ExxonMobil Signs Agreements to Increase Position in Permian Basin
August 06 2015 - 11:00AM
Business Wire
Exxon Mobil Corporation (NYSE:XOM) today announced it has
executed two agreements to obtain horizontal development rights in
48,000 acres in the core of the Midland Basin.
The two agreements include an acquisition and farm-in adjoining
XTO’s existing acreage position in Martin and Midland Counties,
providing rights to all intervals within the basin. The acreage
will be operated by ExxonMobil’s subsidiary XTO Energy Inc.
“We are continuing to grow our position in a prolific area of
the Permian Basin,” said Randy Cleveland, president, XTO Energy.
“The recent emergence of strong Lower Spraberry results, combined
with the established Wolfcamp intervals, demonstrates the
significant potential of the stacked pays in the Midland Basin
core.”
ExxonMobil has executed five agreements in the Midland Basin
since January 2014, providing the company with over 135,000
operated net acres.
“We are encouraged by the horizontal well productivity and cost
reductions we have achieved to date,” Cleveland said. “We expect to
drive continued improvements in productivity and cost as we develop
our substantial inventory of wells across the multiple stacked
pays.”
XTO is currently operating 11 horizontal and four vertical rigs
across its Permian Basin leasehold of more than 1.5 million net
acres, with net oil-equivalent production exceeding 115,000 barrels
per day.
About XTO Energy Inc.
XTO is a leading natural gas and oil producer in the U.S. with
expertise in developing tight gas, shale gas, coal bed methane and
unconventional oil resources. XTO has operations in all major U.S.
producing regions, and holds more than 11 million acres.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources and is one of the world’s largest integrated
refiners, marketers of petroleum products and chemical
manufacturers. For more information, visit www.exxonmobil.com or
follow us on Twitter www.twitter.com/exxonmobil.
CAUTIONARY STATEMENT: Statements of future events or conditions
in this release are forward-looking statements. Actual future
results, including development plans, productivity and cost
improvements, and future production, could differ materially due to
changes in market conditions affecting the oil and gas industry or
long-term price levels for oil, gas and refined products; political
or regulatory developments, including changes in environmental
laws; the occurrence and duration of economic recessions; technical
or operating factors; timely completion of development projects;
and other factors discussed under the heading "Factors Affecting
Future Results" in the Investor Information section of our website
(www.exxonmobil.com) and in Item 1A of our most recent Form 10-K.
The term "project" as used in this release does not necessarily
have the same meaning as under any government payment transparency
reporting rules.
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