Exxon Mobil Corporation has added 22,000 acres to its Permian Basin portfolio since May through a series of acquisitions and acreage trades as the U.S. oil giant continues to bet on the prolific unconventional area.
The new acreage is located in the stacked oil pay zones of the Delaware and Midland Basins and adds to Exxon’s existing 6 billion barrels of oil equivalent Permian Basin resource base.
“We continue to build on our strong position in the Permian. Our leading presence in the Permian, from equity production through to Gulf Coast refining capacity, positions us well for the future, ,” said Jack Williams, ExxonMobil senior vice president.
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.
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.