Vitol Group, the world's biggest independent oil trading house, is in advanced negotiations to divest its U.S. shale oil venture VTX Energy Partners LLC to a consortium comprising private equity firms Carnelian Energy Capital and EnCap Investments, in a deal valued at approximately $2.3 billion, according to sources familiar with the matter cited by World Oil. The transaction, which could be signed as early as next week, would represent a significant strategic retreat by Vitol from U.S. upstream oil and gas production. The sources, who declined to be identified due to the confidential nature of the discussions, confirmed that the $2.3 billion valuation is currently under consideration.
VTX Energy Partners currently produces nearly 46,000 barrels of oil equivalent per day from its operations in the Texas portion of the Delaware Basin. Vitol founded the company in 2022 in partnership with the management team of ATX Energy Partners, with the stated ambition of building a diversified portfolio of producing assets across the U.S. shale landscape. Should the deal close, it would mark Vitol's second U.S. shale exit within two years.
In 2024, the trading giant sold its Vencer Energy business to Civitas Resources for $2.1 billion. The prospective divestiture signals a recalibration of Vitol's upstream strategy in North America, even as oil prices have remained elevated this year due to the war in the Middle East and disruptions to flows through the Strait of Hormuz — factors that had defied earlier market expectations of a supply-driven price decline. The broader U.S. oil sector continues to benefit from higher prices, with many producers accelerating drilling activity.
However, companies seeking to expand their acreage position face increasing constraints following an extended period of large-scale industry consolidation that has significantly reduced the availability of attractive assets. Despite the planned U.S. shale exit, Vitol has remained highly acquisitive on other fronts. The firm has deployed substantial capital in recent years, leveraging a cash reserve built during a period of record profitability.
Its recent transactions include the acquisition of Italian refiner Saras SpA and coal trader Noble Resources Trading Ltd. In 2025, Vitol announced a $1.65 billion deal to purchase oil and liquefied natural gas projects from Eni SpA in Ivory Coast and the Republic of Congo. Representatives for Vitol, EnCap Investments, and Carnelian Energy Capital did not respond to requests for comment at the time of publication.
Source: World Oil / Oil & Gas 360, July 17, 2026.
Source: oilandgas360.com