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2015-09-29 20:50:00

MERGER $37.7 BLN

MERGER $37.7 BLN

Energy Transfer Equity LP (ETE), Dallas, and Williams Cos. Inc., Tulsa, have agreed to merge in a deal valued at $37.7 billion, including the assumption of debt and other liabilities. Williams previously rejected an unsolicited all-equity acquisition proposal by ETE valued at $53.1 billion.

ETE says the merger will create the third largest energy franchise in North America and one of the five largest global energy companies.

"As a combined company, we will have enhanced prospects for growth, be better able to connect our customers to more diverse markets, and have more stability in an environment of low commodity prices," said Alan Armstrong, Williams president and chief executive officer. "Importantly, Williams Partners will retain its current name and remain a publicly traded partnership headquartered in Tulsa, Okla."

Under the deal's terms, ETE affiliate Energy Transfer Corp. LP will acquire Williams at an implied current price of $43.50/Williams share. The companies believe that all stakeholders will benefit from the cash flow diversification associated with ownership in three large investment grade master limited partnerships, including Energy Transfer Partners LP and Sunoco Logistics Partners LP.

ogj.com

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Tags: ETE, WILLIAMS, MERGER

Chronicle:

MERGER $37.7 BLN
2018, May, 23, 10:50:00

OIL PRICE: ABOVE $79 ANEW

REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.

MERGER $37.7 BLN
2018, May, 23, 10:45:00

HARD OIL MARKET

FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.

MERGER $37.7 BLN
2018, May, 23, 10:40:00

U.S. THE WORLD'S TOP

EIA - The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world's top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world's top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%.

MERGER $37.7 BLN
2018, May, 23, 10:35:00

U.S. - CHINA ENERGY TRADE

PLATTS - China became the largest contributor to global LNG consumption growth in 2017. It surpassed South Korea as the world's second largest LNG importer and its share of global LNG demand is expected to converge with that of Japan by 2030.

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