Saturday, 25 July 2026

Vitol will divest its U.S. upstream arm, VTX Energy Partners, to Verde Operating Company of Houston in a deal whose value was not disclosed, World Oil reported, citing the two companies.

Output from VTX runs at roughly 60,000 boed, drawn from acreage across Reeves and Pecos counties in Texas, according to World Oil. Vitol set up the producer in 2022 alongside the former ATX Energy management team, with Gene Shepherd and Erik Hoover at the helm, World Oil said.

To fund the purchase, Verde is drawing equity commitments from funds run by Carnelian Energy Capital Management and EnCap Investments, according to World Oil. Chief Capital, HF Capital, Formentera Partners, company management and other co-investors are also putting money in.

"VTX's success demonstrates what a committed and expert team can deliver," said Ben Marshall, head of Americas at Vitol, according to World Oil.

World Oil reported that the deal still hinges on customary closing conditions.

Tesla posted USD 1.1 billion in negative free cash flow, according to CleanTechnica.

CleanTechnica framed the figure against an earlier commitment from Elon Musk. When Tesla brought the Model 3 to mass production and the company reached profitability, Musk said that was the last time Tesla would have to bet its survival on a difficult product launch, according to CleanTechnica.

The reported negative free cash flow prompted CleanTechnica to question whether the company is again wagering its survival.