ExxonMobil agreed to swap acreage it owns near Bakersfield, Calif., with LINN Energy in exchange for properties in the Permian and Delaware basins. ExxonMobil will receive 17,000 net acres in the Midland Basin core area producing 4,700 barrels per day of oil via the Wolfcamp and Spraberry formations. It will also get 800 net acres in the Delaware Basin. ExxonMobil subsidiary XTO Energy will develop both acreage positions. The deal brings XTO’s Permian leasehold position to more than 1.5 million acres, with net production of more than 95,000 barrels per day.
LINN will acquire ExxonMobil’s interests in the South Belridge Field, which produce approximately 3,400 barrels per day of oil.
The two firms traded properties in May, with ExxonMobil receiving 26,000 acres in the Permian and LINN receiving an interest in the Hugoton gas field in Kansas and Oklahoma.
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