The company intends to raise $100 million through common stock and an additional $300 million via convertible senior notes maturing in 2031. Underwriters hold a 30-day option to purchase extra shares and notes to cover potential over-allotments, valued at $15 million and $45 million respectively, with J.P. Morgan serving as the sole book-running manager.

Proceeds from these offerings will be combined with capital from a newly secured term loan to retire existing debt held by Exxon Mobil. The remaining funds are earmarked for transaction expenses and general corporate operations as the company seeks to restructure its balance sheet.