WPX sets conversion rate.

Byline: Journal Record Staff

TULSA WPX Energy on Monday announced the expected conversion rate for the company's 6.25 percent Series A mandatory convertible preferred stock issued on July 22, 2015.<br />Tulsa-based has 4.8 million shares of preferred stock outstanding. Holders of the preferred stock are expected to receive 4.1254 shares of WPX common stock for each share of preferred stock they hold on the mandatory conversion date of July 30, 2018, with cash to be paid in lieu of any fractional shares.<br />The number of shares of common stock issuable on conversion is determined as set forth in the certificate of designations of the preferred stock. No action by holders of preferred stock is required in conjunction with the mandatory conversion.<br />Upon conversion, the preferred stock will no longer be outstanding. After conversion, the preferred stock will be delisted from trading on the New York Stock Exchange.<br />WPX announced that a quarterly dividend payment of 78.125 per share of preferred stock, payable to holders of record on July 13 will be made July 31.<br />

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