Union Pacific Corp. said Wednesday it completed the spinoff to shareholders of its oil and natural gas company, Union Pacific Resources Group Inc.
Union Pacific, a railroad company based in Bethlehem, Pa., owned 83 percent of Union Pacific Resources prior to the spinoff.Union Pacific Resources, of Fort Worth, Texas, becomes one of the nation's largest independent energy exploration and production companies.
In morning trading, Union Pacific stock was up 3 percent, or $1.62 1/2, to $51.75 a share on the New York Stock Exchange. Union Pacific Resources stock was down 2 percent, or 62 1/2 cents, to $28 a share on the NYSE.