Citadel Eyes US Shale Assets as Crude Prices Soar

Hedge fund giant Citadel is seeking to expand its presence in the US oil and gas market by acquiring production assets, sources say. The move comes as crude prices spike and tensions in the Middle East disrupt global energy markets.

Citadel was among the bidders for WildFire Energy, which was put up for sale earlier this year by buyout firms Warburg Pincus and Kayne Anderson. Magnolia Oil & Gas ultimately won the auction, agreeing to buy WildFire for $4.06 billion.

The firm's interest in buying US oil production assets is not new. Last year, Citadel entered the US natural gas production space by acquiring Paloma Natural Gas from EnCap Investments and later expanding its portfolio through additional acquisitions.