WPX Energy (NYSE:WPX) says it expects to receive $294 million for its international interests, subject to the successful consummation of the definitive merger agreement entered into between privately held Pluspetrol Resources Corp. and Apco Oil and Gas International (NASDAQ:APAGF).
WPX’s international interests include a 69% controlling equity interest in Apco Oil and Gas International and additional non-material assets in wholly owned Northwest Argentina and a 5% interest in Apco Argentina.
Together, these non-operated, international holdings comprised 4% of WPX’s second-quarter 2014 total production volumes and 3% of the company’s 2013 year-end proved reserves.
“A series of significant transactions this year are shaping a transformed and more focused WPX,” said President and CEO Rick Muncrief. “We are moving value forward, monetizing non-core assets and simplifying our business scope. All of these actions are clearing the runway for our long-term plans.”
Already this year, WPX has completed the sale of working interests in some of its mature gas wells drilled prior to 2009 for $355 million, announced the sale of its Wyoming coalbed methane properties, bolstered its acreage in San Juan Basin oil, and taken on a partner to accelerate drilling in the Piceance Basin’s Trail Ridge field.