Exxon Mobil (NYSE:XOM) has acquired a crude oil terminal in Wink, Texas, to process Permian crude.
The terminal, which was owned previously by Genesis Energy, is located in the Delaware Basin, part of the prolific Permian play.
The terminal is strategically positioned to handle Permian Basin crude oil and condensate for transport to Gulf Coast refineries and marine export terminals, Exxon said in a statement.
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.