Friday, May 21, 2010

Williams Raises Commitment to Natural Gas

(AP) – 4 hours ago
TULSA, Okla. — Natural gas company Williams Co.'s Chairman and CEO told shareholders Thursday that a restructuring of its natural gas pipeline and gas processing assets should foster growth and long-term value for shareholders.
Speaking at the Tulsa, Oklahoma-based company's annual meeting, Steve Malcolm also said that all of the company's businesses should benefit as natural gas grows as an energy source in the U.S.
"There's a growing chorus of voices on all points of the political spectrum who are touting the indisputable advantages of natural gas," Malcolm said in his address, touting gas as the cleanest of fossil fuels.
"As we have unlocked vast new sources, it is a cost-effective energy source," he said. "As we focus on energy security, our domestic supplies are abundant."
The company's $12 billion restructuring involved shifting most of Williams' interstate natural gas pipeline, domestic mainstream gathering and processing assets to Williams Partners LP. Williams Co. holds an 84 percent ownership interest in Williams Partners.
Malcolm said all of the company's businesses already are benefiting from the restructuring. He also touted growth opportunities in established areas such as the Rocky Mountains, and emerging areas such as Marcellus Shale in Pennsylvania.
Williams Co. is a natural gas exploration, production and transportation company with operations primarily in the Rockies, on the Gulf Coast, the Pacific Northwest and Eastern Seaboard.
Shares of Williams Co. fell $1.02, or 5 percent, to $19.18 in afternoon trading. Williams Partners' shares fell $1.73, or 4.5 percent, to $36.68.
Copyright © 2010 The Associated Press. All rights reserved.

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