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July 30, 2014
08:32 EDTWPZWilliams Partners, Transco add a fully contracted expansion project
Williams Partners L.P. and its wholly owned subsidiary Transcontinental Gas Pipe Line Company, LLC, or Transco, announced a fully contracted expansion project designed to deliver 180,000 dekatherms a day of additional natural gas capacity for local distribution along the Eastern Seaboard. The Garden State Expansion Project consists of additional compression to provide 180,000 dekatherms of firm natural gas transportation service and increased reliability to a local gas distribution company along the New Jersey coast that was affected by Hurricane Sandy. The $150M project would provide firm transportation from Transcoís Zone 6 Station 210 Pooling Point in Somerset County, N.J. to a new interconnection on Transco's Trenton Woodbury Lateral in Burlington County, N.J. Williams Partners plans to place the project into service in phases with the first phase in 2016 and the second in 2017, assuming timely receipt of necessary regulatory approvals. The project is in addition to the $4.3B in capital expenditures planned through 2017 on Transco growth projects that Williams Partners has previously announced. Transco is the nationís largest and fastest-growing interstate natural gas transmission pipeline system. It delivers natural gas to customers through its 10,200-mile pipeline network whose mainline extends nearly 1,800 miles between South Texas and New York City. The system is a major provider of cost-effective natural gas services that reach U.S. markets in 12 Southeast and Atlantic Seaboard states, including major metropolitan areas in New York, New Jersey and Pennsylvania.
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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