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.

Article Jan. 1, 2017

ExxonMobil continues to increase Permian Basin acreage

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.

Panoramic photo of the Wolfcamp drill site at sunset.
Photo — XTO operations at Wolfcamp drill site.

Related content

SGI lab researcher monitoring algae growth.

The new biofuels

ExxonMobil continues work on advanced lower-emissions energy technologies.

the Lamp Article Jan. 1, 2017

Professional portrait of Exxon Mobil Corporation Director Angela Braly.

Work hard and know who you are

Angela Braly, ExxonMobil Director, says the steps to success are simple but demanding.

the Lamp Article Jan. 1, 2017

Map of Africa highlighting Mozambique.

ExxonMobil expands Africa footprint

ExxonMobil has signed an agreement to enable the acquisition of a 25 percent indirect interest in the natural gas-rich Area 4 block offshore Mozambique.

the Lamp Article Jan. 1, 2017

Vijay Swarup, vice president of research and development at ExxonMobil.

A wide aperture into the future

Top researchers focus on emerging energy technologies.

the Lamp Article Jan. 1, 2017

Aerial photo of JAC's facility.

Singapore acquisition delivers advantaged growth and synergies

ExxonMobil’s growth in the strategic aromatics business will be strengthened with the recent cost-competitive acquisition of Jurong Aromatics Corporation Pte. Ltd.’s plant, located on Jurong Island in Singapore.

the Lamp Article Jan. 1, 2017

Ancient archeological site in Cyprus.

Agreement signed to explore offshore Cyprus

Affiliates of Exxon Mobil Corporation and Qatar Petroleum have signed an exploration and production sharing contract with the Republic of Cyprus for offshore Block 10, located southwest of Cyprus.

the Lamp Article Jan. 1, 2017