Williams Completes Strategic Transactions in D.J. Basin
30 Novembre 2023 - 10:15PM
Business Wire
Williams (NYSE: WMB) announced today that it has successfully
closed two strategic transactions that now position the company as
the third largest gatherer in the DJ Basin. First, the acquisition
of Cureton Front Range LLC, whose assets include gas gathering
pipelines and two processing plants serving producers across
225,500 dedicated acres. And second, the purchase of KKR’s 50
percent ownership interest in Rocky Mountain Midstream Holdings LLC
(RMM), resulting in 100 percent ownership of RMM for Williams.
“We remain committed to executing on acquisitions that progress
our overall strategy to maintain top positions in the basins we
serve,” said Alan Armstrong, president and CEO of Williams. “The
combination of the Cureton and RMM assets will deliver tangible
operational synergies that include increased volumes on our
existing processing facilities, as well as increased revenues on
our downstream NGL transportation, fractionation and storage
assets.”
Williams first announced the Cureton and RMM transactions in its
third quarter earnings materials earlier this month. The
acquisitions have a combined value of $1.27 billion, representing a
blended multiple of approximately 7x 2024 Adjusted EBITDA. Proceeds
of $355 million from the company’s recent sale of its Bayou Ethane
Pipeline system along with $533 million in net proceeds now
received from the Energy Transfer legal judgment of $627 million
(which included legal fees owed to others) partially funded the
transactions.
About Williams
Williams (NYSE: WMB) is a trusted energy industry leader
committed to safely, reliably, and responsibly meeting growing
energy demand. We use our 33,000-mile pipeline infrastructure to
move a third of the nation’s natural gas to where it's needed most,
supplying the energy used to heat our homes, cook our food and
generate low-carbon electricity. For over a century, we’ve been
driven by a passion for doing things the right way. Today, our team
of problem solvers is leading the charge into the clean energy
future – by powering the global economy while delivering immediate
emissions reductions within our natural gas network and investing
in new energy technologies. Learn more at www.williams.com.
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Caroline Sardella (918) 230-9992
Williams Companies (NYSE:WMB)
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