Citadel Pursues U.S. Shale Assets as Oil Trading Expands Upstream
Source Summary
Citadel has held talks with private-equity owners of oil exploration and production companies as it seeks U.S. shale assets. The hedge fund and commodities trader previously bid for WildFire Energy, which would have provided roughly 53,000 barrels of oil equivalent per day, but Magnolia Oil & Gas agreed to acquire the Eagle Ford producer for $4.06 billion instead.
Why it matters
Citadel's upstream expansion signals major financial players are moving beyond commodity trading into direct oil production ownership.
