Newfield Exploration Co. (NYSE: NFX) has priced an underwritten public offering of 30,000,000 shares of its 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 the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
The total gross proceeds of the offering (before underwriter's discounts and commissions and estimated offering expenses) will be approximately $700 million. Newfield granted the underwriters a 30-day option to purchase up to 4,500,000 additional shares of its common stock. The offering is expected to close on March 2.
The net proceeds from the offering will be used for general corporate purposes, which may include repaying outstanding borrowings under Newfield's credit facility and money market lines of credit, funding capital expenditures, and working capital.
Credit Suisse Securities (USA) LLC, JP Morgan Securities LLC, and Goldman, Sachs & Co. are acting as book-running managers for the offering.