On Friday, Shares of WPX Energy, Inc. (NYSE:WPX), lost -5.09% to $7.27.
WPX Energy declared that it has agreed to sell a North Dakota gathering system for about $185 million to a private equity fund managed by the Ares EIF Group, a partner of Ares Administration, L.P. (ARES).
The parties expect to close the transaction in about 60 days. The sale is part of WPX’s delevering plan targeting $400-$500 million in divestitures by the end of 2015. WPX also is targeting another $400-$500 million in asset sales in 2016.
WPX is working to quickly reduce debt just two weeks after closing a transformative acquisition that added decades of drilling inventory in the core of the Permian’s Delaware Basin.
WPX Energy, Inc., an independent natural gas and oil exploration and production company, engages in the exploitation and development of unconventional properties in the United States.
Shares of Schlumberger Limited (NYSE:SLB), declined -1.65% to $75, during its last trading session.
Schlumberger Limited will hold a conference call on October 16, 2015 to discuss the results for the third quarter ending September 30, 2015.
The conference call is planned to start at 8:00 am (US Central time), 9:00 am (US Eastern time), 3:00 pm (Paris time). A press release regarding the Company’s results will be issued on October 15, 2015 after close of market.
Schlumberger Limited supplies technology, integrated project administration, and information solutions to the oil and gas exploration and production industries worldwide.
Finally, Emerson Electric Co. (NYSE:EMR), ended its last trade with -1.31% loss, and closed at $45.82.
Located 22 miles off the coast of Southern California, Catalina Island is home to about 4,000 people but hosts hundreds of thousands of tourists each year. Because of its isolation from the mainland, it relies on an independent “microgrid” to provide reliable power to the island. To assist manage the multiple sources of electric generation that feed the island’s microgrid more efficiently, Southern California Edison (SCE) will use automation technologies from Emerson Process Administration, a global business of Emerson (EMR).
Catalina Island’s Pebbly Beach Generating Station is both an electric generating station and a liquefied petroleum gas distribution facility. Emerson’s Ovation™ control system will assist SCE manage six diesel generators, 23 microturbines and a battery storage system, in addition to the island’s LPG plant and water treatment and desalination facilities.
By giving SCE operators a concise view of all generating assets, the system will assist them determine the most efficient way to meet energy demands while reducing environmental impact. Emerson’s SCADA technology will also assist them maintain stable grid voltage while enabling rapid response to changes in demand caused by fluctuations during the tourist season.
Emerson Electric Co. provides technology and engineering solutions to industrial, commercial, and consumer markets worldwide. It operates through five segments: Process Administration, Industrial Automation, Network Power, Climate Technologies, and Commercial & Residential Solutions.
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