Private equity firms are once again boosting their oil investments.
Firms like Blackstone Group have been gaining momentum in the oil and gas business. Blackstone in particular has invested less than 1% of its $9B in oil- and gas-related deals through March. Prior to 2014, crude oil prices had worked up to more than $100 a barrel, but when prices were cut in half, buying grew stagnant.
NY-based American Securities las week acquired Ulterra Drilling Technologies, an oil drilling equipment maker, in an all-cash deal. Since September, private equity firms have accounted for 25% of the $30B in large US drilling properties, Bloomberg reports, just a fraction of the $162B of energy-focused funds on the side. [WSJ]
)
)
)
)
)
)
)
)
)
)
)
){kind=logo}