Deals

Billionaires Circle Distressed Assets in U.S. Oil and Gas Patch

‘Grave dancer’ Sam Zell sees opportunities in oil industry
Dallas Cowboys owner Jerry Jones eyes Louisiana gas assets

Sam Zell
Photographer: Joe Buglewicz/Bloomberg

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By Rachel Adams-Heard

November 14, 2019 at 5:15 PM UTC

This article is for subscribers only.

Billionaires are circling the distressed U.S. oil and gas patch, looking to pick up assets on the cheap at a time when the state of the industry is scaring off other investors.

Sam Zell has teamed up with Tom Barrack Jr. to buy oil assets in California, Colorado and Texas at fire-sale prices from companies trying to get ahead of a coming credit crunch. Dallas Cowboys owner Jerry Jones said his Comstock Resources Inc. is in talks to acquire natural gas assets in Louisiana from struggling Chesapeake Energy Corp.