Williams 2Q13: Marcellus Profit $12M, Gathered Volumes Up 76%
Williams Partners, a subsidiary of midstream behemoth Williams company, reported their second quarter financials and operational update yesterday. They report revenue for 2Q13 was up 5.3% from last year this time. The northeast (Marcellus) portion of Williams’ operations reports a profit of $12 million for 2Q13. In 2Q12 they had a $20 million loss–so this year shows a dramatic $32 million turnaround–no doubt due to the fact that Williams’ gathered volumes in the Marcellus shot up 76% from last year this time.
Select portions of yesterday’s update dealing with the Marcellus:
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More pipelines for both dry and wet gas, and perhaps just as important, a new cryogenic gas processing plant is coming to northwestern PA courtesy of a brand new joint venture partnership between midstream giant Williams and exploration & production giant Shell. The new jv will service not only Shell (the first customer to be signed), but also other energy producers in the area. It will be aimed at both the Marcellus and Utica Shale in the region.