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Williams, DEFS Swap Domestic Natural Gas Assets
Duke Energy Field Services (DEFS) and a unit of Williams have agreed to an exchange of natural gas gathering and processing interests located in Wyoming, Texas and Oklahoma. Under the agreement, Williams will receive DEFS’s 34% interest in the Echo Springs processing plant and related gathering system near Wamsutter, WY. In exchange, DEFS will receive Williams’ Oklahoma-based Hugoton gathering system and three gas processing plants: Baker, in Baker, OK; Hobart Ranch, in Canadian, TX; and South Bishop, in Ellis County, OK.
In addition to operating the Echo Springs facilities, Williams now will own 100% of the complex. It recently finished expanding Echo Springs’ capacity to almost 400 MMcf/d.
“We continue to increase our stake in Wyoming because it’s a significant growth basin for producers,” said Steve Springer, Williams’ senior vice president of midstreams gas and liquids group. “New supplies of natural gas create even more demand for our gathering and processing services in the area and also add value to other Williams’ businesses.”
DEFS Michael Bradley, senior vice president, said the new gathering system and gas plants are a “great strategic fit with our assets in the area, as they will specifically provide supply to plants with existing capacity.”
Williams and DEFS have already completed the Federal Trade Commission review period and expect to close the transaction in the first quarter of 2002.
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