WPX Energy, Inc. intends to form a master limited partnership, or 'MLP,' in the first half of 2014 and to offer to the public common units representing limited partner units in the MLP, which will hold working interests in mature, producing natural gas properties located in the Piceance Basin in Colorado.
The MLP, to be called WPX Energy Partners, L.P., expects to file a registration statement with the U.S. Securities and Exchange Commission in early 2014 for an initial public offering of the common units. The Company expects to initially contribute to the MLP mature, producing natural gas properties located in the Piceance Basin of Colorado.
Subject to final board approval and favorable market conditions, WPX Energy expects to sell interests in the MLP in the initial public offering. Proceeds from the offering are expected to be used to fund ongoing operations, repay debt under the Company's revolving credit facility and for general corporate purposes. Additional details will be included in the registration statement.