trending Market Intelligence /marketintelligence/en/news-insights/trending/J7rczsFkTAam4UFnzhobpw2 content esgSubNav
In This List

WPX Energy closes $910M sale of Piceance assets

Blog

Insight Weekly: Cryptocurrency's growth; green bond market outlook; coal investors' windfall

Blog

Insight Weekly: Challenges for European banks; Japan's IPO slowdown; carmakers' supply woes

Blog

Infographic: Q4’21 US Battery Storage by the Numbers

Blog

Q4’21 US Power Forecast: Will high commodity prices accelerate the energy transition?


WPX Energy closes $910M sale of Piceance assets

WPX EnergyInc. has completed its $910 million sale of subsidiary WPXEnergy Rocky Mountain LLC to Terra Energy Partners LLC, according toan April 8 news release.

The sale is expected to strengthen liquidity, reinforcethe company's focus on the Permian Basin and balance its commodity mix, WPX saidin the release. Oil is expected to make up about half of its future production volumes,from about 20% in 2015.

Over the past two years, WPX was able to by boosting acreagein the Permian's Delaware Basin and North Dakota's Williston Basin, as well as aleading position in the San Juan Basin, representing over $5 billion in transactions.

WPX plans to use the proceeds from the sale for a varietyof purposes, which include leverage reduction, additional drilling, infrastructureinvestments such as a possible Permian gathering system expansion and buying outany retained transportation obligations.

The results of the Piceance Basin operations, includingassociated production volumes, will be reclassified as discontinued operations,and its production volumes will not be reflected in WPX's first-quarter 2016 results,according to the release.