Williams

Energy Services | Energy Transfer Partners | Industrywide Issues | M&A | Williams

Tulsa Mayor, 3 Former Williams CEOs Blast ETE Merger Deal
June 8, 2016June 8, 2016

Last week three former CEOs of the Williams Companies sent a letter to Williams shareholders outlining their reasons for voting against the proposed merger with Energy Transfer Equity (copy of the letter embedded below). The CEOs urge all shareholders to “strongly consider” voting against the deal. The CEOs say the deal would give Williams shareholders a permanent second class status. The mayor of Tulsa, Oklahoma–where Williams is headquartered–is also voicing his opposition to the proposed merger. Mayor Dewey Bartlett Jr. said in his own letter that the merger has no “economic merit” and would be “tragic” for both the city shareholders. MDN told you yesterday we’re dubious the deal will actually happen, based on all of the legal posturing we see (see ETE & Williams Engage in More Posturing Before June 24 Deadline). Will the letter from the CEOs and Tulsa mayor have any effect on the deal?…
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Energy Services | Energy Transfer Partners | Industrywide Issues | M&A | Williams

ETE & Williams Engage in More Posturing Before June 24 Deadline
June 7, 2016June 7, 2016

The ongoing soap opera of whether or not Energy Transfer Equity really will buy Williams continues to play out. Yesterday ETE (and Williams) issued press releases announcing that Williams shareholders have until 5 pm on June 24 to provide their official voting documentation on the merger. ETE is careful to point out that Williams shareholders should hold on to their shares–not turn them in–until the merger is official and completed. ETE also says once they’ve voted on the merger, Williams shareholders can’t turn around and sell their Williams shares of stock until the final merger is either declared a “go” or a “no go.” The elaborate ands, ifs & buts in the ETE statement still leaves us wondering whether or not this is all just kabuki theater–a show–with no real intention of closing on the merger. Case in point: here’s what ETE’s lawyers said in yesterday’s announcement…
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Energy Services | Industrywide Issues | Pennsylvania | Pipelines | Regulation | Statewide PA | Williams

PA DEP Arbitrarily Extends Comment Period for Atlantic Sunrise Pipe
June 3, 2016June 3, 2016

Click for larger version

Yesterday MDN pointed out that the battle to build the Williams Atlantic Sunrise pipeline is on–and your help in showing your support to the Federal Energy Regulatory Commission is very much needed (see It’s Time to Voice Your Support for the Atlantic Sunrise Pipeline). There is now a second front in which your help is needed–by showing support for the project with the Pennsylvania Dept. of Environmental Protection (DEP). The DEP was supposed to have concluded public comments on water obstruction and encroachment permits related to the Atlantic Sunrise project on May 31st. But as they sometimes do, the DEP just arbitrarily decided to extend the comment period another 60 days–until August 1. No doubt because antis fussed about it. So it’s time to submit your comments of support to the PA DEP as well as FERC, to countermand what will surely be a tsunami of form letters coming from anti-fossil fuelers. Here’s how to make positive comments on Atlantic Sunrise to the PA DEP…
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Broome County | Chenango County | Delaware County | Energy Services | Industrywide Issues | New York | Otsego County | Pennsylvania | Pipelines | Schoharie County | Susquehanna County | Williams

Constitution Pipeline Doles Out Another $50K in Grants, Despite NY
June 3, 2016June 3, 2016

Since announcing the project in 2012, the Constitution Pipeline has handed out more than $2 million in community grants to fire departments, police departments and a variety of nonprofit organizations that benefit the community. Recently New York Gov. Andrew Cuomo decided to block the Constitution Pipeline to placate his radical left supporters (see NY Gov. Cuomo Refuses to Grant Permits for Constitution Pipeline). Williams and its partners in the project have taken NY to court to overrule their blockage (see Williams Sues NY Over Constitution Pipe – DEC May Lose Authority). Even though Cuomo’s dastardly action has thrown the project’s future into some doubt, Williams and the Constitution are expressing no doubts. They’ve just handed out another $50,000 in grants (the eighth time they’ve done it) to worthy organizations along the pipeline’s proposed route. Here’s who got the money, and how much…
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Energy Services | Industrywide Issues | Pennsylvania | Pipelines | Regulation | Statewide PA | Transco | Williams

