Private equity firm Blackstone Group LP is investing $1.2 billion in LLOG Exploration Company LLC to strenghten the offshore oil producer's operations in Mexico, the two firms said on Tuesday. Blackstone will invest from its two private equity funds, which aggregate over $19.3 billion of committed capital, including Blackstone Energy Partners.The partnership will boost LLOG's asset base in the Gulf of Mexico and appraisal of about 110 offshore leases."LLOG is a highly efficient deepwater operator, with the history and ability to accelerate development, minimizing the timeframe to first production and significantly increasing project returns," said Angelo Acconcia, managing director of Blackstone Energy Partners.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX fell by 0.28% or $-0.04/share to $14.50. In the past year, the shares have traded as low as $11.13 and as high as $17.25. On average, 2641940 shares of BX exchange hands on a given day and today's volume is recorded at 1724942.
Source
