Williams Partners (WPZ)

[ValueInvestor15]

Wells Fargo upgraded Williams Partners to Outperform. Stock's looking undervalued:

Fair Value Analysis

[eastunder]

Williams (NYSE: WMB) and Williams Partners L.P. (NYSE: WPZ) plan to announce their first-quarter 2016 financial results after the market closes on Wednesday, May 4.

[eastunder]

Williams, Williams Partners Provide Conference Call Information for Year-End 2015 Financial Results





TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) and Williams Partners L.P. (NYSE: WPZ) plan to announce their year-end 2015 financial results after the market closes on Wednesday, Feb. 17, 2016.

The company and the partnership will jointly host a conference call and live webcast on Thursday, Feb. 18, at 9:30 a.m. EST. A limited number of phone lines will be available at [phone]. International callers should dial [phone]. A link to the webcast, as well as replays of the webcast in both streaming and downloadable podcast formats, will be available following the event at www.williams.com.
- See more at: http://www.publicnow.com/view/4210A1A01AC1F2DF621CD09A4E9F41A0AA4B6E67#sthash.kBOZwgxP.dpuf

[eastunder]

Williams Partners Announces Quarterly Cash Distribution TULSA, Okla.--(BUSINESS WIRE)--Williams Partners L.P. (NYSE: WPZ) today announced a regular quarterly cash distribution of $0.85 per unit for its common unitholders. The distribution is consistent with the prior quarter. The board of directors of the partnership's general partner has approved the quarterly cash distribution, which is payable on Feb. 12, 2016, to common unitholders of record at the close of business on Feb. 5. - See more at: http://www.publicnow.com/view/00204835D14C88B7FDF9EF26966A767A765EDD8A#sthash.KHJBizVF.dpuf

[Timothy Smith]

Very positive activity.

[eastunder]

No complaints for today! :)

Thanks!

[Timothy Smith]

Williams Partners (WPZ +7.8%) enjoys strong gains, as growing volumes of fuel and new pipelines sparked solid Q3 results despite shut-in production and weak fuel prices.

WPZ says EBITDA grew to $1.1B at the end of Q3, compared to $907M in the same period last year, as several new pipelines and processing facilities began operating, boosting both the amount of fuels Williams handled and the fees it received.

WPZ reported $754M in Q3 distributable cash flow, vs. $367M at the same time in 2014, which means the company can pay its dividend of $0.85/unit and still have money left over, a positive change for investors from the year-ago quarter when income covered only about two-thirds of the dividend.

WPZ says it brought online the Virginia Southside lateral, a branch of the Transco line that connects to the Atlantic region, during Q3, and  was able to pull early revenues from Lediy Southeast, another Transco expansion, although the full project has not yet come online.

[eastunder]

WPZ 3Q earnings 10/28/15 AMC

Williams Partners L.P. (NYSE: WPZ) plan to announce their third-quarter 2015 financial results after the market closes on Wednesday, Oct. 28.

The company and the partnership will host a joint Q&A live webcast on Thursday, Oct. 29, at 9:00 a.m. EDT. A limited number of phone lines will be available at [phone]. International callers should dial [phone]. A link to the webcast, as well as replays of the webcast in both streaming and downloadable podcast formats, will be available for two weeks following the event at www.williams.com.

[eastunder]

Williams Partners Announces Termination of its Merger Agreement with Williams (NYSE:WMB)





TULSA, Okla.--(BUSINESS WIRE)--

Williams Partners L.P. (WPZ) (“Williams Partners”) today announced an agreement with The Williams Companies, Inc. (WMB) (“Williams”), the owner of Williams Partners’ general partner, whereby both parties have terminated their previously announced merger agreement under which Williams was to acquire all of the public outstanding common units of Williams Partners in an all stock-for-unit transaction.

In connection with the termination of the merger agreement, Williams has agreed to pay a termination fee to Williams Partners in the amount of $428 million. As contemplated by the merger agreement, the termination fee is being paid through an irrevocable waiver of a portion of the quarterly incentive distributions Williams is entitled to receive from Williams Partners (in an aggregate amount of $428 million, but in no circumstances in an amount of more than $209 million per quarter).

Williams Partners advises its unitholders to reference news issued today by Williams regarding its agreement to be acquired by Energy Transfer Equity, L.P. (ETE) (“ETE”). Williams and ETE today announced a business combination transaction valued at approximately $37.7 billion, including the assumption of debt and other liabilities. ETE’s willingness to proceed with the proposed acquisition was contingent on the termination of the Williams/Williams Partners transaction.

[Timothy Smith]

Williams Partners (NYSE:WPZ): Q2 Net income of $332M vs. 223M prior.

[Timothy Smith]

Williams Cos. (NYSE:WMB) +2.6% AH despite reporting Q2 earnings that missed analyst estimates and included reduced full-year guidance, citing a decline in commodity prices.

[eastunder]

Williams Partners L.P. (NYSE: WPZ) today announced a regular quarterly cash distribution of $0.85 per unit for its common unitholders.
The board of directors of the partnership's general partner has approved the quarterly cash distribution, which is payable on Aug. 13, 2015, to common unitholders of record at the close of business on Aug. 6.
The cash distribution is consistent with the partnership’s previously announced guidance for a total 2015 annual distribution of $3.40 per unit.

[eastunder]

Williams Companies Could Soon Be Facing a Hostile Takeover, and That's Not a Bad Thing

http://www.fool.com/investing/general/2015/07/10/williams-companies-could-soon-be-facing-a-hostile.aspx?source=eptadnlnk0000002

Energy Transfer Equity's proposed $53 billion buyout of Williams Companies is taking a nasty turn. Find out what it means for dividend investors.

The MLP industry usually isn't known for high-stakes drama, but Energy Transfer Equity's (NYSE:ETE) $53 billion attempted buyout of Williams Companies (NYSE:WMB) is taking an interesting and unusual turn -- one that could have massive ramifications for all investors involved.

Energy Transfer is potentially ready to launch a hostile takeover bid
Bloomberg Business is reporting that Energy Transfer Equity's Chairman Kelcy Warren is balking at a request by Williams that any potential acquirer agree to a "standstill" clause -- which would prevent it from buying Williams shares or lobbying its investors -- as a condition to look at its books.

Energy Transfer was none too pleased that Williams made public its offer, which the two companies had been negotiating in secret for six months. According to Bloomberg, as soon as Williams Companies rejected the $64/share bid -- which valued Williams at a 32.4% premium to its June 19 share price -- it began shopping itself to other potential buyers.

In fact, Williams has now approached 15 potential acquirers -- two of which were interested enough to agree to the "standstill" clause -- in an effort to garner a higher buyout price.

