Vitol Enters Into Permian Shale With Hunt Oil Deal
David Wethe, Bloomberg News A natural gas well being drilled in the Eagle Ford shale in Karnes County, Texas. , Photographer: Eddie Seal/Bloomberg
(Bloomberg) Vitol Group is buying Hunt Oil Co.âs Permian Basin business as the biggest independent crude trader makes a major move into the worldâs 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. Itâs 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 Huntâs Permian assets were said to possibly command more than $1 billion, according to a person with knowledge of the matter.
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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.