Seeking Alpha

WPX Energy to sell Powder River coalbed methane holdings for $155M

  • WPX Energy (NYSE:WPX) agrees to sell its remaining mature, coalbed methane holdings in the Powder River Basin to an unnamed buyer for $155M; WPX has not actively drilled in Powder Basin since 2011, but mid-year reserves in the basin are 222B cfe and Q2 production was 154M cf/day.
  • At the same time, WPX says it has executed multiple transactions and now controls 26K additional acres in the San Juan Basin's Gallup oil window, including ~800 boe/day; WPX now has 74.6K net acres exposed to San Juan Gallup oil.
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