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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
08/26/201616:39:51Current Report Filing (8-k)
08/26/201608:30:00Williams Agrees to Purchase 6.975 Million Common Units from Williams...
08/15/201616:15:00Williams to Appoint Three New Independent Directors to Its Board
08/12/201611:21:32Current Report Filing (8-k)
08/10/201618:52:00Chesapeake Energy to Exit Barnett Shale -- Update
08/10/201618:00:00Chesapeake Energy to Exit Barnett Shale
08/10/201617:53:00Chesapeake Energy to Exit Barnett Shale
08/10/201617:19:00Williams Partners Announces New Commitments Related to Barnett...
08/10/201616:34:00Chesapeake Energy Corporation Agrees To Exit Barnett Shale, Asset...
08/09/201609:49:00U.S. Hot Stocks: Hot Stocks to Watch
08/08/201619:20:00Williams, Williams Partners Sell Canadian Operations
08/08/201618:36:00Williams, Williams Partners Sell Canadian Operations
08/08/201616:30:00Williams, Williams Partners Agree to Sell Canadian Businesses...
08/04/201618:30:00Williams Partners Announces FERC Approval of Fully Subscribed...
08/02/201611:10:19Current Report Filing (8-k)
08/02/201608:48:23Quarterly Report (10-q)
08/02/201606:06:29Amended Statement of Beneficial Ownership (sc 13d/a)
08/01/201617:25:13Current Report Filing (8-k)
08/01/201616:15:00Williams Reports Strong Second Quarter 2016 Financial Results...
08/01/201616:15:00Williams Partners Reports Strong Second Quarter 2016 Financial...

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