Vitol Has Agreed to Sell the Assets of Vencer Energy to Civitas Resources
HOUSTON–(BUSINESS WIRE)–Vitol has agreed to sell the assets of Vencer Energy to Civitas Resources for $2.15 billion, subject to customary terms, conditions, and closing price adjustments.
Established in 2020, Vencer Energy acquired its foundational asset base comprised of 44,000 net acres in the Midland Basin in June 2021. Since then, production across its acreage has increased from approximately 40 mboepd to 60 mboepd.
Ben Marshall, Head of Vitol Americas, said: “We are pleased to announce this deal with Civitas Resources and believe the Vencer assets will be an exciting complement to their growing position in the Permian. We also want to thank Don Dotson, Vencer’s CEO, and the rest of the Vencer Energy team for their hard work and tremendous results over the past 3.5 years. Vitol remains enthusiastic about the upstream sector, and we are committed to deploying more capital in this space. We actively continue to look for more assets to add to our portfolio, whether it be through VTX Energy or via a new platform.”
Notes for editors:
About Vitol
Vitol is a leader in the energy sector with a presence across the spectrum: from oil through to power, renewables and carbon. It trades 7.4 million barrels per day of crude oil and products, and charters circa 6,000 sea voyages every year.
Vitol’s clients include national oil companies, multinationals, leading industrial companies and utilities. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: 17 m m3 of storage globally, circa 500 k b/d of refining capacity, over 7,000 service stations and a growing portfolio of transitional and renewable energy assets. Revenues in 2022 were $505 billion.
For more information: www.vitol.com
Contacts
Vitol:
Andrea Schlaepfer
Tel +44 (0)7525 403796
acs@vitol.com
Brunswick Group LLP, London:
Patrick Handley
+44207 404 5959
phandley@brunswickgroup.com