Private equity firms move to acquire distressed oil and gas assets

What started out as a trickle of private-equity firms and distressed-debt funds acquiring oil and natural gas assets “on the cheap” has turned into something much more, according to Bloomberg, citing purchases this year by Blackstone Group, Apollo Global Management and WL Ross & Company. The news service says such deals are picking up for a few key reasons, including oil prices remaining low, Wall Street firms starting “to turn away the weakest borrowers” after extending more than $2 trillion in loans during the oil and gas boom, and many energy firms looking to unload assets to stay afloat financially. For more, read the full story.