Finance - Equity
The private placement is scheduled to close on Oct. 7. Barclays and Wells Fargo Securities were placement agents.
The underwriters will likely receive an option to purchase 1.5 million additional units to cover overallotments.
The company, based in Colorado's Denver-Julesburg Basin and backed by private equity firm Yorktown Partners LLC, said it expected to price the offering of 33.3 million shares at between $15 and $18 each.
The company, headquartered in Oklahoma City, plans to focus on the acquisition and development of conventional and unconventional oil and gas properties primarily in the Sooner State.
Encana Corp. also launched an equity offering for $1 billion, raising the possibility of a Montney sale, analyst says.
The transaction is expected to close by Oct. 1.
Most of the 2017 capital program will support increasing the number of rigs in the Permian Basin.
The companies, based in Appalachia and the Wattenberg, face hurdles. Meanwhile, some Delaware Basin companies may also contemplate going public.
Noble Midstream Partners LP will own and operate pipelines and processing assets largely in Colarado's Weld County. Noble will use the proceeds from the IPO to put cash back into its parent company.
The offering is not conditioned on the consummation of the acquisition, and it is expected to settle and close on Sept. 16.
Morgan Stanley, RBC Capital Markets, SunTrust Robinson Humphrey, Credit Suisse and J.P. Morgan are joint book-running managers for the offering.
PBF used a portion of the proceeds to fund part of the purchase price for its recently completed acquisition of a 50% interest in Torrance Valley Pipeline Co. LLC from an affiliate of PBF Energy Inc.