Duke Energy, Williams swap gas gathering and processing stakes

Duke Energy Field Services and a unit of Williams Cos. Inc., Tulsa, have agreed to swap gas gathering and processing interests in Wyoming, Texas, and Oklahoma. The transaction is expected to close during the first quarter.

Jan. 16, 2002

By the OGJ Online Staff

HOUSTON, Jan. 16 -- Duke Energy Field Services and a unit of Williams Cos. Inc., Tulsa, have agreed to swap gas gathering and processing interests in Wyoming, Texas, and Oklahoma.

The US Federal Trade Commission's review period has been completed, and the transaction is expected to close during the first quarter.

Williams will receive DEFS' 34% interest in the Echo Springs processing plant and related gathering system near Wamsutter, Wyo., bringing its interest to 100%. Williams recently expanded the complex to 400 MMcfd of capacity.

In exchange, Duke Energy Field Services receives Williams' Oklahoma Hugoton gathering system and the Baker, Hobart Ranch, and South Bishop gas processing plants located near Baker, Okla., and Canadian, Tex., and in Ellis County, Okla., respectively.

"These assets are a great strategic fit with our assets in the area, as they will specifically provide supply to plants with existing capacity," said Michael Bradley, senior vice-president, Duke Energy Field Services.

DEFS is a 70:30 joint venture of Duke Energy Corp. and Phillips Petroleum Co.