Business Roundup: Southwestern to Buy Some WPX Gas Wells, Land for $300 Million; More

gas-well_244x300Trib Live

Houston-based Southwestern Energy Co. will pay $300 million to buy some of the Marcellus shale gas drilling assets that WPX Energy Inc. wants to jettison. Tulsa-based WPX announced Tuesday that the companies would complete their deal for 63 wells and 46,700 acres in Susquehanna County in the first part of 2015. WPX, the 18th largest shale gas producer in the state with 121 producing wells, announced this year that it would sell its Marcellus holdings because of depressed prices and would focus on core areas of development in Colorado, North Dakota and New Mexico. It continues to try to sell wells and acreage in Westmoreland County. Southwestern Pa.’s No. 4 gas producer agreed in October to buy $5.375 billion worth of wells and leases in the Marcellus and Utica shale formations.

Read more

Comments are closed.