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Southwestern to buy some WPX gas wells, land for $300 million |
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Southwestern to buy some WPX gas wells, land for $300 million

| Tuesday, December 2, 2014 5:54 p.m

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 offload.

Tulsa-based WPX announced Tuesday 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 biggest shale gas producer in the state with 121 producing wells, said this year it would sell its Marcellus holdings because of depressed prices to 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, Pennsylvania’s No. 4 gas producer, agreed in October to buy $5.375 billion worth of wells and leases in the Marcellus and Utica shale.

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