On Tuesday, July 7 Energy Transfer announced that while it prefers its acquisition of Williams proceed on friendly terms -- it's offered Williams unfettered access to its books with no strings attached -- it remains fully committed to "taking the necessary steps to implement the proposed transaction with Williams (including soliciting against the Williams and Williams Partners L.P. (NYSE:WPZ) merger)."

In other words, Energy Transfer is willing to try to buy Williams even if it has to launch a hostile takeover, something that has become increasingly rare in the MLP industry over the last decade. Let's take a look at why Energy Transfer is so eager to snap up Williams Companies, and more importantly, whether or not the deal actually benefits long-term investors.

What's at stake for Energy Transfer Equity
Energy Transfer wants Williams because the combined company would become the world's fifth largest energy company by enterprise value and dominate America's natural gas and oil pipeline industry.



Source: Energy Transfer Equity investor presentation.

As this map shows, most of Energy Transfer's existing pipelines are concentrated in the South and Midwest, while Williams has a strong presence in the West, South, and North East. Analysts expect the relatively small amount of overlap between the two company's existing pipeline systems would help it gain regulatory approval.

However, Energy Transfer wants to add Williams to its assets for a more important reason than merely an ego-stroking exercise in empire building -- it's also because Energy Transfer Equity's business model is based on collecting incentive distribution rights, or IDR fees, from its assorted MLPs.




Source: Energy Transfer Equity investor presentation.

As you can see, by merging with Williams, Energy Transfer Equity would grow the amount of cash received from its MLPs by 120%, greatly increasing the chances that it can achieve analysts' projected five-year dividend growth estimates of 24% CAGR.

Such impressive dividend growth, when combined with an already generous 3.1% yield, might help Energy Transfer Equity outdo its impressive historic market-thumping performance.


ETE Dividend data by YCharts.

What this means for Williams investors
Williams Companies rejected Energy Transfer's offer on the basis that it undervalued its shares, an argument that is hard to justify given the extremely generous premium the $64/share bid represents.

In fact, on an enterprise value/EBITDA basis, Williams is arguably being offered an absurdly high price for its shares -- meaning management may be foolish to expect anyone else to make a higher offer.

 Company/MLP                 EV/EBITDA  
 Williams Companies            28.0  
 Energy Transfer Equity        14.3  
 Kinder Morgan                 19.3  
 Magellan Midstream Partners   19.3 

Source: Yahoo! Finance.

Another thing to consider is that Williams Companies' management, while obligated to try to protect the best interest of its shareholders, also needs to look out for unit holders of its MLP Williams Partners.

Should Williams Companies be unable to obtain a higher bid for its shares, and Energy Transfer fail in its hostile takeover attempt, then Williams' original plan to buyout its MLP will go ahead, potentially triggering a large taxable event for Williams Partners investors that could greatly reduce the net benefit of the 14.5% premium they are set to receive for their units.

Bottom line: Energy Transfer's hostile takeover would be great for Williams investors
If Energy Transfer succeeds in eventually adding Williams Companies to its growing energy empire, investors in both companies should come out as winners because of a high, sustainable yield and years of strong dividend growth prospects ahead. In addition, investors in Williams Partners would avoid a potentially painful tax hit and gain a general partner whose colossal scale and industry expertise might still help boost distribution growth in the future.

[eastunder]

What Happens to Williams Partners Now?

By Paul Ausick June 23, 2015 8:05 am EDT

http://247wallst.com/energy-business/2015/06/23/what-happens-to-williams-partners-now/

One part of the rejected $53 billion offer for Williams Companies Inc. (NYSE: WMB) from natural gas pipeline MLP Energy Transfer Equity L.P. (NYSE: ETE) that may turn out worse for investors than the rejection itself is the fate of Williams Partners L.P. (NYSE: WPZ), the MLP that Williams controls and has offered to buy completely for about $13.8 billion in parent company stock.

Energy Transfer’s offer explicitly required the termination of Williams’s (WMB) bid to acquire its midstream partner, and shares of Williams Partners (WPZ) have dropped more than 6% in Monday trading. It is difficult to see how any bid for WMB will permit the deal for WPZ to go through.

The WMB offer for WPZ adds about $11 billion in long-term debt to any deal, and if WMB wants to remain independent all it has to do is complete the deal for Williams Partners. No buyer will surface for quite some time.

So what else could happen to Williams Partners? The obvious answer is that it gets picked up by another MLP. The question remains, “At what price?” Very likely not the $57 or so per share price implied in the offer from WMB. The only buyers left for WPZ will be midstream MLPs looking to expand.

Remember, too, that pipeline MLPs must grow or die. One report indicated that WMB might be trying to tease out a bid for WPZ out of Kinder Morgan Inc. (NYSE: KMI) or some other huge pipeline company. Among WPZ’s assets is the 10,500-mile Transco pipeline system that hauls natural gas from the Gulf Coast region to Northeastern and Southeastern states. WPZ also has pipeline and gathering assets in the Eagle Ford and Marcellus shale plays, among others. These are valuable assets and WMB may not be able to get maximum value for WPZ if other potential acquirers take the same position as Energy Transfer.

That is probably why WPZ stock dropped 7.6% on Monday to close at $49.10, in a 52-week range of $44.87 to $62.95. The consensus price target on the stock is $55.

WMB stock closed up nearly 26% on Monday at $60.86, after posting a new 52-week high of $61.38. The 52-week low is $40.07.

Energy Transfer started out with a gain on Monday, but shares closed the day down nearly 5% at $65.06, in a 52-week range of $45.88 to $70.88.

By Paul Ausick


http://247wallst.com/energy-business/2015/06/23/what-happens-to-williams-partners-now/

[eastunder]

Williams Spurns $48 Billion Bid From Pipeline Magnate War


by Matthew Monks and Joe Carroll


June 21, 2015 — 10:30 PM MDT

Updated on June 22, 2015 — 5:11 AM MDT

http://www.bloomberg.com/news/articles/2015-06-22/williams-rebuffs-48-billion-bid-from-pipeline-magnate-warren?cmpid=yhoo


Williams Cos. rejected a $48 billion stock-based takeover offer from pipeline magnate Kelcy Warren that aims to derail a consolidation of the North American natural gas and oil hauler.

Williams hired banks to explore alternatives to the offer that it said undervalued the group, according to a statement on Sunday that didn’t identify the bidder. The offer of shares in a new unit was valued at $64 each, a 32 percent premium to Williams’ last close, Energy Transfer Equity LP said in a statement, confirming it was the bidder. Including debt and other liabilities, the offer is worth $53.1 billion, according to the statement.

Should a deal be done it would rank near the largest in the pipeline industry. The biggest so far is Kinder Morgan Inc.’s consolidation of its partnership assets last year that was valued at $48.9 billion when announced, according to data compiled by Bloomberg.

