Bluegrass Pipeline Announces Open Season

  Bluegrass Pipeline Announces Open Season

  *Open Season to Commence on October 29; Pipeline In-Service Date of Late
    2015 Targeted
  *Planning Connectivity to Storage, Fractionation, Petchem and Export
    Facilities in the Gulf Coast

Business Wire

TULSA, Okla. & HOUSTON -- October 24, 2013

Bluegrass Pipeline LLC, a joint venture between Williams (NYSE:WMB) and
Boardwalk Pipeline Partners, LP (NYSE: BWP) (Boardwalk), today announced that
it will be commencing a binding Open Season to determine industry commitments
to natural gas liquids (NGLs) transportation capacity from the Marcellus and
Utica shale plays to the petrochemical and export complex on the U.S. Gulf
Coast. The Open Season will begin on Oct. 29, 2013 at 8 a.m. CDT and conclude
on Dec. 16, 2013 at 5 p.m. CST.

To request a confidentiality agreement and Open Season package or ask
questions about the Bluegrass Pipeline, Moss Lake Fractionation or Moss Lake
LPG Terminal projects, contact Joe Edgeller with Williams at (918) 573-9917 or
Joe.Edgeller@williams.com or Pat Giroir with Boardwalk at (713) 479-8061 or
Patrick.Giroir@bwpmlp.com.

Phase one of Bluegrass Pipeline is being designed to provide customers with
200,000 barrels per day of mixed NGLs take-away capacity in Ohio, West
Virginia and Pennsylvania. Phase two would increase capacity to 400,000
barrels per day to meet market demand, primarily by adding additional liquids
pumping capacity. The pipeline would deliver mixed NGLs from these producing
areas to proposed new fractionation and storage facilities that would have
connectivity to petrochemical facilities and product pipelines along the
coasts of Louisiana and Texas. In addition to these domestic markets, the
fractionation and storage facilities are expected to have connectivity to a
proposed new liquefied petroleum gas (LPG) export terminal that, based on
current market conditions, would offer producers an attractive option for
exporting propane and butane, which represent approximately 30 percent of the
average NGL barrel.

“We have seen significant interest from the producer community regarding the
value that the Bluegrass Pipeline can offer the market,” said Jim Scheel,
senior vice president of corporate strategic development at Williams. “We have
been in discussion with many Utica and Marcellus Shale producers during the
past year and we look forward to additional customer commitments before the
end of this year.”

“We believe our project offers a number of well-defined market options, both
domestic and international, that offer attractive netbacks to the Utica and
Marcellus producers,” said John Haynes, senior vice president and chief
commercial officer for Boardwalk Pipeline Partners. “We are encouraged by our
meetings with potential customers and are pleased to launch this Open Season.”

The Bluegrass Pipeline project is comprised of three segments:

1. Construction of a new NGL pipeline from numerous natural gas processing
plants in producing areas in Ohio, West Virginia and Pennsylvania to an
interconnect with Boardwalk's Texas Gas Transmission, LLC system near
Hardinsburg, Ky.

2. Conversion of a portion of existing pipeline on Texas Gas Transmission from
natural gas service to NGL service from Hardinsburg to Eunice, La.

3. Construction of a new NGL pipeline from Eunice, La. to a proposed
large-scale fractionation plant and expanding natural gas liquids storage
facilities in the Lake Charles, La. area.

The proposed fractionation plant and storage facilities are also a joint
venture project between Williams and Boardwalk that have collectively been
named Moss Lake Fractionation. Williams and Boardwalk also recently announced
a joint venture for the development of a new LPG export terminal and related
facilities near Lake Charles, La. on the Gulf Coast, named Moss Lake LPG
Terminal, to provide customers access to international markets. The
combination of the Bluegrass Pipeline, Moss Lake Fractionation and Moss Lake
LPG Terminal projects offers producers a comprehensive and flexible market
solution for the total barrel of NGLs.

By combining new construction with an existing pipeline, Williams and
Boardwalk believe that the Bluegrass Pipeline should be placed into service
and begin serving customers sooner than other options. Williams and Boardwalk
are engaged in comprehensive project development planning including
permitting, public consultation and right-of-way acquisition. On May 29,
Boardwalk filed with FERC the Abandonment Application for the portion of Texas
Gas Transmission that would be converted to NGL service, and the abandonment
process is estimated to be complete in the second quarter of 2014. Williams
and Boardwalk are targeting to place the project into service in late 2015,
assuming the parties determine to complete the project and all necessary
conditions are met.

About Williams

Williams (NYSE: WMB) is one of the leading energy infrastructure companies in
North America. It owns interests in or operates 15,000 miles of interstate gas
pipelines, 1,000 miles of NGL transportation pipelines, and more than 10,000
miles of oil and gas gathering pipelines. The company's facilities have daily
gas processing capacity of 6.6 billion cubic feet of natural gas, NGL
production of more than 200,000 barrels per day and domestic olefins
production capacity of 1.35 billion pounds of ethylene and 90 million pounds
of propylene per year. Williams owns approximately 64 percent of Williams
Partners L.P. (NYSE: WPZ), one of the largest diversified energy master
limited partnerships. Williams Partners owns most of Williams' interstate gas
pipeline and domestic midstream assets. Williams also owns Canadian operations
and certain domestic olefins pipelines assets, as well as a significant
investment in Access Midstream Partners, L.P. (NYSE: ACMP), a midstream
natural gas services provider. The company's headquarters is in Tulsa, Okla.
For more information, visit www.williams.com, where the company routinely
posts important information.

About Boardwalk

Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited
partnership that provides transportation, storage, gathering and processing of
natural gas and liquids for its customers. Boardwalk and its subsidiaries own
and operate approximately 14,410 miles of natural gas and liquids pipelines
and underground storage caverns with an aggregate working gas capacity of
approximately 201 billion cubic feet and liquids capacity of approximately 18
million barrels. Boardwalk is a subsidiary of Loews Corporation (NYSE: L),
which holds 53% of Boardwalk's equity, excluding incentive distribution
rights. Additional information about the Partnership can be found on its
website at www.bwpmlp.com.

Forward-Looking Statements

This press release contains forward-looking statements relating to
expectations, plans or prospects for Boardwalk Pipeline Partners, LP, The
Williams Companies, Inc. and their subsidiaries, in relation to the potential
for successful development of the proposed Bluegrass Pipeline and related
facilities comprising the planned project discussed in this press release.
These statements are based upon the current expectations and beliefs of
management of Williams and Boardwalk and are subject to many risks and
uncertainties that could cause actual results to differ materially from the
current plans or expectations described in the forward-looking statements,
including the risk and uncertainties described in the companies’ Quarterly
Reports on Form 10-Q for the quarter ended June 30, 2013 and other filings
with the Securities and Exchange Commission. Many of these risks and
uncertainties are beyond the control of Boardwalk and Williams.

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Contact:

Williams Investor Contacts:
John Porter, 918-573-0797
or
Sharna Reingold, 918-573-2078
or
Williams Media Contact:
Tom Droege, 918-573-4034
or
Boardwalk Investor Contact:
Molly Ladd Whitaker, 713-479-8689
or
Boardwalk Media Contact:
Joe Hollier, 713-479-8670
 
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