Locator: 49325XOM.
PSX: a reminder that it is preparing to "idle" its Los Angeles refinery. Link here.
XOM: taking a page out of Warren Buffett's playbook -- buys out legacy Siochem JV, expands in Midland Basin. Link here. Acquires 80,000 acres. Link here. Click on link to expand slides below. 80,000 acres for $1.7 billion = $20K / mineral acre. There are places in the Bakken that went for much more than that during the boom. Permian production is setting records. It sounds like $20K/acre is a steal.
And note this from 2023:
May 15, 2023: NOG acquires a small position in the Permian, paying upwards of $55,000/net acre. Also here.
XOM's guidance on the Permian: link here. Click on link to expand the slides below.
The Permian is tracked here.
