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Company Description

Contact Info

One Williams Center

Tulsa, OK 74172

United States

Phone: 918-573-2000

Fax:

g facilities in the Marcellus and Utica shale-gas areas in the U.S. Northeast to improving petrochemical and export markets in the U.S. Gulf Coast. The company’s Canadian operations that include an oil sands offgas processing plant located near Fort McMurray, Alberta; and a NGL/olefin fractionation facility and B/B Splitter facility, both of which are located at Redwater, Alberta, which is near Edmonton, Alberta, as well as the Boreal Pipeline, which transports NGLs and olefins from its Fort McMurray plant to its Redwater fractionation facility. The company operates the Fort McMurray area processing plant and the Boreal Pipeline, while another party operates the Redwater facilities on its behalf. Its Fort McMurray area facilities extract liquids from the offgas produced by a third-party oil sands bitumen upgrader. The company extracts, fractionates, treats, stores, terminals, and sells the ethane/ethylene, propane, propylene, normal butane (butane), isobutane/butylene (butylene), and condensate recovered from this process. The Fort McMurray extraction plant has processing capacity of 121 MMcf/d with the ability to recover approximately 26 Mbbls/d of olefin and NGL products. The company’s Redwater fractionator has a liquids handling capacity of 26 Mbbls/d. The B/B Splitter, which has a production capacity of 3.7 Mbbls/d of butylene and 3.7 Mbbls/d of butane, further fractionates the butylene/butane mix produced at its Redwater fractionators into separate butylene and butane products. It also purchases small volumes of olefin/NGLs mixes from third-party gas processors, fractionate the olefins and NGLs at its Redwater plant and sell the resulting products. The Boreal Pipeline is a 261-mile pipeline in Canada that transports recovered NGLs and olefins from the company’s extraction plant in Fort McMurray to its Redwater fractionation facility. The pipeline has an initial capacity of 43 Mbbls/d that could be increased to a capacity of 125 Mbbls/d with additional pump stations. Its products are sold within Canada and the United States. In 2013, the company formed a joint project to develop the Bluegrass Pipeline. It owns a 50 percent interest in Bluegrass Pipeline. The proposed pipeline would deliver mixed NGLs from these producing areas to proposed new fractionation and storage facilities, which would have connectivity to petrochemical facilities and product pipelines along the coasts of Louisiana and Texas. ACCESS MIDSTREAM PARTNERS This segment consists of the company’s equity investment in ACMP. This investment includes an indirect 50 percent interest in Access GP, including incentive distribution rights. In addition, the company holds approximately 23 percent of ACMP’s outstanding limited partnership units. ACMP is a publicly traded master limited partnership that provides gathering, processing, treating and compression services to Chesapeake Energy Corporation and other producers under long-term, fee-based contracts. Access GP is the general partner of ACMP. Regulatory Matters Williams Partners Williams Partners’ gas pipeline interstate transmission and storage activities are subject to the Federal Energy Regulatory Commission regulation under the Natural Gas Act of 1938 and under the Natural Gas Policy Act of 1978, and as such, its rates and charges for the transportation of natural gas in interstate commerce, its accounting, and the extension, enlargement or abandonment of its jurisdictional facilities are subject to regulation. Williams Partners’ gas pipelines are subject to the Natural Gas Pipeline Safety Act of 1968, as amended; the Pipeline Safety Improvement Act of 2002; and the Pipeline Safety, Regulatory Certainty, and Jobs Creation Act of 2011, which regulates safety requirements in the design, construction, operation, and maintenance of interstate natural gas transmission facilities. The company has developed an enterprise wide Gas Integrity Management Plan that meets the United States Department of Transportation Pipeline and Hazardous Materials Safety Administration final rule that was issued pursuant to the requirements of the Pipeline Safety Improvement Act of 2002. The compa

 

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WMB

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Valuation WMB Industry Range
Price/Earnings 96.3x
Price/Sales 5.9x
Price/Book 8.7x
Price/Cash Flow 35.4x
TEV/Sales 3.8x
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