Williams

Williams plans to simplify its organizational structure and consolidate the number of areas it operates — from five to three — by early 2017, the company said Wednesday. The move is intended to capitalize on growing demand for natural gas.

Williams Partners LP is considering selling its interest in the Geismar, LA, olefins plant and complex. The process might result in a sale or a long-term, fee-for-service tolling agreement, the company said.

Williams said Monday it is “unfortunate” that Corvex Management LP has mounted a proxy fight to nominate a slate of 10 directors to the Williams board following news that Williams earlier this year rejected a takeover bid from Enterprise Products Partners LP.

Williams and Williams Partners said late Monday that they have agreed to sell the companies’ Canadian businesses to Inter Pipeline Ltd. for combined cash proceeds of C$1.35 billion (about US$1.03 billion). Proceeds are to be used to reduce debt at the companies.

Williams cut its quarterly dividend to 20 cents from 64 cents and outlined plans to strengthen its balance sheet and credit profile as it builds out large-scale infrastructure to capitalize on growing demand for natural gas.

Rerouting Gulf of Mexico subsea systems, including an assist by Williams, is offering alternative transit for most of the natural gas and liquids carried by Destin Pipeline that were shut in by the Pascagoula Gas Plant (PGP) explosion late last month.

In the wake of a failed merger with Energy Transfer Equity LP (ETE), an apparent attempt to oust CEO Alan Armstrong at the Williams Companies Inc. has failed and led to the resignation of six of its 13 board members, including the chairman.

Call it the marriage that didn’t quite make it to the altar.

Despite a judge’s ruling that could ultimately nix the deal, The Williams Companies Inc. said more than two-thirds of its shareholders voted for the proposed merger with Energy Transfer Equity LP (ETE), according to preliminary results.