Exxon Mobil announced Tuesday that it would acquire the Permian basin oil and gas interests of Fort Worth’s Bass family for about $6 billion. The company figures there is 60 billion barrels of oil in place under the Bass land. Exxon confirmed that Tillerson personally negotiated the deal with Sid Bass. The origin of their $10 billion fortune was Sid Richardson, who in the 1930s amassed a fortune as one of the great Texas oil wildcatters. A spokeswoman says Exxon now has 10 rigs running in the Permian, but could add 15 rigs on the Bass acreage alone.

Source: Forbes January 17, 2017 15:35 UTC