(WO) — Vitol has agreed to sell its U.S. upstream company, VTX Energy Partners, to Houston-based Verde Operating Companyfor an undisclosed amount, the companies announced.
Formed in 2022 by Vitol and the former ATX Energy management team led by Gene Shepherd and Erik Hoover, VTX has grown into a significant producer in the southern Delaware basin. The company currently produces approximately 60,000 boed from assets spanning Reeves and Pecos counties, Texas.
“VTX’s success demonstrates what a committed and expert team can deliver,” said Ben Marshall, head of Americas at Vitol. “Their professionalism and capital discipline has been exemplary.”
Shepherd said the transaction marks the next stage of the company’s growth.
“I would like to thank Vitol for the opportunity of building VTX into the successful business it is today,” Shepherd said. “It is a great time for U.S. energy, and I am really excited by the next chapter for VTX with Verde.”
Verde will finance the acquisition through equity commitments from funds managed by Carnelian Energy Capital Management and EnCap Investments, along with additional investments from Chief Capital, HF Capital, Formentera Partners, company management and other co-investors.
The transaction remains subject to customary closing conditions.
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