In a March 3 statement, Newfield Exploration Co. (NYSE: NFX) announced the closing of its previously announced public offering. Included in the offering were 25.3 million shares of Newfield’s common stock, including 3.3 million shares sold to the underwriters pursuant to their option to purchase additional shares, which the underwriters exercised in full on Feb. 27.
Newfield now has about 162.7 million shares of common stock issued and outstanding. After underwriting discounts and estimated offering expenses, total net proceeds of the offering will be about $815 million. Newfield plans to use the proceeds to repay amounts outstanding under Newfield’s credit facility and money market lines of credit and for general corporate purposes.
Credit Suisse Securities (USA) LLC acted as sole book-running manager for the offering. J.P. Morgan Securities LLC, Goldman, Sachs & Co., Tudor, Pickering, Holt & Co. Securities Inc., and Wells Fargo Securities LLC acted as co-managers for the offering.
Recommended Reading
Well Logging Could Get a Makeover
2024-02-27 - Aramco’s KASHF robot, expected to deploy in 2025, will be able to operate in both vertical and horizontal segments of wellbores.
Shell Brings Deepwater Rydberg Subsea Tieback Onstream
2024-02-23 - The two-well Gulf of Mexico development will send 16,000 boe/d at peak rates to the Appomattox production semisubmersible.
E&P Highlights: Feb. 26, 2024
2024-02-26 - Here’s a roundup of the latest E&P headlines, including interest in some projects changing hands and new contract awards.
Remotely Controlled Well Completion Carried Out at SNEPCo’s Bonga Field
2024-02-27 - Optime Subsea, which supplied the operation’s remotely operated controls system, says its technology reduces equipment from transportation lists and reduces operation time.
Tech Trends: Halliburton’s Carbon Capturing Cement Solution
2024-02-20 - Halliburton’s new CorrosaLock cement solution provides chemical resistance to CO2 and minimizes the impact of cyclic loading on the cement barrier.