Williams Partners L.P. has announced that its subsidiary Utica Gas Services has successfully completed the previously announced acquisition of approximately 13% of additional equity interest in Utica East Ohio Midstream LLC (UEO) from a subsidiary of EV Energy Partners, L.P. for approximately US$357 million.
With this acquisition, Williams Partners has increased its equity interest in UEO from 49 - 62%. UEO is a substantial natural gas midstream business in the Utica Shale in eastern Ohio. The gathering, processing, fractionation and storage assets are anchored by long-term, fee-based contracted commitments.
鈥淲e are very pleased to expand our ownership position in this valuable asset in the Utica,鈥� said Alan Armstrong, chief executive officer of Williams Partners鈥� general partner. 鈥淯EO has experienced consistent volume growth and we see attractive growth opportunities as the Utica continues to develop.鈥�
Simultaneous with the Williams Partners transaction, the other member of UEO acquired approximately 8% of additional equity interest in UEO.
Adapted from press release by