Hedge fund Citadel has acquired E&P Paloma Natural Gas for $1.2B, setting a high price on acquisitions in the Haynesville. Paloma is a midsized private operator, producing ~450 MMcf/d at the basin’s peak in 2023. Gas production declined to ~350 MMcf/d by YE24.
East Daley Analytics tracks rigs and volumes for Paloma and other Haynesville producers in Energy Data Studio. The company did not run any rigs for most of 2024 when gas prices were low, but has added back 2 rigs in 2025 as the market has recovered. Paloma operates on the Louisiana side of the ArkLaTex, sending most of its volumes to Kinder Morgan’s (KMI) Kinderhawk and Williams’ (WMB) Louisiana Magnolia gathering systems.
Last year Rockcliff, a portfolio company of Quantum Energy Partners, was acquired by Tokyo Gas subsidiary TG Natural Resources for $2.7B. TGNR is one of the largest producers on the East Texas side of the Haynesville, reporting 1.3 Bcf/d of gross production in 2023 from five Texas counties. Production totaled ~1.1 Bcf/d at YE24.
Aethon could be the next company to be sold, though it is a significantly larger producer than either Paloma or TGNR. Aethon produces well over 2 Bcf/d from a widespread Louisiana and East Texas footprint, including acreage in the highly touted Western Haynesville, where wells are consistently reporting initial production rates of over 30 MMcf/d. For comparison, East Daley’s average East Texas IP rate is just under 12 MMcf/d. Given Aethon’s productive capacity and associated gathering footprint, we estimate that Aethon could sell for over $7B.
EDA sees potential synergies with Comstock Resources (likely as a merger rather than acquisition), which also drills in the Western Haynesville, and with BP. BP has signaled a shift back towards oil and gas in its corporate philosophy. At the recent CeraWeek conference, BP CEO said that “the Haynesville’s time has come” in response to rising natural gas prices. An acquisition of the second-largest producer in the Haynesville, closely linked to US LNG exports, would be a healthy addition to BP’s book of business. – Oren Pilant Tickers: BP, KMI, WMB.
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