Williams Finalizes Upstream JV With Crowheart Energy

(RTTNews) - Williams (WMB) said that it has finalized an upstream joint venture with Crowheart Energy in the Wamsutter Field of the Greater Green River Basin of Wyoming. The joint venture involves the consolidation of three legacy operating assets consisting of over 1.2 million net acres, more than 3,500 operating wells, and more than 3,000 potential development locations.

The transaction consolidates the legacy BP, Southland and Crowheart upstream assets into one contiguous footprint, delivering operational cost savings and synergies, while unlocking significant long lateral development inventory.

Under the joint venture, Crowheart will operate the parties' consolidated upstream position and Williams will continue to operate and retain full ownership of its midstream assets.

Williams will also retain real estate, surface and other rights designed to enable further expansion of midstream and renewable energy opportunities in Wyoming.

Initially Williams and Crowheart will own 75% and 25% respective interests, although Crowheart may increase its ownership through performance under a development program designed to enhance the value of Williams' midstream assets.

Williams retains significant governance rights, including control of the selection and pace of operations pursued, and the ability to exit its upstream ownership position.