Back in March 2025, hedge fund behemoth Citadel took a big honkin’ leap outside its natural gas marketing, storage, and transportation trading business. The world’s most profitable firm of its kind, and one of the nation’s most active traders of physical gas led by CEO Ken Griffin, acquired Paloma Natural Gas for $1.2 billion. For hedge funds, owning physical drilling assets was hardly a regular cup of joe with scrambled eggs in the morning. As a matter of fact, it was downright unusual. But Citadel had a lot up its sleeve when it came to the Haynesville. Still does.

Reese Energy Consulting today is following the latest on Citadel whose Paloma acquisition last year included 57,000 net mineral acres, producing assets, and 60 undeveloped drilling locations in the La., Haynesville. Now rebranded Apex Natural Gas, the company has quickly risen to the #10 spot of most active operators by rig count with 14 vs 1 when acquired. Growth has come fast and furious.

According to Hart Energy, before Paloma’s purchase by Citadel, gas production clocked in at 140 BCF in 2024. Following its acquisition in 2025, Apex doubled output by year end. The Apex Haynesville ramp-up continued with two more acquisitions to include another La., pick up of Azul Resources for an undisclosed amount and an East Texas howdy from Comstock for $430 million.