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Williams Partners Agrees To Buy Caiman Subsidiary For $2.5 Billion

DOW JONES NEWSWIRES Williams Partners L.P. (WPZ) said it agreed to acquire Caiman Energy's wholly owned subsidiary, Caiman Eastern Midstream LLC, for about $2.5 billion, helping the company gain a foothold in the Marcellus Shale formation, a boom area for natural-gas production. Williams Partners is the midstream and interstate gas pipeline asset-holder of energy company Williams Cos. (WMB). Caiman Energy is backed by private equity investors including EnCap Flatrock Midstream, EnCap Investments L.P. and Highstar Capital. Its midstream business is located in northern West Virginia, southwestern Pennsylvania and eastern Ohio. Thanks to the acquisition, Williams said it would significantly accelerate its planned dividend increase, raising its expected payout this year to $1.20 from $1.09. The company also now expects to increase its dividend by 20% in both 2013 and 2014. Williams expects the acquisition to be strongly accretive to cash flow and per-share earnings in 2014 and beyond. Williams Partners expects significant growth in gathering volumes and natural-gas liquids production from the assets. There is an estimated 300 trillion cubic feet of natural gas in place within a 35-mile radius of the existing gathering system there, and a significant amount remains undedicated, it said. Williams said it plans to make an additional investment in Williams Partners of approximately $1 billion to facilitate the Caiman deal. Williams Partners said it also intends to participate in a new joint venture with Caiman Energy and its investors and management to develop midstream infrastructure in the NGL- and oil-rich areas of the Utica Shale, primarily in Ohio and northwest Pennsylvania. Rising natural-gas production has heightened demand for pipelines that can move the fuel to market. Williams and other energy companies have been turning their focus to their core businesses in any effort to drive profits. In Williams's case that involves providing infrastructure to bring natural gas from growing North American energy fields to market. Williams said last month it swung to a fourth-quarter loss, mostly on write-downs related to its former exploration and production business, while Williams Partners's fourth-quarter earnings improved on strong NGL margins. Williams's shares were up 10 cents after hours at $30.52 and Williams Partners were up 0.6% to $61.42. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Williams Partners (WPZ)
DateTimeHeadline
07/30/201409:22:06William Partners Plans $150 Million Project in New Jersey
04/23/201419:36:51Opal, Wyo. Evacuated After Blast at Gas-Pipeline Hub -- Update
02/26/201417:10:34Williams Cos. to Sell Canadian Assets for $1.2 Billion
02/19/201418:25:52Williams Swings to Loss; Williams Partners Profit Falls 27%
11/15/201309:18:03OZ Management LP 3Q 13F: Largest Purchases -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Largest Purchases
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:18:02OZ Management LP 3Q 13F: Holdings As Of Sep 30
10/31/201306:45:45U.S. Hot Stocks Futures: Hot Stocks to Watch
10/30/201317:45:10Williams 3rd-Quarter Profit Down 7.1%; Williams Partners Earnings...
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07/31/201317:06:16Williams 2nd-Quarter Profit Up 7.6%; Williams Partners Up 5.3%
06/13/201314:00:15CORRECT: PRESS RELEASE: Explosion at Williams' Geismar Plant
05/07/201317:21:04Williams Cos 1st-Quarter Net Falls 62% on Weaker NGL Margins
04/11/201318:24:08Williams Partners Unveils Gas-Gathering Joint-Venture With Shell
03/05/201310:21:59Williams Partners' Increased Offering Priced at 2.8% Discount
03/05/201309:29:17U.S. Stock Futures Rally; Dow Set To Open Above Record High
03/04/201319:44:17Five Companies Disclose Secondary Offerings
02/20/201317:00:30Williams Cos Swings to Fourth-Quarter Profit; Williams Partners...
01/08/201309:22:14U.S. HOT STOCKS FUTURES: HOT STOCKS TO WATCH

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