Jan 17, 2017 12:03 PM EST
Exxon Mobil Corp (XOM.N) said on Tuesday it would buy companies owned by the Bass family of Texas in a deal worth up to $6.6 billion that would boost it presence in the Permian Basin, one of the country's most cost-effective oil fields.
Exxon said the acquired companies together hold about 275,000 acres of leasehold, producing more than 18,000 net oil equivalent barrels per day (boepd).
Exxon said its output from the basin is currently about 140,000 boepd, net.
An uptick in oil prices has been encouraging healthier energy companies to buy up assets - especially in the Permian Basin, which straddles Texas and New Mexico - that will give them a competitive edge once prices move higher.
Numerous companies including SM Energy Co (SM.N) and EOG Resources Inc (EOG.N) have snapped up acreage in the Basin. The latest deal was Noble Energy Inc (NBL.N) agreeing to buy smaller rival Clayton Williams Energy Inc (CWEI.N) for about $2.7 billion.
Exxon said it would make an upfront payment of $5.6 billion in stock. It will also make cash payments totaling up to $1 billion, from 2020 through no later than 2032, corresponding with the development of the resource, Exxon said.
The properties are a major addition to Exxon's unconventional liquids portfolio managed by its unit XTO Energy Inc [XEII.UL], Exxon Chief Executive Darren Woods said. Reuters
Journalists love their jobs because they get to interact with people from all sorts of backgrounds and expertises, then turn around and share their knowledge with the world.
As the metaverse takes over more of our digital lives, the commoditization of all aspects of our virtual beings becomes more and more of a reality.
Rustam Gilfanov is a famous IT businessman, a founder of a large IT company, and a partner of the LongeVC Fund.
Bitcoin and cryptocurrency in general guarantee some amazing profits if invested correctly.
In the currency trading business, many individuals make mistakes. Since most individuals join this profession with too much excitement, they forget about efficient strategies. Instead of controlling their investment and execution process, most individuals make poor choices for trading.
In today's digital world, more and more people are investing in cryptocurrencies. These digital tokens have exploded into popularity over the past few years, and have grown to the point that there are now nearly over 6,000 of them, according to Statista.
Following the pandemic, natural calamities, and major employment shifts, a startling new study on the online news site News Nation shows that 1 in 4 Americans don't have an emergency fund.
Generational wealth is a facet of wealth management that is often misunderstood. Labeled trust fund babies, rich kids, and lucky breaks, those who receive an inheritance from families are rare.
Social media has successfully made it to the mainstream consciousness of over half the global population. DataReportal's latest study shows that over 4.33 billion people worldwide are using some form of social networking site this year. That's why it's no wonder many tech companies are interested in investing or forming the next Facebook, Twitter, or YouTube to capture the hearts and minds of the general population.
Ease of access, freedom to choose in which to invest the money and lines of credit designed according to the needs of consumers, are some of the characteristics that have made consumer credit one of the most important financing products in the world’s market.