TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE:WMB) announced today that WilPro Energy Services (El Furrial) Limited and WilPro Energy Services (PIGAP II) Limited, the joint ventures owned by subsidiaries of Williams and Exterran Holdings, Inc. (NYSE: EXH), have completed the sale of the El Furrial and PIGAP II assets to PDVSA Gas, S.A. in connection with the 2009 nationalization of those assets.
After satisfying amounts owed to the WilPro joint ventures’ lenders and taking into account other closing adjustments, Williams received an initial payment of approximately $84 million in cash at closing. Williams also received approximately $63 million from PDVSA related to a previous agreement to sell Williams’ interest in Accroven SRL. Accroven includes two natural gas liquid (NGL) extraction plants, a NGL fractionation plant and associated storage and refrigeration facilities.
The remaining amount of approximately $165 million due to Williams is payable in periodic cash payments through the first quarter of 2016.
Prior to the nationalization of the El Furrial and PIGAP II assets in 2009, the WilPro joint ventures provided natural gas compression and injection services to an affiliate of Petroleos de Venezuela, S.A. (PDVSA). Williams has a 66 2/3-percent ownership interest in WilPro El Furrial and a 70-percent ownership interest in WilPro PIGAP II.
In connection with the sale of the El Furrial and PIGAP II assets, the WilPro joint ventures and an affiliate of Williams have agreed to suspend their previously filed arbitration proceeding against Venezuela pending payment in full by PDVSA Gas of the purchase price for the nationalized assets.
About Williams (NYSE: WMB)
Williams is one of the leading energy infrastructure companies in North America. It owns interests in or operates 15,000 miles of interstate gas pipelines, 1,000 miles of NGL transportation pipelines, and more than 10,000 miles of oil and gas gathering pipelines. The company’s facilities have daily gas processing capacity of 6.6 billion cubic feet of natural gas and NGL production of more than 200,000 barrels per day. Williams owns a 72-percent ownership interest in Williams Partners L.P. (NYSE: WPZ), one of the largest diversified energy master limited partnerships. Williams Partners owns most of Williams’ interstate gas pipeline and domestic midstream assets. The company’s headquarters is in Tulsa, Okla. More information is available at www.williams.com.
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual reports filed with the Securities and Exchange Commission.