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Stock Market & Financial Investment News

News Breaks
December 20, 2012
17:00 EDTD, WPZCaiman in $1.5B JV with Dominion to develop midstream assets
EnCap Flatrock also announced that midstream portfolio company Caiman Energy II has entered into an agreement with Dominion (D) to form a $1.5B joint venture that will provide midstream services to natural gas producers operating in the Utica shale in Ohio and Pennsylvania. Caiman Energy II and Dominion are expected to close on the formation of Blue Racer Midstream, LLC by the end of the year. Caiman will contribute up to $800M in equity commitments from sources that include EnCap Flatrock Midstream, Williams Partners (WPZ) and Highstar Capital. EnCap Flatrock will support Blue Racer by contributing up to $285M to Caiman Energy II, with Williams Partners contributing up to $380M, Highstar Capital contributing up to $95M, and Caimanís management group contributing up to $40M. Dominion will contribute gathering and processing assets including Dominion East Ohioís rich gas gathering system and the Natrium Extraction Plant currently under construction in Marshall County, West Virginia.
News For D;WPZ From The Last 14 Days
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October 30, 2014
15:41 EDTDNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Exxon Mobil (XOM), consensus $1.73; Chevron (CVX), consensus $2.56; AbbVie (ABBV), consensus 77c; NextEra Energy (NEE), consensus $1.55; Dominion Resources (D), consensus 96c; Aon plc (AON), consensus $1.12; Weyerhaeuser (WY), consensus 30c; Clorox (CLX), consensus $1.03; Rockwell Collins (COL), consensus $1.27; Newell Rubbermaid (NWL), consensus 55c; Pinnacle West (PNW), consensus $2.15; Legg Mason (LM), consensus 0c; TECO Energy (TE), consensus 32c; Oshkosh (OSK), consensus 82c; Hilton Worldwide (HLT), consensus 17c; Genesee & Wyoming (GWR), consensus $1.17; Spirit AeroSystems (SPR), consensus 74c; Madison Square Garden (MSG), consensus 32c; Magellan Midstream (MMP), consensus 66c.
08:40 EDTDDominion begins construction activities for Cove Point LNG export project
Dominion has begun construction-related activities for the Cove Point Liquefied Natural Gas Export project. Leopold noted that the project underwent a comprehensive three-year regulatory review and approval process designed to ensure the project meets all safety, environmental and other requirements. Construction activities have begun at the LNG terminal with initial preparations for worksite clearing and grading. Activities were initiated earlier this month at two off-site locations, a temporary pier being built on the Pautuxent River to receive barge shipments of large equipment and a temporary location for offices, material staging and parking for project construction workers. The Cove Point LNG Export project is estimated to cost between $3.4 billion and $3.8 billion and will create thousands of skilled construction jobs, 75 permanent jobs and an additional $40 million in annual tax revenue to Calvert County. The county today receives $15.7 million a year from the LNG import facility. The proposed export facility will be within the 131-acre footprint of the existing LNG terminal site. No new pipelines or storage tanks are needed at the facility. It is targeted to begin operations in late 2017.
October 29, 2014
17:17 EDTWPZWilliams Partners reaffirms 2014-2016 financial growth drivers
Near-term growth drivers include three major projects expected to be in-service in 4Q generating approximately $1B in 2015 cash flow.
16:38 EDTWPZWilliams Partners reports Q3 EP/ unit 7c, may not compare to consensus 39c
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08:09 EDTWPZWilliams Partners' Geismar Olefins plant to begin manufacturing in November
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October 26, 2014
21:06 EDTWPZArmstrong, Chappel to serve as CEO, CFO respectively of merged MLP
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21:01 EDTWPZPurgason to join Williams as SVP overseeing the ACMP operations
Robert S. Purgason, current COO of the general partner of ACMP (ACMP), is expected to join Williams (WMB,WPZ) as SVP overseeing the ACMP operations. Purgason will report directly to Williamsí president and CEO Alan Armstrong. When the merger is complete, it is expected that Purgason also will serve the merged MLP as one of its general partnerís senior vice presidents, rather than as its COO.
