TULSA — Oklahoma's latest publicly traded company, Williams Pipeline Partners, will debut today on the New York Stock Exchange. Tulsa-based Williams Pipeline Partners will offer 16.25 million common units at $20 per unit. The unit will trade under the ticker symbol "WMZ.” The company expects to clear about $304.3 million through the initial public offering after some fees and underwriting expenses. The partnership will use the proceeds to buy a 15.9 percent general partnership interest in Northwest Pipeline, which moves natural gas from the Rockies to the Pacific Northwest. The company anticipates distributing $1.15 per unit per year to unit holders through quarterly distributions. Master limited partnerships such as Williams Pipeline Partners are attractive to investors seeking dividends because the company's distribute all their cash on hand quarterly. Williams Pipeline Partners is the second master limited partnership launched by Tulsa natural gas giant Williams Cos. Inc., Oklahoma's second-largest publicly traded company. The units of the previous issue, Williams Partners LLC, have gained 74 percent since launching in 2005 at $21.50 per unit, closing Thursday at $37.48. The new issue follows a recent trend demonstrating the strength of the state's energy sector. Four of the last year's six Oklahoma-based initial public offerings were energy companies. Two of those four energy-sector IPOs created master limited partnerships. Later this month, another state-based energy-based partnership will be formed when OGE Enogex Partners begins trading on the New York Stock Exchange. Today's public offering represents a 47.5 percent limited partner interest in Williams Pipeline Partners. If the underwriters exercise their option to buy an additional 2.4 million units the offering will represent a 54.6 percent interest. Williams will own the remaining limited partner interest, which includes common and subordinated units, and the 2 percent general partner interest. The general partner of Williams Pipeline Partners is Williams Pipeline GP LLC, a wholly owned subsidiary of Williams. Like many energy-related partnerships, Williams Pipeline Partners was formed to control pipelines and storage assets. The partnership's initial asset is a 35 percent interest in the Northwest Pipeline.