This Week in Energy: BP, Seadrill, Energy Transfer, and Others

Judge Rules in Favor of Energy Transfer

Energy Transfer Equity LP (NYSE:ETE) just scored a major victory in its quest to terminate its proposed merger with Williams Companies Inc (NYSE:WMB), which has been a disaster of epic proportions ever since energy prices started tanking.  A judge ruled on Friday that that Energy Transfer’s concern over unexpected taxes for the merger was a legitimate issue and that the lawyers who brought the issue up were acting in ‘good faith’. The ruling will allow Energy Transfer to exit the deal without having to pay a break up fee and saves Energy Transfer a lot of liquidity that the company can use for other more productive purposes. Needless to say, Williams Companies will likely appeal the verdict. Given its solid performance this week (up over 6% and another 6% in after hours), Energy Transfer bulls certainly hope the judge’s ruling will hold up. A total of 31 funds from our database amassed $306.03 million worth of Energy Transfer Equity LP (NYSE:ETE)’s stock and 52 funds owned $2.27 billion worth of Williams Companies Inc (NYSE:WMB)’s shares at the end of March.

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