20:56 EDTWPZWilliams to complete drop-down of remaining NGL & Petchem Services assets
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20:54 EDTWPZWilliams affirms dividend-growth guidance of approximately 15% annually
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20:50 EDTWPZWilliams, Williams Partners and Access Midstream announce merger agreement
Williams (WMB), Williams Partners (WPZ), and Access Midstream Partners (ACMP) announced that Williams Partners and Access Midstream Partners have entered into a merger agreement with an approximately $50B total transaction value. Williams owns controlling interests in the two master limited partnerships. Upon completion of the merger, expected to occur by early 2015, the merged MLP is anticipated to be one of the largest and fastest growing MLPs with expected 2015 adjusted EBITDA of approximately $5B, industry-leading 10% to 12% annual limited partner unit distribution growth rate through the 2017 guidance period and with expected strong growth beyond. Distribution coverage is expected to be at or above 1.1x or an aggregate of $1.1B through the 2017 guidance period. Cash distributions for 2015 are expected to total $3.65 per limited partner unit, up 50% and 30% over ACMPís 2014 and 2015 distribution guidance, respectively. The merged MLP expects to pay a regular cash distribution in the first quarter of 2015 in the amount of 85c per unit, up 53% over the ACMP distribution paid in the first quarter of the prior year.Prior to the completion of the merger, ACMP will effect a subdivision of its common units and each public unitholder of ACMP will receive 0.06152 additional ACMP common units for each ACMP common unit they hold. In the aggregate, the public unitholders of ACMP will receive approximately 6.3M new ACMP common units with a value of approximately $381M or approximately $3.74 per public ACMP common unit, based on the closing price of ACMP as of October 24. The 6.3M units, or approximately $381M, represents additional value for ACMP public unitholders versus the original June proposal. Williams agreed to reduce the exchange ratio it would receive in the merger to offset the approximately $3.74 of value provided to the ACMP unitholders in the subdivision of the ACMP common units. Taking into account the impact of the subdivision of the ACMP common units and the terms of the merger agreement, the ACMP conflicts committee concluded the impact of the transactions on the public ACMP unitholders represents an effective exchange ratio of approximately 0.80 ACMP common units for each WPZ common unit outstanding. The merger terms were negotiated, reviewed and approved by the conflicts committees of the boards of directors of the general partner of each partnership. Each of the ACMP Conflicts Committee and the WPZ Conflicts Committee has unanimously approved the merger, the merger agreement and the related transactions. As part of their evaluation process, the conflicts committees retained independent legal and financial advisors and each committee received a fairness opinion from its financial advisor. As a result of the merger, WPZ will become wholly owned by ACMP. The merged MLP will be named Williams Partners and will be based in Tulsa with major offices in Oklahoma City, Houston, Pittsburgh, Salt Lake City and Calgary.
October 24, 2014
14:05 EDTWPZConstitutional Pipeline receives FERC final environmental review
Constitution Pipeline Company reported a key regulatory milestone toward approval to construct its proposed pipeline on a schedule that targets increasing natural gas supply to New York and New England markets in time for the winter 2015-16 heating season. The Federal Energy Regulatory Commission, or FERC, on Oct. 24 published its final environmental review of the proposed 124-mile Constitution Pipeline. The FERC action is a key step toward the commission's decision on the project, which is expected as early as late November. Assuming timely receipt of all necessary regulatory approvals, Constitution Pipeline would begin construction as early as the first-quarter next year in order to help meet winter 2015-16 heating-season needs in New York and New England. The FERCís 90-day federal authorization decision deadline for the project is set for Jan. 22, 2015. Constitution Pipeline Company is owned by subsidiaries of Williams Partners L.P. (WPZ), Cabot Oil & Gas Corporation (COG), Piedmont Natural Gas Company (PNY), and WGL Holdings (WGL).
October 20, 2014
16:51 EDTWPZWilliams Partners raises quarterly dividend 5.8% to 92.85c
The board of the partnership's general partner has approved the quarterly cash distribution, which is payable on Nov. 7 to common unitholders of record at the close of business on Oct. 31.
October 17, 2014
10:16 EDTWPZHigh option volume stocks
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