Extraction Oil & Gas LLC expects to raise as much as $600 million in IPO

Extraction Oil & Gas said it would list itself on the Nasdaq under the symbol 'XOG' and would be called Extraction Oil & Gas Inc after it goes public.

By: Reuters | Published:September 29, 2016 6:48 pm
Extraction Oil & Gas LLC, oil, Gas, Extraction Oil & Gas LLC public offering, denver based oil explorer, energy investments, energy companies, oil prices, Business, Business companies Extraction Oil & Gas LLC intends to use proceeds from the offering to pay back debt and for general corporate purposes. (Source: Extractionog.com)

Extraction Oil & Gas LLC said it expected to raise as much as $600 million in an initial public offering, valuing the Denver-based oil explorer and producer at about $2.6 billion.

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.

Watch what else is making news

Private equity backers are looking to sell some or all of their investments in energy companies after oil prices rebounded slightly from 12-year lows hit early this year.

Extraction Oil & Gas said it would list itself on the Nasdaq under the symbol “XOG” and would be called Extraction Oil & Gas Inc after it goes public.

The company intends to use proceeds from the offering to pay back debt and for general corporate purposes.

Credit Suisse Securities (USA) LLC, Barclays Capital Inc and Goldman Sachs & Co are among the underwriters to the offering.

For all the latest Business News, download Indian Express App

    Live Cricket Scores & Results