Williams will reduce its capital budget by 32% to $2 billion this year amid project delays and cancellations spurred by the oil and gas market downturn. Williams said it would spend $1.3 billion to expand its Transco pipeline and other interstate pipeline projects, most of which are fully contracted. The company said any capital spending on gathering and processing will be limited to known new producer volumes, including wells drilled and completed awaiting connecting infrastructure.
Last week Williams announced its Transco subsidiary had secured $1 billion in funding for capital expenditures.
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