Proceeds from WPX Energy Inc.’s (NYSE: WPX) agreement to sell its gas-producing properties in the San Juan Basin and its Permian Basin midstream joint venture (JV) will add more than $500 million to the company’s coffers, the company said in November.
WPX agreed to sell about 130,000 net acres in the San Juan in northern New Mexico and southern Colorado to an undisclosed buyer for $169 million, the company said Nov. 2. WPX’s oil operations in the San Juan Basin’s Gallup oil play are not included in the sale.
The company’s board of directors previously determined it only would sell the assets at a minimum price, which was not disclosed. Revenues in the San Juan Basin assets, which have been held for sale, were about $58 million for the nine months ending Sept. 30.
“We’ve been checking a lot of boxes on our to-do list,” Rick Muncrief, WPX chairman, president and CEO said during Nov. 2 earnings call.