Weil Guides WPX In $2.35B Deal For RKI Exploration

Oil and gas producer WPX Energy Inc. said Tuesday it has agreed to buy the Permian Basin assets of RKI Exploration & Production LLC for $2.35 billion in a deal led by Weil Gotshal & Manges LLP, as the company continues to shift its portfolio to focus on oil.

RKI unit holders will receive 40 million shares of WPX stock in the transaction, with the balance of the purchase price being paid in cash. WPX will also assume $400 million in debt.

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