Williams is Done Buying & Selling Assets – For Now

Williams CEO Alan Armstrong sat down with a Reuters reporter earlier this week to discuss the company and its deal making over the past few years, and what lies ahead. And boy oh boy, what a ride it has been! In June 2014, Williams cut a deal to buy out (and merge in) Access Midstream for $6 billion (see Big News: Williams Partners Buying Access Midstream for $6B). Access, with major pipeline gathering systems in the Marcellus/Utica, was the spun-off former Chesapeake Midstream. Under intense pressure from corporate raiders on its board, Williams agreed to sell itself to Energy Transfer in 2015 (see Williams Accepts ETE’s “Indecent Proposal” – Price Went Down $10B). In June 2016, the $20 billion takeover of Williams fell apart (see Dead as a Doornail: ETE Terminates Merger with Williams). In August 2016, Williams sold off its Canadian assets for $1 billion (see Bold Move – Williams Selling Canadian Assets for $1B). In March 2017, Williams significantly increased its ownership share in a pipeline gathering system in northeastern PA in a complex deal where it sold off its share in another pipeline system along the New Mexico/Texas border (see Williams Closes Deal to Increase Ownership in NEPA Pipeline System). And in April, Williams sold it’s Gulf Coast cracker plant for $2.1 billion (see Williams Sells Gulf Coast Cracker Plant to NOVA Chemicals). Whew. You can hardly keep up with all! Armstrong says the dealmaking is now done–at least for a while. The company likes what it has and will concentrate on making the most of their current assets…

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