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High Resolution Energy Research

Heikkinen Energy Advisors (HEA) is a research firm focused on high resolution analysis of E&P, Oilfield Services and Midstream companies - connecting their asset base with business performance and ultimately their market valuation.
Deep Research Experience
Our team of 25 professionals has 200+ years of combined relevant industry experience. And our research team's 100+ of cumulative industry experience far exceeds that of our peers.
HEA Research Team
David Heikkinen
Chief Executive Officer
David Heikkinen serves as Chief Executive Officer of both Heikkinen Energy Advisors and its wholly owned broker/dealer, Heikkinen Energy Securities LLC. Prior to founding the Firm in December 2012, he served as Global Head of E&P Research at Tudor, Pickering, Holt & Co and lead the E&P Research team at Capital One Southcoast. He gained industry experience at Shell where he served in various operations and engineering roles focused in the Gulf of Mexico. He holds a BS in Mechanical Engineering from the Missouri University of Science and Technology (formerly University of Missouri – Rolla) and an MBA from Tulane University.
Marshall Carver
Director of Research
Marshall Carver serves as Research Principal responsible for equity research coverage of the E&P Industry. Prior to joining the Firm in March 2013, Carver was employed at Capital One Southcoast, serving as Director of Research. Carver was previously a Research Analyst at Tudor Pickering Holt & Co and at Hibernia Southcoast Capital prior to that. Carver was awarded the Chartered Financial Analyst designation in 2004 and holds a BA in Chemistry from Colorado College and an MBA from Tulane University.
David Smith
Senior Oil Service Analyst
David Smith serves as a Senior Oil Service Analyst at Heikkinen Energy. Prior to joining the Firm, Smith had over 12 years research experience at Johnson Rice, J.P. Morgan and Jefferies & Company. Smith's experience includes four years developing offshore rig activity and dayrate forecasts for ODS-Petrodata. Smith holds a MS degree in Finance from Texas A&M University and a BS degree in Finance from the University of Houston.
Michael A Hall
Senior Research Analyst
Michael Hall serves as a Senior E&P Research Analyst since he joined Firm in March 2013 and has over 10 years of experience covering the energy sector with a focus on E&P companies. Previously, Hall worked as an E&P Research Analyst at Robert W. Baird, Wells Fargo Securities, Stifel Nicolaus & Company, Wachovia Capital Markets, Jefferies and First Albany. Hall was awarded the Chartered Financial Analyst designation in 2006 and holds a BS degree in Finance from Colorado State University.
Kevin Pollard
Senior Oil Service Analyst
Kevin Pollard serves as a Senior Oil Services Analyst and has over 16 years of energy research experience. Prior to joining the firm in January 2016, he spent 7 years responsible for global oil service research for a $1B GMV long/short energy portfolio at a division of Millennium Management. Previously, Pollard worked as an Oil Service Research Analyst at J.P. Morgan and RBC Capital Markets. Pollard's previous experience also includes 3 years in management consulting. Pollard was awarded the Chartered Financial Analyst designation in 2001 and holds a BBA degree in Finance from Texas Christian University.
Kevin MacCurdy
Research Analyst
Kevin MacCurdy joined the Firm in February 2013 and serves as an E&P Research Analyst. Previously, MacCurdy was employed by Capital One Southcoast as an E&P Equity Analyst and by Sequent Energy, a wholesale natural gas marketing firm, as a scheduling analyst and structuring analyst. MacCurdy holds a BS in Management and Masters of Finance, both from Tulane University.
David Amoss
Research Analyst
David Amoss joined the Firm in October 2015 and serves as a Research Analyst covering Midstream and E&P. Prior to joining HEA, David was a Research Analyst covering E&P companies at Iberia Capital Partners and Scotia Howard Weil. Amoss was previously an Economist with AECOM in Chicago and Sydney, focusing on front-end traffic and revenue modeling for transportation and energy projects. He was awarded the Chartered Financial Analyst designation in 2011 and served as President of the CFA Society of Louisiana. Amoss holds a BBA in International Business from the University of Georgia.
Brad Hewitt
Research Analyst
Brad Hewitt serves as a Research Analyst focusing his time in the offshore drilling sector. Prior to joining the firm, Hewitt served as an Equity Research Intern at Zacks Investment Research where he covered mid-to large-cap companies in various industries. He also previously worked as an Engineering Intern at Century Exploration & Production. Hewitt holds a BS in Economics from Texas A&M University.
Fernando Zavala
Research Analyst
Fernando Zavala serves as a Research Analyst focusing his time in the E&P sector. Prior to joining the firm, Zavala served as a research analyst for Burkenroad Reports at Tulane where he participated in a nationally acclaimed securities research program. In the program Zavala was responsible for interviewing management, visiting company sites, developing production, cash flow, and earnings models as well as peer comparisons and other valuation tools for investment research reports. Zavala holds a BS in Management from Tulane University.

Extensive Company Coverage

We cover 40 large, mid, small and microcap E&P companies, 23 oilfield services and offshore drilling companies, 7 midstream companies
Highly Unique Research Process
High resolution commercial models for all covered companies: Our models are built using a consistent methodology, allowing to easily compare and review each model. We build each model from an area by area rig count and type curve which we trend up or down over time.

NAV models feed financial models: Many other analysts model cash flows, income statement, and balance sheet separately from their NAVs on each company. Production, CAPEX and OPEX costs from our NAV models are what feeds our financial models making each model consistent within itself.

Consistent approach: Each analyst reviews other analysts models and inputs to check for consistency between analysts.

Consistent inputs: We make sure our differentials, spacing, costs, and trends on all of the above are consistent from model to model and play to play.

Quarterly checks – estimates vs. actuals: We focus on net completions by area and re-zero our models on a quarterly basis based on what each company reports.

Consistency between energy sub-sectors

/ Service and E&P: The build-up of our quarterly models helps fuel our service assumptions of rig count. Our service assumptions of inflation inform our E&P inflation and deflation estimates.

/ E&P and Midstream: Likewise, our E&P growth assumptions inform our midstream models and our midstream valuations inform our valuations for E&Ps with midstream subsidiaries.

Modern Content Platform

Access all HEA research content via HEA Connect - a cloud based platform accessible from any device with a web browser, or via our iOS mobile apps.
Morning Notes
A daily "must read" for energy investors and managers.
Company Notes
More detailed analysis of individual company performance from the asset, equity, and debt perspectives.
Metrics
Compilation of drivers (quantitative and qualitative) that drive stock
prices.
Research Reports
In-depth reports on market/macro trends, basin reports and company initiation reports.
Advanced Analysis
HEA engineered type curves, type curves tied to corporate presentations, rig data analysis, premium land rig data, etc.
Models
NAV and company financial models.
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