Energy company sells most of its Colorado assets for $910 million

WPX Energy Inc., Colorado’s biggest producer of natural gas, said Tuesday it will sell most of its Colorado assets to private equity firm Terra Energy Partners LLC for $910 million in cash.

The deal for WPX’s assets and operations in Colorado’s Piceance Basin, in western Colorado, is intended to shore up the Tulsa, Oklahoma, company’s balance sheet and help it survive the downturn. WPX has 215 employees in its Parachute office, plus an additional 16 in its Denver office.

WPX Energy Inc., Colorado’s biggest producer of natural gas, said Tuesday it will sell most of its Colorado assets to private equity firm Terra Energy Partners LLC for $910 million in cash.

The deal for WPX’s assets and operations in Colorado’s Piceance Basin, in western Colorado, is intended to shore up the Tulsa, Oklahoma, company’s balance sheet and help it survive the downturn. WPX has 215 employees in its Parachute office, plus an additional 16 in its Denver office.

Related Story: WPX Energy completes No. 2 Niobrara producing well in the US. WPX’s first well was No. 1

Continue reading story at The Denver Business Journal

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