Dallas-based Energy Transfer will move its primary stock listing from the New York Stock Exchange to the Texas Stock Exchange, giving the newly launched exchange one of its largest corporate listings to date.
When will Energy Transfer begin trading on TXSE?
Energy Transfer announced Sept. 10 that it will transfer the listing of its common units from the NYSE to the Texas Stock Exchange, with trading expected to begin October 5, under its existing "ET" ticker. Its Series I preferred units will also move to TXSE under the existing "ETprl" symbol.
The company operates about 140,000 miles of pipeline and related energy infrastructure across 44 states, according to its latest announcement.
Why is the move significant for Texas?
The move makes Energy Transfer one of the first major companies to shift its primary listing to TXSE rather than simply adding a secondary listing. TXSE began trading in July, initially relying largely on dual-listed companies.
Energy Transfer said the move aligns its Texas-based legacy with TXSE's technology-driven platform.
TXSE has positioned itself as an alternative to the established exchanges in New York. The NYSE and Nasdaq have responded by establishing Texas-based operations, including NYSE Texas and Nasdaq Texas.
Energy Transfer and affiliates also moved their legal formation from Delaware to Texas in July. The company said the redomiciliation was completed July 6, with the change becoming effective for market purposes July 13.
TXSE Chairman and CEO James Lee called the Energy Transfer listing a "watershed moment for capital markets" and said it could signal a broader movement of primary listings from New York to Texas.
The Bottom Line
Energy Transfer's planned move gives TXSE a major primary listing less than three months after trading began. The company's shift also follows its recent move, alongside affiliates, to establish Texas as its state of formation.
