WPX Energy To Buy Permian Oil Wells For $775 Million

Shares of WPX Energy Inc. fell nearly 3% late Thursday after the Tulsa, Okla., energy company announced it had agreed to buy assets in the Permian basin in Texas. The company's Permian acreage would increase to more than 120,000 net acres and the deal includes 23 producing wells, WPX said in a statement. WPX's projected capital spending plan for the year would not increase, the company said. The deal would be worth $775 million and the company expects to pay for it using a combination of proceeds from an equity issuance and cash on hand. Shares of WPX had ended the regular trading day down 1.3%.