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I Squared Capital Dives Into New Mexico

I Squared Capital Dives Into New Mexico

I Squared Capital Dives Into New Mexico

A fund controlled by I Squared Capital bought a sprawling natural gas, oil and water gathering system in New Mexico for $390 million from WPX Energy, the companies announced on New Year’s Eve.

It’s an interesting sign of the opportunities for deep-pocketed investors in the current environment. WPX has been struggling a bit under its roughly $3.2 billion debt load. The comnew mexico natural gas gatheringpany said it sold about $575 million of assets to date, as of the end of 2015.

The sale was to I Squared’s $3 billion ISQ Global Infrastructure Fund.

Here’s a few more of the essential details:

Under the terms of the agreement, WPX will continue to operate the gathering system for at least two years with the opportunity to continue in ensuing years. The parties expect to close in first-quarter 2016.

Upon closing, the gathering system will consist of more than 220 miles of oil, gas and water gathering lines that WPX installed in conjunction with its drilling in the Gallup oil play where it made a discovery in 2013.

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