Williams Cos. CEO Alan Armstrong has something everybody wants, and he knows it. “It’s a gold mine,” he says. “It’s irreplaceable.” Some 67 years after the Transco pipeline was laid from the Gulf Coast of Texas to New York City, it remains the crown jewel of the natural gas industry, fed by America’s richest shale patch. In the past year, the allure of this 10,500-mile system has helped trigger two failed takeover bids for Williams, a clash between Armstrong and billionaire pipeline magnate Kelcy Warren and a mass exodus from the company’s board. Now, as Transco is re-engineered to flow south as well as north, investors are betting more takeover offers may follow. President-elect Donald Trump has promised a fossil fuel-friendly future, but opposition to energy projects is stronger than ever, adding value to systems already in the ground. And none can match Transco. “It’s probably the best natural […]