- Williams ( NYSE: WMB ) has acquired NorTex Midstream from an affiliate of Tailwater Capital in a $423M, the energy infrastructure company announced on Thursday.
- NorTex is a fully contracted natural gas pipeline and storage asset located in north Texas. The deal covers ~80 miles of natural gas transmission pipelines and 36 Bcf of natural gas storage in the Dallas-Fort Worth market.
- The acquired assets will provide critical gas supply to power generation in north Texas, while positioning Williams ( WMB ) to deliver storage services for Permian gas directed toward growing Gulf Coast LNG demand.
- "We see significant upside to integrating these assets, especially when combined with our existing transmission and storage capabilities," said Williams President and CEO Alan Armstrong on the deal.
- WMB shares are down 2% pre-market
For further details see:
Williams buys NorTex Midstream assets in $423M deal