A research-only firm built on legacy, focused on what's next
Founded on a simple idea: the best research stands on its own.
The franchise began in 2004 as an independent, energy-focused, research-only firm — a small team convinced that rigorous, unconflicted analysis was the most valuable thing they could offer the market.
TPH Research carries that original mandate forward as a dedicated research business. We cover the companies powering the global economy across the entire energy value chain, and we answer to one constituency: the institutional investors who read our work.
No house book. No distractions. Just the most in-depth and incisive energy research we can produce.
Method that earns conviction
Primary data
Proprietary basin economics, channel checks, and field-level datasets — not recycled consensus.
In-depth company models
Help formulate views across commodity cycles - no matter which way the market is heading.
Direct access
You'll maintain a direct relationship with the team behind the work.
The principles behind the work
Tell the truth
Our business hinges on our reputation, and our reputation hinges on both our ability and our integrity. There is no integrity without the truth.
Depth over noise
When we publish, we publish deeper. Every note is built to change how an investor sees a name or views the market.
Say “we,” not “I”
Coverage is a team sport. Our analysts share ideas, data, feedback, and challenge each other to form a point of view.
Independence
Our only product is the research itself.