reports
- Stephen Ellis
Morningstar | Williams Reports Decent Quarter; Ups Capital Expenditure...
Williams reported a decent quarter, reflective of its steady progress toward executing on a profitable list of pipeline and gathering and processing investments. We plan to maintain our fair value estimates and narrow moat ratings ahead of the shareholder meeting on Aug. 9 where we expect the merger of Williams and Williams Partners to be approved and close shortly thereafter. Adjusted EBITDA of $1.1 billion was up about 6% from last year's results excluding asset sales already completed, driven...
- Stephen Ellis
Williams Reports Decent Quarter; Ups Capital Expenditure Guidance Due ...
Williams reported a decent quarter, reflective of its steady progress toward executing on a profitable list of pipeline and gathering and processing investments. We plan to maintain our fair value estimates and narrow moat ratings ahead of the shareholder meeting on Aug. 9 where we expect the merger of Williams and Williams Partners to be approved and close shortly thereafter. Adjusted EBITDA of $1.1 billion was up about 6% from last year's results excluding asset sales already completed, driven...
- Stephen Ellis
Morningstar | Williams Acquires DJ Basin Assets With Substantial Upsid...
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...
- Stephen Ellis
Williams Acquires DJ Basin Assets With Substantial Upside; FVE Unchang...
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...
- Stephen Ellis
Morningstar | FERC Provides Relief for Interstate Natural Gas Pipeline...
The Federal Energy Regulatory Commission, or FERC, has now finalized its March proposal to incorporate the recent tax cuts enacted as well as the disallowance of a recovery of income taxes under a cost-of-service rate methodology for interstate natural gas pipelines. In response to substantial industry objections, FERC has softened the rulemaking effort considerably, in our view, while also providing the industry and investors with substantial clarity around the regulatory path forward, reducing...
- Stephen Ellis
FERC Provides Relief for Interstate Natural Gas Pipelines; No FVE Chan...
The Federal Energy Regulatory Commission, or FERC, has now finalized its March proposal to incorporate the recent tax cuts enacted as well as the disallowance of a recovery of income taxes under a cost-of-service rate methodology for interstate natural gas pipelines. In response to substantial industry objections, FERC has softened the rulemaking effort considerably, in our view, while also providing the industry and investors with substantial clarity around the regulatory path forward, reducing...
- Stephen Ellis
Williams looks to benefit from higher Marcellus/Utica gas production o...
Williams Companies has agreed to acquire the remaining 26% of Williams Partners it doesn't own following the Federal Energy Regulatory Commission ruling that eliminated the tax allowance for master limited partnerships like Williams Partners. Based on our $28.50 fair value estimate for Williams Companies, the exchange ratio of 1.494 Williams common shares per Williams Partners unit values Williams Partners at $42.57 per unit, slightly above our $39.50 fair value estimate. We do not anticipate ma...
- Stephen Ellis
Williams Agrees to Acquire Remaining Stake in Williams Partners; Addre...
Williams Companies has agreed to acquire the remaining 26% of Williams Partners it doesn't own following the Federal Energy Regulatory Commission ruling that eliminated the tax allowance for master limited partnerships like Williams Partners. Based on our $28.50 fair value estimate for Williams Companies, the exchange ratio of 1.494 Williams common shares per Williams Partners unit values Williams Partners at $42.57 per unit, slightly above our $39.50 fair value estimate. We do not anticipate ma...
- Stephen Ellis
Williams Reports In-Line 1Q, Faces Another Setback on Constitution
The Williams entities reported an in-line first quarter, and earnings are on track to meet our full-year expectations. We plan to maintain our narrow moat ratings and fair value estimates for both. The quarter was a relatively clean one for the entities after asset sales, impairments, and tax reform charges marred the last few quarters, and the earnings power of the underlying pipelines shone through. Overall EBITDA improved 5% year over year to $1.1 billion, led by Transco expansions and higher...
- Stephen Ellis
FERC Revises Tax Policies for MLPs But Details Suggest Market Overreac...
A D.C. Circuit Court decision prompted the Federal Energy Regulation Commission, or FERC, to propose policy changes on Thursday that could have a negative impact on our midstream coverage. The policy changes could eliminate MLPs' ability to recover a tax allowance, potentially leading to lower tariffs, revenue, and earnings. We are reviewing Williams Partners, Enbridge, Enbridge Partners, Energy Transfer, and Spectra Energy Partners for potential modest fair value estimate cuts. The relative win...
