Vitol’s US upstream company, VTX Energy Partners has agreed to acquire 12,000 net leasehold acres contiguous with the Delaware Basin Resources position, acquired in March, bringing its total southern Delaware Basin position to 47,000 net acres.
It is VTX’s second acquisition since the partnership was established by Vitol and VTX last year. The assets include 12,000 net leasehold acres with current daily production of approximately 4 Mboepd.
Gene Shepherd, VTX CEO, says: ‘This opportunity to acquire high quality inventory and water infrastructure, contiguous to our recently closed acquisition of Delaware Basin Resources, advances VTX’s goal of building a highly profitable US Lower 48 upstream business with scale. With Vitol’s unique market insights, expertise and funding capabilities, we see additional opportunity to grow our business, with our current focus in the southern Delaware Basin.’
Ben Marshall, Vitol head of americas, adds: ‘We have always thought about VTX as a growth platform and are thrilled to see the team secure a strategic opportunity of size so soon after their initial acquisition. Our appetite for investment in the upstream sector is substantial and we remain excited about the growth prospects for VTX.’
