EP Energy, an Apollo-backed oil and gas E&P focused on premier basins in TX, UT and LA, raised $704 million by offering 35.2 million shares (all primary) at $20, well below the range of $23 to $27. Formerly the E&P arm of El Paso, EP Energy was acquired by an Apollo-led group for $7.2 billion in May 2012, one of the largest energy takeovers in history. The company has identified a 24-year drilling inventory of 5,200 locations across 441,000 net acres in the Eagle Ford Shale, the Wolfcamp Shale, the Altamount field and the Haynesville Shale. As of September 30, 2013, it had proved reserves of 513 MMBoe (54% oil; 33% natural gas; 12% NGLs), with standardized measure of $6.7 billion.
EP Energy plans to list on the NYSE under the symbol "EPE". Credit Suisse and J.P. Morgan acted as the lead underwriters on the deal.
