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ExxonMobil continues to increase Permian Basin acreage

ExxonMobil has acquired companies previously owned by the Bass family of Fort Worth, Texas, more than doubling its Permian Basin resource to 6 billion oil-equivalent barrels.

The assets acquired in February 2017 include an estimated resource of 3.4 billion oil-equivalent barrels in New Mexico’s Delaware Basin, a highly prolific oil-prone section of the Permian Basin.

ExxonMobil Chairman and CEO Darren Woods said the high-quality properties are a major addition to ExxonMobil’s XTO Energy-managed unconventional liquids portfolio.

“This acquisition strengthens ExxonMobil’s significant presence in the dominant U.S. growth area for onshore oil production,” Woods said. “This investment gives us an exceptional Delaware Basin position in a proven multistacked play that can generate attractive returns in a low-price environment.”

The company also added another 22,000 acres to its Permian Basin portfolio through a series of acquisitions and acreage trades completed throughout mid-2017. This new acreage is located in the highly prolific, stacked oil pay zones of the Delaware and Midland Basins. 

ExxonMobil is currently producing more than 165,000 net oil-equivalent barrels per day across its Permian Basin leasehold. The company is one of the most active operators in the Permian Basin, and recently drilled its first 12,500-foot horizontal lateral length well in the Delaware Basin.

Photo — XTO operations at Wolfcamp drill site

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