ExxonMobil Continues to Increase Acreage Position in Permian Basin
September 27 2017 - 11:53AM
Business Wire
- 22,000 acres added in Delaware and
Midland Basins in the Permian
- Adds to company’s 6 billion
oil-equivalent-barrel Permian Basin resource base
- ExxonMobil one of most active operators
in Permian with 19 drilling rigs
Exxon Mobil Corporation (NYSE:XOM) today announced it has added
22,000 acres to its Permian Basin portfolio since May through a
series of acquisitions and acreage trades. Located in the highly
prolific, stacked oil pay zones of the Delaware and Midland Basins,
the new acreage adds to the company’s existing 6 billion barrels of
oil equivalent Permian Basin resource base.
The recent transactions represent important additions to
ExxonMobil’s established core positions in the Delaware and Midland
Basins. In February, ExxonMobil acquired 250,000 acres in the
Delaware Basin from companies owned by the Bass family of Fort
Worth. In the Midland Basin, the company has doubled its core
operated acreage to more than 130,000 acres through multiple
transactions over the last few years.
“We continue to build on our strong position in the Permian,”
said Jack Williams, ExxonMobil senior vice president. “Our leading
presence in the Permian, from equity production through to Gulf
Coast refining capacity, positions us well for the future.”
ExxonMobil is one of the most active operators in the Permian
Basin, currently operating 19 drilling rigs, 14 of which are
drilling horizontal wells in the core Midland Basin, where the
company has added 200 wells since mid-2014. The company also has
four rigs drilling horizontal wells in the Delaware Basin of New
Mexico, where the company recently drilled its first 12,500-foot
horizontal lateral length well.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is the largest refiner and marketer of
petroleum products, and its chemical company is one of the largest
in the world. For more information, visit www.exxonmobil.com or
follow us on Twitter www.twitter.com/exxonmobil.
Cautionary Statement
Statements relating to future plans, projections, events or
conditions are forward-looking statements. Future results,
including resource recoveries, could differ materially due to
factors including: changes in oil, gas or petrochemical prices or
other market or economic conditions affecting the oil, gas or
petrochemical industries; the outcome of exploration and
development efforts; changes in law or government regulation,
including tax and environmental requirements;
the outcome of commercial negotiations; changes in
technical or operating conditions; and other factors discussed
under the heading "Factors Affecting Future Results" in the
“Investors” section of our website and in Item 1A of ExxonMobil's
2016 Form 10-K. References to “resources” include quantities of oil
and gas that do not yet constitute proved reserves under SEC
definitions but that we believe will ultimately be
produced. Closing of pending acquisitions is also
subject to satisfaction of the conditions precedent provided in the
applicable agreement. We assume no duty to update these statements
as of any future date.
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