Williams, Brazos Midstream Agree to Delaware Basin Joint Venture

   By Stephen Nakrosis

Williams Cos. (WMB) will contribute its existing Delaware Basin assets to a new joint venture with Brazos Midstream, the two companies said Thursday.

Under the terms of the deal, Williams will contribute the assets in exchange for a 15% minority position in the JV.

The Delaware Basin, which covers areas of Texas and New Mexico, is an area with large oil fields.

Brazos will operate gas gathering pipelines, natural gas processing plants, crude oil gathering pipelines and oil storage tanks in the region. In addition, Brazos is constructing its previously announced Comanche III natural gas processing plant, which is to be fully operational by the first quarter of 2019.

Williams and Brazos also agreed to jointly develop natural gas residue solutions.

Williams said the joint venture doesn't affect its current financial guidance.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

November 15, 2018 18:07 ET (23:07 GMT)

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