TULSA, Okla., Oct. 6, 2003 — Williams’ midstream business has completed the sale of its interests in two natural gas liquids pipelines for $26.5 million. These assets were previously identified for divestiture.
Affiliates of Enterprise Products Partners L.P. have purchased a 37.35 percent interest in Wilprise Pipeline Co. and a 16.67 percent interest in Tri-States NGL Pipeline LLC after exercising their rights of first refusal following Williams’ efforts to sell the interests to Sunoco Logistics Partners L.P. in August.
The agreement with Enterprise also contains an earn-out provision that allows Williams to potentially receive up to an additional $8.3 million based on transportation volumes for Wilprise and Tri-States through 2006.
Including the announcement, Williams has divested interests in four NGL pipeline systems this year, all at pre-tax gains.
Williams, through its subsidiaries, primarily finds, produces, gathers, processes and transports natural gas. Williams’ gas wells, pipelines and midstream facilities are concentrated in the Northwest, Rocky Mountains, Gulf Coast and Eastern Seaboard. More information is available at www.williams.com .