Exploration & Production | Capital Markets | Private Equity Activity
WPX Energy Completes Sale of Previously Annouced Barnett Shale Assets
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WPX Energy announced today that it has completed the sale of its holdings in Texas’ Barnett Shale and the Arkoma Basin in Oklahoma to an affiliate of Kohlberg Kravis Roberts & Co. for approximately $306 million,subject to typical post-closing adjustments.
“We tightened our business focus and further strengthened our balance sheet through this transaction,” said Ralph Hill, WPX chief executive officer. “In terms of our asset portfolio, we will continue to emphasize thedevelopment of our oil and liquids-rich areas in the Bakken Shale and Piceance Basin where we have nearly 300,000 acres combined,” Hill added.
During first-quarter 2012, WPX averaged approximately 47,000 barrels per day of oil and NGL production – an increase of 26 percent from a year ago. Total production for all products…
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