WPX Energy Inc. said Dec. 21 that it completed the sale of its legacy natural gas position in the San Juan Basin for $169 million.
The deal includes WPX’s operated and nonoperated gas properties in the basin but excludes the company's oil operations in the basin's Gallup play.
The company did not disclose the buyer, but WPX had earlier in the month agreed to divest legacy gas properties and undeveloped Mancos Shale acreage in the San Juan Basin to ArcLight Capital Partners LLC-backed Logos Resources ll LLC.
WPX projected that it will end 2017 with cash on hand of about $200 million and no borrowings against its credit revolver. The company'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.