It’s Time to Voice Your Support for the Atlantic Sunrise Pipeline
June 2, 2016June 20, 2016

Atlantic Sunrise Pipeline map – click for larger version

Now is the time to roar and let the Federal Energy Regulatory Commission (FERC) know that you support the Williams Atlantic Sunrise pipeline project. Atlantic Sunrise is part of the Transco (Transcontinental Gas Pipe Line Corporation) system. It is a $2.1 billion project consisting of compression and looping of the Transco Leidy Line in Pennsylvania, along with a greenfield (brand new) pipeline segment of 178 miles, called the Central Penn Line, connecting the northeastern Marcellus producing region to the Transco mainline near Station 195 in southeastern Pennsylvania (see Atlantic Sunrise Will Pump $1.6B into Economy, Create 8K Jobs). We’ve written numerous stories about Atlantic Sunrise, and irrational opposition to it from places like Lebanon County, PA. Earlier this month FERC issued the Atlantic Sunrise project a positive Environmental Impact Statement (see Williams’ Atlantic Sunrise Pipeline Gets Positive EIS from FERC). That’s a very good sign that the project is about to be approved and for construction to begin. But there’s one more hurdle. FERC will conduct a series of public hearings (that we refer to as freak shows for anti-fossil fuelers), along with receiving written public comment. The irrational antis have cranked up their (very few) supporters to flood FERC with negative comments. Atlantic Sunrise will create $1.6 BILLION in investments to build it–jobs, materials, local companies–everyone benefits! When complete, the pipeline will provide enough natural gas to heat and power 7 million homes. WE NEED THIS PIPELINE. It’s now time for those of us who support safe pipelines like Atlantic Sunrise to make our voices heard. Here’s three things you can do to show your support…
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Energy Services | Energy Transfer Partners | Industrywide Issues | Litigation | M&A | Williams

Midstream Soap: ETE Sues to Walk Away from Williams Takeover Deal
May 31, 2016May 31, 2016

In last Thursday’s episode of “As the (Midstream) World Turns” (ATMWT) MDN told you that Williams still wants to marry Energy Transfer Equity (ETE), even though both companies are suing each other over the proposed merger (see As the M&A World Turns: Williams Still Wants to Marry ETE). Then we took a long weekend for Memorial Day and of course a lot has happened in the meantime. Let’s being with last Thursday: ETE sued to terminate the agreement to buyout Williams, and had the chutzpah to ask the court for a $1.48 billion breakup fee–after ETE themselves sought to change the terms of the merger throwing the deal into doubt! On Friday, sensing the deal is going south, Williams entered into private discussions with ETE about changing the terms of the merger–forgoing $6 billion in cash that was part of the deal, expressing their willingness to accept ETE stock insted. Here’s the latest episode of ATMWT…
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Energy Services | Energy Transfer Partners | Industrywide Issues | M&A | Regulation | Williams

As the M&A World Turns: Williams Still Wants to Marry ETE
May 26, 2016May 26, 2016

Both Energy Transfer Equity (ETE) and Williams yesterday issued statements about their proposed/impending merger that say Form S-4 filed with the Securities and Exchange Commission (SEC) has been ruled “effective.” As we so often point out, we’re not Wall Street wizards. From what we can determine, an S-4 is a filing between companies that propose to merge. The SEC is (we think) saying that the proposed stock swap between ETE and Williams can move forward, when and if the merger closes. That is, the SEC is cool with the proposed plan to merge. ETE points out there are still roadblocks to such a merger, and Williams continues to press several lawsuits to force ETE into the merger they (ETE) wanted in the first place. Below we have yesterday’s statement about the S-4 along with ETE’s continued “but but but” statement. We also include some interesting and insightful analysis from a writer on the Seeking Alpha investors website…
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Anti-Drilling/Fossil Fuel | Energy Services | Industrywide Issues | Lebanon County | Pennsylvania | Pipelines | Transco | Williams

Pipes Stacked & Ready to Go in Lebanon, PA for Atlantic Sunrise
May 24, 2016May 24, 2016

