I don't think the proposed corporate restructure is recent news...

I don't think the proposed corporate restructure is recent news or effort on TXN's part. They've referred to this possibility this since Feb or March. One of our respected posters here (agent, RichE, or someone else) described this scenario with the rest of us in April or thereabouts.

I am also cynical whether such a break-up is so important. Most oil companies are both explorers and producers. Further, the argument for unleashing share value of the non-EFS assets through demerger is weak. , Unrealized value is usually a short-term issue if the company is an active business concern. Value is unleashed through trigger events such as new well IP announcements and usually (though less so in this market) increased reserves announcements.

Given that TXN wants to be an explorer (not producer) and given that a lot of oil property is changing hands at premium prices, I wonder why TXN couldn't reach a deal? I'm not against production instead of sale, but the very slow (and ultimately unfruitful) sale process has been equal to having capital sitting idle for six months. Not good business practice.