Blackstone Mulls Stake in ETP Assets
Private-equity firm Blackstone Group LP is in talks to buy a stake in assets owned by Energy Transfer Partners LP, the company building the controversial Dakota Access pipeline, a source familiar with the situation said on Thursday. Blackstone is discussing joining the deal with Jamie Welch, who previously served as chief financial officer of ETP parent Energy Transfer Equity LP.
Williams adds Two Directors to Board
Pipeline operator Williams Cos Inc said on Monday it added two new directors to its board, prompting activist investor Corvex Management LP to withdraw plans to replace the company's entire board. The company named Stephen Chazen, former chief executive of Occidental Petroleum Corp, and Peter Ragauss, former chief financial officer of Baker Hughes Inc, to its board.
Enterprise Products Approached Williams over Acquisition
Enterprise Products Partners LP approached Williams Companies Inc earlier this summer about combining their businesses, two of the largest U.S. oil and gas pipeline operations, people familiar with the matter said. Merging Williams' natural gas liquids business in the northeastern United States with Enterprise's ATEX pipeline, which runs from that region to Texas…
Williams Cos Shareholder Meeting to be Held in November
Williams Cos Inc said on Friday it would hold its annual meeting in November, when shareholders will vote on replacements for six directors who resigned last week following a failed attempt to unseat Chief Executive Alan Armstrong. Six of the pipeline company's 13 directors, including Chairman Frank MacInnis, resigned after Energy…
Williams Names New Chair, Stands by CEO after Board Upheaval
Williams Cos Inc's board stood by CEO Alan Armstrong and named a new chairman on Friday after six directors resigned following a failed attempt to unseat him. Two of the directors who stepped down filed responses of their own on Friday, with one promising to be more effective driving changes at Williams from outside the board. The U.S.
Six Williams Directors Quit after CEO Ouster Fails
Six of Williams Cos Inc's directors, including the pipeline company's chairman, resigned on Thursday after a failed attempt to oust Chief Executive Alan Armstrong, three sources familiar with the matter told Reuters. The resignations from the company's 13-member board come a day after Energy Transfer Equity walked away from its…
Energy Transfer Ends Williams Merger Deal
Energy Transfer Equity (ETE) said on Wednesday that it has terminated its merger agreement with Williams Cos Inc after ETE's counsel were unable to declare the deal as tax-free. ETE said it provided written notice terminating the deal due to failure of conditions under the merger agreement, including company counsel Latham's inability to deliver the required tax opinion.
ETE's CEO Heads to Court over Williams Deal
Dallas billionaire Kelcy Warren will head to court on Monday to defend against allegations his pipeline company, Energy Transfer Equity LP , has purposely tried to scuttle a proposed $20 billion deal for rival Williams Cos Inc. The two-day trial comes just days before Williams shareholders vote on June 27 if they want to accept the deal proposed in September by Energy Transfer Equity, or ETE.
Williams to Cut Dividend if Energy Transfer Deal Fails
Williams Cos Inc said on Wednesday that it would cut its dividend in the next quarter if a proposed deal to sell itself to larger U.S pipeline peer Energy Transfer Equity LP fell through. Energy Transfer's proposed acquisition of Williams has been in doubt for months, with Williams alleging that Energy Transfer has been actively trying to break the deal. The two companies have sued each other.
Williams Files Lawsuit to save ETE Deal
The war of words between U.S. pipeline operators Williams and Energy Transfer Equity (ETE) has worsened after Williams filed a lawsuit to pressure its would-be buyer to proceed with their merger agreement. Williams has accused ETE of trying to get out of the $20 billion deal and filed a lawsuit late on Friday seeking to prevent…
Energy Transfer CEO on Williams: 'We can't close this deal'
Energy Transfer Equity LP Chief Executive Kelcy Warren said on Thursday the pipeline company cannot complete an agreed-upon $21 billion takeover of rival Williams Cos Inc because of tax issues. "We can't close this deal," Warren said on a company conference call. Warren said that Energy Transfer would be open to a deal that would remove the cash portion of its cash-and-stock bid for Williams.
Pipe Dreams Alive for Few in US Energy Rout
An energy market rout has ravaged fortunes from Texas to North Dakota and hit thousands of small investors, but some tycoons are still coining it in thanks to a piece of financial engineering that has tilted the playing field in their favor. U.S. pipeline billionaire Kelcy Warren, for example, has pocketed over $300 million in…
Williams Sues Energy Transfer Over Preferred Share Offering
Williams Companies Inc has sued Energy Transfer Equity LP to block a private preferred share offering disclosed last month, saying it was a breach of their merger agreement. The offering provides certain Energy Transfer investors preferential treatment on its distributions, Williams said in a statement. Williams also said it was suing Kelcy Warren, chairman of the general partner of Energy Transfer.
Former ETE CFO Sues Company for Breach of Contract
Welch's lawsuit was filed on Thursday in the district court of Dallas County, Texas. The company has not made any public statements about why Welch was terminated. Welch's departure was disclosed in a Friday night filing with U.S. regulators last month. A spokesman for Energy Transfer could not be immediately reached for comment.
Energy Transfer to Take Shareholder Vote on Williams Deal
Pipeline giant Energy Transfer Equity Lp is likely to take a shareholder vote on its proposed buyout of rival Williams Companies Inc, CNBC reported, citing sources. Energy Transfer in September agreed to buy Williams in a deal valued around $33 billion at that time. Energy Transfer did not immediately reply to a call and email seeking comment. (Reporting by Anet Josline Pinto in Bengaluru)
Chesapeake Energy Woes Cast Shadow on U.S. Pipeline Companies
U.S. oil and gas pipeline companies including Williams Companies Inc and Kinder Morgan Inc have contracts worth billions of dollars that might be at risk as Chesapeake Energy Corp aims to slash its debts amid collapsing energy prices. Chesapeake said on Monday it had no plans to file for bankruptcy after sources told Reuters the firm…
FERC Approves Lake Charles LNG Project
The U.S. Federal Energy Regulatory Commission (FERC) has granted approval for the Lake Charles LNG export project, which will see the construction and operation of a natural gas liquefaction and export facility in Lake Charles, La. With FERC approval, the Lake Charles LNG project has now received the key remaining regulatory consent…
FERC Nod for Lake Charles LNG project
BG Group today announced that the Lake Charles LNG export project has received approval from the US Federal Energy Regulatory Commission (FERC) to construct and operate a natural gas liquefaction and export facility in Lake Charles, Louisiana. FERC approval is the key remaining regulatory consent for the Lake Charles LNG project…
Energy Transfer to Shed Sunoco Stake
Pipeline operator Energy Transfer Partners LP said it would sell its 68.42 percent stake in Sunoco LLC, which distributes motor fuel, to convenience store operator Sunoco LP for about $2.23 billion. The transaction, the latest among such asset sales between the two, will complete Sunoco LP's transformation into a wholesale fuel and retail marketing company, the companies said in a statement on Monday.
Energy Transfer to Acquire Williams Cos
Pipeline company Energy Transfer Equity LP said it would buy Williams Cos Inc in a cash-and-stock deal valued at about $37.7 billion, including debt. Energy Transfer's offer of $43.50 per share represents a premium of 4.6 percent to Williams' close on Friday. Williams stockholders electing to receive stock will get 1.8716 Energy Transfer shares for each Williams share held.
