TULSA, Okla.—A subsidiary of WPX Energy (NYSE: WPX) and its joint venture partner in the Oryx II pipeline have completed the sale of the project.
WPX received net proceeds of approximately $350 million for its 25% equity interest after adjusting for debt financing related to Oryx II.
In addition, WPX expects to save approximately $40 million in planned equity investments for the balance of the year due to the sale.
WPX is retaining its contractual rights as a shipper on Oryx and plans to deploy proceeds from the transaction to pay off its revolver balance.
The Oryx II transaction is WPX’s second midstream monetization in 2019. WPX already closed the sale of a 20% equity interest in WhiteWater Midstream’s Agua Blanca natural gas pipeline system.
WPX invested approximately $125 million in the Oryx and WhiteWater systems, primarily in 2017 and 2018. The investments generated approximately half of a billion dollars in net proceeds this year.
SWC Production retained EnergyNet for the sale of Bakken/Three Forks assets in North Dakota's Mountrail County through an auction closing June 19.
Overall, 2018 was the Year of Consolidation as several E&Ps agreed to merge throughout the U.S., including inside and outside the prolific Permian Basin.
Here’s a quicklist of oil and gas assets on the market including a Giddings Field position within the Eagle Ford and Austin Chalk fairways plus several packages from Endeavor Energy Resources.