A subsidiary of WPX Energy and its JV partner in the Oryx II pipeline have completed the sale of its 25 percent equity interest the project for approximately $350 million.
WPX will retain 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 monetisation in 2019. WPX already closed the sale of a 20 percent 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.
For more information visit www.wpxenergy.com