Deals - Acquisition, Mergers, Divestitures | Capital Markets | Private Equity Activity
WPX Energy Signs Agreement to Sell Barnett Shale
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WPX Energy (NYSE:WPX) announced today that it has signed an agreement to divest its holdings in Texas’ Barnett Shale and the Arkoma Basin in Oklahoma for $306 million, subject to closing adjustments.
The properties represent less than 5 percent of the company’s year-end 2011 proved domestic reserves. The Barnett shale properties include current net production of approximately 67 million cubic feet per day.
“We’re receiving good value for assets that are not core to our strategy of growing our primary operations in the Bakken Shale, Piceance Basin and Marcellus Shale,” said Ralph Hill, WPX chief executive officer.
“This strengthens our balance sheet, reflects our strong commitment to running our business in a disciplined manner and provides funds we could use to further expand the oil and…
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