Vitol to sell Midland Basin shale assets to Civitas Resources for $2.15 billion

摘要

mmodity trader Vitol said Oct 4 it was to sell the assets of its recently formed US upstream company Vencer Energy to Civitas Resources for $2.15 billion.Established in 2020,Vencer Energy acquired its first asset base comprised of 44,000 net acres in the Midland Basin from Hunt Oil in June 2021.Since then,production across its shale acreage has increased from approximately 40,000 boe/d to 60,000 boe/d,Vitol said in a statement.The assets – which will bring Civitas’Permian holdings to a total 112,000 net acres – are roughly 50% oil,Civitas said in a separate statement.The company added the transaction is expected to close in January 2024,with an effective date of Jan.1,2024.”We're adding premium scale,”Civitas CEO Christopher Doyle said in webcast remarks during an Oct.4 conference call to explain the deal.”It fits well with our current Midland position as well as our broader Permian position.”