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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.

ExxonMobil has acquired more than 80,000 net acres in the Permian basin from Chinese state-owned conglomerate Sinochem, the US supermajor revealed Friday in its quarterly earnings report.

The deal was struck sometime in the third quarter, according to ExxonMobil, which did not reveal specific financial terms for the agreement.

However, chief financial officer Kathy Mikells said ExxonMobil made “a couple of acquisitions” in the quarter that totalled $2.4 billion.

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Source: upstream

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