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.
The Oil and Gas Conference®
WPX Energy is presenting at EnerCom’s The Oil & Gas Conference® at the Denver Downtown Westin Hotel, Denver, Colo. Aug. 19-23, 2018. EnerCom expects to have more than 80 presenting oil and gas companies and more than 2000 financial professionals attending this year’s conference.
To learn more about the conference and presenter schedule please visit the conference website here.
