Williams to buy Gulf Coast natural gas storage assets in $1.95B deal (NYSE:WMB) - Seeking Alpha
Williams to buy Gulf Coast natural gas storage assets in $1.95B deal (NYSE:WMB) | Seeking Alpha
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Williams (NYSE: WMB) said Wednesday it agreed to acquire a portfolio of natural gas storage assets from Hartree Partners for $1.95B, which it said will better position the company's natural gas storage operations to serve demand for Gulf Coast liquefied natural gas and growing electrification loads from data centers along the Transco corridor.
The deal includes six underground natural gas storage facilities in Louisiana and Mississippi with total capacity of 115B cf, and 230 miles of gas transmission pipeline and 30 pipeline interconnects to attractive markets as well as connections to Transco, the largest U.S. natural gas transmission pipeline.
"Importantly, this storage will also allow us to provide value to customers in markets with growing renewables adoption as daily peaks for natural gas increases the need for storage," Williams ( WMB) President and CEO Alan Armstrong said.
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