WPX Energy has sold its large natural gas operation in northwestern Colorado for $910 million.
The Tulsa-based company said Tuesday that it has sold its Piceance Basin subsidiary, WPX Energy Rocky Mountain, LLC, to Terra Energy Partners LLC for $910 million.
With the sale, Houston-based Terra will become the largest natural gas producer in the basin. The company describes itself as focused on, "the acquisition and development of large, long-lived producing oil and gas assets in North America."
WPX operates more than 4,700 wells in the Piceance, and has oil and gas rights covering about 200,000 acres locally covering federal, state, and private oil and gas leases and wells. Terra describes itself primarily as " engaged in the exploration for, and development and production of, natural gas and oil in Western Canada."
In a press release, WPX said, "The move solidifies WPX as a Permian-focused company and provides a more balanced commodity mix given the pro forma exposure to oil and natural gas."
