HOUSTON, Sept. 12, 2016 /PRNewswire/ — Anadarko Petroleum Corporation (NYSE: APC) today announced a registered underwritten public offering of 35,250,000 shares of its common stock. Anadarko expects to grant the underwriter a 30-day option to purchase up to 5,287,500 additional shares of its common stock. The underwriter intends 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.
Net proceeds from the offering are expected to be used to fund the previously announced acquisition of deepwater Gulf of Mexico assets from an unaffiliated third party, and any remaining net proceeds will be used for general corporate purposes. The offering is not conditioned on the consummation of the acquisition. If the acquisition is not consummated, Anadarko intends to use the net proceeds from the offering for general corporate purposes.
J.P. Morgan Securities LLC is acting as the sole underwriter for the offering. The offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus. An investor may obtain free copies of both the preliminary prospectus supplement and the accompanying base prospectus by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, Anadarko or the book-running manager will arrange to send you the preliminary prospectus supplement and the accompanying base prospectus if you request them by contacting J.P. Morgan Securities LLC, via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by calling toll-free at (866) 803-9204, or by e-mail at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The offer is being made only through the preliminary prospectus supplement and the accompanying base prospectus, which is part of a shelf registration statement that became effective on Aug. 12, 2016.
Anadarko Petroleum Corporation’s mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world’s health and welfare. As of year-end 2015, the company had approximately 2.06 billion barrels-equivalent of proved reserves, making it one of the world’s largest independent exploration and production companies.