USD 2.1 billion acquisition closed of Vencer oil assets

Civitas Resources has closed the acquisition of Vencer Energy’s oil-producing assets in the Midland Basin of west Texas from Vitol.

As Per the agreement, Civitas issued Vencer 7,181,527 common stock shares and US$1 billion in cash. A deferred cash payment of US$550 million is scheduled for January 3, 2025, with Civitas intending to utilize available cash or credit facility borrowings for the payment.

Civitas Resources, Inc. is an independent oil and gas producer, focusing on developing prime assets in the Denver-Julesburg (DJ) and Permian Basins. On the other hand, Vitol, a prominent player in the energy sector, engages in various areas, including oil, power, renewables, and carbon. Trading 7.4 million barrels per day and chartering approximately 6,000 sea voyages annually, Vitol's counterparties encompass national oil companies, multinationals, major industrial entities, and utilities. Established in Rotterdam in 1966, Vitol operates globally with about 40 offices, holding investments in energy assets worldwide, such as 17 million m3 of storage, roughly 500 k b/d of refining capacity, over 7,000 service stations, and a growing portfolio of transitional and renewable energy assets. The company reported revenues of US$505 billion in 2022.