The Energy Transfer offer depends on Williams abandoning its own pending $14 billion purchase of the units it doesn’t already own in Williams Partners LP that feeds gas and crude from wells to larger pipeline systems.

“A combination of Williams’ assets with Energy Transfer Equity will create substantial value that would not be realized otherwise,” Warren said in a statement. “Williams’ management has inexplicably ignored Energy Transfer Equity’s efforts to engage in a discussion.”

Strategic Review

Williams hired Barclays Plc and Lazard Ltd. to assist in its review of strategic alternatives, including a potential merger, sale of the company or continued pursuit of the existing operating and growth plan.

Williams rose 27 percent to $61.20 at 6:51 a.m. Monday in New York, before the start of regular trading. Williams Partners fell 5.9 percent to $50.

“Our board believes it is in the best interest of shareholders to conduct a thorough evaluation of strategic alternatives,” Alan Armstrong, chief executive officer of Williams, said in the statement.

Williams Cos. has increased 7.6 percent since the end of 2014, set for its seventh consecutive annual gain, to $48.34. Energy Transfer Equity, this year’s second-best performer in the Alerian Energy Infrastructure Index, has risen 19 percent this year.

Williams Partners climbed 12 percent since the parent company announced its takeover plans last month. The consolidation would allow Williams Cos. to increase dividends, lower borrowing costs and steer more cash into expansion projects.

Warren, a 59-year-old University of Texas-trained engineer, began building a pipeline empire in the 1990s that is now large enough to circle the earth’s equator almost three times. With a net worth estimated at $7.2 billion, he is the 66th richest American, according to data compiled by Bloomberg.

[eastunder]

Williams Companies' $13.8 Billion Kinder Style Merger: 3 Things Dividend Investors Need to Know

By Adam Galas
May 22, 2015


Williams Companies (NYSE: WMB ) just made another huge acquisition with a Kinder Morgan (NYSE: KMI ) style $13.8 billion acquisition of its MLP Williams Partners (NYSE: WPZ ) . Find out three reasons why this deal is a huge win for dividend investors and what it means for the future of one of America's largest pipeline operators.

Terms of the deal
Lets start with the meat and potatoes of this $13.8 billion all stock deal. Williams Partners investors will get 1.115 shares of Williams Cos stock, which represents around a 13% premium from Williams Partners' May 13 closing price.

The deal, which still needs shareholder and regulatory approval, is expected to close in the fall of 2015 and will generate an additional 275.4 million shares of Williams -- representing 37% dilution for current Williams Cos investors.

However management is highly confident that the deal will be immediately accretive and beneficial to all parties involved.

Why management wants this deal


"This strategic transaction will provide immediate benefits to Williams and Williams Partners investors. ... The lower cost of capital and improved tax benefits expected from this transaction increase our confidence in extending the duration of our expected 10 percent to 15 percent dividend growth rate through 2020. ...This transaction simplifies our corporate structure, streamlines governance, and positions Williams for strong investment-grade credit ratings." -- Alan Armstrong, Williams Companies' president and CEO

According to Armstrong the benefits of the deal can be broken down into two components.

First, on an operational level it eliminates the incentive distribution rights or IDRs that Williams Partners had to pay its general partner and that slowed down distribution growth.

The elimination of IDRs means a lower cost of capital which will immensely help the company execute on its hyper-ambitious growth plan in the coming years. For example, Williams has a current backlog of $30 billion in growth projects it plans on investing in through 2020. To put that into perspective, Williams has an enterprise value 32% smaller than Kinder Morgan's yet its official current backlog is 67% larger.

Another benefit is with its larger scale of the new Williams will help improve the company's access to cheap credit which should help it fund its backlog execution faster.

In addition the simplified corporate structure might make Williams Cos shares more attractive currency for future mergers and acquisitions because the merger should improve Williams Cos profitability and increase the value of its shares..

Finally, as was seen with the Kinder Morgan merger, Williams Companies should have enormous tax benefits from this acquisition for two main reasons.

First, pipelines generate enormous tax deferments due to heavy depreciation. Previously these benefits went to Williams Partners investors due to its MLP "pass through" structure. Now Williams Cos will be able to retain those deferments.

Second, Williams will be able to reset the value of Williams Partners' assets to the higher purchase price it is paying, which under an accelerated depreciation tax schedule can generate billions in long-term tax deferments. While the company will eventually have to pay those taxes, by pushing off this tax bill by several years Williams will be able to use that money to fund its expansion plans faster.

For example, Kinder Morgan will, over the next 14 years, be able to garner $55 billion in tax deferements from its buyout of its MLPs, cash that can help it fund new investment and acquisitions. Should Williams be able to secure a similar scale of depreciation deferments that could mean several billion that could do the same over the next few years.

Faster, safer, and longer dividend growth
This brings up the second benefit, faster, longer, and sustainable dividend growth. Before the merger announcement Williams Cos was guiding for 10%-15% dividend growth through 2017 with a long-term targeted dividend coverage ratio or DCR of 1.1. Now management believes it can grow the payout at this rate through 2020 and achieve a stronger 1.2 DCR by 2018.

What's more, management claims that the deal would allow it to beat its previous short-term forecast for Williams Cos 2015 and 2016 dividend guidance, by 20% and 6.3%, respectively.

Tax implications for Williams Partners investors
After the Kinder Morgan merger a lot of investors had questions based on the tax implications of that deal. While I'm not qualified to provide you with any personalized tax advice -- Certified Personal Accountants with MLP experience are needed for that -- Kinder's merger might be able to clarify some broader questions.

For example, this merger could trigger a taxable event that could partially or even completely offset the premium Williams Partners are receiving.

The extent of that offset will most likely be based on the adjusted purchase price of Williams Partners units and whether or not you've owned them for more than a year -- meaning short term versus long term capital gains. Keep in mind that a large part -- shown on the annual K-1 form investors received from the MLP -- of Williams Partners' distributions have been return of capital which needs to subtracted from the initial purchase price.

This tax complexity is why every investor's tax implications will be different and why only a qualified CPA, armed with your previous K-1 statements, can give you personalized tax guidance.

Takeaway: Williams Cos merger with its MLP means a win for dividend investors
William Cos merger with its MLP is likely to have many beneficial aspects that should mean longer, stronger, and more sustainable dividend growth in the years to come.

[eastunder]

WPZ and WMB

[eastunder]

Williams Cos to acquire Williams Partners in all-stock deal

http://www.marketwatch.com/story/williams-cos-to-acquire-williams-partners-in-all-stock-deal-2015-05-13?siteid=yhoof2

By Angela Chen

Published: May 13, 2015 8:18 a.m. ET



Pipeline giant Williams Cos. agreed to acquire Williams Partners L.P. in an all-equity transaction that values the latter at about $33 billion.

