Exxon Mobil Picks Up More Holdings in the Permian Basin

Exxon Mobil added 22,000 acres to its Permian Basin holdings this week through a series of acquisitions and acreage trades.

The new acreage adds to the company’s existing 6 billion barrels of oil equivalent Permian Basin resource base. In February, the company picked up 250,000 acres in the Delaware Basin from companies owned by the Bass family of Fort Worth. Exxon has also doubled its core operated acreage to more than 130,000 acres in the Midland Basin.

As of this week, Exxon has 19 drilling rigs operating in the Permian Basin with 14 of its horizontal drilling rigs running in the core Midland Basin. Four other rigs are drilling horizontal wells in the Delaware Basin of New Mexico.The company has added 200 wells in the Midland since the middle of 2014.

 

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