April 24, 2012 04:35 PM Eastern Daylight Time
Constitution Pipeline Company Announces Customer Agreements
TULSA, Okla.--(BUSINESS WIRE)--Constitution Pipeline Company, LLC, a joint development between Williams Partners L.P. (NYSE: WPZ) and Cabot Oil & Gas Corporation (NYSE: COG), today announced the execution of precedent agreements for a proposed 121-mile pipeline designed to connect natural gas production in northeastern Pennsylvania with northeastern markets by spring 2015.
Cabot Oil & Gas has committed to transport 500,000 dt/day (dekatherms per day), while Southwestern Energy Services Company, a subsidiary of Southwestern Energy Company (NYSE: SWN) has agreed to transport 150,000 dt/day for a total takeaway capacity of 650,000 dt/day (enough natural gas to serve about 3 million homes).
The new 121-mile Constitution Pipeline is being designed to connect Williams Partners� gathering system in Susquehanna County, Pa., to the Iroquois Gas Transmission and Tennessee Gas Pipeline systems in Schoharie County, NY. Williams Partners will own 75 percent of Constitution Pipeline and, through its affiliates, will provide construction, operation and maintenance services for the new pipeline. Cabot will own the remaining 25 percent.
Williams (NYSE:WMB) owns 69 percent of Williams Partners.
The pipeline will be regulated by the Federal Energy Regulatory Commission (FERC). In anticipation of filing a certificate application with the FERC in early 2013, Constitution Pipeline Company requested that FERC initiate a pre-filing environmental review of the pipeline proposal. The FERC pre-filing process is intended to solicit early input from citizens, governmental entities and other interested parties to identify and address issues with potential facility locations.
Additional information about the Constitution Pipeline can be found at www.constitutionpipeline.com.
About Williams Partners L.P. (NYSE: WPZ)
Williams Partners L.P. is a leading diversified master limited partnership focused on natural gas transportation; gathering, treating, and processing; storage; natural gas liquid (NGL) fractionation; and oil transportation. The partnership owns interests in three major interstate natural gas pipelines that, combined, deliver 14 percent of the natural gas consumed in the United States. The partnership�s gathering and processing assets include large-scale operations in the U.S. Rocky Mountains and both onshore and offshore along the Gulf of Mexico. Williams (NYSE: WMB) owns approximately 69 percent of Williams Partners, including the general-partner interest. More information is available at www.williamslp.com.
Portions of this document may constitute �forward-looking statements� as defined by federal law. Although the partnership believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the �safe harbor� protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the partnership�s annual reports filed with the Securities and Exchange Commission.
Williams Partners L.P.
Julie Gentz, 918-573-3053
Sharna Reingold, 918-573-2078