Houston-based Newfield is selling as many as 34.5 million shares, split between 30 million offered to the public and another 4.5 million offered to underwriters.
Credit Suisse Securities, JP Morgan Securities and Goldman Sachs are working as joint book-running managers for the offer.
Newfield plans to use the cash to pay down its debt and fund capital expenditures.
Newfield expects to spend $625 million to $675 million this year, with about 80% of the budget, or $510 million, going its Anadarko basin operations.