Atlantic Sunrise Pipeline map – click for larger version

Anti-drillers in Lebanon County, PA–virulently opposed to any new pipeline construction in the county–have their noses bent out of joint. Williams and their Transco pipeline have had the temerity to stack a bunch of pipe they intend to use when construction begins. This can’t stand!! It means (gasp) construction will soon begin. The pretend bubble these kooks live in has just been burst and they frankly don’t know how to handle it. They are “surprised and dismayed” by seeing the stacked pipes. It’s kind of amusing…
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Anti-Drilling/Fossil Fuel | Energy Services | Industrywide Issues | New York | Pipelines | Regulation | Statewide NY | Williams

NY AG’s Allegation of Tree Cutting by Constitution Pipe a Fraud
May 23, 2016May 23, 2016

NY’s arrogant AG – Eric Schneiderman

The Attorney General of New York State, Eric Schneiderman, has been caught in a lie and he’s furiously backpedaling, trying to cover it up. On May 13 Schneiderman tried to pull a fast one by filing a complaint with the Federal Energy Regulatory Commission (FERC) requesting FERC investigate the Constitution Pipeline for illegal felling of trees along the pipeline’s path in New York State (see NY Attorney General Asks FERC to Investigate Constitution Pipe). Guess what. Tree’s WERE cut along the path–but not by the Constitution. Landowners who wanted to realize the most money from trees that will eventually be cut were cutting the trees ON THEIR OWN, without the help, consent, assistance, nor any form of aide from the Constitution. Schneiderman’s pathetic response? The Constitution should have known those stupid farmers would cut the trees and should have done something to stop it. What breathtaking arrogance…
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Energy Services | Industrywide Issues | Litigation | New York | Pipelines | Statewide NY | Williams

Williams Sues NY Over Constitution Pipe – DEC May Lose Authority
May 17, 2016May 22, 2016

Three cheers for Williams. Hip hip horray! Williams announced yesterday a two-pronged legal challenge against New York State and its decision to deny stream crossing permits for the federally-approved Constitution Pipeline project (see NY Gov. Cuomo Refuses to Grant Permits for Constitution Pipeline). The first prong is a lawsuit filed in the U.S. Circuit Court of Appeals for the Second Circuit–challenging the decision itself as “arbitrary and capricious.” The second prong is a lawsuit filed in the U.S. District Court for the Northern District of New York–seeking recognition by the court that New York doesn’t even have jurisdiction over the project. It is this second case that should have Cuomo, the DEC and the antis VERY worried. If the case goes against them, it means that New York will forever be cut out of decision-making with regard to any FERC-approved projects. Properly so. NY has shown itself to be motivated by politics and not by science and certainly not by common sense. It’s time to remove NY from the equation. Staffers at the state Dept. of Environmental Conservation (DEC) feared this might happen and counseled Cuomo to approve the Constitution project–sage advice he ignored…
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Energy Services | Industrywide Issues | New York | Pipelines | Regulation | Statewide NY | Williams

NY Attorney General Asks FERC to Investigate Constitution Pipe
May 17, 2016May 17, 2016

NY AG Eric Scheniderman

Apparently the lawless attorney general of New York State, Eric Schneiderman, suspected Williams would sue the state over the Constitution Pipeline (see today’s lead story). In anticipation of such a lawsuit, last Friday Schneiderman sought to provide the corrupt Gov. Cuomo and his corrupt Dept. of Environmental Conservation (DEC) with political cover by demanding a federal investigation into the Constitution Pipeline. Schneiderman petitioned the Federal Energy Regulatory Commission (FERC) accusing Williams of (gasp) cutting down some trees along the pipeline route before New York’s dictatorial governor granted his “Mother, May I?” permission to do so. The petition/request is a not-so-transparent attempt to smear the Constitution project and deflect attention away from the lawless way in which the state has acted in not allowing this federally-approved project from advancing. In this case the feds trump the state–and that very issue will now play out in court…
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Energy Services | Industrywide Issues | Pipelines | Williams

Williams Announces Open Season for Northeast Supply Enhancement
May 17, 2016May 17, 2016

Transco Northeast Supply Enhanacement Project map – click for larger version

Last week MDN brought you the news that Williams has pre-filed an application with the Federal Energy Regulatory Commission for the the Northeast Supply Enhancement project–a project to expand the Transco pipeline to increase pipeline capacity and flows heading into northeastern markets (see Williams Pre-Files with FERC to Expand Tranco Pipeline in PA, NY). Yesterday Williams announced an official, “binding” open season for the project–to sign customers to long-term contracts to use the expanded capacity…
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Energy Services | Energy Transfer Partners | Industrywide Issues | Litigation | M&A | Williams

