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Williams Partners To Buy Cabot Marcellus Shale Assets For $150 Million

DOW JONES NEWSWIRES Cabot Oil & Gas Corp. (COG) is selling some of its midstream shale assets in the Marcellus Shale in Pennsylvania to Williams Partners LP (WPZ) in a $150 million deal that includes a 25-year gathering agreement. Williams Partners is the holder of gas-transportation and gathering assets for Williams Cos. (WMB). The companies said the assets include 75 miles of pipelines and two compressor stations, the sale of which should close before the end of the year. Under the gathering agreement, Williams's field services company will construct miles of pipelines and trunk lines and build two new compressor stations. Williams will also connect all Cabot drilling program wells with specific gathering lines and move Cabot output to five interstate delivery points during the term of the agreement. Williams Partners Senior Vice President Alan Armstrong said the additional expansion in the Marcellus Shale was ideal growth for the company. Cabot's third-quarter profit sank 90% on lower natural-gas prices, reduced oil production and one-time items. It has seen results decline in recent quarters. Williams Partners's third-quarter profit fell 19% on higher interest costs related to acquisitions from Williams Cos. None of the companies' shares were active after the news. Cabot stock closed up 3.2% at $34.42 and Williams Partners shares rose 0.7% to $45.81. The former's shares have struggled this year, falling 21%, while the latter's stock has climbed more than the broader market with a 49% increase. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; [email protected]

Stock News for Williams Partners (WPZ)
DateTimeHeadline
03/22/201716:30:00Williams CEO to Present at Scotia Howard Weil 2017 Energy Conference
03/21/201718:15:00Williams Names U.S. Magistrate Judge Lane Wilson to General Counsel...
03/10/201709:02:03Current Report Filing (8-k)
02/27/201714:54:13Initial Statement of Beneficial Ownership (3)
02/22/201710:45:00Williams Partners Announces Filing of Its Annual Report on Form...
02/22/201709:22:17Annual Report (10-k)
02/21/201708:50:00Williams Announces Quarterly Cash Dividend
02/16/201713:58:41Current Report Filing (8-k)
02/15/201718:01:00Willams Narrows Loss, Williams Partners Swings to Profit
02/15/201716:46:36Current Report Filing (8-k)
02/15/201716:15:00Williams Partners Reports 2016 Financial Results
02/15/201716:15:00Williams Reports 2016 Financial Results
02/14/201715:52:48Current Report Filing (8-k)
02/14/201707:45:00Williams Appoints Micheal Dunn as Chief Operating Officer
02/10/201711:21:32Current Report Filing (8-k)
02/09/201716:30:00Williams Partners Agrees to Acquire Additional Interests in Two...
02/03/201717:10:00Williams Partners Receives FERC Certificate Authorizing Atlantic...
02/03/201716:39:37Statement of Changes in Beneficial Ownership (4)
02/03/201716:33:33Current Report Filing (8-k)
02/01/201716:15:00Williams Partners Expands Pipeline Capacity to Deliver Natural...

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