Bass family sells Permian Basin land to Exxon Mobil

Exxon Mobil has reached a deal to bring its holdings in the Permian Basin to 6 million barrels of oil equivalent, according to an announcement in late January.


The $6 billion cash and stock agreement with the Bass family involves the conglomerate’s acquisition of 275,000 acres in the Permian Basin.   File photo

Exxon Mobil has reached a deal to bring its holdings in the Permian Basin to 6 million barrels of oil equivalent, according to an announcement in late January.

The $6 billion cash and stock agreement with the Bass family involves the conglomerate’s acquisition of 275,000 acres in the basin and an additional 3.4 billion barrels of oil equivalent in New Mexico’s Delaware Basin, according to a story from The New York Times posted on the Irving Chamber of Commerce website.

The Bass family of Fort Worth received $5.6 billion in shares, plus $1 billion in cash payments starting in 2020.

A story in Forbes magazine said Exxon is counting on the acquisition of more holdings in the basin to help boost the soft results it posted in 2016.

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