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$WPZ's Transco pipeline delivered 15.58MM dekatherms of natural gas on Jan. 5, 2018. The Transco system, which stretches from South Texas to New York City, also established a new three-day market area delivery record, averaging 14.90 MMdt from Jan. 4 to Jan. 6, 2018.
$WPZ filed a Motion for Clarification of an administrative stay issued on Nov. 6 by the U.S. Court of Appeals for the District of Columbia Circuit of the Federal Energy Regulatory Commissions' authorization of the company's Atlantic Sunrise natural gas pipeline project. This is for confirming no interruption of East Coast natural gas supplies.
$WPZ executes agreements with $SWN to expand its services in the Appalachian Basin of West Virginia. The agreements call for $WPZ to deliver gas processing, fractionation and liquids handling services in Southwestern's Wet Gas Acreage in the Marcellus and Upper Devonian Shale along with gas gathering services in South Utica Dry Gas Acreage.
$WPZ received key Pennsylvania Department of Environmental Protection and U.S. Army Corps of Engineers permits for Atlantic Sunrise project. The company also received Federal Energy Regulatory Commission (FERC) approval to place portion of project into service on Sept. 1.
$WPZ's BoD announced regular quarterly cash distribution of $0.60 per unit for its common unitholders. The distribution is consistent with the previous quarter. The distribution is payable on Aug. 11, 2017, to unitholders of record at the close of business on Aug. 4, 2017.
$WPZ said Northwest Pipeline is seeking the Federal Energy Regulatory Commission (FERC) approval for North Seattle Lateral Upgrade project in south Snohomish County in the state of Washington. The construction-related activities are scheduled to begin in 2Q19 and would be completed in 4Q19.
$WPZ has placed into service the first phase of its Hillabee expansion project, expanding the capacity of its Transco pipeline system in Alabama by 818,410 dekatherms per day to supply Florida power generators via the new Sabal Trail pipeline. The project will add a total of approx. 1,131,730 Dt/d of pipeline capacity to the Transco system by 2021.
$WPZ has completed the sale of all of its membership interest in Williams Olefins LLC. to NOVA Chemicals for $2.1Bil in cash. Williams Partners plans to use the cash proceeds from the transaction to pay off its $850MM term loan and to fund a portion of the capital and investment expenditures.
$WPZ has completed a public offering of $1.45Bil of its 3.750% senior notes due 2027. Williams Partners intends to use the net proceeds for general partnership purposes, including the repayment of $1.4Bil aggregate principal amount of its 4.875% senior notes due 2023 or other of its outstanding indebtedness.
$WPZ priced a public offering of $1.45Bil of its 3.75% senior notes due 2027 at a price of 99.949% of par. The offering is expected to settle on June 5, 2017. The company intends to use the net proceeds of the offering for general partnership purposes.
$WPZ plans to offer senior notes in underwritten public offering. $WPZ plans to use the net proceeds for general partnership purposes, including repayment of its $1.4Bil of 4.875% Senior Notes due 2023 or other of its outstanding debt. BofA, Merrill Lynch, Deutsche Bank Securities and RBC Capital Markets are acting as joint book-running managers.
$WPZ said Transco has filed an application with the Federal Energy Regulatory Commission seeking authorization for its Northeast Supply Enhancement project. This would create 400,000 dekatherms per day of incremental firm transportation capacity to markets in the northeastern U.S. for the 2019/2020 winter heating season.
$WPZ entered into an agreement with $WES to increase its ownership stake in two Marcellus Shale natural gas gathering systems already operated by the company. Under transaction terms, $WPZ will receive $WES' 33.75% ownership stake in both the Rome and Liberty natural gas gathering systems in northern Pennsylvania, and a cash payment of $155MM.
$WPZ entered into an agreement with $WES and some of its affiliates pursuant to which $WPZ will increase its ownership stake in two Marcellus Shale natural gas gathering systems already operated by the company. In exchange, $WES and its affiliates will receive $WPZ's 50% ownership stake in Delaware Basin JV Gathering.
$WPZ said the Federal Energy Regulatory Commission (FERC) has issued a certificate of public convenience and necessity authorizing the Atlantic Sunrise expansion project. This is an expansion of the existing Transco natural gas pipeline to connect abundant Marcellus gas supplies with markets in the Mid-Atlantic and Southeastern U.S.
$WPZ expects to pay a quarterly distribution of $0.60 ($2.40 per unit on an annualized basis), effective with the quarterly distribution for the quarter ending March 31, 2017. This is a reduction of about 29% from $WPZ's expected 4Q16 distribution of $0.85 per common unit ($3.40 per unit on an annualized basis).