Oil and gas giant Exxon Mobil Corp. is buying the Bass family's Permian Basin holdings in a more than $6 billion stock and cash deal.
Exxon Mobil, based in Irving, Texas, announced the agreement in a statement Tuesday. It says the deal for 275,000 acres of leasehold will more than double Exxon Mobil's Permian Basin resources to 6 billion barrels of oil equivalent.
The estimated resources include up to 3.4 billion barrels of oil equivalent in the Delaware Basin in New Mexico.
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The statement says Exxon Mobil will pay $5.6 billion in shares to the Bass family, of Fort Worth, Texas. Cash payments will total up to $1 billion, starting in 2020, depending on development.
The acquired companies include the operating entity BOPCO.