WPX Energy based in Tulsa announced it has completed the $169 million divestiture of its legacy natural gas position in the San Juan Basin of New Mexico and Colorado.
The sale includes the company’s operated and non-operated properties but it does not include WPX’s oil operations in the basin’s Gallup play.
The Tulsa company stated it hopes to finish 2017 with nearly $200 million cash on hand and no borrowings against its credit revolver. All of the firm’s $1.2 billion revolver capacity remains available with the exception of $70 million in outstanding letters of credit.
The San Juan is near the Four Corners region of the Southwest and covers about 7,500 square miles. In New Mexico, it covers San Juan, Rio Arriba, Sandoval and McKinley counties. La Plata and Achuleta counties in Colorado are also a part of it.