Let’s Build Those Bones
With 10 large-scale midstream projects in the pipeline so to speak, Tulsa-based Williams is making good on its business strategy to build around the company’s core assets and strike when the iron is hot on new growth opportunities. Reese Energy Consulting today is studying the latest news of Williams’ completion of a $3.8 billion joint venture with Canada Pension Plan Investment Board. The JV gives CPPIB a 35% ownership stake in Williams’ Ohio Valley Midstream system in the western Marcellus and the Utica East Ohio Midstream system in the Utica shale. Williams will use the proceeds to pay down debt and fund numerous expansions of its assets across the Pacific Northwest, Rockies, Eastern Seaboard, and Gulf of Mexico. Chief among them is the 10,000-mile Transco pipeline which extends from south Texas to New York. The company’s transition to natural gas and NGLs also has enabled Williams to pounce on high-growth areas like the DJ Basin. Partnering with Houston-based Targa, Williams will build the Bluestem Pipeline to connect its NGL operations in the Rockies to Targa’s processing facilities in Texas.