Vitol Acquires Permian Assets

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Oil-trading giant Vitol said its US upstream unit Vencer Energy has agreed to acquire Hunt Oil Co.’s assets in Texas' Midland Basin for an undisclosed sum. Vitol said the assets acquired from privately owned Hunt comprise 44,000 acres in five counties, with current daily production of around 40,000 boe/d. The Midland and Delaware plays are subbasins of the prolific Permian Basin of Texas and southeastern New Mexico, which has led the US shale boom of the last decade and remains the most prolific oil play in the country by a significant margin (OD Apr.12'21). Geneva-based Vitol said the deal was Vencer's first acquisition since it set up the company last year. "We are delighted with this acquisition, which realizes our vision for Vencer as the owner of quality, mature producing assets with attractive development opportunities," said Vencer CEO Don Dotson. Ben Marshall, Vitol's Americas chief, said the acquisition establishes Vencer as a significant shale producer in the US lower 48. "We expect US oil to be an important part of global energy balances for years to come, and we believe this is an opportune time for investment into an entry platform in the Americas," he said. "This acquisition represents an initial step to building a larger, durable platform in the US lower 48."

Corporate Strategy , M&A
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