“This transaction simplifies our corporate structure, streamlines governance and positions Williams for strong investment-grade credit ratings,” Williams Chief Executive Alan Armstrong said. He added that the deal would result in lower capital costs and “improved tax benefits.”

Under the deal, Williams WMB, +5.81% will swap 1.115 shares for each unit of Williams Partners WPZ, +23.52% , of which Williams Cos. already owns 58%. In the aggregate, Williams will issue 275.4 million shares, which is about 27% of the total shares of the combined company.

Based on Williams Cos. closing price Tuesday, the deal values Williams Partners at $55.86, or an 18% premium to where Williams Partners finished Tuesday.

Shares of Williams Partners jumped 23% to $58.50 in premarket trading, while shares of Williams Cos. increased 7.3% to $53.74. The Oklahoma-based Williams also raised its third-quarter dividend.

Williams in February completed the merger of two master-limited partnerships it controls--William Partners and Access Midstream Partners--into one giant natural-gas pipeline system under the Williams Partners name. Williams Partners, a major pipeline company based in Tulsa, Okla., has sought to increase its presence in shale formations where drillers are using new technologies to produce more oil and natural gas.

[eastunder]

Williams Announces Agreement to Acquire All Public Equity of Williams Partners L.P.; Plans 3Q 2015 Dividend Increase to $0.64 or $2.56 on an Annualized Basis; Expects Dividend Growth of 10%-15% Annually Through 2020

Expect Transaction to be Meaningfully Accretive to Cash Available for Dividends with 2016-2018 Average Annual Accretion of over 10%; Coverage to Build from Over 1.1x in 2016 to Nearly 1.2x in 2018

Cash Flow Accretion and Extended Cash Tax Benefits Expected to Enable Extended Duration of 10-15% Dividend Growth Through 2020

Enhanced Growth Profile and Lack of Incentive Distribution Rights Expected to Significantly Lower Williams’ Cost of Capital for its Robust Portfolio of Natural Gas-Focused, Fee-Based Growth Projects as well as Potential M&A

Additional Transaction Benefits Anticipated: Simplified Corporate Structure, Governance and Synergies; Strong Investment-Grade Credit Ratings Consistent with Williams Partners’ Current Ratings and Outlook

$13.8 Billion Deal Structured as an All Stock-for-Unit Transaction, with Williams Partners Public Unitholders Receiving 1.115 Williams Shares for each Williams Partners Unit

Williams Partners’ Public Unitholders to Receive a 14.5% Premium to its 10-Trading Day Average Closing Price and a 12.6% Premium to its 20-Trading Day Average Closing Price

Williams Partners’ Public Unitholders Will Benefit from Enhanced Growth Prospects and Increased Equity Valuation of the Pro Forma Entity and Stronger Pro Forma Coverage Levels

Merger Expected to Close in the Fall of 2015 Following Regulatory Filings and a Successful Williams Shareholder Vote on Transaction

Williams Announces Planned 3Q 2015 Dividend Increase of 6.7% to $0.64 per Share, or $2.56 per Share on an Annualized Basis, and Expects Dividend Growth of 10%-15% Annually Through 2020

2016 Annual Dividend Expected to be $2.85 per Share, up 6.3% from the Previously Guided $2.68 per Share and Representing About 20% Increase from the Previous 2015 Dividend Guidance of $2.38 per Share

[eastunder]

1 MLP Looking Better Than Energy Transfer Partners

By Investopedia | April 27, 2015 AAA |

Energy Transfer Partners (NYSE: ETP) is a behemoth among natural gas pipeline MLPs. The partnership is currently the second-largest natural gas transporter in the U.S., and the largest MLP transporter, as 22% of the country's natural gas production is transported through its pipelines.

Moreover, it will soon be the nation's third-largest gathering and processing company as well as the third largest NGL producer. However, fast on its heels is Williams Partners (NYSE: WPZ), which is not only a large natural gas pipeline company in its own right, but it has an astounding $30 billion in potential growth projects through the end of the decade. It's that visibility into the future that makes it look a lot better to investors than Energy Transfer.

Bringing the family together
Energy Transfer Partners owns and operates one of the nation's largest natural gas transportation systems as the company operates 35,000 miles of natural gas and NGL pipelines. That number will soon expand, as it's in the process of acquiring an affiliated company, which would bring in another 25,700 miles of natural gas gathering and transportation pipelines. Once combined, Energy Transfer Partners will be the second largest MLP in America. Given the importance of scale in the energy sector, there is certainly something to be said about owning one of the sector's largest players.

That said, in one sense, Energy Transfer is just following in the footsteps of Williams Partners; it also recently combined with one of its affiliates, which turned it into one of the largest MLPs in the country. In fact, it's a behemoth in its own right as 30% of U.S. natural gas volumes touch its system in one form or another each and every day.

However, while recent acquisitions helped to consolidate these already-large MLPs into real giants, the next step in their growth will likely come from another source. It's that source that seems to favor Williams Partners.

It's all about the pipeline
Organic growth will really be what drives these two companies in the future. That's where Williams Partners really shines, as it sees the potential for upward of $30 billion in organic growth projects that could be completed by the end of the decade. About a third of that capital is already locked into the company's current growth capital forecast through 2017, meaning these projects are on target to be in service over the next three years.

However, the company has growing visibility beyond those projects due to either what's under negotiation or future expansions that it sees will likely be needed down the road. Further, this won't be growth just for the sake of getting bigger. Williams sees these project completions driving robust cash flow growth, which will be returned to investors via its distribution that it expects to grow by 7%-11% annually through 2017.

For Energy Transfer, the long-term project pipeline isn't as visibly robust. The company currently expects to spend $4.9 billion on growth capex this year and sees upwards of $20 billion of growth projects in the future; however, some of those projects will be built in other affiliated MLPs.

Meanwhile, Energy Transfer doesn't yet have the visibility to clearly project future distribution growth. That said, the company is at least growing its payout now, which was something that, until 2013, the company hadn't done in five years.

Investor takeaway
Williams Partners' future growth is so much more visible than Energy Transfer Partners' growth. That visibility makes it a much more appealing MLP to own for investors looking to hold for the long term, as Williams' clear visibility into the future has it in a better position to outperform Energy Transfer through the end of the decade. Though, of course, that is if everything actually does go according to plan.


Read more: http://www.investopedia.com/stock-analysis/042715/1-mlp-looking-better-energy-transfer-partners-etp-wpz.aspx#ixzz3YcPTT691
Follow us: @Investopedia on Twitter

[eastunder]

Williams Partners declares $0.85 dividend


Apr 20 2015, 18:21 ET | About: Williams Partners L.P. (WPZ)


Williams Partners (NYSE:WPZ) declares $0.85/share quarterly dividend, in line with previous.
Forward yield 6.75%
Payable May 14; for shareholders of record May 7; ex-div May 5.

