January 12, 2017 / 9:16 PM / 6 months ago

BRIEF-WPX increases Delaware basin inventory with $775 mln bolt-on acquisition

2 Min Read

Jan 12 (Reuters) - WPX Energy Inc :

* WPX increases Delaware basin inventory with bolt-on acquisition

* WPX Energy Inc - WPX expects acquisition to be immediately accretive

* WPX Energy Inc says plans to close $775 million cash transaction in approximately 60 days

* Wpx energy -agreed to acquire assets that would increase its permian operations to more than 120,000 net acres

* Wpx energy inc - on a pro forma basis, WPX is now targeting 30 percent oil growth and 25 percent overall production growth in 2017

* Wpx energy -plans to close $775 million cash transaction in approximately 60 days using a combination of proceeds from an equity issuance and cash on hand

* Wpx energy inc says also is reaffirming its full-year 2016 production guidance

* Wpx energy inc says additionally, wpx's 2017 guidance remains unchanged prior to pro forma impact of bolt-on acquisition

* Wpx energy - deal includes about 6,500 boe/d of existing production from 23 producing wells, two drilled but uncompleted horizontal laterals

* Wpx energy-on a pro forma basis, targeting net debt/ebitdax ratio at lower end of previously announced range of 2.0x to 2.5x by year-end 2018

* Wpx energy inc - fourth-quarter 2016 oil production is expected to exceed company's 42-44 mbbl/d range

* Wpx energy-deal includes 18,100 net acres in reeves, loving, ward,winkler counties in texas,920 gross undeveloped locations in geologic sweet spot of delaware basin Source text for Eikon: Further company coverage:

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