WPX Closes $169 Million Non-Core Asset Sale
TULSA, Okla.--(BUSINESS WIRE)--
WPX Energy (NYSE: WPX) has completed the divestiture of its legacy
natural gas position in the San Juan Basin. The sales price was $169
million, subject to typical closing adjustments.
The transaction includes WPX’s operated and non-operated gas properties
in the basin. The sale does not include WPX’s oil operations in the
basin’s Gallup play.
WPX expects to finish 2017 with approximately $200 million cash on-hand
and no borrowings against its credit revolver. All of WPX’s $1.2 billion
revolver capacity is available, with the exception of $70 million in
outstanding letters of credit.
CIBC Griffis & Small provided financial and technical advisory services
to WPX for the transaction.
About WPX Energy, Inc.
WPX has posted double-digit oil volume growth for five straight years.
The company is active in the Delaware, Williston and San Juan
basins. The Delaware Basin is the western portion of the greater Permian
This press release includes “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the future
are forward-looking statements. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are beyond
the control of the company. Statements regarding future drilling
and production are subject to all of the risks and uncertainties
normally incident to the exploration for and development and production
of oil and gas. These risks include, but are not limited to, the
volatility of oil, natural gas and NGL prices; uncertainties inherent in
estimating oil, natural gas and NGL reserves; drilling risks;
environmental risks; and political or regulatory changes. Investors
are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the date
of this press release, even if subsequently made available by WPX Energy
on its website or otherwise. WPX Energy does not undertake and
expressly disclaims any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.
Investors are urged to consider carefully the disclosure in our
filings with the Securities and Exchange Commission, available from us
at WPX Energy, Attn: Investor Relations, P.O. Box 21810, Tulsa,
Okla., 74102, or from the SEC’s website at www.sec.gov.
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Source: WPX Energy Inc