The Conversation (0)
ExxonMobil Increases Bakken Oil Shale Assets by 50 Percent
Sep. 20, 2012 10:18AM PST
Oil and Gas InvestingExxonMobil Corp. (NYSE:XOM) announced that along with its subsidiary, XTO Energy, it signed an agreement to acquire all the Bakken shale assets belonging to Denbury Resources Inc. (NYSE:DNR). The move will significantly increase Exxon’s output in North Dakota and Montana, which are expected to produce more than 15,000 barrels of oil equivalent per day during the last half of 2012.
ExxonMobil Corp. (NYSE:XOM) announced that along with its subsidiary, XTO Energy, it signed an agreement to acquire all the Bakken shale assets belonging to Denbury Resources Inc. (NYSE:DNR). The move will significantly increase Exxon’s output in North Dakota and Montana, which are expected to produce more than 15,000 barrels of oil equivalent per day during the last half of 2012.
As quoted in the press release:
The agreement increases ExxonMobil’s holdings in the Bakken region by about 50 percent to nearly 600,000 acres, giving the company a significant presence in one of the major U.S. growth areas for onshore oil production.
In exchange for its Bakken shale assets, Denbury will receive $1.6 billion in cash and acquire ExxonMobil’s interests in the Hartzog Draw field in Wyoming and Webster field in Texas, which currently produce about 3,600 net oil equivalent barrels per day of natural gas and liquids.
Click here to read the full ExxonMobil Corp. (NYSE:XOM) press release.