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22,000 acres added in Delaware and Midland Basins in the Permian
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Adds to company’s 6 billion oil-equivalent-barrel Permian Basin
resource base
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ExxonMobil one of most active operators in Permian with 19 drilling
rigs
IRVING, Texas--(BUSINESS WIRE)--Sep. 27, 2017--
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170927005985/en/
Source: Exxon Mobil Corporation
ExxonMobil
Media Relations, 972-444-1107
