ExxonMobil Aims to Take Full Control of Permian JV From Sinochem

Exxon Mobil Corporation (XOM) may soon have the opportunity to further solidify its dominance in the Permian Basin, as China state-backed oil and chemicals giant Sinochem considers selling its 40% stake in a joint venture (JV) with ExxonMobil, per a Reuters report. This move could potentially fetch more than $2 billion.The JV, focused on the Wolfcamp formation, spans approximately 83,000 net acres in the Permian Basin of Texas. This region has been instrumental in propelling the United States to the forefro ...