ExxonMobil Acquires Remaining Interest in Sinochem JV in Midland Basin
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ExxonMobil has recently completed the buyout of its legacy joint venture with Sinochem, acquiring an additional 80,000 acres in the Midland Basin. This strategic move is part of ExxonMobil’s efforts to expand its operations in the Permian Basin, a key area for oil production in the United States.
The joint venture with Sinochem was established to enhance resource development in the Midland Basin.
This buyout allows ExxonMobil to consolidate its holdings and increase its production capacity in a region known for its rich oil reserves.
The acquisition aligns with ExxonMobil’s broader strategy to invest in high-potential areas and improve operational efficiency.
By expanding its footprint in the Midland Basin, ExxonMobil aims to strengthen its competitive position in the North American energy market.
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs. The corporation’s primary businesses — upstream, product solutions, and low carbon solutions — provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO₂ pipeline network in the United States. In 2021, ExxonMobil announced scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30 percent reduction in corporate-wide greenhouse gas intensity; a 40-50 percent reduction in greenhouse gas intensity of upstream operations; a 70-80 percent reduction in corporate-wide methane intensity; and a 60-70 percent reduction in corporate-wide flaring intensity.
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