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Vitol to Buy Permian Acreage from Hunt

Vitol Group is buying Hunt Oil Co. s Permian Basin business. (Bloomberg) Vitol Group is buying Hunt Oil Co.’s Permian Basin business as the biggest independent crude trader makes a major move into the world’s busiest shale patch. The deal includes 44,000 acres across five counties in the Midland Basin of West Texas with the equivalent daily output of about 40,000 barrels of oil a day, the company said in a statement on Friday. It’s the first acquisition for Vencer Energy LLC, the U.S. oil exploration unit formed by Vitol last year. While a purchase price was not disclosed, earlier in the week Hunt’s Permian assets were said to possibly command more than $1 billion, according to a person with knowledge of the matter.

Vitol Acquiring Hunt Oil Permian Assets, Citing Bright Future for Lower 48

Vitol Acquiring Hunt Oil Permian Assets, Citing Bright Future for Lower 48 Vencer Energy LLC, the upstream subsidiary of global commodities trading giant Vitol, said Friday it has agreed to acquire Hunt Oil Co.’s assets in the Permian Midland Basin for an undisclosed sum. The assets comprise 44,000 acres across five counties with current daily production of about 40,000 boe/d, said Geneva, Switzerland-based Vitol. The acquisition “realizes our vision for Vencer as the owner of quality, mature, producing assets with attractive development opportunities,” said Vencer CEO Don Dotson. Vitol’s Ben Marshall, head of Americas, added, “This is an important day for Vencer as it establishes itself as a significant shale producer in the U.S. Lower 48. We expect U.S. 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.”

Vitol says U S unit to acquire Hunt Oil s Midland basin assets

3 minute read Energy trader Vitol on Friday said its U.S. upstream company, Vencer Energy LLC, will acquire Hunt Oil Co s Midland Basin assets for an undisclosed sum. Dealmaking in the U.S. shale industry has jumped in 2021 as large companies unload assets in response to investor anger over years of weak shareholder returns. Vitol is the world s biggest independent oil trader, but this is its first upstream asset in the United States and in shale, which transformed the nation into one of the biggest global oil producers. read more The Swiss trader is already a major buyer of U.S. oil and set up Vencer last year to take advantage of potentially cheap assets. Shale bankruptcies began to mount after oil prices crashed last year when COVID-19 lockdowns crippled fuel demand.

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