XML 77 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
Subsequent Events
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events

(16) SUBSEQUENT EVENTS

 

On January 21, 2015, the Company completed concurrent underwritten public offerings of 30,000,000 shares of its common stock and 34,500,000 depositary shares (both share counts include shares issued as a result of the underwriters exercising their options to purchase additional shares). Net proceeds from the offerings totaled approximately $2.3 billion after underwriting discounts and offering expenses. The common stock offering was priced at $23.00 per share. Net proceeds, after underwriting discount and expenses, from the common stock offering were approximately $669 million. Net proceeds, after underwriting discount and expenses, from the depositary share offering were approximately $1.7 billion. Each depositary share represents a 1/20th interest in a share of the Company's 6.25% Series B Mandatory Convertible Preferred Stock, with a liquidation preference of $1,000 per share (equivalent to a $50 liquidation preference per depositary share). The proceeds from the offerings were used to partially repay borrowings under the Company’s $4.5 billion 364-day bridge term loan facility.

 

On January 23, 2015, the Company completed a public offering of $350 million aggregate principal amount of its 3.300% senior notes due 2018 (the “2018 Notes”), $850 million aggregate principal amount of its 4.050% senior notes due 2020 (the “2020 Notes”) and $1 billion aggregate principal amount of its 4.950% senior notes due 2025 (the “2025 Notes” and together with the 2018 Notes and the 2020 Notes, the “Notes”), with net proceeds from the offering totaling approximately $2.2 billion after underwriting discounts and offering expenses. The Notes were sold to the public at a price of 99.949% of their face value for the 2018 Notes, 99.897% of their face value for the 2020 Notes and 99.782% of their face value for the 2025 Notes. The proceeds from the offering were used to repay all principal and interest remaining outstanding under the Company’s $4.5 billion 364-day bridge term loan facility and were used to repay a portion of amounts outstanding under the Company’s revolving credit facility.

 

 

On January 27, 2015, the Company closed the Statoil Property Acquisition to purchase certain oil and natural gas assets covering approximately 30,000 acres in West Virginia and southwest Pennsylvania comprising approximately 20% of Statoil’s interests in that acreage for $365 million, after environmental and title adjustments, and subject to customary post-closing adjustments.

 

On January 30, 2015, the Company closed the WPX Property Acquisition to purchase approximately 46,700 net acres in northeast Pennsylvania for an adjusted purchase price of $288 million, subject to customary post-closing adjustments.