WPX Energy (WPX) Posts Mixed Q1 Results
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Deutsche Bank Upgrades WPX Energy (WPX) to Buy
May 9, 2014 6:43 AM EDTDeutsche Bank upgraded WPX Energy (NYSE: WPX) from Hold to Buy with a price target of $28.00 (from $20.00).
Analyst Stephen Richardson commented, "Q1 was an important inflection point for WPX; delivering operationally, a deal (and go forward partnership) monetizing a... More
WPX Energy (WPX) to Sell Piceance Basin Working Interest in $355M Cash Deal
May 7, 2014 9:36 AM EDTWPX Energy (NYSE: WPX) signed an agreement to sell a working interest in certain of its existing Piceance Basin wells to Legacy Reserves LP, a Midland-based master limited partnership, for $355 million cash subject to closing adjustments.
The agreement also provides WPX with 10 percent ownership in a newly created class of incentive distribution rights (IDR) with Legacy. WPX has the opportunity to increase its ownership to 30 percent, contingent upon completing other transactions in the future. This would include the potential to partner on third-party acquisitions.
The parties expect to close the... More
Legacy Reserves L.P. (LGCY) Reports Q1 EPS of $0.01, Forms Alliance with WPX Energy (WPX)
May 6, 2014 5:05 PM EDTLegacy Reserves L.P. (NASDAQ: LGCY) reported Q1 EPS of $0.01, versus $(0.12) reported last year. Revenue for the quarter came in at $125.9 million versus the consensus estimate of $122.01 million.
Legacy Reserves LP also today announced it has formed a strategic alliance with WPX... More
