Williams Partners LP (NYSE: WPZ) says that its subsidiary Utica Gas Services has completed the acquisition of approximately 13% of additional equity interest in Utica East Ohio Midstream LLC (UEO) from a subsidiary of EV Energy Partners LP (NASDAQ: EVEP) for $357 million. With this acquisition, Williams Partners has increased its equity interest in UEO from 49% to 62%.
Simultaneous with the Williams Partners transaction, the other member of UEO acquired 8% of additional equity interest in UEO.
UEO is a joint project to develop infrastructure for the gathering, processing, and fractionation of natural gas and natural gas liquids (NGL) in the Utica shale play in eastern Ohio. Williams Partners, along with another equity owner, operates the infrastructure complex which consists of natural gas gathering and compression facilities, four processing plants with a total capacity of 800 MMcf per day, a 135,000 barrel per day NGL fractionation facility, approximately 600,000 barrels of NGL storage capacity and other ancillary assets, including loading and terminal facilities that are operated by its partner.