Citadel has held talks with private-equity firms about acquiring U.S. oil production assets, expanding a push into physical energy holdings that began with natural-gas deals in 2025. The hedge fund and commodities trader was among bidders for WildFire Energy, an Eagle Ford shale operator in South Texas, before Magnolia Oil & Gas agreed to acquire it for $4.06 billion. Citadel bought Paloma Natural Gas in February 2025, renamed it Apex Natural Gas and subsequently acquired assets from Comstock Resources and Azul Resources. A new account put Citadel's spending on natural-gas assets at roughly $1.4 billion, including about $1 billion for Paloma and about $430 million for Comstock assets, while earlier reporting estimated the Paloma transaction at $1.2 billion. Citadel now operates 14 drilling rigs in the Haynesville basin. Owning production can give commodity traders supply to complement trading operations and can help offset exposure to swings in futures and derivatives markets.