Proceeds to Redeem $143.75 Million of Convertible Preferred Securities
HOUSTON, May 21 /PRNewswire-FirstCall/ -- Newfield Exploration Company (NYSE: NFX) today announced that it has agreed to issue 3,500,000 shares of its common stock for net proceeds to Newfield of approximately $131 million. The intended use of proceeds will be the redemption of the $143.75 million of 6.50% Cumulative Quarterly Income Convertible Preferred Securities (QUIPS) Due 2029. Approximately 3.9 million shares of Newfield's common stock underlie the QUIPS.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the shares of common stock described herein, nor shall there be any sale of these shares of common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement.
Newfield Exploration is an independent crude oil and natural gas exploration and production company. The Company relies on a proven growth strategy that includes balancing acquisitions with drill bit opportunities. Newfield's areas of operation include the Gulf of Mexico, the onshore U.S. Gulf Coast, the Anadarko Basin and offshore northwest Australia.
Newfield Exploration Company For information, contact: 363 N. Sam Houston Parkway East, Ste. 2020 Steve Campbell Houston, TX 77060 (281) 847-6081 www.newfld.com firstname.lastname@example.org
SOURCE Newfield Exploration Company