Green
Blackstone Swears Off Oil-Patch Investing as Private Equity’s Retreat Widens
Forget this year’s fuel-price spike: More private equity giants are paring bets on exploration and production of America’s frackers.
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After watching big banks curtail lending and asset managers pare bets, fossil fuel producers are now losing access to some of Wall Street’s deepest pockets.
Blackstone Inc., once a major player in shale patches, is telling clients its private equity arm will no longer invest in the exploration and production of oil and gas, according to people with knowledge of the talks. The firm’s next energy fund won’t back those upstream investments — a first for the strategy. Blackstone's credit arm is swearing them off too.