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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; joan.solsman@dowjones.com

Stock News for Williams Partners (WPZ)
DateTimeHeadline
12/01/201616:30:00Williams CEO to Present at Wells Fargo Securities 2016 Pipeline...
11/23/201616:30:00Updated: Williams CEO to Present at Jefferies 2016 Energy Conference
11/23/201607:45:00Williams CEO to Present at Jefferies 2016 Energy Conference
11/22/201616:15:00Williams Announces Quarterly Cash Dividend
11/03/201616:15:00Williams Partners Completes the Execution of New Agreements in...
11/03/201608:50:00Chesapeake Energy Results Not as Bad as Feared
11/03/201608:35:00Chesapeake Energy Results Not as Bad as Feared, Shares Higher
11/03/201607:00:00Chesapeake Energy Corporation Reports 2016 Third Quarter Financial...
10/31/201617:24:54Quarterly Report (10-q)
10/31/201609:00:00Williams, Williams Partners Swing to Profit
10/31/201608:47:00Williams, Williams Partners Swing to Profit
10/31/201607:32:38Current Report Filing (8-k)
10/31/201606:45:00Williams Reports Strong Third-Quarter 2016 Financial Results
10/31/201606:45:00Williams Partners Reports Strong Third-Quarter 2016 Financial...
10/28/201606:45:00Williams Partners Updates Target In-Service Date for Proposed...
10/25/201616:30:00Williams Partners Announces Quarterly Cash Distribution
10/19/201618:40:00Chesapeake Energy to Revise Wyoming Pact
10/19/201616:15:00JV Partners Crestwood Equity & Williams Partners Announce Agreement...
10/19/201608:00:00Williams Announces 2017 Annual Meeting Date
10/13/201620:32:00FERC's Route Evaluation of Williams Gas Project Suggests Potential...

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