ExxonMobil Acquires Crude Oil Terminal to Serve Growing Permian Basin Production
October 18 2017 - 12:54PM
Business Wire
- Establishes ExxonMobil as key midstream
provider in the rapidly growing Permian Basin
- Permitted for 100,000 barrels per day
of throughput with the ability to expand
- Provides transportation and storage
options for Permian Basin producers
Exxon Mobil Corporation (NYSE:XOM) announced today that it has
acquired a crude oil terminal in Wink, Texas from Genesis Energy
LP. The terminal is located in the rapidly growing Delaware Basin,
part of Permian Basin – one of the most prolific plays in the
United States.
The terminal is strategically positioned to handle Permian Basin
crude oil and condensate for transport to Gulf Coast refineries and
marine export terminals. The facility is interconnected to the
Plains Alpha Crude Connector pipeline system, and is permitted for
100,000 barrels per day of throughput with the ability to
expand.
“The terminal provides crude producers with a full range of
logistical options including truck, rail and inbound and outbound
pipeline access, not only for ExxonMobil’s production, but for all
Permian Basin producers,” said Gerald Frey, president of ExxonMobil
Pipeline Company. “It also provides shippers with efficient and
cost-effective access to market destinations in the Gulf
region.”
This acquisition marks ExxonMobil’s first terminal in the
Permian Basin to be anchored by the corporation’s newly acquired
Delaware Basin acreage, previously announced in January.
About ExxonMobil
ExxonMobil, the largest publicly traded international energy
company, uses technology and innovation to help meet the world’s
growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is one of the largest refiners and
marketers of petroleum products and its chemical company is one of
the largest in the world. For more information, visit
www.exxonmobil.com or follow us on Twitter
www.twitter.com/exxonmobil.
Cautionary Statement: Statements
that reference future events or conditions in this press release
are forward-looking statements. Actual future results, including
project plans and resource developments, may differ significantly
depending on changes in oil or gas prices and other market or
economic factors that affect the petroleum industry; the outcome of
exploration and development programs; reservoir performance;
unexpected technical difficulties or other technical or operating
factors; the actions of governmental authorities or regulatory
agencies; the actions of competitors; and other factors listed
under the heading “Factors Affecting Future Results” on the
Investor page at the ExxonMobil website at www.exxonmobil.com and
in Item 1A of ExxonMobil’s most recent Form 10-K.
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