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

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