Vitol’s US upstream company, Vencer Energy LLC (“Vencer”), has today announced it has agreed to acquire Hunt Oil Company’s Midland Basin assets for an undisclosed sum. It is Vencer’s first acquisition since it was established by Vitol last year.

The assets comprise 44,000 acres across five counties in the Midland Basin, with current daily production of approximately 40 mboepd.

Don Dotson, President and CEO, Vencer said: “We are delighted with this acquisition which realizes our vision for Vencer as the owner of quality, mature, producing assets with attractive development opportunities. We look forward to working with our new colleagues.”

Ben Marshall, Head of Americas, Vitol added: “This is an important day for Vencer as it establishes itself as a significant shale producer in the US Lower 48. We expect US 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 has a long history of investing in quality upstream assets, and we are pleased to add this business to our global portfolio. This acquisition represents an initial step to building a larger, durable platform in the US Lower 48.”

About Vitol Group

Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades 8 million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes. Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: circa 16mm3 of storage globally, 480kbpd of refining capacity and 7,000 service stations across Africa, Australia, Brazil, Eurasia and in Northwest Europe. Revenues in 2019 were $225 billion.