Williams Cos. Inc. President and CEO Alan Armstrong reassured investors and analysts that the gas pipeline giant does not plan to retain the upstream acreage it acquired as part of Chesapeake Energy Corp. and Southland Royalty Co. LLC's Chapter 11 bankruptcy exit strategies.

Williams also disclosed that it bought out EnCap Flatrock Midstream and Oaktree Capital Management LP's interests in the Caiman Energy II LLC joint venture that owns 50% of Blue Racer Midstream LLC for about $160 million.

"They had held on to that much longer than a typical private equity shop likes to," Armstrong said. "I can tell you we were super patient. We've been wanting to gain control of that asset."