PDC Energy Inc. completed the sale of its water-related midstream assets in the Delaware Basin to WaterBridge Resources LLC for an initial cash purchase price of $125 million.
The deal also includes conditional payments of up to $75 million in addition to the initial cash purchase price, according to a May 31 SEC filing. With the deal, PDC Energy gained access to WaterBridge's water disposal network and the ability to transport all water volumes through pipe.
The oil and gas producer also said it has completed the sale of midstream assets to Oryx Southern Delaware Oil Gathering and Transport LLC for $37.3 million and conditional payments of up to $15.2 million.
Separately, PDC's sale of its natural gas gathering midstream assets for $182 million is expected to close in June. The Denver-based company said $100 million will be paid upon closing and $82 million will be paid a year after closing. The deal also has conditional payments of up to $60 million.