WPX Announces Conversion of Mandatory Convertible Preferred Stock
July 23 2018 - 4:15PM
Business Wire
WPX Energy (NYSE: WPX) today announced the expected conversion
rate for the company’s 6.25 percent Series A Mandatory Convertible
Preferred Stock issued on July 22, 2015.
WPX has approximately 4.8 million shares of preferred stock
outstanding. Holders of the preferred stock are expected to receive
4.1254 shares of WPX common stock for each share of preferred stock
they hold on the mandatory conversion date of July 30, 2018, with
cash to be paid in lieu of any fractional shares.
The number of shares of common stock issuable on conversion is
determined as set forth in the Certificate of Designations of the
preferred stock. No action by holders of preferred stock is
required in conjunction with the mandatory conversion.
Upon conversion, the preferred stock will no longer be
outstanding. All rights with respect to the preferred stock will
cease and terminate following receipt of the number of whole shares
of common stock issuable upon conversion of the preferred stock and
any cash in lieu of fractional shares, subject to the right to
receive the final dividend payment on the preferred stock on July
31, 2018. Following conversion, the preferred stock will be
delisted from trading on the New York Stock Exchange.
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.
About WPX Energy, Inc.
WPX is an independent energy producer with core positions in the
Permian and Williston basins. WPX’s production is approximately 80
percent oil/liquids and 20 percent natural gas. The company also
has an emerging infrastructure portfolio in the Permian Basin.
Visit www.wpxenergy.com for more information.
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical facts,
included in this press release that address activities, events or
developments that the company expects, believes or anticipates will
or may occur in the future are forward-looking statements. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company.
Statements regarding future drilling and production are subject to
all of the risks and uncertainties normally incident to the
exploration for and development and production of oil and gas.
These risks include, but are not limited to, the volatility of oil,
natural gas and NGL prices; uncertainties inherent in estimating
oil, natural gas and NGL reserves; drilling risks; environmental
risks; and political or regulatory changes. Investors are cautioned
that any such statements are not guarantees of future performance
and that actual results or developments may differ materially from
those projected in the forward-looking statements. The
forward-looking statements in this press release are made as of the
date of this press release, even if subsequently made available by
WPX Energy on its website or otherwise. WPX Energy does not
undertake and expressly disclaims any obligation to update the
forward-looking statements as a result of new information, future
events or otherwise. Investors are urged to consider carefully the
disclosure in our filings with the Securities and Exchange
Commission, available from us at WPX Energy, Attn: Investor
Relations, P.O. Box 21810, Tulsa, Okla., 74102, or from the SEC’s
website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20180723005531/en/
WPX Energy Inc.Media Contact:Kelly Swan,
539-573-4944orInvestor Contact:David Sullivan,
539-573-9360
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