Williams' investors need to start considering the financial picture of the company on a standalone basis.
The news flow regarding the merger with ETE suggests both sides want to terminate the deal without the related party paying termination fees.
Williams is intriguing with the partnership not requiring an equity raise this year to fund the reduced capital plan.
The latest news seems to confirm that Energy Transfer Equity (NYSE:ETE) and Williams Cos. (NYSE:WMB) are doing everything possible to terminate the merger. In those regards, investors need to shift the mindset back to valuing Williams as a standalone entity with a majority position in Williams Partners (NYSE:WPZ).