ExxonMobil strengthens its position in the Permian with addition of 22,000 acres

9/28/2017

IRVING, Texas -- ExxonMobil Corporation has announced that 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 Bboe 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 V.P. “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-ft horizontal lateral length well.

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