ExxonMobil adds to Permian portfolio with 80,000-acre buy
ExxonMobil acquired 80,000+ net acres in the Permian Basin from China’s Sinochem, boosting its U.S. oil footprint.
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ExxonMobil acquired 80,000+ net acres in the Permian Basin from China’s Sinochem, boosting its U.S. oil footprint.
Energy Secretary Chris Wright said the US is prepared to sell more oil and natural gas to China if Beijing cuts back on purchases from Russia.
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ExxonMobil currently produces 1.5M bpd from its Permian Basin holdings, with plans to increase that to 2.3 million barrels per day by 2030.
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China’s strong oil buying supports global prices, stabilizes markets, and strengthens energy security amid U.S. and OPEC+ changes.
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OPEC has kept its global oil demand growth forecasts unchanged for 2025 and 2026, expecting continued robust economic growth to drive demand.
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