[stocktrademan]

$WPZ DD Notes ~ http://www.ddnotesmaker.com/WPZ

bullish
good volume
note: k-1 tax forms, limited partnership

$WPZ recent news/filings

## source: finance.yahoo.com

Thu, 20 Nov 2014 13:00:00 GMT ~ Williams Names Purgason and Bennett to Operating Area Leadership Roles

[Business Wire] - Williams today announced that Robert Purgason and Walter Bennett each will assume a role as senior vice president of one of the company’s operating areas, effective Jan.

read full: http://finance.yahoo.com/news/williams-names-purgason-bennett-operating-130000000.html
*********************************************************

Wed, 19 Nov 2014 22:25:02 GMT ~ Williams Companies Hikes Q4 Dividend, Will Expand Pipeline


read full: http://finance.yahoo.com/news/williams-companies-hikes-q4-dividend-222502995.html
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Tue, 18 Nov 2014 21:27:24 GMT ~ Williams Seeks FERC Approval for 1.13 MMdth/Day Hillabee Expansion Project to Southeast U.S.

[at noodls] - Williams (NYSE: WMB) announced today that Transco has filed an application with the Federal Energy Regulatory Commission (FERC) to expand its pipeline system to serve the growing need for natural gas by ...

read full: http://www.noodls.com/view/772A038EC5E9AAF5959F3C028F0A2227569A620B
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Tue, 18 Nov 2014 21:15:00 GMT ~ Williams Seeks FERC Approval for 1.13 MMdth/Day Hillabee Expansion Project to Southeast U.S.

[Business Wire] - Williams announced today that Transco has filed an application with the Federal Energy Regulatory Commission to expand its pipeline system to serve the growing n

read full: http://finance.yahoo.com/news/williams-seeks-ferc-approval-1-211500876.html
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Mon, 17 Nov 2014 13:57:10 GMT ~ Williams Announces Gulfstar One Placed Into Service

[at noodls] - Floating Production System Can Process 60,000 BPD and 132 MMcf/d of Production Executed Tieback Agreements to Serve Gunflint Producers Williams (NYSE: WMB) announced today that its proprietary Gulfstar ...

read full: http://www.noodls.com/view/A2A8DCB40A2072CCC515735518CF26D12DE9CE9E
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$WPZ charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com


$WPZ company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/WPZ/company-info
Ticker: $WPZ
OTC Market Place: Not Available
CIK code: 0001324518
Company name: Williams Partners L.P.
Incorporated In: DE, USA


$WPZ share structure

## source: otcmarkets.com

Market Value: $23,752,926,061 a/o Nov 21, 2014
Shares Outstanding: 439,706,147 a/o Oct 29, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: No Par Value
$WPZ extra dd links

Company name: Williams Partners L.P.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/WPZ/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/WPZ/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=WPZ+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=WPZ+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=WPZ+Industry

## COMPANY NEWS ##
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Williams Partners L.P. Common (WPZ)

$ 56.40 1.82 (0.00%)

Volume: 1,405,893

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WPZ Williams Partners Reports Year-End 2011 Financial Results
PROVIDED BY Business Wire - 4:01 PM 02/22/2012

TULSA, Okla.--(BUSINESS WIRE)-- Williams Partners L.P. (WPZ) today announced unaudited 2011 net income of $1.38 billion, or $3.69 per common limited-partner unit, compared with 2010 net income of $1.10 billion, or $2.66 per common unit.


Summary Financial Information Full Year 4Q
Amounts in millions, except per-unit amounts. 2011 2010 2011 2010
(Unaudited)

Net income $ 1,378 $ 1,101 $ 391 $ 286
Net income per common L.P. unit $ 3.69 $ 2.66 $ 1.05 $ 0.76


Distributable cash flow (DCF) (1) $ 1,650 $ 1,387 $ 444 $ 347
Less: Pre-partnership DCF (2) - (223 ) - (12 )
DCF attributable to partnership operations $ 1,650 $ 1,164 $ 444 $ 335

Cash distribution coverage ratio (1) 1.41
x
1.30
x
1.43
x
1.25
x


(1) Distributable Cash Flow and Cash Distribution Coverage Ratio are non-GAAP measures. Reconciliations to the most relevant measures included in GAAP are attached to this news release.


(2) For 2010, this amount represents DCF for January 2010 from the assets acquired in February 2010 and DCF for January-October 2010 from the assets acquired in November 2010, since these periods were prior to the receipt of cash flows from the acquired assets.



For fourth-quarter 2011, Williams Partners (WPZ) reported net income of $391 million, or $1.05 per common unit, compared with net income of $286 million, or $0.76 per common unit for the same period in 2010.

The increases in net income for the full-year and fourth-quarter 2011 periods are primarily due to higher natural gas liquid (NGL) margins in the midstream business and increased fee-based revenues in the midstream and gas pipeline businesses. There is a more detailed discussion of the midstream and gas pipeline results in the business segment performance section below.

Strong Results, Asset Acquisitions Drive 42-percent Increase in DCF for 2011

For 2011, Williams Partners’ distributable cash flow attributable to partnership operations was $1.65 billion, compared with $1.16 billion for 2010. The 42-percent increase in DCF attributable to partnership operations in 2011 was due to the previously noted strong results in the midstream business, as well as the growth of the partnership via asset acquisitions in the second half of 2010.

Susquehanna Supply Hub

Williams Partners (WPZ) recently announced the new Constitution Pipeline joint venture and the completion of the Laser Northeast Gathering System acquisition. These two milestones are the latest steps in Williams Partners’ strategy to create the Susquehanna Supply Hub, a major natural gas supply hub in northeastern Pennsylvania.

By 2015, Williams Partners (WPZ) expects the Susquehanna Supply Hub to be capable of gathering and delivering more than 3 billion cubic feet per day (Bcf/d) of Marcellus Shale production into four major interstate gas pipeline systems.

CEO Perspective

Alan Armstrong, chief executive officer of Williams Partners’ general partner, made the following comments:

“The partnership performed exceptionally well in 2011, with distributable cash flow up more than 40 percent over 2010. Both our cash distribution growth and coverage ratio also remain strong.

“We have a number of considerable growth projects under way in all of our major areas of focus.

“The newly announced Constitution Pipeline and the recently closed Laser acquisition are the latest pieces of the 3 Bcf/d Susquehanna Supply Hub we’re building in northeast Pennsylvania.

“We also have two major projects underway in the deepwater Gulf of Mexico and a significant volume of gas pipeline projects that will help meet the infrastructure demands for new gas-fired power generation.

“All of these projects are in-line with our strategy of building large-scale infrastructure to meet the growing demand for reliable and efficient fee-based services in the midstream and gas pipeline businesses.”

