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Stock impact report

WPX Energy Completes Gallup Sale for $700 Million

WPX ENERGY (WPX) 
Last wpx energy earnings: 2/26 04:15 pm Check Earnings Report
US:NYSE Investor Relations: wpxenergy.com/investors.aspx
Company Research Source: Business Wire
TULSA, Okla.--(BUSINESS WIRE)-- WPX Energy (NYSE: WPX) has closed an agreement to sell its holdings in the San Juan Basin’s Gallup oil play to Enduring Resources IV, LLC for $700 million prior to closing adjustments. A significant portion of the proceeds are 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 operations in the San Juan Basin, signaling the company’s confidence in its two remaining core positions in the Delaware (Permian) and Williston basins. “Our path forward is clear and compelling. It’s about consistent execution, sticking with our multi-year plan and continuing to create value by looking ahead,” said Rick Muncrief, WPX chairman and CEO. WPX’s production is now approximately 80 percent liquids (oil and NGL) and 20 percent natural gas. Five years ago, it w Show less Read more
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