Group 1 - Blackstone Inc. is considering a sale of Beacon Offshore Energy, which could be valued at over $5 billion, and is in discussions with investment banks to bring the company to market as early as Q1 [1][2] - Beacon Offshore Energy is expected to attract interest from major producers in the Gulf of Mexico, including Chevron, BP, and Shell [2] - The recent consolidation in the US oil exploration sector has focused on shale operators, while a drilling renaissance is occurring in the Gulf, with Beacon holding some of the most productive wells in the US [3] Group 2 - Beacon Offshore Energy is one of Blackstone's legacy fossil fuel assets, having been formed in 2016 to focus on deepwater drilling in the Gulf, and currently holds interests in 68 deepwater leases across nearly 400,000 gross acres [4] - The company's significant wells are part of the Shenandoah prospect, which was discovered by Anadarko in 2009 but was initially abandoned for easier onshore production [5] - The Shenandoah discovery is located in a challenging drilling area, prompting the development of new oilfield technology by major companies like BP, Chevron, and Shell [6]