ExxonMobil Acquires Crude Oil Terminal to Serve Growing Permian Basin Production

October 18, 2017 at 1:54 PM EDT
  • Establishes ExxonMobil as key midstream provider in the rapidly growing Permian Basin
  • Permitted for 100,000 barrels per day of throughput with the ability to expand
  • Provides transportation and storage options for Permian Basin producers

HOUSTON--(BUSINESS WIRE)--Oct. 18, 2017-- Exxon Mobil Corporation (NYSE:XOM) announced today that it has acquired a crude oil terminal in Wink, Texas from Genesis Energy LP. The terminal is located in the rapidly growing Delaware Basin, part of Permian Basin – one of the most prolific plays in the United States.

The terminal is strategically positioned to handle Permian Basin crude oil and condensate for transport to Gulf Coast refineries and marine export terminals. The facility is interconnected to the Plains Alpha Crude Connector pipeline system, and is permitted for 100,000 barrels per day of throughput with the ability to expand.

“The terminal provides crude producers with a full range of logistical options including truck, rail and inbound and outbound pipeline access, not only for ExxonMobil’s production, but for all Permian Basin producers,” said Gerald Frey, president of ExxonMobil Pipeline Company. “It also provides shippers with efficient and cost-effective access to market destinations in the Gulf region.”

This acquisition marks ExxonMobil’s first terminal in the Permian Basin to be anchored by the corporation’s newly acquired Delaware Basin acreage, previously announced in January.

About ExxonMobil

ExxonMobil, the largest publicly traded international energy company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers 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 that reference future events or conditions in this press release are forward-looking statements. Actual future results, including project plans and resource developments, may differ significantly depending on changes in oil or gas prices and other market or economic factors that affect the petroleum industry; the outcome of exploration and development programs; reservoir performance; unexpected technical difficulties or other technical or operating factors; the actions of governmental authorities or regulatory agencies; the actions of competitors; and other factors listed under the heading “Factors Affecting Future Results” on the Investor page at the ExxonMobil website at www.exxonmobil.com and in Item 1A of ExxonMobil’s most recent Form 10-K.

Source: Exxon Mobil Corporation

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