El Paso's E&P company to be called EP Energy

AP News
|
Posted: Aug 11, 2011 4:29 PM
El Paso's E&P company to be called EP Energy

El Paso Corp. said Thursday that a new company being formed from its exploration and production business will be called EP Energy Corp.

The company, which is expected to be created by the end of the year, will be listed on the Nasdaq stock exchange under the ticker symbol EPE.

The Houston energy company announced in May that it would separate its exploration and production unit into a new company to give managers more flexibility and the opportunity to focus on strategies appropriate for each business.

After the spin-off, El Paso will include its pipeline group, its midstream group, and its general and limited partner interests in El Paso Pipeline Partners LP.

Shares of El Paso rose $1.18, or 6.7 percent, to close at $18.75.