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The tumbling stock, which closed at 26 cents on Tuesday, has reduced the value of the buyout group’s controlling stake to about $50 million. That is a sliver of the $3.3 billion of cash the group put toward acquiring the Houston company.

It could be worse for the investors, though: They extracted about $750 million in fees and dividends from EP before taking it public in a 2014 stock offering. But even after that haul, Apollo and its partners face a potential loss of about $2.5 billion, which if realized would cement the EP buyout as one of private equity’s great whiffs.
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