Williams and Williams Partners L.P. today announced that Williams Partners has agreed to acquire an additional 20 percent interest in Discovery Producer Services LLC from Williams for $78 million.
Williams Partners already owns a 40 percent interest in Discovery. Discovery provides gathering, transportation, fractionation, and processing services to producers operating in the shallow and deep waters of the Gulf of Mexico.
The transaction is expected to be immediately accretive to distributable cash flow for Williams Partners on a per unit basis for Williams Partners' unitholders.
The equity earnings attributable to a 20 percent interest in Discovery were $5.4 million for the 12-month period ending March 31, 2007. Distributable cash flow attributable to a 20 percent interest in Discovery was $10.3 million for the same period.
A table reconciling Discovery's distributable cash flow to a measure included in Generally Accepted Accounting Principles for the 12-month period ending March 31, 2007, is included at the end of this press release. Also, the definition for distributable cash flow is contained in the body of this release.
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