Blackstone is looking to further its withdrawal from fossil fuel investments with a unit of the global alternative investment firm said to be exploring the sale of oil and gas producer PRI Operating for around $2 billion including debt.
The report cites unnamed sources as saying a sale of PRI Operating, which is also known as Patriot Resources and is owned by Blackstone’s credit investment arm, will be the next step-in the group’s ongoing strategy to ditch oil exploration investments due to environmental concerns and many years of poor returns.
Last year Blackstone sold GEP Haynesville to Southwestern Energy for $1.85 billion and Primexx Energy Partners to Callon Petroleum for $788 million, while the company, in partnership with Apollo Global Management, is also reportedly looking to sell Canadian oil and gas producer Ridgeback Resources.
Read more: Private Equity Wire
