|Williams Suspends Investment in Bluegrass NGL Pipeline Due to Insufficient Customer Commitments
4/28/2014 8:00:00 AM
Company Focusing Capital on Other Projects in Its Large, Diverse Portfolio of Growth Opportunities
Williams (NYSE:WMB) has suspended capital investments in the Bluegrass Pipeline, a proposed natural-gas-liquids project, primarily in response to an insufficient level of firm customer commitments. The company continues to engage in discussions with potential customers regarding the scale and timing of demand for services and the required firm contractual commitments that would support any future capital investments.
The project, in which Williams is a joint-venture partner, is designed to connect natural gas liquids produced in the Marcellus-Utica areas in the U.S. Northeast with domestic and export markets in the U.S. Gulf Coast. The Bluegrass Pipeline represents a strong long-term solution in the marketplace.
Williams has a large, diverse portfolio of attractive risk-return growth opportunities. It continues to exercise capital discipline as it pursues projects that garner solid market support, strengthen its cash-flow growth and deliver advantaged connections between large supply areas and growing demand centers.
About Williams (NYSE:WMB)
Williams is one of the leading energy infrastructure companies in North America. It owns interests in or operates 15,000 miles of interstate gas pipelines, 1,000 miles of NGL transportation pipelines, and more than 10,000 miles of oil and gas gathering pipelines. The company's facilities have daily gas processing capacity of 6.6 billion cubic feet of natural gas, NGL production of more than 200,000 barrels per day and domestic olefins production capacity of 1.35 billion pounds of ethylene and 90 million pounds of propylene per year. Williams owns approximately 66 percent of Williams Partners L.P. (NYSE:WPZ), one of the largest diversified energy master limited partnerships. Williams Partners owns most of Williams' interstate gas pipeline and midstream assets. Williams also owns certain domestic olefins pipelines assets, as well as a significant investment in Access Midstream Partners, L.P. (NYSE:ACMP), a midstream natural gas services provider. The company's headquarters is in Tulsa, Okla. For more information, visit www.williams.com, where the company routinely posts important information.
Portions of this document may constitute "forward-looking statements" as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company's annual reports filed with the Securities and Exchange Commission.