Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/wpx-energy-completes-sale-of-northeast-pennsylvani.shtmlWPX Energy completes sale of Northeast Pennsylvania assets
WPX Energy has completed the sale of its operations in northeast Pennsylvania, including the release of certain firm transportation capacity,
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WPX Energy has completed the sale of its operations in northeast Pennsylvania, including the release of certain firm transportation capacity, to Southwestern Energy Company.
WPX has received nearly $600 million in cash this year through completing two sales - this one involving Marcellus Shale operations and the exit of its international interests in Argentina and Colombia. WPX also is released from approximately $25 million per year in annual transport obligations.
'We have a long-term strategy to build returns, margins and cash flow,' said Rick Muncrief, WPX president and chief executive officer.
'In the near-term, there's obviously going to be a lot of effort aimed at driving down controllable costs. We're evaluating everything as we position the company for a rebound in commodity prices,' Muncrief added.
