Oklahoma business briefs for Feb. 27

Oklahoma business briefs for Feb. 27
Published: February 26, 2014

Oklahoma briefs

Williams Partners signs $1.2B deal

Williams Partners LP is poised to spend $1.2 billion to acquire its parent company’s operations in Canada. The partnership announced Wednesday it has signed an agreement to acquire the Williams Cos. Inc.’s Canadian assets, including three processing facilities in Alberta and about 260 miles of natural gas liquids pipelines. Those operations have long-term contracts that are expected to produce strong cash flows for Williams Partners. The deal will be financed by the issuance of 25.6 million payment-in-kind limited partner units, $25 million in cash and an increase to the general partner’s capital account to maintain Williams’ 2 percent general-partner interest. Williams currently owns about 64 percent of Williams Partners, including its general-partner interest.

WPX Energy reports growth

WPX Energy announced Wednesday that its proved reserves increased 5.5 percent last year to 4.9 trillion cubic feet of natural gas equivalent. “We have quality assets throughout our portfolio,” CEO Jim Bender said. “Our oil growth continues to stand out, as well as the breadth of our large-scale, low-cost position in the Piceance.” WPX boosted its domestic oil reserves by 34 percent to more than 100 million barrels, while replacing more than 500 percent of its domestic production. The company’s year-end reserves reflect a mixture of 76 percent natural gas, 13 percent oil and 11 percent natural gas liquids.

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