. The company was a subsidiary of El Paso Corporation until it was acquired by Kinder Morgan, Inc. in a $38 billion deal completed in 2012. This acquisition transformed Kinder Morgan into the largest midstream and the fourth largest energy company in North America, with a vast network of pipelines and terminals.

El Paso Pipeline Partners managed an extensive pipeline system, including the El Paso Natural Gas (EPNG) network, which consists of 10,140 miles of pipeline transporting natural gas from the San Juan, Permian, and Anadarko basins to various states, including California, Arizona, and Texas. The company also owned substantial underground natural gas storage capacity, enhancing its ability to serve its customers efficiently.

The strategic acquisition by Kinder Morgan expanded its natural gas pipeline footprint by approximately 44,000 miles, positioning the company as a leader in natural gas transportation and storage. This move was driven by a bullish outlook on the future of natural gas, emphasizing its abundance, cleanliness, and cost-effectiveness as a fuel source in the United States.

Deck

Want more IBD decks?

There are resources for you to purchase if they are helpful to you.

I recommend “Premium” for anyone serious about learning slide structures.

Only get the “Pro” version if you are serious about learning about M&A decks (VP to MD).

About the Investment Banking Decks here

About Tudor, Pickering, Holt & Co. (TPH) / Perella Weinberg Partners Energy Practice (Early 2025)

Tudor, Pickering, Holt & Co. (TPH) operates as the dedicated energy investment banking practice of Perella Weinberg Partners (PWP), following its acquisition by PWP in 2016.

As of early 2025, TPH remains a premier, highly specialized advisory firm focused exclusively on the global energy industry. It provides M&A advisory, capital markets expertise, strategic counsel, and securities research to a wide range of energy clients, including upstream (E&P), midstream, oilfield services (OFS), energy transition/renewables, power & utilities companies, as well as financial sponsors and institutions investing across the energy value chain.

Renowned for its deep technical expertise (often employing engineers and geoscientists alongside bankers), extensive industry relationships, and market intelligence, TPH is widely considered a leading authority and go-to advisor for complex energy transactions. It leverages the global reach and resources of the broader PWP platform while maintaining its distinct energy focus.

Rankings (2024 & Early 2025)

TPH’s rankings are overwhelmingly dominant within the energy sector, rather than appearing high on overall global league tables which aggregate all industries.

• Global Energy Sector: Consistently ranked as the #1 or Top 3 M&A advisor globally specifically within the Energy sector (including E&P, Midstream, OFS, and increasingly Energy Transition sub-sectors) by both deal value and count, according to specialized league tables (e.g., Bloomberg, Refinitiv energy rankings) for 2024. This leadership is particularly pronounced in North America.
• Impact on PWP: TPH’s deal flow significantly contributes to Perella Weinberg Partners’ overall M&A league table standings, particularly bolstering its presence in the Industrials/Energy verticals.
• Not Applicable (Overall Global): TPH itself does not typically appear in the Top 15 or Top 20 rankings for overall global M&A across all sectors due to its exclusive energy focus.

Early indications for 2025 show TPH maintaining its leadership position within the dynamic energy M&A landscape.

Key Changes (2024 & Early 2025)

• Deepened Integration within PWP: Continued focus on leveraging the broader PWP platform, resources, and cross-selling opportunities while maintaining its specialized energy identity and expertise. Strategic decisions are made within the PWP framework.
• Leadership Stability (within TPH): Relative stability likely continued within the senior leadership ranks of the TPH energy practice itself, comprising long-tenured energy specialists, operating under the PWP umbrella.
• Significant Focus on Energy Transition: A major ongoing strategic emphasis throughout 2024 and into 2025 involves further expanding and strengthening advisory capabilities related to Energy Transition, Renewables, Decarbonization technologies, Power & Utilities, and related infrastructure. This includes strategic hires and resource allocation to capture opportunities in this rapidly growing segment alongside traditional energy mandates.
• Adapting to Energy Market Dynamics: Navigated the volatile energy commodity price environment, geopolitical shifts impacting energy security, and evolving consolidation trends (particularly in North American E&P) throughout 2024, providing strategic advice tailored to these specific sector challenges.
• No Standalone Acquisitions: As part of PWP, TPH itself does not make independent acquisitions; any M&A activity enhancing the platform would occur at the parent PWP level.

About the Investment Banking Decks here

Investment banking presentations are rarely if ever, made public. When I was junior in M&A, it would have been so helpful to have access to see how banking decks were made and how other banks made them.

The issue is that they are never made available, so I set out to help you.

What you will find here

You will find 2-4 real M&A decks from one bank. They are in a fancy form of PDF you can open and go through (best on your computer). If you want to see more, there are options to purchase more access (which funds a little team of analysts to make updates).

If you want to see more, this is part of a collection of 67 free M&A presentations from the top 20 banks (based on ranking and also the quality of presentation for you to learn from).

Why the heck should you care?

Investment banks attracted the best and the brightest.

• Slide structure/design: Learn how complicated concepts are structured and designed in PowerPoint
• Analysis approach: See exactly how complex financial methods are presented
• Strategy and communication: M&A deals are not (normally, other than many Duff and Phelps decks) cookie-cutter. There’s a host of topics that need to be dealt with
• Morbid interest: I used to do this for a living, but it’s still interesting to see how PPT are made… but then maybe it’s just me and so FML 😉

Who this will help

• You want to work in banking: There are a lot of applicants. Knowing the job helps you answer questions
• You work in banking: Even if you’re an MD, you need to know how the best are structuring their thoughts/analysis
• You write presentations: You can’t buy learnings like this. You can learn from the slides
• You have a curious mind: Good for you

Want more IBD decks?

There are resources for you to purchase if they are helpful to you.

• I recommend “Premium” for anyone serious about learning slide structures.
• Get the “Pro” version if you are serious about learning about M&A decks (VP to MD).