logo
Plus   Neg
Share
Email

Williams Sells Its Interest In Jackalope To Crestwood Affiliate For $484.6 Mln

Williams (WMB) and Crestwood Equity Partners LP (CEQP) announced that Williams has sold its 50 percent interest in Jackalope Gas Gathering Services to an affiliate of Crestwood for $484.6 million in cash. Following the transaction, Crestwood has assumed operatorship of Jackalope.

The Jackalope holdings are in Converse County, Wyoming, and provide gathering, compression and processing services and include the Jackalope Gas Gathering System and the Bucking Horse Processing Plant.

Williams plans to use the cash proceeds from the transaction plus approximately $90 million in avoided 2019 Jackalope capital spending to help fund its extensive portfolio of attractive growth capital and debt reduction.

Williams said it plans to provide updated 2019 financial guidance with its first-quarter earnings release.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Lowe's Companies Inc. (LOW) and Office Depot Inc. (ODP) reported profit for their fourth-quarter, while TJX Companies' (TJX) profit increased 17 percent from the prior year. TJX plans to increase dividend by 13 percent and to buy back up to $2.25 billion of stock. Starbucks is introducing plant-based meat to its menu in Canada in early March. The Seattle-based coffee chain said it will introduce a new Beyond Meat, Cheddar and Egg Sandwich to its Canadian stores on March 3, along with the launch of its new spring menu. The meatless breakfast sandwich will be part of Starbucks Canada's core menu. Auto major Ford Motor Co. issued a safety compliance recall for a total of 217,185 F-150 pickup trucks with LED headlamps in North America, including 50,989 in Canada, to fix issues with the headlamps that could increase risk of a crash. The F-150 has been the top selling U.S. vehicle by any manufacturer for more than 40 years.
Follow RTT
>