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Energen Launches Offer to Fund Permian Drilling Increase
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Energen Corporation announced the launch of an underwritten public offering of 5,700,000 shares of its common stock, subject to market and other conditions. The underwriter will have a 30-day option to purchase up to 855,000 additional shares of common stock from Energen. 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.
Total gross proceeds of the offering (before underwriter's discounts and commissions and estimated offering expenses) will be approximately $405 million.
Energen intends to use the net proceeds from…
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