Independent oil trader Vitol Group has partnered with oil and gas company ATX Energy Partners to expand their business.
The two firms have formed VTX Energy Partners to acquire, develop, and operate large-scale upstream assets in the US lower 48 basins.
VTX Energy Partners CEO Gene Shepherd said: “Our team has been focused over the last 12 months on building a large asset position in one of the established US lower 48 basins.
“We are ecstatic to partner with Vitol on this effort, from both the standpoint of their access to capital, and the highly developed insights and expertise their organisation brings in commodity markets, including all activities immediately downstream from our drilling, completion, and operational activities.”
The newly formed company will work to select assets with established production and development profiles, including those in the Williston and the southern Delaware basin.
Vitol Americas head Ben Marshall said: “The VTX partnership underscores our continued interest in growing our upstream portfolio in the US lower 48.
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“The team has a remarkable track record and we are excited about their prospects for repeating prior successes. VTX will complement Vencer Energy, our existing upstream partnership in the Midland basin.”
VTX Energy Partners will serve as the successor company to the Austin, Texas-based driller ATX Energy Partners.
Last year, Vitol’s US upstream company Vencer Energy acquired Hunt Oil Company’s assets in the Midland basin.
The assets comprised 44,000 acres across five counties.