Permian Basin

Home>Topics>Permian Basin
Refine Results
  1. All
  2. Articles
  3. Online Articles
  4. Magazine Articles
  5. Videos
  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. 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

  3. ExxonMobil to buy Bass family’s Permian assets for up to $6.6 billion

    ExxonMobil Corp. has agreed to acquire companies primarily focused on New Mexico’s Delaware basin from the Bass family of Fort Worth in a deal that could total $6.6 billion.

    Online Articles

    Online Articles

    Tue, 17 Jan 2017

  4. Noble Energy to acquire Clayton Williams in $2.7-billion cash-stock deal

    The boards of Noble Energy Inc., Houston, and Clayton Williams Energy Inc., Midland, Tex., have unanimously approved a definitive agreement under which Noble Energy will pay $2.7 billion in cash and stock to acquire Clayton Williams.

    Online Articles

    Online Articles

    Mon, 16 Jan 2017

  1. WPX grabs more Delaware basin acreage in $775-million deal

    Online Articles

    Online Articles

    Fri, 13 Jan 2017

  2. PDC Energy expands Permian footprint with Delaware Basin deal close

    PDC Energy closed on a deal to expand its Permian Basin footprint, acquiring approximately 4,500 net acres in Reeves and Culberson Counties, Texas, from Fortuna Resources Holdings LLC, for approximately $118 million in cash.

    Online Articles

    Online Articles

    Wed, 4 Jan 2017

  3. WoodMac: New projects in the upstream oil and gas industry to double in 2017

    Wood Mackenzie forecasts the investment cycle will show the first signs of growth in 2017 since 2014 and final investment decisions (FIDs) will double, compared with 2016.

    Online Articles

    Online Articles

    Wed, 11 Jan 2017

  4. BHI: US rig count begins 2017 with 7-unit increase

    The US drilling rig count began the new year with its eighth consecutive weekly rise and 28th increase of the past 32 weeks that comprise the recent drilling rebound.

    Online Articles

    Online Articles

    Fri, 6 Jan 2017

  5. 1Derrick US M&A weekly update

    1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of January 2nd to January 6th.  

    Online Articles

    Online Articles

    Mon, 9 Jan 2017

  6. WoodMac: New upstream projects to double globally in 2017

    Final investment decisions (FID) are expected to double globally in 2017 while exploration and production spending will increase for the first time since 2014, according to Wood Mackenzie Ltd.’s global upstream outlook.

    Online Articles

    Online Articles

    Wed, 11 Jan 2017

  7. Parsley continues Midland, Delaware basin expansion in multiple deals

    Parsley Energy Inc., Austin, has agreed in several deals to acquire undeveloped acreage and producing oil and gas properties in the Midland and southern Delaware basins of Texas for $607 million in cash.

    Online Articles

    Online Articles

    Wed, 11 Jan 2017

  8. 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

Get More Results