Concho Resources Announces Sale Of Its Interest In Oryx - Quick Facts

(RTTNews) - Concho Resources Inc. (CXO) announced that Oryx Southern Delaware Holdings, the owner of the Oryx I oil gathering and transportation system, has entered into an agreement to sell 100% of the equity interests in its subsidiaries to Stonepeak Infrastructure Partners for $2.07 billion. Concho owns a 23.75% equity interest in Oryx and will receive approximately $300 million at closing after repayment of Oryx's outstanding borrowings.

Concho Resources said, upon closing, the net cash proceeds from the transaction will be used to repay borrowings outstanding on the company's credit facility. Closing is expected to occur in the second quarter of 2019.