ExxonMobil doubles its Permian resource position with US$5.6 billion Delaware acquisition
On 17 January, ExxonMobil announced that it will gain roughly 250,000 net acres in the Permian Basin through the acquisition of Bass family-owned companies. The consideration consists of an upfront payment of US$5.6 billion in ExxonMobil shares, plus a series of contingent cash payments beginning in 2020, totalling up to US$1 billion. The new acreage will more than double the company's current Permian resource base, adding a potential 3.4 billion boe. The majority of the acquired ...