Blackstone may fetch $2 bln in sale of U.S. oil and gas producer PRI Operating: Reuters

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Blackstone Inc. BX, +1.52% is weighing the sale of portfolio company PRI Operating in a deal that could be valued about $2 billion including debt, Reuters reported on Friday. Citing people familiar with the deal, the Reuters report said Blackstone is seeking a potential buyer for PRI Operating, also known as Patriot Resources, as part of its effort to move away from investments in oil and gas companies because of their role in boosting greenhouse gas emissions. Patriot Resources is owned by Blackstone’s credit investment unit. Shares of Blackstone shares are up 1.7% on Friday. The company’s stock has fallen 30.8% in 2022 compared to a 21.3% drop by the S&P 500 SPX, +0.13%.

This article was originally published by Marketwatch.com. Read the original article here.

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