Don Wellendorf News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Williams has pulled up its 40-year stake in the oil business to focus on natural gas production, processing and transportation after agreeing to sell its 54.6% stake in Williams Energy Partners LP (WEG) to a group of private equity firms. Williams will receive $512 million in cash, and the agreement also will remove $570 million of the partnership's debt from Williams' balance sheet.

Tulsa, OK-based Williams Energy Partners LP (WEP), a Williams' partnership affiliate that transports and stores refined products and ammonia, said Monday it has made changes to its partnership agreement to give greater control to unitholders.