We were pleased to have the opportunity to host Williams Companies CEO Alan Armstrong for a firm-wide lunch sit down. Alan described how his formative years spent in the Williams conglomerate-era better prepared him to see the risks that operating a multitude of business lines could present in today’s environment. That experience in part informed the decision to refocus present-day Williams by divesting more commodity-sensitive businesses for reasonable valuations. Streamlining operations has allowed management to commit more resources to advancing the heavily Transco-weighted backlog through the regulatory process. With both Transco and Northwest pipelines well-positioned along key demand corridors, Williams is looking to capitalize on low gas prices by ratably adding demand laterals to its portfolio. These projects often include equity investments from utility partners as WPZ looks to both reduce capital needs and ensure strong working relationships. With asset-level and financial restructuring largely in place, management focus is squarely on executing on existing backlog of long haul projects and facilitating volume growth across G&P platform.