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.
Here’s a quicklist of oil and gas assets on the market including a Chevron Permian package in Ward County, Texas, plus noncore Anadarko Basin assets from FourPoint.
Here’s a quicklist of oil and gas assets on the market including a roughly 24,000 net-acre contiguous, operated position in the Olmos trend of South Texas and Wolfcamp nonop assets in the Permian.
Here’s a quicklist of oil and gas assets on the market including EOG Delaware Basin leasehold and an Apache nonop package offshore Texas and Louisiana.