WPX Energy will acquire privately held RKI Exploration & Production for USD 2.35 billion, plus the assumption of USD 400 million of debt. The majority of RKI’s leasehold is located in Loving County, Texas, and Eddy County, New Mexico. The acquired Permian Basin assets come with approximately 22,000 BOEPD of existing production, half of which is oil, and more than 92,000 net acres in the core of the Delaware basin, 98% of which is held by production. The transaction will also give WPX more than 375 miles of scalable gas gathering and water infrastructure. The parties expect the transaction to close before the last quarter of the year.
Don't miss out on the latest technology delivered to your email weekly. Sign up for the JPT newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.