Exxon Mobil Corp. announced Tuesday to more than double its Permian Basin resource to six billion barrels of oil equivalent through the acquisition of companies owned by the Bass family. As part of the deal, Exxon Mobil will make an upfront payment of $5.6 billion worth of shares, and a series of contingent cash payments of up to $1 billion, starting in 2020. "This acquisition strengthens ExxonMobil's significant presence in the dominant U.S. growth area for onshore oil production," said Exxon Mobil Chief Executive Darren Woods. Exxon Mobil's stock was unchanged at $86.35 in premarket trade. It has eased 0.2% over the past three months, while the SPDR Energy Select Sector ETF has gained 7.1% and the Dow Jones Industrial Average has climbed 9.9%.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below