Williams Reports Mixed 3Q; Transco Progress a Highlight
Williams’ third-quarter results were mixed. Underlying operations continued to improve, and asset sales led to a strong balance sheet. However, $1.1 billion in impairment charges for midcontinent and Marcellus South gathering assets after a third party approached Williams to purchase the midcontinent assets highlights the challenges involved in acquiring and valuing gas gathering assets and the associated long-term acreage agreements with customers. The Marcellus write-downs were due to an antic...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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