Permian operators Concho Resources and WPX Energy of the US have sold their interests in a large gathering system to private equity firm Stonepeak Infrastructure, which will pay the producers and other investors $3.6 billion for Oryx Midstream, writes Caroline Evans.
Concho will receive $300 million for its 23.75% equity interest in Oryx. The sale proceeds, combined with a February distribution total of about $457 million, are 10 times the capital invested since December 2015.
