Williams Partners L.P. has announced that its subsidiary Utica Gas Services has successfully completed the previously announced acquisition of approximately 13% of additional equity interest in Utica East Ohio Midstream LLC (UEO) from a subsidiary of EV Energy Partners, L.P. for approximately US$357 million.
With this acquisition, Williams Partners has increased its equity interest in UEO from 49 - 62%. UEO is a substantial natural gas midstream business in the Utica Shale in eastern Ohio. The gathering, processing, fractionation and storage assets are anchored by long-term, fee-based contracted commitments.
“We are very pleased to expand our ownership position in this valuable asset in the Utica,” said Alan Armstrong, chief executive officer of Williams Partners’ general partner. “UEO has experienced consistent volume growth and we see attractive growth opportunities as the Utica continues to develop.”
Simultaneous with the Williams Partners transaction, the other member of UEO acquired approximately 8% of additional equity interest in UEO.
Adapted from press release by Hannah Priestley-Eaton