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Williams Partners To Buy Added Stake In Gulfstream Pipeline For $330 Million

DOW JONES NEWSWIRES Williams Partners L.P. (WPZ) agreed to acquire an added 25% interest in the Gulfstream interstate gas pipeline system from Williams (WMB) for $330 million, as the natural-gas company continues to simplify its structure. Williams holds a 73% limited-partner interest in Williams Partners and also possesses Canadian mid-stream and U.S. olefins assets. Although Williams has benefited from higher commodity prices and strength at Williams Partners, which holds gas-transportation and gathering assets, the company's bottom line was hit last year by restructuring and mark-to-market charges. The deal for Gulfstream, a 745-mile interstate gas pipeline system that extends from the Mobile Bay area to Florida, will bring Williams Partners' stake to 49%, while cutting Williams' direct ownership interest to 1%. Spectra Energy Corp. (SE) and its units own the other 50% interest. The deal included $297 million in cash and $33 million in Williams Partners limited-partner and general-partner units. It is expected to close next month and immediately add to Williams Partners' distributable cash flow on a per-unit basis. The firm expects the increased ownership interest to generate an added $20 million in segment profit for its gas pipeline business this year. In February, Williams said it plans to split its businesses into two separate, publicly traded companies, joining a growing list of firms suggesting their segments are worth more separately than combined. Williams plans to separate its exploration and production business from its infrastructure business via an initial public offering of up to 20% of the interest in third quarter and then spin off the rest to shareholders next year. Williams shares were off 4 cents at $31.93 in after-hours trading, while Williams Partners slipped a penny to $54.10. -By Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com

Stock News for Williams Partners (WPZ)
DateTimeHeadline
03/27/201505:00:00Williams Companies: Playing The Gas Infrastructure Super-Cycle
03/19/201520:28:48Marcellus Shale gas pipeline can cross holdout properties, judge...
03/19/201516:15:00Williams Seeks FERC Approval for Fully Subscribed Pipeline Expansion...
03/19/201516:09:00Williams Announces FERC Approval of Natural Gas Pipeline to Serve...
03/19/201503:58:00The Case Of Investing In Master Limited Partnerships
03/17/201508:00:00Williams CEO to Present at Scotia Howard Weil Energy Conference
03/16/201508:00:00Williamsâ Atlantic Sunrise Natural Gas Pipeline Project Expected t...
03/13/201515:45:00Williams Partners Announces Redemption of 5.875% Senior Notes...
03/09/201506:01:41Notice of Effectiveness (effect)
03/06/201510:36:00Current Report Filing (8-k)
03/06/201510:29:44Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
03/03/201516:27:08Current Report Filing (8-k)
03/03/201514:55:00Williams Partners Completes $3 Billion Offering of Senior Notes
03/02/201511:21:52Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
02/28/201510:00:47Dividend Champions For March 2015
02/27/201506:01:39Notice of Effectiveness (effect)
02/26/201517:04:00Williams Partners Prices $3 Billion of Senior Notes
02/26/201508:48:07Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
02/26/201504:51:26Williams Partners: A Midstream Natural Gas Powerhouse Emerges
02/25/201516:30:54Securities Registration Statement (simplified Form) (s-3)

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