Verde Operating Company acquires VTX Energy Partners
The acquisition gives sponsors Carnelian Energy Capital and EnCap Investments an upstream producer generating about 60,000 barrels of oil equivalent.
Takeaways
- VTX Energy Partners is a U.S. upstream oil and gas producer in the southern Delaware Basin.
- Verde is acquiring VTX Energy Partners with backing from Carnelian Energy Capital and EnCap Investments.
- The target serves oil and gas across West Texas.
Verde Operating Company, a newly formed vehicle backed by Carnelian Energy Capital and EnCap Investments, has agreed to acquire VTX Energy Partners, an upstream oil and gas producer in the southern Delaware Basin, from Vitol.
VTX produces approximately 60,000 barrels of oil equivalent, led by Gene Shepherd and Erik Hoover.
Verde will fund the purchase with equity from Carnelian and EnCap, alongside Chief Capital, HF Capital, Formentera Partners, management, and other co-investors.
Goldman Sachs advised Vitol; TPH&Co., the energy business of Perella Weinberg Partners, served as lead financial advisor to Verde.
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