We are advising Williams on the acquisition

Davis Polk is advising The Williams Companies, Inc. on its $1.95 billion acquisition of a portfolio of natural gas storage assets from an affiliate of Hartree Partners, LP. The transaction includes six underground natural gas storage facilities located in Louisiana and Mississippi with total capacity of 115 billion cubic feet, as well as 230 miles of gas transmission pipeline, 30 pipeline interconnects to attractive markets and connections to Transco, the nation’s largest natural gas transmission pipeline. The transaction is expected to close in January 2024, following satisfaction of customary closing conditions, including the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment-grade company with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. Williams owns and operates more than 33,000 miles of pipelines systemwide – including Transco, the nation’s largest volume natural gas pipeline – and handles approximately one-third of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.

Founded in 1997 and headquartered in New York City, Hartree is a merchant commodities firm specializing in energy and its associated industries. Hartree is owned by the company’s founding partners, senior staff and certain funds managed by Oaktree Capital Management, LP. Since 2015, Oaktree has invested in excess of $1 billion alongside Hartree’s management team.

The Davis Polk corporate team includes partners Oliver Smith and Shanu Bajaj and associate Yoel Levi. Partner Pritesh P. Shah is providing intellectual property advice. Partner Howard Shelanski and associate Benjamin M. Miller are providing antitrust and competition advice. Partner Kyoko Takahashi Lin and counsel Charlotte R. Fabiani are providing executive compensation advice. Partner William A. Curran is providing tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices. 

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