On Thursday, WPX Energy Inc (NYSE:WPX)’s shares inclined 11.24% to $5.74.
WPX Energy (WPX) declared that it signed an agreement to sell its San Juan Basin gathering system for consideration of approximately $309 million to a portfolio company of ISQ Global Infrastructure Fund, a fund managed by I Squared Capital.
WPX is receiving $285 million cash subject to closing adjustments and a commitment estimated at $24 million in capital designated by the purchaser to expand the system to support WPX’s development in the Gallup oil play.
The agreement increases the amount of WPX’s recent divestitures to nearly $575 million. WPX originally targeted $400-$500 million in activity for the latter half of the year.
The sales are part of WPX’s deleveraging plan following its acquisition of Permian Basin properties in August. WPX also continues to evaluate options to accelerate value from its Piceance Basin holdings.
Currently, WPX has net debt of $3.2 billion consisting of $3 billion in notes and the remainder primarily in revolver borrowings.
“I’m pleased with the success of our asset sales,” stated Rick Muncrief, WPX president and chief executive officer. “We exceeded our 2015 target and will continue to prioritize debt reduction in 2016.”
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.
Huntington Bancshares Incorporated (NASDAQ:HBAN)’s shares dropped -0.98% to $11.06.
Huntington Bancshares Incorporated (HBAN) anticipates reporting its fourth quarter earnings on Thursday, January 21, 2016, before the market opening.
Huntington Bancshares Incorporated operates as a holding company for The Huntington National Bank that provides commercial, small business, consumer, and mortgage banking services. The company’s Retail and Business Banking segment offers financial products and services, counting checking accounts, savings accounts, money market accounts, certificates of deposit, consumer loans, and small business loans; and investments, insurance, interest rate risk protection, foreign exchange hedging, and treasury administration services.
Companhia Energetica Minas Gerais (ADR) (NYSE:CIG)‘s shares dipped -1.96% to $1.50. The last trading range of Companhia Energetica Minas Gerais (ADR) (NYSE:CIG) ranges between $1.50 and $1.54. The EPS of the company stands at $0.55. The 52-week range shows that the stock reached higher at $5.35 while its lower range is $1.44 in the last 52-weeks. The average volume of the company is at 3.29 million with the Outstanding Shares of 837.52 million. The market capitalization of the company is $1.98 billion. The Beta of the company stands at 1.58 with the RSI (Relative Strength Index) of 40.50.
Companhia Energética de Minas Gerais S.A., through its auxiliaries, engages in the generation, transformation, transmission, distribution, and sale of electric energy primarily in Minas Gerais, Brazil. As of December 31, 2014, the company generated electricity through 78 hydroelectric plants, 3 thermoelectric plants, and 23 wind farms with a total installed capacity of 7,716 megawatts; owned and operated the generation and transmission network of 1,355 miles of 500 kV lines, 1,228 miles of 345 kV lines, and 478 miles of 230 kV lines in Minas Gerais; and operated 316,500 miles of distribution lines.
