EP Energy cuts size, price of IPO

|About: EP Energy Corporation (EPE)|By:, SA News Editor

Investors don’t see a gusher in oil driller EP Energy (EPE), which prices its downsized 35.2M-share IPO at $20/share, below the $23-$27 expected range after originally planning to offer 40M shares.

EPE, which has oil-producing assets in Texas, Utah and Louisiana, was formed from the exploration and production assets of El Paso Corp., which Kinder Morgan acquired last year and sold to Apollo Global Management; APO didn't sell any shares in the offering and will remain EPE's largest holder.

Energy producer RSP Permian prices its 20M-share IPO at $19.50/share, at the lower end of the $19-$21 expected range; Rice Energy has an IPO on deck for next week.