UPDATE 1-Williams' exploration unit files for $750 mln IPO

Fri Apr 29, 2011 4:19pm EDT

Related Topics

* Williams Cos' exploration and production unit

* Files for an IPO of up to $750 million

* Barclays, Citi, JPMorgan lead underwriters

NEW YORK, April 29 (Reuters) - WPX Energy Inc, an exploration and production unit of oil and natural gas company Williams Cos (WMB.N), filed with the U.S. Securities and Exchange Commission for an initial public offering of up to $750 million on Friday.

Tulsa, Oklahoma-based WPX Energy said in the filing it was formed this month to hold Williams' exploration and production business. Williams had announced in February it planned to split its pipeline and exploration businesses into two separate publicly traded entities. [ID:nN16181727]

WPX Energy said it focuses on using existing reserves in the Rocky Mountain region as well as expanding further in North Dakota and Pennsylvania. The unit also owns a 69 percent controlling stake in Apco Oil and Gas International Inc (APAGF.O), with reach into Argentina and Colombia.

The company plans to use the proceeds for general corporate purposes after giving a large portion to Williams as part of its restructuring, according to the filing.

WPX Energy plans to list on the New York Stock Exchange under the symbol "WPX" (WPX.N). Barclays Capital, Citigroup and JPMorgan are leading underwriters on the offering.

The company provided no further details of its IPO plans. (Reporting by Alina Selyukh; Editing by Phil Berlowitz)

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