WPX is acquiring the assets from Panther Energy Co. II LLC and Carrier Energy Partners LLC. WPX plans to close the $775 million cash transaction in approximately 60 days using a combination of proceeds from an equity issuance and cash on hand.

Since entering the Permian with its transformative purchase of RKI Exploration and Production in August 2015, WPX has added approximately 32,000 net acres in the core of the Delaware Basin at an average cost of $18,600 per acre.

“In just 18 months, WPX has firmly established itself as a leader in the Delaware Basin,” WPX Chairman, President and CEO Rick Muncrief said in a statement.

“The acquisition leverages our experience to create long-term shareholder value, further builds our inventory of core acreage and accelerates our oil growth with cash on hand and operating cash flow without adding incremental debt.”

Casey Smith