WPX Energy intends to sell about $750 million of common stock in an initial public offering, The Wall Street Journal reports. The issue of common stock is expected to begin in the third quarter.
The oil-and-natural-gas company is likely to use about $500 million of the proceeds for general corporate purposes. The remaining proceeds will go to Williams Companies, which holds all the company’s Class B shares. Barclays Capital, Citigroup and JPMorgan will serve as the lead underwriters for the offering, adds RTT News.
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