Williams to Consolidate Its Operating Areas
September 07 2016 - 5:56PM
Dow Jones News
By Josh Beckerman
Williams Cos. (WMB) took measures to simplify its structure and
reduce commodity exposure by consolidating to three operating areas
from five.
By early 2017, the pipeline operator's three operating areas
will be Atlantic-Gulf, West and Northeast Gathering &
Processing. Currently, its five segments are West, NGL &
Petchem Services, Atlantic-Gulf, Central and Northeast Gathering
& Processing.
Financial reporting under the new structure is expected to take
effect in early January, Williams said.
Activist investor Keith Meister said in late August that he
planned to remove the entire Williams board. Several days later,
Williams added three new independent directors.
A planned merger of Williams and Energy Transfer Equity that was
initially worth $33 billion fell apart in June following a legal
battle.
Williams shares rose one cent to $30.35 in after-hours
trading.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
September 07, 2016 17:41 ET (21:41 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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