WPX Energy Inc (NYSE:WPX) is trading higher amid the announcement of the sale of its San Juan Basin gathering system to a fund managed by I Squared Capital. The transaction is for a total of $309 million, $285 of which are in cash and the remainder in capital for the buyer to expand the system. The terms of the contract permits that WPX Energy continues to operate the gathering system for two years or more. The deal is expected to be closed in the first quarter of 2016.
“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 company said in a statement.
During the third quarter, WPX Energy Inc (NYSE:WPX) registered an increase in popularity among the funds we track, with 37 investors holding long positions, versus 26 funds a quarter earlier. Steve Cohen‘s Point72 Asset Management is the largest shareholder with 13.29 million shares, valued at $87.95 million at the end of September.
After yesterday’s fall, shares of Southwestern Energy Company (NYSE:SWN) are gaining ground amid an increase in oil and natural gas prices on the back of cold weather predictions. The Brent and WTI are up by some 2.70% and 3.70%, respectively today, while natural gas futures are trading 5% higher.
Southwestern Energy Company (NYSE:SWN) also gained popularity in the third quarter, with 38 funds reporting shares as of the end of September, amassing 11.7% of the float. Israel Englander‘s Millennium Management has the most valuable position in Southwestern Energy, worth $118.7 million.