ExxonMobil increases acreage position in Permian Basin

ExxonMobil has added 22,000 acres to its 6bn boe Permian Basin portfolio since May 2017 through a series of acquisitions and acreage trades in the highly prolific, stacked oil pay zones of the Delaware and Midland Basins.

Earlier in the year, in February, the company acquired 250,000 acres in the Delaware Basin from companies owned by the Bass family of Fort Worth. In the Midland Basin, the company has doubled its core operated acreage to more than 130,000 acres through multiple transactions over the last few years.

ExxonMobil is one of the most active operators in the Permian Basin, currently operating 19 drilling rigs, 14 of which are drilling horizontal wells in the core Midland Basin, where the company has added 200 wells since mid-2014. The company also has four rigs drilling horizontal wells in the Delaware Basin of New Mexico, where it recently drilled its first 12,500-foot horizontal lateral length well.