SunocoCorp LLC

The Texas Stock Exchange, or TXSE, has succeeded in attracting four energy companies to move their primary listings from the New York Stock Exchange, or NYSE, to Dallas. The companies moving their primary listings to TXSE in early October include Energy Transfer, a pipeline operator; USA Compression Partners, a midstream energy services provider; and Sunoco LP and SunocoCorp LLC, which are engaged in fuel distribution. Together, the companies moving to TXSE have a combined market capitalisation of nearly $100 billion. The move follows Texas Capital Bancshares' announcement last month that two exchange-traded funds would also leave the NYSE to list primarily on TXSE, reflecting the progress of the fledgling exchange, which only began trading in July and is trying to establish itself as a serious rival to the major exchanges. James Lee, chairman and chief executive of TXSE, said the decisions by these companies mark a turning point for capital markets and the start of a larger trend that will reshape the landscape of corporate listings on US stock exchanges. However, market structure analysts believe TXSE's ability to genuinely challenge the NYSE and Nasdaq will depend on whether it can turn the strengths of Texas, which has sought to position itself as a business-friendly alternative, into a steady flow of companies moving their listings to TXSE. One analyst cautioned that this will not happen easily, since similar efforts in the past failed to build much momentum. TXSE is backed by several major Wall Street investors, including BlackRock, Citadel Securities and Charles Schwab, as well as Texas billionaire Kelcy Warren, who according to filings with the US Securities and Exchange Commission held a significant stake in TXSE Group as of 2025 and also serves as executive chairman of Energy Transfer, one of the companies moving its primary listing to TXSE.

Energy Transfer LP, Sunoco LP, SunocoCorp LLC, and USA Compression Partners LP jointly announced that each will change its state of formation from Delaware to Texas. The redomiciliations will be effective in both states as of 12:01 a.m. Central Time on July 6, 2026, but for market purposes under NYSE guidelines they will be considered effective on July 13, 2026. The CUSIPs and NYSE ticker symbols for the registered securities of all four entities will remain unchanged, and the economic and governance rights of unitholders will be preserved in the organizational documents of each converting entity.