ExxonMobil has announced expansions to its U.S. oil and natural gas portfolio managed by its subsidiary, XTO Energy.
The expansions were executed in two separate agreements for the Permian Basin in Texas and Utica shale in Ohio.
“These transactions underscore our commitment to developing high-margin liquids growth in areas such as the Permian, while also efficiently funding development of our extensive domestic natural gas resource in emerging plays such as the Utica,” said Randy Cleveland, president of XTO Energy.
The Permian Basin agreement, with Endeavor Energy Resources, will expand XTO ‘s portfolio by approximately 34,000 acres in the Wolfcamp formation in Midland and Upton counties.
The agreement with Endeavor increases XTO’s holdings in the Permian Basin to over 1.5 million acres.
The Utica shale agreement, with American Energy – Utica, LLC (AEU) will enable AEU to earn approximately 30,000 acres of XTO’s Ohio leasehold in Harrison, Jefferson and Belmont counties.
XTO will continue to operate in a core area of approximately 55,000 acres in Utica.
The cost of the agreements is not known at this time.
The size of the portfolio managed by XTO has tripled since 2009 when the company merged with ExxonMobil.