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  1. ExxonMobil to acquire companies doubling Permian Basin resource to 6 billion barrels

    Exxon Mobil Corporation will more than double its Permian Basin resource to 6 billion barrels of oil equivalent through the acquisition of companies owned by the Bass family of Fort Worth, Texas, with an estimated resource of 3.4 billion barrels of oil equivalent in New Mexico’s Delaware Basin, a highly prolific, oil-prone section of the Permian Basin. ExxonMobil will make an upfront payment of $5.6 billion in ExxonMobil shares, and a series of additional contingent cash payments totaling up to $1 billion, to be paid beginning in 2020 and ending no later than 2032 commensurate with the development of the resource. Darren W. Woods, ExxonMobil chairman and chief executive officer, said the high-quality properties are a major addition to ExxonMobil’s unconventional liquids portfolio managed by its subsidiary, XTO Energy Inc. “This acquisition strengthens ExxonMobil’s significant presence in the dominant U.S. growth area for onshore oil production,” said Woods. “This investment gives us an exceptional Delaware Basin position in a proven multi-stacked play that can generate attractive returns in a low-price environment. “The highly-contiguous position will provide significant cost advantages in developing 3.4 billion barrels of resource, of which 75 percent is liquids. By utilizing ExxonMobil’s technological strength coupled with its unconventional development capabilities we can drill the longest lateral wells in the Permian Basin, reducing development costs and increasing reserve capture.” The acquired companies, which include the operating entity BOPCO, hold about 275,000 acres of leasehold, and production of more than 18,000 net oil equivalent barrels per day, about 70 percent of which is liquids. This includes about 250,000 acres of leasehold in the Permian Basin, the bulk of that in contiguous, held-by-production units in the New Mexico Delaware Basin, with more than 60 billion barrels of oil equivalent estimated in place. The companies also hold producing acreage in other areas in the United States. ExxonMobil is producing approximately 140,000 net oil-equivalent barrels per day across its Permian Basin leasehold.

    Online Articles

    Online Articles

    Wed, 18 Jan 2017

  2. Oil and Gas: $2.8B deal latest land acquisition in energy-rich Permian

    An Austin-based driller said this week that it's buying about 71,000 acres of land in the energy-rich Permian Basin for $2.8 billion, becoming the latest energy company to make a major investment in the region.

    Online Articles

    Online Articles

    Fri, 10 Feb 2017

  3. Tight oil expected to make up most of U.S. oil production increase through 2040

    U.S. production of tight oil has increased significantly since 2010, driven by technological improvements that have reduced drilling costs and improved drilling efficiency in major shale plays such as the Bakken, Eagle Ford, and the Permian Basin .

    Online Articles

    Online Articles

    Tue, 14 Feb 2017

  4. ExxonMobil to double Permian Basin resources with $6.6B buy from Bass family of companies

    Exxon Mobil will more than double its Permian Basin resource to six billion barrels of oil equivalent through the acquisition of companies owned by the Bass family of Fort Worth, Texa.

    Online Articles

    Online Articles

    Tue, 17 Jan 2017

  1. Plains All American to expand Permian Basin crude takeaway capacity

    Online Articles

    Online Articles

    Thu, 19 Jan 2017

  2. Plains All American to acquire Permian Basin gathering system for $1.2B

    Plains All American Pipeline has entered into definitive agreements to acquire a Permian Basin crude oil gathering system for approximately $1.2 billion. PAA also announced it had entered into definitive sales agreements totaling $380 million.

    Online Articles

    Online Articles

    Wed, 25 Jan 2017

  3. BridgeTex Pipeline to expand capacity from Permian Basin to Houston Gulf Coast

    BridgeTex Pipeline Company LLC is expanding its pipeline capacity from the Permian Basin of 300,000 barrels per day to a new capacity of approximately 400,000 bpd.

    Online Articles

    Online Articles

    Tue, 24 Jan 2017

  4. Refinery: New Mexico congressman seeks White House help for refinery

    The Republican congressman from oil-rich southern New Mexico has approached President Donald Trump's administration with a proposal to construct a refinery in a state grappling with a budget crisis and the nation's second-highest unemployment rate.

    Online Articles

    Online Articles

    Sat, 11 Feb 2017

  5. Lilis Energy appoints Short as COO

    San Antonio, TX-based Lilis Energy Inc. has appointed Brennan Short as COO.

    Online Articles

    Online Articles

    Tue, 31 Jan 2017

  6. Outrigger Energy to sell Permian Basin midstream assets for up to $1.5 billion

    Outrigger Permian includes natural gas gathering and processing and crude oil gathering systems spanning Loving, Winkler, Ward, Reeves and Pecos Counties, Texas in the Delaware Basin, and Martin, Howard and Borden Counties, Texas in the Midland Basin.

    Online Articles

    Online Articles

    Thu, 26 Jan 2017

  7. Occidental Petroleum makes Permian Basin acquisitions

    Occidental Petroleum has acquired producing and non-producing leasehold acreage in the Permian Basin from private sellers. Separately, the company acquired interests in several Permian Basin EOR and CO 2 properties, and related infrastructure.

    Online Articles

    Online Articles

    Tue, 1 Nov 2016

  8. Occidental expands Permian basin interests

    Occidental Petroleum Corp. has acquired 35,000 net acres in the Permian basin horizontal drilling play and expanded its enhanced oil recovery holdings in the basin through transactions with private sellers totaling $2 billion.

    Online Articles

    Online Articles

    Tue, 1 Nov 2016

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