Pipeline giant Energy Transfer LP plans to shift its primary stock listing from the New York Stock Exchange to the Texas Stock Exchange, according to the Wall Street Journal. The move, expected as early as next month, marks a significant win for the upstart Texas exchange as it seeks to challenge established rivals. Energy Transfer would become the largest company to relocate its primary listing to Texas.

The decision highlights a growing trend of companies reassessing their exchange affiliations, with Texas positioning itself as a business-friendly alternative. Bloomberg Terminal users were among those cited as sources for the report.