A deal that will boost Exxon Mobil oil reserves

Source: MGN Online

IRVING, Texas (AP) - Oil and gas giant Exxon Mobil Corp. is buying the Bass family's Permian Basin holdings in a more than $6 billion stock and cash deal.

Exxon Mobil, based in Irving, Texas, announced the agreement in a statement Tuesday. It says the deal for 275,000 acres of leasehold will more than double Exxon Mobil's Permian Basin resources to 6 billion barrels of oil equivalent.

The estimated resources include up to 3.4 billion barrels of oil equivalent in the Delaware Basin in New Mexico.

The statement says Exxon Mobil will pay $5.6 billion in shares to the Bass family, of Fort Worth, Texas. Cash payments will total up to $1 billion, starting in 2020, depending on development.

The acquired companies include the operating entity BOPCO.



 
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