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.”