ExxonMobil gains new Permian assets

USA

HOUSTON, January 17, 2017 – ExxonMobil announced on Tuesday that it had acquired several companies holding 3.4 billion boe in the Delaware Basin. Through the acquisition, the super-major has more than doubled its assets in the area, which is part of the greater Permian Basin.

The deal covers nearly 2,000 square kilometres of acreage, where the companies were producing around 18,000 boepd. According to ExxonMobil chairman and CEO Darren W. Woods, liquids account for around 75% of the acquired resources.

Woods said in an official company statement, “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 deal cost ExxonMobil USD 5.6 billion in shares up front, and will see the company make payments of up to USD 1 billion between 2020 and 2032.

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