Dallas-based pipeline company Energy Transfer and its affiliates, together worth nearly $100 billion, are moving primary stock listings from the New York Stock Exchange to the Texas Stock Exchange, marking one of the biggest wins yet for “Y’all Street.”
Energy Transfer, one of the largest oil and gas transporters in the world, announced Thursday it expects its shares to begin trading through TXSE on Oct. 5.
The company said the move aligns its "Texas-based legacy with TXSE's technology-driven platform."
Energy Transfer LP CEO Kelcy Warren also owns a 30% stake in TXSE Group, the stock exchange's parent company, according to the Wall Street Journal.
TXSE Chairman and CEO James Lee called the move a "watershed moment for capital markets."
"The movement of primary listings out of New York and into Texas has begun," Lee said. "This is the beginning of a larger trend that will reshape the broader listings landscape in the United States for decades and position Texas as a global capital markets leader."
The NYSE and Nasdaq have a virtual duopoly on stock listing. That means TXSE snagging even one corporate listing away could be seen as a major win.
But those exchanges haven’t been idle. The two separately launched NYSE Texas and Nasdaq Texas in response to TXSE.
TXSE began trading in July, but largely only dual-listings. That means a company has its shares traded on TXSE, but keeps its primary listing on the NYSE or Nasdaq.
This primary listing comes as Texas tries to beef up its business-friendly environment with institutions like the Texas Business Court, which was created in 2023 to handle complex business disputes.
Oil and gas giant ExxonMobil voted this year to move its home from New Jersey to Texas.
"Companies across the U.S. are reevaluating where they are headquartered, where they are legally domiciled, and where they list," Lee said. "Texas has built a complete business ecosystem with advantages across all three."
Dylan Duke is KERA's breaking news reporter. Got a tip? Email Dylan at dduke@kera.org.
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