Laser Acquisition Drives Increase in 2012-13 Guidance

Williams Partners (WPZ) is increasing its 2012-13 adjusted segment profit and capital expenditure guidance to reflect the partnership’s acquisition of the Laser Northeast Gathering System. The Laser system is expected to grow significantly from its current volume of approximately 100 MMcf/d to approximately 1.3 Bcf/d by 2015. Williams Partners (WPZ) is also updating 2012-13 capital expenditure guidance to reflect the inclusion of the Constitution Pipeline.

Williams Partners’ updated assumptions for certain energy commodity prices for 2012-13 and the corresponding guidance for the partnership's earnings and capital expenditures are displayed in the following table.


Commodity Price Assumptions and Average NGL Margins 2012 2013
As of Feb. 22, 2012
Low Mid High Low Mid High
Natural Gas ($/MMBtu):
NYMEX $ 2.50 $ 3.00 $ 3.50 $ 3.25 $ 3.75 $ 4.25
Rockies $ 2.30 $ 2.80 $ 3.30 $ 3.05 $ 3.55 $ 4.05
San Juan $ 2.40 $ 2.90 $ 3.40 $ 3.05 $ 3.55 $ 4.05

Oil / NGL:
Crude Oil - WTI ($ per barrel) $ 90 $ 100 $ 110 $ 90 $ 100 $ 110
Crude to Gas Ratio 31.4
x
33.7
x
36.0
x
25.9
x
26.8
x
27.7
x

NGL to Crude Oil Relationship (1) 43 % 45 % 47 % 43 % 45 % 47 %

Average NGL Margins ($ per gallon) $ 0.65 $ 0.78 $ 0.90 $ 0.58 $ 0.70 $ 0.81
Composite Frac Spread ($ per gallon) (2) $ 0.72 $ 0.83 $ 0.94 $ 0.65 $ 0.77 $ 0.88


Williams Partners Guidance
Amounts are in millions except coverage ratio.
Low Mid High Low Mid High
DCF attributable to partnership ops. (3) $ 1,410 $ 1,635 $ 1,860 $ 1,630 $ 1,880 $ 2,130

Total Cash Distribution (4) $ 1,344 $ 1,375 $ 1,406 $ 1,486 $ 1,567 $ 1,648

Cash Distribution Coverage Ratio (3) 1.05
x
1.19
x
1.32
x
1.10
x
1.20
x
1.29
x


Adjusted Segment Profit (3):
Gas Pipeline $ 680 $ 700 $ 720 $ 700 $ 725 $ 750
Midstream 1,050 1,275 1,500 1,150 1,375 1,600
Total Adjusted Segment Profit $ 1,730 $ 1,975 $ 2,220 $ 1,850 $ 2,100 $ 2,350

Adjusted Segment Profit + DD&A:
Gas Pipeline $ 1,040 $ 1,070 $ 1,100 $ 1,070 $ 1,105 $ 1,140
Midstream 1,340 1,575 1,810 1,460 1,695 1,930
Total Adjusted Segment Profit + DD&A $ 2,380 $ 2,645 $ 2,910 $ 2,530 $ 2,800 $ 3,070

Capital Expenditures:
Maintenance $ 445 $ 480 $ 515 $ 350 $ 385 $ 420
Growth 2,305 2,420 2,535 1,225 1,390 1,555
Total Capital Expenditures $ 2,750 $ 2,900 $ 3,050 $ 1,575 $ 1,775 $ 1,975

(1) This is calculated as the price of natural gas liquids as a percentage of the price of crude oil on an equal volume basis.


(2) Composite frac spread is based on Henry Hub natural gas and Mont Belvieu NGLs.


(3) Distributable Cash Flow, Cash Distribution Coverage Ratio and Adjusted Segment Profit are non-GAAP measures. Reconciliations to the most relevant measures included in GAAP are attached to this news release.


(4) The cash distributions in guidance are on an accrual basis and reflect an approximate 6% (low), 8% (midpoint), and 10% (high) increase in quarterly limited partner cash distributions annually through 2013.



Business Segment Performance

Williams Partners’ operations are reported through two business segments, Gas Pipeline and Midstream Gas & Liquids.


Consolidated Segment Profit Full Year 4Q
Amounts in millions 2011 2010 2011 2010

Gas Pipeline $ 673 $ 637 $ 176 $ 159
Midstream Gas & Liquids 1,223 937 341 259
Total Segment Profit $ 1,896 $ 1,574 $ 517 $ 418

Adjustments 11 (32 ) 2 8

Adjusted Segment Profit* $ 1,907 $ 1,542 $ 519 $ 426

* A schedule reconciling segment profit to adjusted segment profit is attached to this press release.

Gas Pipeline

Williams Partners (WPZ

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) owns interests in three major interstate natural gas pipeline systems – Transco, Northwest Pipeline and Gulfstream. These systems have a combined peak day delivery capacity of more than 14 billion cubic feet per day (Bcf/d), and transport approximately 14 percent of the natural gas consumed in the United States.

Gas Pipeline reported segment profit of $673 million for 2011, compared with $637 million for 2010. For fourth quarter 2011, Gas Pipeline reported segment profit of $176 million, compared with $159 million for fourth quarter 2010.

Higher transportation revenues associated with expansion projects placed into service in 2010 and 2011 drove the improved results in full-year and fourth-quarter periods. Higher operating and depletion, depreciation and amortization expenses partially offset the higher transportation revenues.

Williams Partners (WPZ

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) is working on four expansion projects that it expects to be placed into service in 2012.

The Mid-South Expansion Project involves an expansion of the Transco mainline from Station 85 in Choctaw County, Ala., to markets as far downstream as North Carolina. The first phase of the project is expected to be placed into service in the third quarter of this year with a second stage placed into service in 2013. When complete, it will increase capacity by 225 Mdth/d.

The Mid-Atlantic Connector Project involves an expansion of the Transco mainline from an existing interconnection with East Tennessee Natural Gas in North Carolina to markets as far downstream as Maryland. It is expected to be placed into service in the fourth quarter, and it will increase capacity by 142 Mdth/d.

The Cardinal System Expansion project involves an expansion of the Cardinal Pipeline which is an intrastate pipeline located in North Carolina. The expansion will add 199 Mdth/d of capacity and is expected to be placed into service in the second quarter. Williams Partners (WPZ) has a 45 percent ownership interest in this asset.

The partnership is also working on the North Seattle Lateral Delivery Expansion on Northwest Pipeline, which will be placed into service later this year. Williams Partners (WPZ) has executed agreements with a customer for the project to provide additional lateral capacity of approximately 84 Mdth/d.

Midstream Gas & Liquids

Midstream provides natural gas gathering, treating, and processing; deepwater production handling and oil transportation; and NGL fractionation, storage and transportation services.

