Simpson Thacher represented the underwriters, led by Credit Suisse, in connection with the SEC-registered offering by WPX Energy, Inc. of 51,675,000 shares of common stock, representing the full exercise of the underwriters’ option to purchase additional shares, with net proceeds of approximately $670.4 million. WPX Energy intends to use the net proceeds from the offering and cash on hand to finance the acquisition of certain assets of Panther Energy Company II, LLC and CP2 Operating LLC and to pay related fees and expenses. If the acquisition is not consummated, WPX Energy would use the net proceeds from the offering for working capital needs or general corporate purposes (which may include the repayment of indebtedness and other acquisitions).
WPX is an oil-focused energy company with operations in the Permian Basin in Texas and New Mexico, the Williston Basin in North Dakota, and the San Juan Basin in New Mexico and Colorado.
The Simpson Thacher team includes Lesley Peng, Katerina Kousoula and Dennis De Almeida (Capital Markets); Jonathan Cantor and Taylor Alexander (Tax); Jennie Getsin (FINRA); Jamin Koslowe, Jennifer Pepin and Monisha Bhayana (ECEB); and Tim Mulvihill and Louise Kruger (Environmental).