Tulsa-based Williams said Thursday it had completed the sale of its Alaska business interests, completing its exit from the petroleum refining and marketing business.

The three separate transactions were sold for a total of $290 million, subject to closing adjustments that include the value of petroleum inventories. In addition to cash proceeds, the transaction will eliminate two cash-collateralized letters of credit that Williams has with the state of Alaska, releasing $90.9 million back to Williams.

CEO Steve Malcolm said, “The benefits of this sale provide added improvement to our balance sheet and more resources for meaningful debt reduction.”

Williams and its subsidiaries now plan to concentrate on the natural gas business, which is primarily focused on producing, gathering, processing and transportation. Williams’ gas wells, pipelines and midstream facilities are concentrated in the U.S. Northwest, Rocky Mountains, Gulf Coast and Eastern Seaboard.

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