ExxonMobil adds to Permian portfolio with 80,000-acre buy

Last updated: | Reading Time: 1 minutes
ExxonMobil acquired 80,000+ net acres in the Permian Basin from China’s Sinochem, boosting its U.S. oil footprint.

ExxonMobil adds 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 them, 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.

“The transaction provides control of drilling locations and opportunities to further deploy our technology to drive greater returns,” ExxonMobil chief executive Darren Woods said on Friday during the company’s third quarter earnings call.

Click here to read the full article
Source: upstream

—

Do you have any questions about the topic? Feel free to contact us here or leave a comment below.

You might also like
A majority of oil and gas executives expect U.S. oil production to increase, driven by geopolitics and flexible Permian Basin producers.U.S. oil output seen rising as conflict reshapes outlook
The all-new Hugh Brinson Pipeline supports continued US gas market growth amid global calls for energy diversification.Energy Transfer’s Hugh Brinson Pipeline targets late-2026 startup
Growing well productivity suggests that operators in the Permian are successfully implementing more advanced drilling & completion techniquesPermian production forecast growth driven by well productivity, pipeline capacity
Exxon outperforms oil majors, rising 15% despite falling crude prices, with higher production growth and lower costs than rivals.Exxon Mobil Corp. Beats Estimates on Higher Permian Basin Oil Production
ExxonMobil boosts digital tech in the Permian Basin to improve reliability, lower operating costs, and support faster decision-making.ExxonMobil expands digital tools in the Permian Basin
Devon Energy and Coterra Energy are merging in an all-stock deal valued at $58 billion to create a new U.S. shale oil and gas heavyweight.Devon and Coterra announce a $58 billion shale merger
Texas Rep. Brooks Landgraf says the Permian Basin is key to U.S. energy supply as Iran tensions impact global oil markets.Permian output highlighted as strategic amid Iran tensions
Since 2019, PSP turned $181M into $1.8B impact, boosting education, health, jobs, and roads in 22 Permian Basin counties.PSP turns $184M investment into $1.8B community impact in Permian Basin
USA Energy Sec says USA is ready to sell more oil, gas to ChinaEnergy 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.British oil giant BP on Tuesday reported third-quarter net profit of $2.21 billion, beating analyst expectations.BP beats third-quarter profit expectations on higher oil and gas production