Civitas to acquire Permian acreage from Vitol unit

Civitas Resources said October 4 it had signed an agreement with Vencer Energy, created by global commodity trader Vitol in 2020, to acquire oil and associated gas producing assets in the Midland Basin of West Texas for about $2.1bn.

The acquisition will add about 44,000 net acres in the Midland Basin and current production of about 62,000 barrels of oil equivalent (boe)/day, split evenly between oil and associated natural gas.

Total consideration for the acquisition will consist of about $1.55bn of cash and 7.3mn common shares of Civitas. The deal is expected to close in January 2024, with an effective date of January 1, 2024.