Moody’s reviews WPX Energy for upgrade

Moody's Investors Service said it placed the ratings of WPX Energy, Inc. on review for upgrade, including its Ba3 corporate family rating and the B1 ratings on existing senior unsecured notes.

The review of WPX's ratings follows the announcement that WPX and Devon Energy Corp. (Devon, Ba1 stable) have reached an agreement under which Devon will acquire WPX in an all-stock deal, valuing the combined entities (including debt) at $12 billion.

“The potential acquisition of WPX Energy by Devon Energy Corporation is a credit positive for WPX given Devon's stronger credit profile,” stated James Wilkins, Moody's vice president – senior analyst, in a news release.

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