(WPX Energy Inc., 29.Jan.2015) – WPX Energy completed the disposition of its international interests upon the successful merger of Apco Oil and Gas International (APAGF) with a subsidiary of privately held Pluspetrol Resources Corporation. WPX is receiving approximately $294 million.
“We continue to execute, strengthen our financial position and implement our long-term strategy,” said WPX President and Chief Executive Officer Rick Muncrief. “WPX is solely focused now on domestic oil and natural gas operations.”
In the merger, all of the outstanding equity interests of Apco, including the shares comprising WPX’s 69 percent controlling equity interest in Apco, were cancelled and converted into the right to receive $14.50 per share.
In connection with its acquisition of Apco, Pluspetrol also acquired WPX’s additional nonmaterial Argentina-related assets.
Together, these non-operated, international holdings comprised 6 percent of WPX’s third-quarter 2014 production volumes from continuing operations and 3 percent of the company’s 2013 year-end proved reserves.
BofA Merrill Lynch acted as WPX’s exclusive financial advisor in connection with this transaction.
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