New Agreement Exceeds
The sale includes various long-term natural gas purchase and sales agreements, along with 135 million Btu per day of firm transportation capacity on Transco’s Northeast Supply Link project.
This is WPX’s second transaction monetizing its holdings in the
“Unwinding noncore positions in an attractive fashion increases our
financial flexibility and is further proof of our solid execution,” said
“Our team continues to be opportunistic, build our balance sheet strength and act quickly, decisively and creatively,” Muncrief added.
The parties expect to close the transaction in the second quarter, subject to regulatory approval and typical closing conditions.
Upon completing the transaction, WPX will be released from various
long-term natural gas purchase and sales obligations and approximately
WPX’s only remaining assets in the
Over the past year, WPX has initiated more than
WPX Energy develops and operates oil and gas producing properties
in North Dakota, New Mexico and
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
The SEC’s rules prohibit us from filing resource estimates. Our resource estimations include estimates of hydrocarbon quantities for (i) new areas for which we do not have sufficient information to date to classify as proved, probable or even possible reserves, (ii) other areas to take into account the low level of certainty of recovery of the resources and (iii) uneconomic proved, probable or possible reserves. Resource estimates do not take into account the certainty of resource recovery and are therefore not indicative of the expected future recovery and should not be relied upon. Resource estimates might never be recovered and are contingent on exploration success, technical improvements in drilling access, commerciality and other factors.
WPX Energy, Inc.
Kelly Swan, 539-573-4944
David Sullivan, 539-573-9360