On Thursday, Shares of Williams Companies Inc (NYSE:WMB), lost -3.80% to $44.26.
Williams (WMB) declared an expansion of gas gathering services for Chesapeake Energy (CHK) in growing dry gas production areas of the Utica Shale in eastern Ohio and a consolidation of contracts in the Haynesville Shale in northwestern Louisiana to optimize production opportunities, streamline fee structures and restructure commitments to incentivize long-term development of the fields. The agreements with Chesapeake were reached by auxiliaries of Williams Partners L.P. (WPZ), of which Williams own 60 percent, counting the general partner interest.
“This demonstrates our commitment to working with Chesapeake to align our interests on mutual growth while sustaining the financial support of our investments,” said Alan Armstrong, chief executive officer of Williams. “These new fee structures are designed to promote production in the best locations across a wider footprint in these great basins, which improves the economics on both the drilling and midstream side. We’ve also raised certainty around fees and volumes to support our strategy of creating long-term, durable value for shareholders.”
In the Utica, Williams and Chesapeake executed a long-term, fee-based contract that gained a new area of dedication in the dry gas zone where Chesapeake and others are targeting production growth. The agreement extends the length of the Chesapeake acreage dedication to 2035, improvements the area of dedication by 50,000 acres from 140,000 acres to 190,000 net acres in a planned area adjacent to Williams’ existing assets and converts the cost-of-service mechanism to a fixed-fee structure with minimum volume commitments (MVCs). This change to a fixed-fee contract enhances Williams’ ability to gather third-party volumes and build scale in Utica’s dry gas areas. Williams anticipates this will provide the opportunity to invest more than $600 million over five years to install more than 200 miles of pipeline and related facilities as this prolific area of the basin grows with up to 800 million cubic feet per day of capacity to serve the development.
The Williams Companies, Inc. operates as an energy infrastructure company primarily in the United States. The company operates in three segments: Williams Partners, Access Midstream, and Williams NGL & Petchem Services.
Shares of Nokia Corporation (ADR) (NYSE:NOK), inclined 1.79% to $6.55, during its last trading session.
Nokia’s economic, environmental and social responsibility was recognized recently as the company was selected to be an index component of the Dow Jones Sustainability Indices.
Nokia was comprised in The Dow Jones Sustainability World Index after being evaluated on a variety of criteria like climate strategy, environmental administration, performance and reporting, human capital development, stakeholder engagement, privacy protection, supply chain administration and corporate governance.
Nokia Corporation, together with its auxiliaries, provides network infrastructure and related services in Finland, the United States, Japan, China, India, the Russian Federation, Germany, Taiwan, Indonesia, Italy, and internationally.
Finally, Cliffs Natural Resources Inc (NYSE:CLF), ended its last trade with -7.53% loss, and closed at $4.05.
Cliffs Natural Resources Inc, declared that its Board of Directors declared a quarterly cash dividend on the Company’s 7.00% Series A Mandatory Convertible Preferred Stock, Class A (“Series A preferred stock”), of $17.50 per share, which is equivalent to about $0.4375 per depositary share, each representing 1/40th of a share of Series A preferred stock. The cash dividend will be payable on Nov. 2, 2015 to shareholders of record of the Series A preferred stock as of the close of business on Oct. 15, 2015. The Company stated that the aggregate amount of the preferred dividend payment is about $12.8 million.
Cliffs Natural Resources Inc., a mining and natural resources company, produces iron ore and metallurgical coal. It operates five iron ore mines that produces iron ore pellets in Michigan and Minnesota; Koolyanobbing complex situated in northeast of the town of Southern Cross, which produces lump and fines iron ore; and two metallurgical coal mines located in Alabama and West Virginia.
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