Anadarko Petroleum (APC) Prices 35.25M Share Common Stock Offering for Proceeds of ~$1.92B

September 13, 2016 6:09 AM EDT

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Anadarko Petroleum Corporation (NYSE: APC) announced that it has priced a registered underwritten public offering of 35,250,000 shares of its common stock for total gross proceeds (before estimated fees and expenses) of approximately $1,921 million. Anadarko has granted the underwriter a 30-day option to purchase up to 5,287,500 additional shares of its common stock. The offering is expected to settle and close on Sept. 16, 2016, subject to customary closing conditions. 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 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

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