ExxonMobi/XTOl Swaps Properties | Russell T. Rudy Energy LLC
“Rigzone” reports that ExxonMobil, through its subsidiary XTO Energy Inc., has increased its production and acreage position in the Permian Basin through a non-cash swap with LINN Energy. XTO will add nearly 26,000 acres in the Wolfcamp and Sprayberry prone areas of the Midland Basin which are currently producing approximately 2,000 barrels of oil equivalent per day (boepd). In return, LINN will acquire part of XTO’s interest in the Hugoton Basin of Kansas and Oklahoma with production of about 85 million cubic feet of natural gas equivalent per day.
This exchange leaves XTO with approximately 1.5 million net acres in the Permian Basin with current production of over 90,000 boepd. Randy Cleveland, president of XTO said “This transaction continues XTO’s growth in a key liquids play. We will continue to be the largest producer of natural gas and the largest holder of natural gas reserves in the United States, and remain committed to the development of domestic natural gas consistent with the long-term view detailed in the ExxonMobil annual Outlook for Energy.”
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/133201/ .
