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Byline: Adam Wilmoth
Dec. 20--TULSA, Okla.--Williams Cos. has received federal permission to begin a $33 million project to build two natural gas pipeline extensions in New Jersey and Pennsylvania.
The Tulsa-based energy company has sold about $5.9 billion in noncore assets in 2002 as part of an effort to pay down debt and focus on natural gas drilling, gathering and processing.
"These pipelines are instantly profitable, albeit regulated," said John E. Olson, an industry analyst with Sanders Morris Harris in Houston. "They also can provide more borrowing power. The regulated interstate pipelines are far and away Williams' highest quality assets." …