WPX Energy Inc. announced a cash tender offer to purchase up to $500 million aggregate principal amount of its outstanding 7.500%, 6.000% and 8.250% Senior Notes due 2020, 2022 and 2023, respectively. The objective of the company is to further strengthen its balance sheet and lower interest expenses. The announcement of the tender offer does not come as a surprise since WPX Energy has already announced that it will utilize a major portion of the $700 million sell proceeds of its San Juan Basin assets for lowering its existing debts and further strengthen balance sheet. (Read more: WPX Energy Exits San Juan, Focuses on Delaware & Williston)