Whiting Petroleum (WLL) Sells Interest in North Dakota Oil & Gas Assets to Tesoro Logistics L.P (TLLP) for $375M
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Whiting Petroleum Corporation (NYSE: WLL) announced that it has entered into purchase and sale agreements to sell its 50 percent interest in its Robinson Lake natural gas processing plant and associated natural gas gathering system located in Mountrail County, North Dakota and its 50 percent interest in its Belfield natural gas processing plant and associated natural gas, crude oil and water gathering systems located in Stark, Billings and Dunn Counties, North Dakota. From April through September 2016, these plants had average daily throughput of 132 MMcf per day.
An affiliate of Tesoro Logistics Rockies, LLC, has agreed to purchase the assets for $700 million, pending regulatory approval. Whiting’s share of the sale price would be approximately $375 million. The transaction is expected to close in the first quarter of 2017.
James J. Volker, Whiting's Chairman, President and CEO, commented, "We expect this sale to further strengthen our balance sheet and provide us with additional financial flexibility to invest for growth in Whiting’s top tier producing assets in the Williston and DJ Basins. This sale aligns with our ongoing strategy to divest non-core midstream assets and focus capital in the company’s highly productive upstream business."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Tucows (TCX) to Acquire eNom from Rightside (NAME) for $83.5M
- Rite Aid (RAD) Falls, Halted Amid WBA/RAD Antitrust Concerns
- Exclusive: Aon nears $4.5 billion sale of benefits outsourcing unit - sources
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions, Spinoffs
Related EntitiesBakken Formation, Crude Oil, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!