The newly formed subsidiary by Williams Cos. Inc. filed its registration statement late last week with the U.S. Securities and Exchange Commission. The move paves the way for the new company, WPX Energy Inc., to sell shares in an initial public offering later this year.

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WPX Energy was formed to hold Williams’ oil and natural gas exploration and production business. The Tulsa-based company announced the split into two standalone companies earlier this year.

Williams Cos. will be focused on its midstream and gas pipeline assets, according to reports. The parent Williams also will continue to own a controlling interest in Williams Partners LP.

Specifics on the number of shares offered and the price range for the IPO scheduled for the third quarter have not yet been determined, according to a Williams release Friday. The partial IPO, which will sell about 20 percent of WPX, hopes to raise about $750 million equity.

WPX is now considered a wholly owned subsidiary of Williams Cos. The parent firm will own 80 percent after the IPO and then transfer the remaining ownership in a tax-free spinoff to Williams shareholders sometime next year.

Williams’ exploration and production segment drills for natural gas and natural gas liquids in the Piceance Basin of Colorado, Bakken Shale oil play of North Dakota, Powder River basin in Wyoming and Marcellus Shale in Pennsylvania.