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Williams’ proposed Alberta PDH plant part of Canadian asset sale in 3Q

HOUSTON, August 2, 2016 (PCW) –- Williams on Tuesday said its proposed propane dehydrogenation (PDH) unit in Alberta would be part of its upcoming Canadian asset sale, which it hopes to finalize in the third quarter.

The sale is expected to yield about $1 billion for Williams, company executives said Thursday.

The unit, which had a proposed capacity of 1.2 billion lbs/yr, was expected to come online at the end of 2019. Williams had previously said it would make a final investment decision in the second half of this year. In May, Williams said it had invested about $34 million in “project development expenses” related to the PDH unit.

The company’s Canadian operations also includes offgas processing facilities for oil sands producers. Williams’ Canadian operations had contributed “not a meaningful amount of EBITDA in 2016,” CEO Alan Armstrong said on Tuesday.

Several companies are said to be in advanced talks with Williams for the Canadian assets, including Encana and Pembina.

The Tulsa-based company on Tuesday reported a net loss of $405 million in the second quarter, compared to net income of $114 million in 2Q 2015. The decrease was due to a $747 million non-cash pre-tax impairment charge associated with held for sale Canadian operations and the absence of $126 million of Geismar insurance proceeds from the prior year. -- Samantha Hartke

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