Exxon Mobil has snapped up 22,000 acres in the Permian Basin since May, expanding its footprint in West Texas and New Mexico through undisclosed acquisitions.
The Irving-based oil company said Wednesday it bought prolific oil land sitting on top of multiple layers of oil-soaked rock known as stacked pay zones, in the Delaware Basin and the Midland Basin.
Exxon has dispatched 19 drilling rigs to its 250,000 acres in the Delaware Basin and 130,000 acres in the Midland Basin.
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Fourteen of those are drilling horizontal wells in the Midland Basin. Another four are in the New Mexico portion of the Delaware Basin.
The company said it recently drilled a 12,500-foot sideways well in the Delaware, and has drilled some 200 wells in the Midland Basin over the past three years.
