Williams Acquires DJ Basin Assets With Substantial Upside; FVE Unchanged Due to Small Size of Deals
We think Williams' portfolio repositioning is generally intelligent capital allocation, and garnering a foothold in the more attractive DJ Basin is a plus, in our view. Williams has acquired $1.2 billion of DJ Basin assets as part of a joint venture with KKR from TPG, while selling its Four Corners assets (San Juan and other New Mexico assets) for $1.1 billion to Harvest. We plan to maintain our fair value estimates and narrow moat ratings for the Williams entities as the transactions are too sm...Williams Partners is an energy infrastructure company that engaged in the gathering, processing and interstate transportation of natural gas and natural gas liquids. The company operates in four business segments: Northeast G&P, which include natural gas gathering, compression, processing and NGL fractionation business in the Marcellus and Utica Shale regions; Atlantic-Gulf, which includes the Transco interstate natural gas pipeline that extends from the Gulf of Mexico to the eastern seaboard; West, which includes the Northwest Pipeline interstate natural gas pipeline; and natural gas liquids & Petchem Services, which operates an ethylene storage hub.
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