WPX Energy Sells San Juan Gallup Holdings for $700 Million
WPX ENERGY (WPX)
Last wpx energy earnings: 2/26 04:15 pm
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Source: Business Wire
Focuses Company on Permian and Williston Basins; Accelerates Deleveraging TULSA, Okla.--(BUSINESS WIRE)-- WPX Energy (NYSE: WPX) has signed an agreement to sell its holdings in the San Juan Basin’s Gallup oil play for $700 million to an undisclosed third party. Closing is expected to occur in the first quarter. The divestiture accelerates WPX’s stated deleveraging efforts, with a significant portion of the proceeds slated for debt reduction. WPX now believes it can reduce its net debt/EBITDAX to a target level of 1.5x during 2019. The transaction completes WPX’s exit from the San Juan Basin, signaling the company’s confidence in its two remaining core positions in the Delaware (Permian) and Williston basins. Capital that was earmarked for the Gallup oil play this year will be reallocated to these operations. In addition to the $700 million sale of its Gallup oil holdings, WPX
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