Chevron, Cimarex Team Up To Develop Texas Oil Wells

Law360, New York (June 25, 2013, 1:22 PM EDT) -- A Chevron Corp. subsidiary and Cimarex Energy Co. have agreed to jointly develop 104,000 acres in Texas' oil-and-gas-rich Delaware Basin in a deal where Chevron will also pay $60 million for interests in the wells and Cimarex's gathering system, they said Monday.

Cimarex will operate the 104,000 acres, while Chevron USA Inc. will contribute land to the development area and receive a 50 percent interest in wells drilled on the land in 2013, and an equal interest in Cimarex's Triple Crown gas gathering and processing system,...
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