Eagle and Beagle for June 22, 2014

Eagle and Beagle for June 22, 2014
Oklahoman Published: June 20, 2014



Our eagle made quite a splash this week as it nabbed its prey.

Tulsa-based Williams Cos. Inc. announced a week ago that it would acquire Access Midstream Partners LP in a $6 billion deal that would create the nation’s largest midstream master limited partnership.

A day later, WMB shares jumped nearly 19 percent to an all-time high in very heavy trading. The stock finished the week with a 22 percent gain, closing Friday at $57.66

It was a deal that took a couple of years to bring to fruition.

Williams secured a stake in Access Midstream when it helped fund the partnership’s $2.16 billion purchase of former parent company Chesapeake Energy Corp.’s remaining midstream assets in late 2012.

Traders apparently liked the determination and the outcome.


In related news, this week’s worst-performing state-based stock was Access Midstream Partners LP (see above).

In the Williams/Access deal, Williams’ proposed swapping of 0.85 Access Midstream units for each Williams Partners unit.

In the wake of the announcement, Access’ units dipped, but neither the price swing nor the volume was nearly as dramatic as those of Williams.

ACMP units were off 6.5 percent for the week, closing Friday at $61.11.

But note that the current price remains just a few bucks off its 52-week high.

Eagle & Beagle is a weekly look at the state’s high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.

by Don Mecoy
Business Editor
Business Editor Don Mecoy has covered business news for more than a decade after earlier working on The Oklahoman's city, state and metro news desks, including a stint as city editor. He has won state and regional journalism awards for business,...
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