Summary
This 8-K filing from The Williams Companies, Inc. (WMB) on July 29, 2011, primarily serves as a Regulation FD disclosure concerning the ongoing reorganization plan to separate its exploration and production (E&P) business. The company is moving forward with creating a new, wholly-owned subsidiary, WPX Energy, Inc. (WPX), which has filed an S-1 registration statement for an initial public offering (IPO). Williams is furnishing an excerpt from WPX's amended S-1 filing as Exhibit 99.1. This excerpt contains information relevant to WPX as a standalone entity, which may differ from Williams's E&P segment reporting. The ultimate goal of the reorganization is a tax-free spin-off of Williams's remaining interest in WPX to its shareholders, though Williams retains discretion over the timing and execution of these transactions.
Key Highlights
- 1Williams Companies is proceeding with its plan to separate its exploration and production business into a new publicly traded entity, WPX Energy, Inc. (WPX).
- 2WPX Energy has filed Amendment No. 3 to its Registration Statement on Form S-1 with the SEC, paving the way for an initial public offering (IPO).
- 3The company is furnishing an excerpt from WPX's S-1 filing as a Regulation FD disclosure to provide investors with updated information.
- 4The information provided from the WPX S-1 Excerpt may differ from Williams's historical E&P segment reporting due to the stand-alone presentation of WPX.
- 5The second phase of the reorganization plan involves a tax-free spin-off of Williams's remaining interest in WPX to its shareholders.
- 6Williams Companies retains the discretion to determine the final structure and timing of these separation transactions.