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 Basin.