WPX completes sale of Northeast Pennsylvania assets

WPX Energy (NYSE: WPX) has completed the sale of its operations in northeast Pennsylvania, including the release of certain firm transportation capacity, to Southwestern Energy Co. (NYSE:SWN).

The sale includes physical operations covering 46,700 net acres in the Marcellus shale play, roughly 50 million cubic feet per day of net natural gas production and 63 operated horizontal wells. The assets are primarily located in Susquehanna County, Pennsylvania.

WPX’s remaining operations in the Marcellus shale play primarily consist of its physical operations in Westmoreland County in southwestern Pennsylvania and additional firm transport capacity under Transco’s Northeast Supply Link project. These assets also are targeted for divestiture.

Since May of last year, WPX entered into six significant agreements to narrow the company’s business focus, increase scalability of core assets, bring value forward, and further strengthen its balance sheet. WPX has closed five of the six transactions. The sole agreement outstanding involves the sale of its Powder River Basin operations. If the agreement does not successfully close in February, either party will have the option to terminate the transaction.

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