Upstream JV – Restructuring. Water Street advised a diverse group of co-venturers on restructuring the operating model and legal agreements of one of the largest, most technically and operationally complex upstream joint ventures in the world. Our work led to a set of revised legal agreements and organizational model that radically streamlined the venture’s operating model, increased accountability at the individual and company levels, and stabilized a previously struggling multi-billion-dollar asset.
Oil Field Services JV – Deal Structuring. We advised a national player in developing deal concepts and a negotiating strategy for a new oil field services joint venture with a major international firm. Once agreed on the joint venture concept, we then drafted a detailed JV Term Sheet and supported ongoing negotiations.
Major Oil Company – Non-Operated JV Portfolio Strategy. We evaluated a major oil company’s corporate strategy, controls, and processes with regard to its non-operated upstream ventures, with an eye toward optimizing the value and managing the risks across that portfolio. This work included an assessment against our JV portfolio governance standards, and recommendations to the company’s CEO and leadership team for how to improve corporate-level performance with this critical asset class.
Major Oil Company – Non-Operated JV Influence Planning. We developed an influencing plan for a major oil company's critical non-operated LNG asset that was delivering fourth quartile performance. Working with the company’s Asset Manager, Water Street helped develop and launch an influencing campaign to change the JV’s governance and shareholder model, leading to a fundamental performance turnaround that resulted in more than $2.5 billion in net income for all shareholders.
National Oil Company – Downstream JV Org Model Redesign. We advised a national oil company on potential changes to the talent management model for one of its largest downstream assets, a 50:50 JV operating company with an international partner. Our work included an evaluation of the organizational model, which was highly-dependent on secondees and services from its partner, and a set of specific recommendations related to the staffing, training and development, reporting relationships, incentives and reviews, and skills transfer of people working in the venture, whether as direct employes or secondees.
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Water Street Partners LLC is not associated or affiliated in any way with Water Street Healthcare Partners, LLC, which is a wholly separate entity.