Deals
Vitol Enters Into Permian Shale With Hunt Oil Deal
- Acreage has output of 40,000 barrels of oil equivalent a day
- Price of wells may be above $1 billion, person familiar says
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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.