Exxon Mobil has agreed to acquire companies owned by the Bass family of Fort Worth, Texas, US for USD $5.6 billion in stock and up to USD $1 billion in additional payments, in a bid to boost its onshore oil production in the Permian Basin.
The acquisition is part of the company’s efforts to double its Permian Basin resource in Texas and New Mexico, to 6 billion barrels.
As part of the deal, Exxon Mobil will acquire the companies, which include the operating entity BOPCO. The companies considered for acquisition hold about 275,000 acres of leasehold, and production capacity of more than 18,000 net oil equivalent barrels per day.