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Blackstone, Carlyle Take Different Sides on Oil-and-Gas Investment

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https://www.wsj.com/articles/blackstone-carlyle-take-different-sides-on-oil-and-gas-investment-11662024781

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 * Finance


BLACKSTONE, CARLYLE TAKE DIFFERENT SIDES ON OIL-AND-GAS INVESTMENT


PRIVATE-EQUITY FIRMS RETHINK EXPOSURE TO CONVENTIONAL ENERGY AMID HIGH CRUDE
PRICES AND FRAUGHT POLITICAL CLIMATE

By Miriam Gottfried

Sept. 1, 2022 5:33 am ET
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Western leaders are preparing for the possibility that Russian natural gas flows
through the key Nord Stream pipeline may never return to full levels. WSJ’s
Shelby Holliday explains what an energy crisis could look like in Europe, and
how it might ripple through the world. Illustration: David Fang

Profits from oil-and-gas production have surged as crude prices hover at
elevated levels, but volatile returns and a fraught political climate have
created a divide among the biggest private-equity firms about whether investing
in the sector is worth the headache.

Many public pension funds and endowments that invest in private-equity funds
have put pressure on their managers to stop backing producers of fossil fuels
and invest more in cleaner sources of energy. The energy market’s boom-and-bust
cycles also have translated into poor investment returns over the long term.


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