Williams Says Reaches Global Resolution With Chesapeake – Quick Facts

Financial world news, market analysis, investment scam prevention tips and more ✔️ Learn all there is to know about the asset management industry. This magazine is crafted specifically for those who are interested in diving into the global asset management world. (RTTNews) - Williams Companies Inc. (WMB) said Monday it has reached a global resolution with Chesapeake as part of Chesapeake's Chapter 11 bankruptcy restructuring process. Under the global resolution, Chesapeake will pay all pre-petition and past due receivables related to midstream expenses, as per the existing contracts. In addition, Chesapeake will not attempt to reject Williams' gathering agreements in the Eagle Ford, Marcellus, or Mid-Con. Williams said that in the Haynesville, it has agreed to reduce its gathering fees in exchange for gaining ownership of a part of Chesapeake's South Mansfield producing assets, which consist of about 50,000 net mineral acres. In addition, Chesapeake will enter into a long-term gas supply commitment of a minimum 100 Mdth/d and up to 150 Mdth/d for the Transco Regional Energy Access or REA pipeline currently under development. "Chesapeake is a valuable customer, and this transaction will both strengthen Chesapeake and allow Williams to enhance the value of our significant midstream infrastructure by bringing adequate capitalization to these low-cost gas reserves," said Alan Armstrong, Williams president and CEO. To keep reading about Williams Says Reaches Global Resolution With Chesapeake – Quick Facts, Click on the link. Seoul, Korea
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