Exxon Mobil purchase area in Texas

The oil and gas company Exxon Mobil announced the purchase of lands in the Permian Basin in Texas for $5.6 billion in stock and up to $1 billion in cash contingent payments. The Permian are well coveted, because there are rumours that their lands have layers of rocks containing oil that are stacked on top of each other and maintain substantial reserves of the raw material.

In a statement, Exxon Mobil reported that can use its expertise in technology for drilling the longest lateral wells in the basin, which can reduce development costs, and increase the proportion of that reverse is turned into final product.

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