WPX Offers $485 million in Common Stock

Tulsa’s WPX Energy has priced a public offering of 49,500,000 shares of its common stock of nearly $485 million. In making the announcement, the company said it will use the net proceeds from the offering for general corporate purposes which might include an acceleration of drilling and completion activities as well as acreage acquisitions and midstream infrastructure in the Delaware Basin.

WPX said it also intends to grant the underwriters a 30-day option to purchase up to another 7,425,000 shares of the company’s common stock. The underwriters intend to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of the sale.

The offering is expected to close on or around June 9, 2016.wpxenergy