TULSA, Okla. - Williams Cos. says it has closed on a joint-venture agreement with Atlas Pipeline Partners LP that will collect natural gas in the southwestern Pennsylvania portion of the Marcellus Shale rock formation.
The new company, named Laurel Mountain Midstream LLC, owns 1,800 miles of interstate natural gas gathering lines in the region, servicing about 6,900 wells.
Williams says it contributed $100 million and issued a $25.5 million note payable to Laurel Mountain in exchange for a 51 percent ownership interest in the joint venture.
Moon Township, Pa.-based Atlas Pipeline Partners will own 49 percent.
Williams will run the new company on a day-to-day basis.
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