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Blackstone’s Oil ‘Scramble’ Doesn’t Materialize as Sellers Balk

Three months ago, Blackstone Group LP’s energy dealmakers were “scrambling” to invest in oil companies, according to its president, Tony James. No longer.

“We thought there would be a lot to do,” James, who runs New York-based Blackstone with Chief Executive Officer Steve Schwarzman, said on Thursday. “That really hasn’t developed. We haven’t put as much new money out as we hoped or expected.”