19 Oct ExxonMobil snaps up major crude oil terminal in Texas
ExxonMobil will be able to expand its processing capability in the US by 100,000 barrels per day with the acquisition of a new crude oil terminal in Texas.
The American company confirmed that it has agreed to acquire Genesis Energy’s terminal in Wink, Texas which sits on the rapidly growing Delaware Basin.
The terminal, which is permitted for 100,000 barrels per day of throughput with the ability to expand, is an area which is part of the Permian Basin, one of the United States’ most prolific oil plays.
ExxonMobil said in a statement the facility is strategically positioned to handle Permian Basin crude oil and condensate for transport to Gulf Coast refineries and marine export terminals.
It also benefits from connectivity with the Plains Alpha Crude Connector pipeline system.
“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.”
The 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.