Williams Files 3rd Lawsuit Against ETE to Force Merger by June 28
May 16, 2016May 16, 2016

Energy Transfer Equity (ETE) pushed and prodded and poked and cajoled and insisted, and finally with the help of an inside corporate raider, forced Williams to agree to a buyout/merger (see Williams Accepts ETE’s “Indecent Proposal” – Price Went Down $10B). Then the bottom dropped out of the price of natural gas and drillers scaled back drilling and consequently midstream (i.e. pipeline) companies like ETE and Williams got pinched. And ETE got cold feet (see ETE Wants Out of Williams Merger/Takeover, Offering $2B Breakup Fee). Williams said “not so fast, you wanted us, you’ll be taking us” and consequently sued ETE to force the merger to happen (see Merger Turns Sour: Williams Sues ETE/CEO Kelcy Warren). On Friday, Williams filed their third lawsuit to force ETE to complete the merger. ETE’s CEO Kelsey Warren says Williams is “meritless” and will “lead to delays” in the merger. What in the world is going on?…
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Energy Services | Industrywide Issues | Lancaster County | New York | Pennsylvania | Pipelines | Regulation | Statewide NY | Transco | Williams

Williams Pre-Files with FERC to Expand Transco Pipeline in PA, NY
May 13, 2016March 28, 2017

Transco Northeast Supply Enhanacement Project map – click for larger version

Williams’ Transcontinental Gas Pipe Line Company (Transco) has asked the Federal Energy Regulatory Commission for permission to begin the pre-filing process on a new project, called the Northeast Supply Enhancement project. The new project is meant to increase pipeline capacity and flows heading into northeastern markets. In particular, Transco wants to provide more natural gas to utility giant National Grid beginning with the 2019-2020 heating season. National Grid operates in New York City, Rhode Island and Massachusetts. The Northeast Supply Enhancement project would build 10 miles of new pipeline in Lancaster County, PA (laid next to three existing pipelines, in the same corridor). It would also require 22 miles of new offshore pipeline located in New York Bay. A new compressor station would be built in Somerset County, NJ along with other upgrades, including an added compressor unit at a plant in Chester County, PA…
Read More “Williams Pre-Files with FERC to Expand Transco Pipeline in PA, NY”
Anti-Drilling/Fossil Fuel | Energy Services | Industrywide Issues | Litigation | Pennsylvania | Pipelines | Statewide PA | Williams

Dela. Riverkeeper Launches Lawsuit Against Atlantic Sunrise Project
May 13, 2016May 13, 2016

It’s time to sue THE Delaware Riverkeeper out of existence. The group is a litigious nuisance and anti-American. It is led by Maya van Rossum and fed by money from the Heinz Endowments and William Penn Foundation. Even with repeated calls the IRS has refused to investigate violations of the group’s non-profit status. The latest outrage from this group of virulent radicals is to launch a lawsuit to try and stop Williams’ Atlantic Sunrise Pipeline project through southeastern PA. Just last week Williams received a favorable Environmental Assessment (EA) from the Federal Energy Regulatory Commission (see Williams’ Atlantic Sunrise Pipeline Gets Positive EIS from FERC). That was all it took. The writing is on the wall that FERC will approve the project and Williams will build it. This is a last-ditch effort by van Rossum and other radicals to shut down the project…
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Energy Services | Williams

Williams 1Q16: Lost $65M; Constitution, Atlantic Sunrise Updates
May 9, 2016May 9, 2016

Last week midstream giant Williams issued its first quarter 2016 update. The company reported a net loss of $65 million in 1Q16, compared to making $70 million in 1Q15. The company said the difference was because of higher interest expenses and due to a change in internal accounting practices–not because of lost business. Along with the update Williams’ top brass held an analyst/earnings call. Notably on the call they refused to take any questions dealing with the impending merger/takeover by Energy Transfer Equity (ETE). Williams has sued ETE over that plan and apparently Williams’ lawyers put the fear of God into management that they could not talk about the case or the merger during the phone call–which is disappointing given that ETE did talk about it on their call (see ETE CEO Kelsey Warren Says Williams Merger “Can’t Close”). Below is the update and select portions of the phone call with updates on a number of northeastern pipeline projects, including the Constitution Pipeline, Atlantic Sunrise, and others…
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