TULSA, Okla. - Natural gas and oil explorer WPX Energy Inc. filed documents on April 29 detailing plans for an initial public offering (IPO) in the third quarter.
In February, Tulsa-based Williams Cos. announced it would split into separate companies - WPX for exploration and production - and the other to operate its natural gas pipelines. The move was aimed at boosting each segment's growth by allowing for more flexibility in making operational decisions.
WPX's business will center on developing natural gas and oil reserves at sites in Colorado, North Dakota, Pennsylvania and elsewhere. Williams has said that WPX will be one of the largest independent producers of natural gas in the U.S.
The company did not indicate how many shares the offering would include, nor how much they might cost. Total proceeds of $750 million were calculated solely to estimate the company's registration fee and are likely to change.