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Enterprise Product Partners exits possible Williams buyout
HOUSTON, September 8, 2016 (PCW) – Enterprise Product Partners on Thursday said it had withdrawn its interest in buying out Williams.
“Consistent with these efforts and after extensive analysis of public information regarding Williams, we submitted non-binding proposals to Williams to combine Williams and Enterprise,” said EPD CEO Jim Teague.
“As a result of rumors with respect to our proposals, as well as the lack of engagement by Williams, we have determined that there is no actionable path forward toward an agreement. We, therefore, have withdrawn our non-binding proposals,” Teague added.
Williams’ merger with Energy Transfer Partners was terminated in late June after a protracted battle that involved several lawsuits. Soon after, several members of Williams’ board, including its chairman, resigned. Ever since, the Tulsa-based company has been embroiled in a proxy fight with activist hedge fund Corvex to replace all of Williams’ directors and its CEO Alan Armstrong.
Williams on Tuesday said it was considering selling or a fee-for-service tolling agreement for its 1.95 billion lbs/yr Geismar olefins plant in Louisiana. -- Samantha Hartke