WPX Energy announces stock conversion rate

Tulsa’s WPX Energy announced this week an anticipated conversion rate for some of the firm’s preferred stock.

The rate applied to WPX Energy’s 6.25 percent Series A Mandatory Convertible Preferred Stock issued July 22, 2015. The company has nearly 4.8 million shares of preferred stock outstanding.

Holders of the preferred stock are expected to get 4.1254 shares of WPX common stock for each share they hold on the mandatory conversion date of July 30, 2018. Cash will be paid in lieu of any fractional shares.

Upon conversion, the preferred stock will no longer be outstanding and all rights with respect to the preferred stock will cease.

WPX previously announced that a quarterly dividend payment of $0.78125 per share of preferred stock, payable to holders of record as of July 13, 2018, will be made on July 31, 2018. The dividend payment will be made in the customary manner.