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The company was founded as W.T. Carter & Bro., a lumber company, in 1876. [1] [3]The company discovered the Double A Wells Field in East Texas in 1985. [3] It began drilling oil in the late 1980s. [3]
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Blackstone was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with US$400,000 (equivalent to $1.1 million in 2023) in seed capital. [2]: 45–56 [3] The founders derived their firm's name from their names: "Schwarz" is German for "black"; "Peter", "Petros", or "Petra" (Πέτρος and πετρα, the masculine and feminine rendering of the word, respectively) means "stone" or ...
[3] [2] The assets were owned in a joint venture with a fund of The Blackstone Group. [4] In August 2015, in partnership with GSO Capital Partners, the company acquired its GEP Haynesville assets in the Haynesville Shale, including 300 wells across 112,000 acres, from Encana for $850 million. [5]