Due Diligence Upstream Oil

Lily (Liyu) Li

** ***** ***** *****, *** ****, Jersey City, NJ 07310 ***********@*****.*** +1-314-***-**** Professional Experience

Goldman Sachs, & Co. LLC, New York, NY

Investment Associate, Commodities Structured Finance Investing and Lending Oct 2023 – Present

• Principal investments, deploying GS’s balance sheet across U.S. upstream oil & gas, downstream refinery, and power industries

• Origination, structuring and negotiation of complex transactions. Responsibilities include performing financial modeling, conducting and reviewing due diligence (legal, tax & accounting, insurance, technical, etc.) to assess transaction risks and returns

• Preparation of internal investment memos for investment committee process, risk management and control group approvals

• Portfolio management post-execution with quarterly credit review, risk and P&L management, execution of hedging strategies

• Selected Transaction Experience:

o $200+MM Asset-Backed Securities for an Upstream Oil Producer (Hedge Provider, Active)

Perform financial and legal due diligence on the securitized cash flows and ABS structure, including downside scenario analysis and TopCo bankruptcy considerations to assess the risks and returns from the perspective of hedge provider o $200+MM Growth Financing for an Emission Control Service Provider (Sole Private Lender, Active)

Conduct in-depth commercial and financial due diligence, analyzing port and carrier contracts to segment and sensitize non-contractual cash flows, and determine initial debt capacity against targeted coverage thresholds o $500+MM Working Capital Acquisition Financing for an Oil Refinery Portfolio (Private Lender, Active)

Undertake comprehensive analysis on deal structure, key risk parameters and mitigants, inventory valuation, and liquidation scenarios, synthesizing these findings into investment memos to secure internal committee approvals o $200+MM Term Debt Acquisition Financing for a Gas-fired and Coal-fired Power Portfolio (Sole Private Lender, Stalled)

Construct a financial model that accounts for the stability of cash flows from core asset’s contractual agreements, assesses debt repayment and covenant compliance, and sensitizes if debt obligations are adequately serviced Investment Banking Analyst, Telecom, Media, Tech & Consumer Equity Capital Markets Jan 2022 – Oct 2023

• Targeted, marketed and executed equity offerings including IPOs, Marketed / Accelerated Follow-Ons, and Block trades

• Advised clients through all key stages of equity offering process, including the preparation phase, document drafting & filing, investor targeting and equity story development phase, marketing & valuation, and pricing phase

• Devised marketing plans and investor materials, facilitated dialogues with investors and other parties, prepared for and executed roadshows to present investment theses to investors and gather feedback, and developed a high-quality long-term investor base

• Selected Transaction Experience:

o $345 MM Initial Public Offering for Klaviyo Inc. (“KVYO”), a Customer Engagement Software Company (Lead Left)

Managed key workstreams including drafting memos for capital committee, tuning comparables and valuation metrics, facilitating investor and research meetings, and channeling investor feedback to refine equity story for enhanced pricing o $320 MM Secondary Follow-On for Laureate Education (“LAUR”), a Global Higher Education Company (Lead Left)

Facilitate a rapid book-building process to allow the sponsor to exit their sizable positions within a short timeframe Credit Risk Analyst, Telecom, Media, Tech Credit Research Group Mar 2020 – Jan 2022

• Performed fundamental credit analysis and conducted ongoing surveillance covering portfolio of 100+ trading and lending counterparties, with total exposure of c. $2.5BN, focusing on distressed credits to actively manage GS’s credit risk exposure Viant Group, San Francisco, CA; Fall Intern Oct 2019 – Dec 2019

• Screened and identified prospective strategic and financial buyers for M&A target clients to facilitate the sell-side process Federal Home Loan Bank of New York, New York, NY; Summer Intern May 2019 – Aug 2019

• Performed credit and market analysis on residential mortgage loans for 300+ financial institutions in FHLBNY member community Education

Washington University in St. Louis, St. Louis, MO Jul 2018 – Dec 2019 Master of Science in Finance – Quantitative Finance (STEM), Olin Business School GPA: 3.6 / 4.0

• WashU Student Investment Fund: pitched equity investment in the 2019 UC Berkeley Investment Conference Wuhan University, Wuhan, CN Sep 2014 – Jun 2018

Bachelor of Economics – Theoretical Economics, Economics and Management School GPA: 3.7 / 4.0; GMAT: 730 / 800 Skills and Interests

• Language & Interests: Fluent in Mandarin and Cantonese; Enjoy golf, hiking, dancing, and reading

• Technical Skills: Microsoft Suite (Excel, PowerPoint), Financial Modeling, Bloomberg, CapitalIQ, FactSet, Refintiv, Moody’s, Platt

• FINRA & Other Credentials: FINRA SIE, Series 63, Series 79; CFA Level I, Bloomberg Certification Program

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