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TULSA — Williams Cos. plans to split into separate companies — one for oil exploration and production, and the other to operate pipelines. Its shares jumped in aftermarket trading.
Williams said its board has approved the sale of up to 20 percent of its stake in the exploration business through an initial public offering in the third quarter. Next year, it will spin off the remaining interest to Williams shareholders.
The company also said it would raise its quarterly dividend to 20 cents per Williams share beginning in June. That's up from 12.5 cents per share in recent quarters.
Williams shares rose $2.44, or almost 9 percent, to $30.20 in aftermarket trading.
Last month Marathon Oil said it will split its refining operation from its oil exploration and production business.
