WPX Energy plans to sell Marcellus assets because of pricing issues

Tulsa, Okla.-based WPX Energy Inc. is shopping its Marcellus shale assets in Pennsylvania as it looks to exit the Appalachian basin because of pricing issues, reports the Pittsburgh Business Times. The newspaper says WPX Energy CEO Richard Muncrief recently told analysts that the company’s Marcellus acreage can’t compete economically with its oil and gas assets in the Williston and Gallup regions in the western United States. With too much natural gas and not enough pipeline capacity to carry it to market, prices in the Marcellus have been weak, with the Business Times noting that Marcellus producers are getting $1.50 to $2 less for their gas than what it is selling for at the Henry Hub in Louisiana. For more, read the full story.