Williams Sells Its Interest In Jackalope To Crestwood Affiliate For $484.6 Mln

(RTTNews) - Williams (WMB) and Crestwood Equity Partners LP (CEQP) announced that Williams has sold its 50 percent interest in Jackalope Gas Gathering Services to an affiliate of Crestwood for $484.6 million in cash. Following the transaction, Crestwood has assumed operatorship of Jackalope.

The Jackalope holdings are in Converse County, Wyoming, and provide gathering, compression and processing services and include the Jackalope Gas Gathering System and the Bucking Horse Processing Plant.

Williams plans to use the cash proceeds from the transaction plus approximately $90 million in avoided 2019 Jackalope capital spending to help fund its extensive portfolio of attractive growth capital and debt reduction.

Williams said it plans to provide updated 2019 financial guidance with its first-quarter earnings release.