TULSA, Okla., Nov. 23, 2010 -- Williams Partners L.P. (NYSE: WPZ) announced today that it has completed the acquisition of Williams' (NYSE: WMB) gathering and processing assets in Colorado's Piceance Basin for $782 million. The partnership announced the acquisition on Oct. 28.
Williams Partners' total consideration for the assets was $702 million in cash and $80 million in WPZ limited-partner and general-partner units.
The assets include the Parachute Plant Complex and three other treating facilities with a combined processing capacity of 1.2 billion cubic feet per day (Bcf/d), and a gathering system with approximately 150 miles of pipeline. There are more than 3,300 wells connected to the gathering system, which includes pipelines ranging up to 30-inch trunk lines.
Williams Partners funded the cash portion of the acquisition with a combination of the proceeds of the $600 million debt offering which was completed earlier this month and its existing revolving credit facility.
About Williams Partners L.P. (NYSE: WPZ)
Williams Partners L.P. is a leading diversified master limited partnership focused on natural gas transportation; gathering, treating, and processing; storage; natural gas liquid (NGL) fractionation; and oil transportation. The partnership owns interests in three major interstate natural gas pipelines that, combined, deliver 12 percent of the natural gas consumed in the United States. The partnership's gathering and processing assets include large-scale operations in the U.S. Rocky Mountains and both onshore and offshore along the Gulf of Mexico. Williams (NYSE: WMB) owns approximately 77 percent of Williams Partners, including the general-partner interest. More information is available at www.williamslp.com. Go to www.b2i.us/irpass.asp?BzID=1296&to=ea&s=0 or www.b2i.us/irpass.asp?BzID=630&to=ea&s=0 to join our email list.
SOURCE Williams Partners L.P.
CONTACT:Jeff Pounds,+1-918-573-3332,orInvestors,Sharna Reingold,+1-918-573-2078,both of Williams Partners L.P.
Web Site: www.williamslp.com