WPX Energy Closes Amended Revolver
TULSA, Okla.--(BUSINESS WIRE)--
WPX Energy (NYSE: WPX) announced today that it has amended and restated
its revolving credit facility. WPX received total commitments of $1.2
billion on a senior secured facility, with an initial borrowing base of
$1.025 billion. The revolver matures on October 29, 2019.
The amended terms and covenants provide WPX with increased flexibility
and full access to the facility. The size of the revolver is based on
the previously announced sale of the company's Piceance subsidiary,
which is expected to close in early second-quarter 2016.
Kevin Vann, WPX senior vice president and chief financial officer, said,
“This facility provides clarity and a validation of the positive
financial health of the company. Most importantly, it gives us ample
liquidity for a post-Piceance WPX as we prepare to close that asset sale
in the second quarter.”
About WPX Energy, Inc.
WPX is an oil-focused energy company with operations in the Permian’s
Delaware Basin, the Williston Basin and the San Juan Basin. The company
reshaped its holdings through more than $5 billion of transactions and
posted double-digit oil volume growth in each of the past four years.
This press release includes “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the future
are forward-looking statements. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond the
control of the company. Statements regarding future drilling and
production are subject to all of the risks and uncertainties normally
incident to the exploration for and development and production of oil
and gas. These risks include, but are not limited to, the
volatility of oil, natural gas and NGL prices; uncertainties inherent in
estimating oil, natural gas and NGL reserves; drilling risks;
environmental risks; and political or regulatory changes. Investors
are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the date
of this press release, even if subsequently made available by WPX Energy
on its website or otherwise. WPX Energy does not undertake and
expressly disclaims any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.
Investors are urged to consider carefully the disclosure in our
filings with the Securities and Exchange Commission, available from us
at WPX Energy, Attn: Investor Relations, P.O. Box 21810, Tulsa,
Okla., 74102, or from the SEC’s website at www.sec.gov.
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Source: WPX Energy Inc