For Investors Only -- WMB Revises Spin-Off Plan -- The Bakken, North Dakota, USA

Link here.

The revised plan calls for Williams to fully separate its exploration and production business via a taxfree spinoff to Williams shareholders by yearend. The new independent E&P business will be known as WPX Energy Inc.

The previous proposal was to conduct an initial public offering of WPX Energy in 2011 followed by a spinoff of Williams’ remaining WPX Energy shares in the first quarter of 2012.

Following the spinoff, Williams shareholders will own common stock in Williams, a premier owner-operator of North American midstream and natural gas pipeline infrastructure assets, and common stock in WPX Energy, a large-scale, independent North American diversified E&P company with positions in key North American oil shale and gas basins along with additional holdings in South America.

Williams Cos is one of my particular favorites in the oil patch.