WPX Energy exits San Juan Basin in $700M asset sale [Seeking Alpha]
WPX ENERGY (WPX)
Last wpx energy earnings: 2/26 04:15 pm
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Source: Seeking Alpha
WPX Energy exits San Juan Basin in $700M asset saleWPX Energy (NYSE:WPX)agrees to sell its holdings in the San Juan Basin’s Gallup oil play for $700M to an undisclosed buyer.The deal completes WPX’s exit from the San Juan Basin, and the company says it will now focus on its remaining core positions in the Permian’s Delaware Basin and North Dakota’s Williston Basin.With the sale, WPX revises its 2018 volume guidance to 75K-80K bbl/day of oil and 117K-126K boe/day; its original 2018 capital budget of $1.1B-$1.2B is unchanged.WPX says the sale speeds its deleveraging efforts, and the company believes it can reduce its net debt/EBITDAX to a target level of 1.5x during 2019.Click to subscribe to real-time analytics on WPXNow read:The Bakken Strikes Back »
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