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WPX Energy completes sale of Northeast Pennsylvania assets


Published Feb 3, 2015
WPX Energy, Inc.

WPX Energy has completed the sale of its operations in northeast Pennsylvania, including the release of certain firm transportation capacity, to Southwestern Energy Company.

WPX has received nearly $600 million in cash this year through completing two sales - this one involving Marcellus Shale operations and the exit of its international interests in Argentina and Colombia. WPX also is released from approximately $25 million per year in annual transport obligations.

'We have a long-term strategy to build returns, margins and cash flow,' said Rick Muncrief, WPX president and chief executive officer.

'In the near-term, there's obviously going to be a lot of effort aimed at driving down controllable costs. We're evaluating everything as we position the company for a rebound in commodity prices,' Muncrief added.

Tags: WPX Energy




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