WPX Deals $300 Million In Delaware

摘要

LIKE OTHER COMPANIES in the Permian Basin,WPX Energy Inc.is selling interest in midstream companies with some of the proceeds going toward upstream asset acquisitions,the company said Feb.4.In all,WPX agreed to sell $200 million in midstream and upstream assets and plans to redeploy $100 million for acquisitions in its Stateline operations in the Delaware Basin.In the background,the company is regrouping as it puts the brakes on 2019 spending and production.The transactions will leave WPX Energy with a net cash inflow of about $100 million,while its 2019 capex will be slashed by more than $350 million."We remain opportunistic as we manage our portfolio with respect to disciplined development and capital execution,”Rick Muncrief,WPX Energy chairman and CEO,said in a news release.WPX,an independent energy producer with core positions in the Permian and Williston basins,agreed to sell its 20% equity interest in White Water Midstream's Agua Blanca natural gas pipeline.The company will continue to be a shipper on the line.