Exxon said it will receive 17,000 net acres in the Permian's Midland Basin core area that produces about 4,700 barrels of oil equivalent barrels per day and holds the most potential for horizontal development in the oil-rich Wolfcamp and Spraberry shales. The acreage contains estimated proved reserves of 19 million barrels of oil equivalent, according to Linn.

Exxon said it will also receive 800 net acres in the Permian's New Mexico Delaware Basin. Both positions will be operated and developed by Exxon unit XTO Energy Inc.

"We continue to expand our leasehold position in a prolific area that is poised for profitable volumes growth from multiple horizons in the Wolfcamp and Spraberry formations," XTO President Randy Cleveland said in a statement Thursday. "This transaction further strengthens XTO's significant presence in one of the major U.S. growth areas for onshore oil production."

This swap extends XTO's leasehold position across the entire Permian Basin to more than 1.5 million acres and ups its production to more than 95,000 barrels of oil equivalent per day, according to Exxon.

It's also the second land trade executed by Exxon and Linn this year. In May, Exxon acquired nearly 26,000 acres in the Permian from Linn in exchange for a portion of its interest in the Hugoton gas field in Kansas and Oklahoma.

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