In a statement issued Wednesday (2/19/2020), Williams announced its unaudited financial results for the final quarter of the year and the full 12 months of 2019. Deep within its reporting of otherwise opaque and seemingly positive language is the following passage:
Williams Reports Fourth-Quarter and Full-Year 2019 Financial Results
"Fourth-quarter and full-year 2019 modified EBITDA were negatively impacted by a $354 million impairment of the Constitution Pipeline project, of which Williams' 41% share was $145 million..."
Translation:
Williams has written off its investment in the proposed Constitution Pipeline and stated that work on it has ended.
After more than 8 years of fighting, the company is throwing in the towel and walking away from its failed bid to build this enormous and unnecessary fossil fuel infrastructure project. The Constitution Pipeline is dead!
