Tulsa-based Williams announced the sale of pipeline systems located in the Gulf Coast area to Easton Energy LLC for $177 million in cash. The sale closed on November 30, 2018, according to a company press release issued on Thursday.
The 31-mile Texas Belle Pipeline, which transports natural gas liquids from Mont Belvieu to customers along the Houston Ship Channel, is included in this transaction as are the Purity Pipeline System, certain assets in the Live Oak Pipeline System and additional idle pipelines located along the Gulf Coast.
Proceeds from the transaction will contribute to funding Williams’ growth capital and investment opportunities.
“We continue to assess and execute on opportunities to optimize our portfolio,” said Chad Zamarin, Williams’ Senior Vice President for Corporate Strategic Development. “We’re pleased to be able to leverage these assets, which were not core to our business strategy, into a source for growth capital and a driver for improved credit metrics.”