WPX Energy (WPX)

[Timothy Smith]

WPX Energy (NYSE:WPX) agrees to sell a North Dakota gathering system to a P-E fund managed by the Ares EIF Group, a subsidiary of Ares Management (NYSE:ARES), for ~$185M.

WPX says the sale is part of its delevering plan targeting $400M-$500M in divestitures by the end of 2015, and it is targeting another $400M-$500M in asset sales in 2016.

WPX says it will continue to operate the system, which currently gathers ~11K bbl/day of oil and 6,500 Mcf/d of natural gas, and can be expanded.