Vital Energy expands in Permian Basin with deals valued at $1.17 bln (updated)

Vital Energy (Canada)

13/09/2023 22:48

(Adds details in paragraphs 2-4)
       Sept 13 (Reuters) - Vital Energy  VTLE.K  will add scale
in the U.S. Permian Basin through the purchase of acreage for a
total of about $1.17 billion, the company said on Wednesday.
    The deal will increase the company's current production by
about 35,000 barrels of oil equivalent per day (boepd).
    Dealmaking is picking up in the Permian basin, the largest
U.S. oil patch, as drillers look to quickly rebuild their
depleting assets.
    Permian is a prime target for producers looking to increase
their inventory. The shale patch, which lies between Texas and
New Mexico, has the necessary infrastructure and is known for
high productivity and large undeveloped reserves.
    The deals with the affiliates of Henry Energy and Henry
Resources, Tall City Property Holdings III, and Maple Energy
Holdings are expected to close in the fourth quarter, Vital
said. 
 

 (Reporting by Seher Dareen in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
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