Williams Partners (WPZ) Enters Conditional Commitment in Barnett Shale; Affirms Chesapeake (CHK) Agreement Terminations

Williams Partners Announces New Commitments Related to Barnett Shale and Mid-Continent Region

August 10, 2016 5:19 PM EDT

Williams Partners conditionally agrees to execute a new Barnett gathering contract with a private company and to terminate Barnett contract with Chesapeake Williams Partners agrees to revised Mid-Continent Region contract with Chesapeake These Conditional Agreements Would Diversify Williams Partners Customer Base, Reduce Expected Revenues from Chesapeake to ~15% of Total Revenues, Reducing Customer Concentration Risk and Supporting Additional Drilling and Volumes in the Basins Williams Partners Expects to Receive $820 Million in Upfront Cash Payments, Monetizing Contractual MVC Commitments with Chesapeake; Establishing New Lower... More

Chesapeake Energy Corporation Agrees To Exit Barnett Shale, Asset To Be Acquired And Operated By First Reserve, Announces Renegotiation Of Mid-Continent Gas Gathering Agreement And Provides Preliminar

August 10, 2016 4:35 PM EDT

OKLAHOMA CITY, Aug. 10, 2016 /PRNewswire/ -- Chesapeake Energy Corporation (NYSE: CHK) today announced that it has entered into an agreement to convey its interests in the Barnett Shale operating area located in North Texas to Saddle Barnett Resources, LLC ("Saddle Resources"), a company backed by First Reserve, a leading global private equity and infrastructure investment firm exclusively focused on energy, and simultaneously terminate future commitments associated with this asset.

The impacts to Chesapeake upon completion of these actions will be as follows:

Increases Chesapeake's operating income, before charges... More

Williams, Williams Partners Agree to Sell Canadian Businesses for $1.35 Billion CAD (~$1.03 Billion USD)

August 8, 2016 4:30 PM EDT

Williams Partners to Receive Consideration Totaling ~$817 Million USD Williams to Receive ~$209 Million USD

TULSA, Okla.--(BUSINESS WIRE)-- Williams (NYSE: WMB) and Williams Partners (NYSE: WPZ) announced today they have agreed to sell the companies Canadian businesses to Inter Pipeline Ltd. (Inter Pipeline) (TSX: IPL) for combined cash proceeds of $1.35 billion CAD.

In connection with the sale, Williams agreed to waive $150 million USD of incentive distribution rights in the quarter following... More