Williams Partners acquires 13 pc additional interest in Utica East Ohio

Williams Partners acquires 13 pc additional interest in Utica East Ohio

7:24 PM, 12th June 2015
Williams Partners acquires 13 pc additional interest in Utica East Ohio

TULSA, US: Williams Partners LP said that its subsidiary Utica Gas Services has successfully completed the previously announced acquisition of approximately 13 percent of additional equity interest in Utica East Ohio Midstream LLC (UEO) from a subsidiary of EV Energy Partners LP for approximately $357 million.

With this acquisition, Williams Partners has increased its equity interest in UEO from 49 to 62 percent. UEO is a substantial natural gas midstream business in the Utica Shale in eastern Ohio. The gathering, processing, fractionation and storage assets are anchored by long-term, fee-based contracted commitments.

“We are very pleased to expand our ownership position in this valuable asset in the Utica. UEO has experienced consistent volume growth and we see attractive growth opportunities as the Utica continues to develop,” said Alan Armstrong, chief executive officer, Williams Partners’ general partner.

Simultaneous with the Williams Partners transaction, the other member of UEO acquired approximately 8 percent of additional equity interest in UEO.

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