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Oklahoma-based WPX Energy said Monday that it is acquiring Denver-based Felix Energy in a $2.5 billion deal that will add to its holdings in the Permian Basin in Texas.

WPX said in a statement that it will pay $900 million in cash, subject to closing adjustments, and $1.6 billion in WPX stock. The company said it also has obtained committed financing from Barclays in connection with the transaction and has full access to a $1.5 billion revolving credit facility.

Felix Energy, founded by the private equity firm EnCap Investments, operates in the Delaware basin in west Texas. The company has about 1,500 undeveloped sites in the eastern part of the basin with the expected production of roughly 60,000 barrels of oil equivalent a day.