Oklahoma Energy Company Reports Some Damage from Hurricanes

September 24, 2008

The Tulsa-based energy company, Williams Cos., said its operations in the Gulf of Mexico region had suffered varied degrees of damage from Hurricanes Gustav and Ike.

Officials said the most significant damage occurred at its Cameron Meadows natural gas processing plant, located near the towns of Cameron and Johnson Bayou in Louisiana. The facility is shut down and will require repairs, the company said, but the extent and timing of the repairs still are being assessed.

Some of Williams’ other onshore natural gas processing facilities sustained minor damage but are now fully operational, the company said, although they are expected to process lower-than-normal volumes until offshore producers’ volumes return to normal.

Williams said the Discovery offshore gathering system it operates sustained storm damage in about 250 feet of water and it is not accepting gas from producers while damage assessments and repairs are being made.

The company said its other major offshore gathering and processing assets are fully operational.

The company’s onshore compressor station facilities on the Transco interstate natural gas pipeline system sustained some damage, but Williams said Transco is continuing to fulfill its customer commitments. Inspections of Transco’s offshore facilities are ongoing.

Williams shares fell $1.39 on Monday to $26.11.

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