WPX Energy (WPX) completed the divestiture of its remaining mature coalbed methane properties in Wyoming’s Powder River Basin, the company said Sept. 1.
Moriah Powder River LLC bought the coalbed methane properties for $80 million. The divestiture is part of its deleveraging plan following the Aug. 17 acquisition of Permian Basin assets, WPX said.
Results from the Powder River assets were classified as discontinued operations prior to the divestiture. WPX has not actively drilled in the basin since 2011.
A related sale of its membership in Fort Union Gas Gathering LLC, also in the basin, is scheduled to close in November, the company said.
Yesterday, WPX also announced that it has signed an agreement to sell a North Dakota gathering system for approximately $185 million, which is expected to close in the fourth quarter.
WPX also plans to sell another $400 million $500 million in asset throughout 2016. Additional sales of midstream infrastructure, nonoperated properties or other assets are possible, the company said. WPX also will work on options to unlock Piceance Basin value.
“We will remain diligent in our debt reduction efforts,” said Rick Muncrief, president and CEO.
Tulsa, Okla.-based WPX Energy Inc. explores and produces domestic natural gas, NGL and oil.
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