Williams Partners Acquires Caiman Eastern
Williams Partners L.P. has completed its $2.4 billion acquisition of Caiman Energy’s wholly owned subsidiary, Caiman Eastern Midstream, LLC, giving it a significant footprint and growth potential in the natural gas liquids-rich portion of the Marcellus Shale. Williams owns 68% of Williams Partners, including the general-partner interest.
“With the completion of this major acquisition, we’re well on our way to become the leading provider of gathering, processing and transportation solutions for producers in the Marcellus Shale,” said Alan Armstrong, CEO of Williams Partners’ general partner.
The acquisition establishes Williams Partners’ new Ohio Valley Midstream business. The operation area is northern West Virginia, southwestern Pennsylvania and eastern Ohio. Work is under way to expand the existing physical assets which include a gathering system and a processing facility. Construction is also under way on fractionation and additional processing facilities and there are plans to construct NGL pipelines.
The new business is anchored by long-term contracts, including gathering dedications totaling 236,000 acres from 10 producers. There are processing commitments in place for 100 MMcf/d. Williams Partners plans to operate its Ohio Valley Midstream business from West Virginia.
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