To strengthen its capital structure before an anticipated spinoff this year, Tulsa-based Williams Communications exchanged assetsfor shares of stock with its parent company Williams yesterday. Inthe agreement, Williams received 24.3 million common shares ofWilliams Communications, bringing its total ownership to 420million shares, or 86% of the outstanding stock. In return forequity, Williams Communications will purchase its outstandingpromissory note from Williams and acquire the 15-story,750,000-square-foot Williams Technology Center, scheduled forcompletion this summer adjacent to Williams’ headquarters in Tulsa.

IntercontinentalExchange said it set new single day tradingrecords Tuesday in global oil and U.S. power. Oil derivativetrading volumes totaled 19 million barrels including 13 millionbarrels of crude, 3 million barrels of gasoil, and 1 millionbarrels each of jet fuel and gasoline. Power trading reached 3million MWh. The energy and metals exchange was launched by aconsortium of companies last October. To date, more than 500million barrels oil derivatives and 100 million MWh of power havebeen traded. Natural gas and power products includephysically-delivered gas at fixed and indexed prices, natural gasbasis and swing swaps and firm power. ICE also trades preciousmetals, including gold and silver spot, forwards, and options.

AltaGas Services Inc. said it is investing $10.4 million toexpand three gas gathering and processing systems. The company isincreasing its processing capability in its Thornbury area innortheastern Alberta to accommodate up to 9 MMcf/d) of productionfrom 15 new gas wells. The expansion currently under constructionwill include a 7 MMcf/d natural gas processing plant and 25 milesof gathering pipelines. It also is building an 11 mile pipeline toconnect 3 MMcf/d of gas located southeast of Alsask, SK, to itsAcadia Valley gathering system in Alberta. Construction should becompleted by mid-March. AltaGas and Real Resources will jointlyconstruct a 22 mile pipeline to connect wells owned by Real toAltaGas’ Prairie River gas plant and gathering system.

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