WPX Energy has agreed to sell a North Dakota gathering system for approximately $185 million to a private equity fund managed by the Ares EIF Group, a subsidiary of Ares Management, L.P.
The parties expect to close the transaction in approximately 60 days. The sale is part of WPX’s delevering plan targeting $400-$500 million in divestitures by the end of 2015. WPX also is targeting another $400-$500 million in asset sales in 2016.
WPX is working to quickly reduce debt just two weeks after closing a transformative acquisition that added decades of drilling inventory in the core of the Permian’s Delaware Basin.