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TheStreet Open House

LLOG Exploration And Blackstone Energy Partners Announce The Formation Of A Multi-Billion Dollar Offshore Gulf Of Mexico Strategic Partnership

Stocks in this article: BX

Angelo Acconcia, the Managing Director who leads Blackstone Energy Partners’ global oil and gas investing practice, commented, “We are very excited to form this long-term partnership with LLOG to accelerate the growth and development of LLOG’s attractive and extensive portfolio of discoveries and prospects. LLOG has a very talented and experienced technical and operations team, one of the best we have seen in the GOM and the Company has an incredible track record of exploration and development success, operational excellence and strong safety and environmental practices. To complement this, 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.” David Foley, Chief Executive Officer of Blackstone Energy Partners, stated, “We evaluate many potential investments in the energy sector but choose only a small number each year to pursue that we believe represent a combination of the most exceptional management teams with unique and large-scale opportunities to create value; LLOG is a great example of this.”

About LLOG

LLOG Exploration is a leading privately-owned E&P company in the Gulf of Mexico and one of the top 10 private oil and gas companies in the United States. LLOG is also one of the top 20 companies overall, both public and private, in the Gulf of Mexico. LLOG has a high quality, balanced portfolio of producing properties, development projects and exploration prospects. With a dedicated and talented staff of professionals, LLOG has maintained a 70% success rate on exploration wells over the last decade. LLOG has a proven track record of safe and efficient operations and was the recipient of the 2008 SOAR award. Company’s website: www.llog.com.

About Blackstone

Blackstone is one of the largest alternative asset managers in the world, with more than $205 billion in assets under management and is a leading global private equity firm and energy private equity franchise. Since its inception in 1985, Blackstone has invested over $42 billion of equity in 172 transactions across the globe. Blackstone is currently investing out of Blackstone Capital Partners VI (“BCP VI”), a $16.7 billion diversified general purpose private equity fund and Blackstone Energy Partners (“BEP”), a $2.5 billion energy-focused private equity fund. Blackstone’s private equity investments in the energy sector are funded jointly by BEP and BCP VI, which together represent over $5 billion of equity capital allocated to energy.

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