This Week in Energy: Whiting Petroleum, Exxon, Mobil Corporation, and More

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Energy Transfer Attempts to Break a Proposed Marriage

Although natural gas prices are now close to $3 per thousand cubic feet, Energy Transfer Equity LP (NYSE:ETE) terminated its proposed merger with Williams Companies Inc (NYSE:WMB) this week. A few days after a court ruled that Energy Transfer Equity LP (NYSE:ETE) could legally abrogate its planned merger with Williams Companies Inc (NYSE:WMB) due to unforeseen potential tax issues, Energy Transfer announced on Monday that it has terminated the merger agreement, which will save the company billions in liquidity. Williams said that it does not believe Energy Transfer had a right to terminate the merger agreement and that it will seek, among other remedies, monetary damages for the breaches. While Williams is pursuing damages, there is some internal strife occurring within the organization. On July 1, six board members stepped down, including former Chairman Frank MacInnis.

A total of 31 funds from our database were long Energy Transfer Equity LP (NYSE:ETE) at the end of the first quarter, down by two funds from the previous quarter, while 52 funds had stakes in Williams Companies Inc (NYSE:WMB), down by seven funds over the quarter.

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Disclosure: None

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