Anadarko Plans Public Offering Of 30 Million Shares Of Common Stock
May 11 2009 - 6:48PM
Dow Jones News
Anadarko Petroleum Corp. (APC) said Monday it plans to offer 30
million shares of its common stock and that the proceeds will be
used to fund future capital expenditures.
In a press release the Houston company said UBS Investment Bank
and Barclays Capital are acting as joint book-running managers for
the offering.
Anadarko, the second-largest U.S. oil and gas producer among
companies that don't also have refining or chemical operations,
also said it will grant a 30-day option to purchase up to 4.5
million additional shares of its common stock.
Anadarko's shares were down 6% to $48.84 in extended
trading.
Anadarko said in February it planned to reduce capital spending
from $4.88 billion in 2008 to $4 billion to $4.5 billion this year
following a cutback trend by other producers as energy prices
collapsed. Last week, the company posted a first-quarter net loss
of $338 million.
-By Isabel Ordonez; at Dow Jones Newswires; 713.547.9207;
isabel.ordonez@dowjones.com
Order free Annual Report for Anadarko Petroleum Corp.
Visit http://djnewswires.ar.wilink.com/?link=APC or call
1-888-301-0513