Tulsa-based WPX Energy Inc. has completed the sale of Piceance Basin-focused subsidiary WPX Energy Rocky Mountain LLC to Terra Energy Partners LLC for $910 million, allowing it to put more focus on the Permian Basin (see Shale Daily, Feb. 9). The natural gas-weighted producer expects oil to comprise about one-half of future production volumes, versus roughly 20% in 2015. WPX said it has several options for the sale proceeds, including “leverage reduction, additional drilling, infrastructure investments such as expanding its Permian gathering system, and buying out of any retained transportation obligations.”
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