Arjun Murti, a Goldman Sachs Group Inc. equity research analyst who covers oil companies including Exxon Mobil Corp. and ConocoPhillips, will retire after 15 years at the firm.
Murti, a partner at the New York-based company who served as co-head of equity research in the Americas, will become an advisory director, according to an internal memo from Steve Strongin, head of global investment research. Leslie Shribman, a Goldman Sachs spokeswoman, confirmed the memo and declined to comment further.
Murti in March 2005 correctly predicted a “super spike” in the price of oil, which almost tripled from that point to a record $147.27 in July 2008. Exxon shares hit an all-time high last December as Murti raised his rating to buy.
“Over the course of his career, Arjun has distinguished himself as a leading expert in the energy sector,” Strongin wrote in the memo. Murti will continue covering the integrated oil and refining sectors while the firm makes plans for his successor, according to the memo.
Murti joined Goldman Sachs in 1999 and was named partner in 2006.