Midstream - Pipelines | Capital Markets | Capital Expenditure
Williams Cuts $1.0 Billion from 2016 Budget
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Williams and Williams Partners announced Williams Partners 2016 growth capital funding needs total $2 billion, down approximately $1 billion, or 32 percent, from the partnership’s previous plans.
The reduction in 2016 capital and investment expenditures reflects project deferrals, delays and cancellations resulting from the current commodity price environment as well as sharply higher costs of capital. On a GAAP-basis, including consolidated joint ventures, planned growth capital has been reduced by $1.2 billion to $2.1 billion.
Alan Armstrong, chief executive officer of Williams Partners’ general partner, said: “Our strategy remains intact and the underlying fundamentals of our business are strong despite the slower growth rates producers currently face. We continue to execute on…
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