Bloomberg Law
Feb. 22, 2022, 4:03 PM

Blackstone Swears Off Oil-Patch Investing, Widening PE’s Retreat

Dawn Lim
Sabrina Willmer
Sabrina Willmer
Bloomberg News

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.

The pledge by the world’s largest alternative asset manager comes after its energy returns have ...

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