The business reported segment profit of $1.22 billion for 2011, compared with segment profit of $937 million for 2010. For fourth quarter 2011, Midstream reported segment profit of $341 million, compared with $259 million for the same period in 2010.

Higher NGL margins and fee-based revenues drove the improvement in both the full-year and fourth-quarter periods. Higher operating expenses, including depreciation, partially offset the higher NGL margins and fee-based revenues in both periods. Higher NGL prices were the driver of the increased NGL margins in both periods.

Midstream’s fee-based revenues increased by 12 percent in 2011. This improvement was driven by new gathering business in the Marcellus Shale, increased throughput on the Perdido Norte gas and oil pipelines in the Gulf of Mexico and a rate increase in the Piceance Basin associated with an agreement executed in November 2010.



NGL Margin Trend 2010 2011
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

NGL margins (millions) $ 193 $ 166 $ 136 $ 200 $ 207 $ 253 $ 234 $ 287

NGL equity volumes (gallons in millions) 332 302 271 317 289 308 274 317

Per-unit NGL margins ($/gallon) $ 0.58 $ 0.55 $ 0.50 $ 0.63 $ 0.71 $ 0.83 $ 0.85 $ 0.91


Full-year per-unit NGL margins for 2011 were $0.83 per gallon, an increase of 46 percent over the full-year 2010 amount of $0.57 per gallon.

In addition to the previously discussed Susquehanna Supply Hub, the midstream business will continue work on several ongoing expansion projects in 2012 and beyond in all of its major locations.

Williams Partners (WPZ) has two major deepwater Gulf of Mexico projects under way. Construction has commenced on the Gulfstar FPSTM, a spar-based floating production system with a capacity of 60,000 barrels of oil per day, up to 200 MMcf/d of natural gas and the capability to provide seawater injection services. Williams Partners (WPZ) has signed multiple agreements with Hess Corporation (HES) and Chevron (CVX) to utilize Gufstar FPS for production handling, export pipeline, oil and gas gathering and gas processing services in the Tubular Bells field development located in the eastern deepwater Gulf of Mexico. The project is expected to be in service in 2014.

Discovery, of which Williams Partners (WPZ) owns 60 percent, plans to construct the Keathley Canyon Connector, a 20-inch diameter, 215-mile subsea natural gas gathering pipeline for production from the Keathley Canyon, Walker Ridge and Green Canyon areas in the central deepwater Gulf of Mexico. Discovery has signed long-term agreements with the Lucius and Hadrian South owners for natural gas gathering and processing services for production from those fields.

Definitions of Non-GAAP Financial Measures

This press release includes certain financial measures – Distributable Cash Flow, Cash Distribution Coverage Ratio, and Adjusted Segment Profit – that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission.

For Williams Partners L.P. (WPZ), Adjusted Segment Profit excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Management believes Adjusted Segment Profit provides investors meaningful insight into Williams Partners L.P.'s (WPZ) results from ongoing operations.

For Williams Partners L.P. (WPZ) we define Distributable Cash Flow as net income plus depreciation and amortization and cash distributions from our equity investments less our earnings from our equity investments, distributions to noncontrolling interests and maintenance capital expenditures. We also adjust for payments and/or reimbursements under omnibus agreements with Williams and certain other items. Total Distributable Cash Flow is reduced by any amounts associated with operations, which occurred prior to our ownership of the underlying assets to arrive at Distributable Cash Flow attributable to partnership operations.

For Williams Partners L.P. (WPZ) we also calculate the ratio of Distributable Cash Flow attributable to partnership operations to the total cash distributed (Cash Distribution Coverage Ratio). This measure reflects the amount of Distributable Cash Flow relative to our cash distribution. We have also provided this ratio calculated using the most directly comparable GAAP measure, net income.

This press release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the Partnership's assets and the cash that the business is generating. Neither Adjusted Segment Profit nor Distributable Cash Flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

Year-end Materials to be Posted Shortly, Q&A Webcast Scheduled for Tomorrow

Williams Partners’ year-end financial results package should be posted shortly at www.williamslp.com. The package will include the data book and analyst package, and the investor presentation with a recorded commentary from Alan Armstrong, CEO of Williams Partners’ general partner.

The partnership will host the year-end Q&A live webcast on Thursday, Feb. 23 at 11 a.m. EST. A limited number of phone lines will be available at [phone]. International callers should dial [phone].

A link to the live webcast, as well as replays of the year-end webcast in both streaming and downloadable podcast formats following the event, will be available at www.williamslp.com.

Form 10-K

The partnership plans to file its 2011 Form 10-K with the Securities and Exchange Commission (SEC) next week. The document will be available on both the SEC and Williams Partners (WPZ) web sites.

About Williams Partners L.P. (WPZ)

Williams Partners L.P. (WPZ) is a leading diversified master limited partnership focused on natural gas transportation; gathering, treating, and processing; storage; natural gas liquid (NGL) fractionation; and oil transportation. The partnership owns interests in three major interstate natural gas pipelines that, combined, deliver 14 percent of the natural gas consumed in the United States. The partnership's gathering and processing assets include large-scale operations in the U.S. Rocky Mountains and both onshore and offshore along the Gulf of Mexico. Williams (WMB) owns approximately 72 percent of Williams Partners (WPZ), including the general-partner interest.
Williams Partners L.P. (WPZ) is a limited partnership formed by The Williams Companies, Inc. (Williams). Our reports, filings, and other public announcements may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You typically can identify forward-looking statements by various forms of words such as "anticipates," "believes," "seeks," "could," "may," "should," "continues," "estimates," "expects," "forecasts," "intends," "might," "goals," "objectives," "targets," "planned," "potential," "projects," "scheduled," "will," or other similar expressions. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management and include, among others, statements regarding:

Amounts and nature of future capital expenditures;
Expansion and growth of our business and operations;
Financial condition and liquidity;
Business strategy;
Cash flow from operations or results of operations;
The levels of cash distributions to unitholders;
Seasonality of certain business components; and
Natural gas, natural gas liquids, and crude oil prices and demand.
Forward-looking statements are based on numerous assumptions, uncertainties and risks that could cause future events or results to be materially different from those stated or implied in this announcement. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:

Whether we have sufficient cash from operations to enable us to maintain current levels of cash distributions or to pay cash distributions following establishment of cash reserves and payment of fees and expenses, including payments to our general partner;
Availability of supplies, market demand, volatility of prices, and the availability and cost of capital;
Inflation, interest rates and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on our customers and suppliers);
The strength and financial resources of our competitors;
Ability to acquire new businesses and assets and integrate those operations and assets into our existing businesses, as well as expand our facilities;
Development of alternative energy sources;
The impact of operational and development hazards;
Costs of, changes in, or the results of laws, government regulations (including safety and climate change regulation and changes in natural gas production from exploration and production areas that we serve), environmental liabilities, litigation and rate proceedings;
Our allocated costs for defined benefit pension plans and other postretirement benefit plans sponsored by our affiliates;
Changes in maintenance and construction costs;
Changes in the current geopolitical situation;
Our exposure to the credit risk of our customers and counterparties;
Risks related to strategy and financing, including restrictions stemming from our debt agreements, future changes in our credit ratings and the availability and cost of credit;
Risks associated with future weather conditions;
Acts of terrorism, including cybersecurity threats and related disruptions; and
Additional risks described in our filings with the Securities and Exchange Commission (SEC).
Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or to announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.

