| 03/28/00 | Energy Services |
The sale is subject to rights of first refusal by the other owners in the pipeline system, and to the approvals of the Federal Trade Commission and the state attorneys general of Alaska, California, Oregon and Washington in connection with the approval of the ExxonMobil merger.
Ralph Hill, senior vice president and general manager of petroleum services and exploration and production for Williams, stated, "The ownership position in the Trans Alaska Pipeline is an excellent opportunity for Williams that adds to our existing Alaskan operations.”
Williams’ presence in Alaska currently includes a petroleum refinery in North Pole that receives crude oil from the Trans Alaska Pipeline System, a distribution terminal at the Port of Anchorage, 28 retail petroleum convenience stores and an interest in an air cargo transfer facility at Anchorage International Airport.
Randy Newcomer, president of Williams Alaska Petroleum, Inc., said, “Alaska is an important market for Williams. Williams Alaska employs more than 500 Alaskans in its business activities and our North Pole Refinery is the largest supplier of jet fuel in the state. Williams welcomes the possibility to expand its Alaska business portfolio.”
The Trans Alaska Pipeline is one of the largest pipeline systems in the world, transporting approximately 1 million barrels per day of crude oil 800 miles from Prudhoe Bay on the state’s North Slope to the Port of Valdez in the south. The pipeline was built between 1974 to 1977 at a cost of approximately $8 billion.
About Williams
Williams, through its subsidiaries, connects businesses to energy and communications. The company delivers innovative, reliable products and services through its extensive networks of energy-distributing pipelines and high-speed fiber-optic cables. Company information is available at www.williams.com.
Portions of this document may constitute "forward-looking statements" as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual reports filed with the Securities and Exchange Commission.
Contact Information:
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Kelly Swan (media) (918) 573-6932 kelly.swan@williams.com |
D'Ann Riley (investors) (918) 573-8088 d'ann.riley@williams.com |