JP Morgan Hires Two Oil and Gas Bankers

U.S. bank JPMorgan Chase & Co has hired two bankers, Mark Deverka and Jonathan Sloan, to expand its coverage of oil and gas in Houston, according to a memo seen by Reuters on Friday.

Deverka and Sloan join from Catalyst Energy Advisors, a company Deverka founded and where Sloan was serving as chief financial officer until their hire by JP Morgan.

A JP Morgan representative confirmed the contents of the memo.

The two bankers will focus on "acquisitions and divestitures" (A&D) for oil and gas companies. A&D transactions, which often involve mineral rights or acreage, incorporate complex engineering and technical research needed to value oil and gas deposits far beneath the earth's surface.

Deverka will join JP Morgan as head of A&D, according to the memo.

The hires come amid depressed oil and gas prices which have caused the investment banking business to shift from a focus on initial public offerings, when oil prices were high, to advising companies on deals to raise cash as their earnings dwindle.

Prior to founding Catalyst, Deverka worked at Petrie Parkman & Co and Merrill Lynch.

Sloan, in addition to his CFO duties at Catalyst, advised on deals involving oil and gas pipelines as well as A&D assignments.

During its five years of operation, Catalyst advised clients on $5 billion worth of acquisitions and divestitures.

Deverka and Sloan will be based in Houston, and report to the co-heads of JPMorgan's oil & gas investment banking practice, Paschall Tosch and Lackland Bloom.

(Reporting by Mike Stone in New York)