ExxonMobil – XTO Energy

Exxon Mobil CorporationExxonMobil has  released little on its activity in the Eagle Ford, but XTO was actively leasing in the play when Exxon acquired the company in 2010.  XTO had built a major position through the acquisition of Dominion Resources’ South Texas Assets in June of 2007.  The company has acreage that spans from the dry gas window up into the liquids-rich gas condensate window and up into the shale oil producing area of the play.  The company’s diverse acreage position affords the company to disperse resources where economics are best.  With the bulk of the acreage coming through acquisitions prior to the discovery of the Eagle Ford, XTO ExxonMobil has much of its acreage held by production.

ExxonMobil (NYSE: XOM) is the largest publicly traded oil & gas company in the world.  After acquiring XTO Energy, the company became the largest natural gas producer in the US. Exxon’s headquarters is in Irving, TX.  The company has additional offices in Houston, and a field offices in Victoria, TX.  The company’s recent acquisition activity has largely focused on acquisitions to expand operations in the Marcellus Shale and the Fayetteville Shale.

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ExxonMobil-XTO Energy Eagle Ford Shale Quarterly Commentary

October 27, 2011

Exxon is averaging right around 64 to 65 rigs in the unconventional space. I don’t have the actual rig movement. But I can tell you, as you would expect, we have optimized that rig count towards the liquids plays and ramped up. And certainly, in terms of keeping the overall total flat, backed off on some of the dry gas areas. Just as you would’ve expected, we are certainly optimizing that rig count towards the liquids-rich plays, and in particular, some of that newer things that we’re working on.

July 27, 2011

“And of course, we do have a number of rigs running in the Eagle Ford. If I recall right, that’s probably left about 2 rigs running in the Eagle Ford, for example, and we continue to access those resources as quickly as possible. So I would say, in summary, other than the Bakken and the Eagle Ford, anywhere we have an opportunity to optimize a rig and get it on liquids production, we’re certainly doing that.”

April 28, 2011

“..ExxonMobil’s earnings reflect continued leadership in operational performance during a period of strong commodity prices. Earnings were $10.7 billion, up 69% from the first quarter of 2010, reflecting higher crude oil and natural gas realizations, increased refining margins and record Chemical performance.
In the first quarter, capital and exploration expenditures were $7.8 billion, up 14% from last year, as we continue with plans to invest between $33 billion and $37 billion per year over the next five years to develop new energy supplies to meet future demand growth.
Oil-equivalent production was more than 10% higher than 2010, driven by our world- class assets in Qatar and our growing unconventional gas production…..”

Source: Exxon Mobil Corporation

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