WPX Energy Inc., the exploration arm of Williams, will move into the S&P 500 at the close of trading on Friday, according to Standard & Poor’s (S&P).

Williams, which is to remain a member of the S&P 500, is scheduled to complete the spinoff of WPX on Saturday (see Daily GPI, Dec. 2). WPX then would begin trading on the New York Stock Exchange as “WPX.”

S&P said WPX would replace software maker Compuware Corp., which would drop into S&P’s MidCap 400 index, replacing Exterran Holdings Inc., an oil and gas equipment manufacturer. In turn Exterran would take the place of Skyline Corp. in the S&P SmallCap 600 index.

The plan by Williams to separate its exploration and production unit from the midstream business has been in the works for months (see Daily GPI, Oct. 19; Feb. 17).

The midstream company’s growth is expected to occur through supply and demand projects in the Marcellus Shale, the deepwater Gulf of Mexico and the western United States, as well as in chemicals operations in Canada and from gas transport along the Eastern Seaboard.

Williams has close to $5 billion of growth investments planned through 2013.

WPX would keep its focus on exploiting its gas-weighted reserves and related natural gas liquids in the Piceance Basin of the Rocky Mountain region, as well as developing and growing its positions in the Bakken and Marcellus shales. WPX also would have domestic operations in the Powder River and San Juan basins, along with international investments in Argentina and Colombia.

WPX is headquartered in Tulsa, as is Williams. It employs close to 1,200 people.

©Copyright 2011Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.