El Paso Corp. to spin off E&P business in 2011
Natural gas company El Paso Corp. said Thursday that it had taken important steps related to the planned spinoff of its E&P (exploration and production) business before year-end 2011.
On Thursday, El Paso filed its initial Form 10 with the US Securities and Exchange Commission. This filing provides information about the spinoff and provides a detailed look at all aspects of the E&P business.
El Paso also announced that the new company will be named EP Energy Corp., and it will be listed on the NASDAQ stock exchange under the ticker symbol EPE.
"We're excited about the creation of two outstanding publicly traded companies through the spinoff of our E&P business," said Doug Foshee, CEO of El Paso Corp.
"We are also excited about the new name for our E&P company - EP Energy,” he added. “The new name leverages the equity we have built in the El Paso brand, and it speaks directly to what our E&P business does so well: finding and producing oil and natural gas."
Brent Smolik, who will become CEO of EP Energy, said: "While our name will change, many things will not, including the fundamental pillars of our E&P strategy. We have more than 10 years of drilling inventory that we expect will deliver significant growth in oil and condensate revenues. “
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