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June 15, 2014
16:24 EDTWPZWilliams Partners lowers FY14 financial guidance due to delays at Geismar
Williams Partners is lowering its financial guidance for 2014; financial guidance for 2015 and 2016 are unchanged. The 2014 change is primarily the result of delays in Geismar’s expected in-service date and increased construction spending. The updated guidance also reflects various other changes since the company issued guidance in October 2013. “The strength of Williams Partners’ ongoing business allows us to preserve the growth reflected in its 2015 and 2016 financial guidance,” said Alan Armstrong CEO. “We are lowering the 2014 guidance primarily as a result of delays and cost increases specific to work to bring the expanded, rebuilt Geismar facility back into service. We are now targeting late July for initiation of the startup process.” The Geismar plant rebuild and expansion projects are targeted for initiation of startup in late July. Williams Partners’ financial guidance assumes ethylene sales commencing in mid-August. The delay from the previous expectation of startup initiation in late June resulted from lower than planned construction labor productivity and other factors on both the rebuild and expansion projects. The Geismar expansion project capital spending is expected to increase to $715M, up $65M from previous guidance, primarily as a result of such delays. The company projects total cash distribution in 2014 to be $2.34B-$2.4B; DCF attributable to partnership operations of $2B-$2.2B.
News For WPZ From The Last 14 Days
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October 5, 2015
06:37 EDTWPZColumbia Pipeline Group announces Williams Partners to join Pennant JV
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September 28, 2015
10:01 EDTWPZETE sees steps towards investment grade rating in 2017
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09:44 EDTWPZEnergy Transfer Equity sees cutting costs for Chesapeake, raising cash flow
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09:40 EDTWPZEnergy Transfer Equity expects $2B in synergies by 2020
09:30 EDTWPZEnergy Transfer Equity expects to form LNG affiliate in 2016
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07:10 EDTWPZWilliams Partners announces termination of merger agreement with Williams
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07:07 EDTWPZEnergy Transfer Equity sees Williams deal immediately accretive to cash flow
At closing, the transaction will be immediately accretive to distributable cash flow and distributions per unit for ETE and is expected to be credit positive to ETE's credit ratings; ETE's distribution growth rate is expected to remain at its current level; As a result of diligence, the size of both the expected cost savings and the anticipated commercial synergies exceeds ETE's previous expectations and will help ensure that the duration of ETE's distribution growth rate will be longer as a result of the transaction. There is no expected impact to WPZ's credit ratings as a result of the ETE/Williams combination; WPZ unitholders will have greater distributable cash flow from material cost savings and synergies of up to $400 million per annum with WPZ joining the Energy Transfer shared service model; the combination will create new commercial opportunities for WPZ, including the potential to acquire assets from the overall Energy Transfer group, that will improve WPZ's business outlook, cash flow growth and overall financial profile; WPZ unitholders will benefit from having a general partner, ETE, that, based on the unique intrinsic financial and strategic optionality in the Energy Transfer family, will be in a position to help WPZ fully realize its long-term growth potential; and WPZ will receive a $428 million break-up fee for the termination of its merger agreement with WMB payable to all outstanding limited partnership units of WPZ including WMB's approximate 60 percent ownership.
07:05 EDTWPZWilliams Partners, Williams withdraw financial guidance
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07:04 EDTWPZEnergy Transfer Equity to combine with Williams in $37.7B transaction
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07:02 EDTWPZEntergy Transfer Equity to combine with Williams
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