Market Overview

WPX Announces Conversion of Mandatory Convertible Preferred Stock

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WPX Energy (NYSE:WPX) today announced the expected conversion rate for
the company's 6.25 percent Series A Mandatory Convertible Preferred
Stock issued on July 22, 2015.

WPX has approximately 4.8 million shares of preferred stock outstanding.
Holders of the preferred stock are expected to receive 4.1254 shares of
WPX common stock for each share of preferred stock they hold on the
mandatory conversion date of July 30, 2018, with cash to be paid in lieu
of any fractional shares.

The number of shares of common stock issuable on conversion is
determined as set forth in the Certificate of Designations of the
preferred stock. No action by holders of preferred stock is required in
conjunction with the mandatory conversion.

Upon conversion, the preferred stock will no longer be outstanding. All
rights with respect to the preferred stock will cease and terminate
following receipt of the number of whole shares of common stock issuable
upon conversion of the preferred stock and any cash in lieu of
fractional shares, subject to the right to receive the final dividend
payment on the preferred stock on July 31, 2018. Following conversion,
the preferred stock will be delisted from trading on the New York Stock
Exchange.

WPX previously announced that a quarterly dividend payment of $0.78125
per share of preferred stock, payable to holders of record as of July
13, 2018, will be made on July 31, 2018. The dividend payment will be
made in the customary manner.

About WPX Energy, Inc.

WPX is an independent energy producer with core positions in the Permian
and Williston basins. WPX's production is approximately 80 percent
oil/liquids and 20 percent natural gas. The company also has an emerging
infrastructure portfolio in the Permian Basin. Visit www.wpxenergy.com for
more information.

This press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
All
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the future
are forward-looking statements. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond the
control of the company.
Statements regarding future drilling and
production are subject to all of the risks and uncertainties normally
incident to the exploration for and development and production of oil
and gas.
These risks include, but are not limited to, the
volatility of oil, natural gas and NGL prices; uncertainties inherent in
estimating oil, natural gas and NGL reserves; drilling risks;
environmental risks; and political or regulatory changes.
Investors
are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected in the forward-looking statements.
The
forward-looking statements in this press release are made as of the date
of this press release, even if subsequently made available by WPX Energy
on its website or otherwise.
WPX Energy does not undertake and
expressly disclaims any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.

Investors are urged to consider carefully the disclosure in our
filings with the Securities and Exchange Commission, available from us
at WPX Energy, Attn:
Investor Relations, P.O. Box 21810, Tulsa,
Okla., 74102, or from the SEC's website at
www.sec.gov.

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