Vitol has agreed to sell its US upstream company, VTX Energy Partners, LLC (VTX), to Verde Operating Company, LLC (Verde). VTX was created in 2022 by Vitol and the former ATX management team, led by Gene Shepherd and Erik Hoover. VTX is a successful operation, producing 60,000 barrels of oil equivalent per day in the southern Delaware Basin, spanning Reeves and Pecos counties in Texas.
“VTX’s success demonstrates what a committed and expert team can deliver. Their professionalism and capital discipline have been exemplary. It has been a pleasure to work with Gene, Erik and the team and we wish them every success in the future,” said Ben Marshall, head of Americas, Vitol.
“I would like to thank Vitol for the opportunity of building VTX into the successful business it is today. It is a great time for US energy, and I am really excited by the next chapter for VTX with Verde,” commented Gene Shepherd.
Verde will fund the acquisition utilizing equity commitments from funds managed by Carnelian Energy Capital Management, L.P. and EnCap Investments L.P., together with additional equity investments from Chief Capital, HF Capital, Formentera Partners, management and a group of other co-investors. .