What Does a Cool $3B Get You in the Delaware?

Vitol Puts VTX on the Market—Let’s Dive In.

This is a long one—so buckle up! It won’t all fit in this email; if you want the full scoop, head over to AFE Leaks and view the complete analysis there.

VTX, a southern Delaware producer since long ago (2023), has decided the time is right to market itself. But could they have truly done enough in just over two years to command a premium from the price they paid? From what I’ve gathered, here are some key moves:

• Bolted on additional acreage within their position.

• Seen WTI prices decline by about $10.

• Sold surface acreage to LandBridge.

• Drilled just over 50 wells (at least based on recent filings) to, it appears, slightly grow production to 46,000 boepd—primarily from the 3rd Bone. 4,000 of that add came from additional acreage acquisitions.

• Presumably expanded the water handling system (a must in this area—more on this later).

In this insight, I’ll dig deeper into the asset from a capital expenditure perspective while touching on each of these topics.

---