BB&T Capital Markets Serves as a Co-Manager on WPX Energy Inc.’s Follow-On Equity Offering

Transaction Summary

BB&T Capital Markets’ Energy Group completed a transaction for an oil & natural gas exploration and production company in the first quarter of 2017, helping to raise $670.41mm in gross proceeds for our client.

WPX intends to use the net proceeds from the offering and cash on hand to finance the concurrently announced acquisition of certain assets of Panther Energy Company II, LLC and CP2 Operating LLC. If the acquisition is not consummated, the Company would use the net proceeds from this offering for working capital needs or general corporate purposes, which may include the repayment of indebtedness and other acquisitions. Total gross proceeds includes the full exercise of the underwriters’ over-allotment option, through which they purchased an additional 6,675,000 shares.

About the Companies

WPX Energy (“WPX” or “The Company”) is an independent natural gas and oil exploration and production company with operations in the Permian Basin in Texas and New Mexico, the Williston Basin in North Dakota, and the San Juan Basin in New Mexico and Colorado. The company is one of the 20 largest U.S. producers based on total assets and market capitalization. WPX has eight rigs deployed and has engaged in more than $6 billion of transactions since mid-2014 to high-grade the company’s portfolio.

About BB&T Capital Markets

BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 11 distinct industry verticals including Aerospace, Defense & Government Services; Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.

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