Williams to sell Kansas Hugoton natural gas gathering system for $100 million

Petroleum News Alaska Staff

Williams said July 3 that it has signed a letter of intent to sell its Kansas Hugoton natural gas gathering system for $100 million in cash to FrontStreet Hugoton LLC, an affiliate of FrontStreet Partners LLC. The sale price will be subject to certain post-closing adjustments. The sale is expected to close by July 31.

Williams said asset sales are part of its overall plan to create a net $8 billion improvement in the company’s finances in the next year. The company said it has already made nearly $5 billion in progress on that plan.

Williams’ Alaska properties were put up for sale in June: the refinery at North Pole, two associated petroleum products terminals, 29 convenience stores, 3 percent interest in the trans-Alaska pipeline system and Anchorage CargoPort ownership