Clicky

XTO Energy sells Permian assets to Oklahoma-based operator

A major oil and gas producer in the Permian Basin in New Mexico sold a large portion of its assets in the region to an Oklahoma-based operator as the industry in the prolific oilfield continued to see a rebirth in activity following historic declines during the coronavirus health crisis.

Empire Petroleum purchased the land and oil wells from ExxonMobil subsidiary XTO Energy in the Eunice Monument Field in Lea County within the western portion of the Permian that spans from southeast New Mexico to West Texas.

In total, Empire bought 700 oil, gas and injection wells from XTO, with a capacity to produce about 1,100 barrels of oil equivalent per day at 67 percent oil.

More:Back to the well: How oil and gas funds political campaigns