Enterprise Withdraws Indication of Interest in Williams
September 08 2016 - 4:15PM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) generally does not
comment on market rumors or speculation. However, due to recent
news leaks, movements in the price of the partnership’s common
units as well as questions from investors, Enterprise announced
that it has withdrawn its indication of interest in The Williams
Companies, Inc. regarding the possible combination of Enterprise
and Williams.
“Since our initial public offering in 1998, we have been and
remain focused on responsibly growing Enterprise to provide
distribution growth for our partners and enhance the value of our
partnership’s units,” stated A.J. “Jim” Teague, chief executive
officer of Enterprise’s general partner. “Consistent with these
efforts and after extensive analysis of public information
regarding Williams, we submitted non-binding proposals to Williams
to combine Williams and Enterprise. As a result of rumors with
respect to our proposals, as well as the lack of engagement by
Williams, we have determined that there is no actionable path
forward toward an agreement. We, therefore, have withdrawn our
non-binding proposals. While we are disappointed, we will maintain
our financial discipline as we pursue future growth opportunities
for the partnership.”
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals. Our
services include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and import and export terminals; crude oil gathering,
transportation, storage and terminals; petrochemical and refined
products transportation, storage and terminals; and a marine
transportation business that operates primarily on the United
States inland and Intracoastal Waterway systems. The partnership’s
assets include approximately 49,000 miles of pipelines; 250 million
barrels of storage capacity for NGLs, crude oil, refined products
and petrochemicals; and 14 billion cubic feet of natural gas
storage capacity.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical fact, included herein that
address activities, events, developments or transactions that
Enterprise and its general partner expect, believe or anticipate
will or may occur in the future are forward-looking statements.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from expectations, including required approvals by regulatory
agencies, the possibility that the anticipated benefits from such
activities, events, developments or transactions cannot be fully
realized, the possibility that costs or difficulties related
thereto will be greater than expected, the impact of competition,
and other risk factors included in Enterprise’s reports filed with
the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of their dates. Except as required by law, Enterprise
does not intend to update or revise its forward-looking statements,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160908006656/en/
Enterprise Products Partners L.P.Randy Burkhalter, (713)
381-6812 or (866) 230-0745Investor RelationsorRick Rainey, (713)
381-3635Media Relations
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