SPY - Blackstone walks from the oil patch

According to Bloomberg sources, Blackstone's (NYSE:BX) next private equity fund will not invest in oil and gas exploration and production businesses. The credit business will also avoid investing in the sector. Rumors come on the back of lumpy returns in the sector, and four years following the appointment of Jonathan Gray to replace Tony James as President and COO. Blackstone has been a major investor in the energy sector, the Company's flagship investment in Cheniere (NYSE:LNG) in 2012 is largely responsible for the US being the world's largest exporter of natural gas. Preceding Cheniere, Blackstone backed offshore producer Kosmos (NYSE:KOS). More recently, the Company invested in Vine Energy, before it was sold to Chesapeake (NASDAQ:CHK) in 2021.   David Foley, the Managing Director in charge of Blackstone's energy investments said, "Over the last several years, we have found the risk and return characteristics on our energy transition investments are more attractive

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Blackstone walks from the oil patch