Williams Partners Announces Redemption of 4.875% Senior Notes due 2024
TULSA, Okla.--(BUSINESS WIRE)-- Williams Partners L.P. (NYSE: WPZ) and ACMP Finance Corp. (collectively, the “Issuers”) announced today that they have issued a notice of redemption (the “Notice of Redemption”) to holders of the Issuers’ 4.875% Senior Notes due 2024 (the “Notes”), stating that the Issuers will redeem all of the outstanding Notes for cash on March 28, 2018 (the “Redemption Date”) at a redemption price equal to the sum of the principal amount of the Notes plus the excess, if any, of (a) the present value at such time of ...
Williams Partners Prices $800 Million of Senior Notes
TULSA, Okla.--(BUSINESS WIRE)-- Williams Partners L.P. (NYSE: WPZ) (“Williams Partners”) today announced that it has priced a public offering of $800 million of its 4.85 percent Senior Notes due 2048 at a price of 99.515 percent of par. The expected settlement date for the offering is March 5, 2018, subject to customary closing conditions. Williams Partners intends to use the net proceeds of the offering for general partnership purposes, including repayment of its $750 million aggregate principal amount of 4.875% Senior Notes...
Williams Partners Initiates Senior Notes Offering
TULSA, Okla.--(BUSINESS WIRE)-- Williams Partners L.P. (NYSE: WPZ) (“Williams Partners”) today announced that it is offering senior notes in an underwritten public offering. Williams Partners intends to use the net proceeds of the offering for general partnership purposes, including repayment of its $750 million aggregate principal amount of 4.875% Senior Notes due 2024 or other of its outstanding indebtedness. Citigroup, Morgan Stanley and MUFG are acting as joint book-running managers for the offering. This ...
Williams Partners Announces Filing of Its Annual Report on Form 10-K
TULSA, Okla.--(BUSINESS WIRE)-- Williams Partners L.P. (NYSE: WPZ) has filed its Annual Report on Form 10-K for the year ended Dec. 31, 2017, with the Securities and Exchange Commission. A copy of the Annual Report on Form 10-K is available to be viewed or downloaded at www.williams.com within the Williams Partners Investor Center. Upon request to its Investor Relations department, Williams Partners will send a hard copy of its complete audited financial statements to investors, free of charge. About Wi...
Williams Partners Announces Quarterly Cash Distribution
TULSA, Okla.--(BUSINESS WIRE)-- Williams Partners L.P. (NYSE: WPZ) today announced a regular quarterly cash distribution of $0.60 per unit for its common unitholders. The distribution is consistent with the previous quarter. The board of directors of the partnership's general partner has approved the quarterly cash distribution, which is payable on Feb. 9, 2018, to common unitholders of record at the close of business on Feb. 2, 2018. About Williams Partners Williams Partners is an industry-leading, large-ca...
Williams Partners’ Transco Pipeline Delivers Record Volumes
TULSA, Okla.--(BUSINESS WIRE)-- As frigid weather conditions blanket the U.S., Williams Partners L.P. (NYSE: WPZ) announced today that it has delivered a record amount of natural gas on its Transco interstate gas pipeline, providing essential services to gas distribution companies, power generators and other customers located along the Eastern Seaboard and Gulf Coast. The nation’s largest-volume natural gas transmission system, Transco delivered a record-breaking 15.58 million dekatherms (MMdt) on Jan. 5, 2018. The new peak-d...
A director sold 6,770 shares at 38.755USD and
A director at Williams Partners LP sold 6,770 shares at 38.755USD and the significance rating of the trade was 78/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
Williams Partners to Promptly Resume Atlantic Sunrise Construction; U....
TULSA, Okla.--(BUSINESS WIRE)-- Williams Partners L.P. (NYSE: WPZ) today announced that the U.S. Court of Appeals for the District of Columbia has denied an emergency motion to stay the Federal Energy Regulatory Commission’s authorization of the company’s Atlantic Sunrise pipeline project, allowing construction to immediately resume. “We are pleased that the court has lifted the administrative stay of construction activities and denied the emergency motion for stay filed by the project opponents. We will promptly resume const...
- Stephen Ellis
Williams looks to benefit from higher Marcellus/Utica gas production o...
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 ant...
- Stephen Ellis
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 ant...
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