ExxonMobil Acquires Crude Oil Terminal to Serve Growing Permian Basin Production

ExxonMobil Acquires Crude Oil Terminal to Serve Growing Permian Basin Production

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.

SOURCE:  http://news.exxonmobil.com/press-release/exxonmobil-acquires-crude-oil-terminal-serve-growing-permian-basin-production

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