In addition to causing our actual results to differ, the factors listed above may cause our intentions to change from those statements of intention set forth in this announcement. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.

Limited partner interests are inherently different from the capital stock of a corporation, although many of the business risks to which we are subject are similar to those that would be faced by a corporation engaged in a similar business. Investors are urged to closely consider the disclosures and risk factors in our annual report on Form 10-K filed with the SEC on February 24, 2011, and our quarterly reports on Form 10-Q available from our offices or from our website at www.williamslp.com.


Reconciliation of Non-GAAP Measures

(UNAUDITED)



2010 2011
(Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year

Williams Partners L.P. (WPZ) reconciliation of Non-GAAP "Distributable Cash Flow" to GAAP "Net income"

Net income $ 322 $ 240 $ 253 $ 286 $ 1,101 $ 307 $ 338 $ 342 $ 391 $ 1,378
Depreciation and amortization 140 140 140 148 568 150 154 155 152 611
Non-cash amortization of debt issuance costs included in interest expense 4 5 5 5 19 5 5 3 4 17
Equity earnings from investments (26 ) (27 ) (24 ) (32 ) (109 ) (25 ) (36 ) (40 ) (41 ) (142 )
Distributions to noncontrolling interests (6 ) (6 ) (6 ) - (18 ) - - - - -
Involuntary conversion gain resulting from Ignacio fire - (4 ) - - (4 ) - - - - -
Involuntary conversion gain resulting from Hurricane Ike - (7 ) (7 ) - (14 ) - - - - -
Impairment of certain gathering assets - - - 9 9 - - - - -
Reimbursements (payments) from/(to) Williams under omnibus agreement - (1 ) 1 3 3 8 2 6 15 31
Maintenance capital expenditures (32 ) (46 ) (119 ) (104 ) (301 ) (34 ) (106 ) (148 ) (126 ) (414 )

Distributable Cash Flow excluding equity investments 402 294 243 315 1,254 411 357 318 395 1,481
Plus: Equity investments cash distributions to Williams Partners L.P. (WPZ

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) 29 43 29 32 133 30 40 50 49 169

Distributable Cash Flow 431 337 272 347 1,387 441 397 368 444 1,650
Less: Pre-partnership Distributable Cash Flow 158 21 32 12 223 - - - - -

Distributable Cash Flow attributable to partnership operations $ 273 $ 316 $ 240 $ 335 $ 1,164 $ 441 $ 397 $ 368 $ 444 $ 1,650

Total cash distributed: $ 155 $ 221 $ 250 $ 268 $ 894 $ 276 $ 286 $ 294 $ 311 $ 1,167

Coverage ratios:
Distributable Cash Flow attributable to partnership operations divided by Total cash distributed 1.76 1.43 0.96 1.25 1.30 1.60 1.39 1.25 1.43 1.41

Net income divided by Total cash distributed 2.08 1.09 1.01 1.07 1.23 1.11 1.18 1.16 1.26 1.18

Reconciliation of GAAP "Segment Profit" to Non-GAAP "Adjusted Segment Profit"
(UNAUDITED)

2010 2011
(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year


Gas Pipeline $ 169 $ 148 $ 161 $ 159 $ 637 $ 175 $ 152 $ 170 $ 176 $ 673
Midstream Gas & Liquids 255 213 210 259 937 262 319 301 341 1,223

Segment Profit $ 424 $ 361 $ 371 $ 418 $ 1,574 $ 437 $ 471 $ 471 $ 517 $ 1,896

Adjustments:
Gas Pipeline

Unclaimed property assessment accrual adjustment - (2 ) - - (2 ) - - - - -
Loss related to Eminence storage facility leak - - - 5 5 4 3 6 2 15
Gain on sale of base gas from Hester storage field (5 ) (3 ) - - (8 ) (4 ) - - - (4 )
Total Gas Pipeline adjustments (5 ) (5 ) - 5 (5 ) - 3 6 2 11

Midstream Gas & Liquids

Involuntary conversion gain related to Ignacio - (4 ) - - (4 ) - - - - -
Involuntary conversion gain related to Hurricane Ike - (7 ) (7 ) - (14 ) - - - - -
Gain on sale of certain assets - - (12 ) - (12 ) - - - - -
Impairment of certain gathering assets - - - 9 9 - - - - -
Settlement gain related to Green Canyon development - - - (6 ) (6 ) - - - - -
Total Midstream Gas & Liquids adjustments - (11 ) (19 ) 3 (27 ) - - - - -

Total adjustments included in segment profit (5 ) (16 ) (19 ) 8 (32 ) - 3 6 2 11

Adjusted segment profit $ 419 $ 345 $ 352 $ 426 $ 1,542 $ 437 $ 474 $ 477 $ 519 $ 1,907

Williams Partners L.P. (WPZ)
2012 Guidance 2013 Guidance
(Dollars in millions, except coverage ratios) Low Midpoint High Low Midpoint High

Reconciliation of Non-GAAP "Distributable Cash Flow attributable to partnership operations" to GAAP "Net income"

Net income $ 1,160 $ 1,400 $ 1,640 $ 1,260 $ 1,523 $ 1,785
Depreciation and amortization 650 670 690 680 700 720
Other 45 45 45 40 43 45
Maintenance capital expenditures (445 ) (480 ) (515 ) (350 ) (385 ) (420 )

Distributable cash flow attributable to partnership operations $ 1,410 $ 1,635 $ 1,860 $ 1,630 $ 1,880 $ 2,130

Total cash to be distributed * $ 1,344 $ 1,375 $ 1,406 $ 1,486 $ 1,567 $ 1,648

Coverage ratios:

Distributable cash flow attributable to partnership operations divided by Total cash to be distributed * 1.05 1.19 1.32 1.10 1.20 1.29

Net income divided by Total cash to be distributed * 0.86 1.02 1.17 0.85 0.97 1.08

* Distributions reflect growth rates of 6-10%.

Reconciliation of Non-GAAP "Adjusted Segment Profit" to GAAP "Segment Profit"

Segment Profit:
Midstream $ 1,050 $ 1,275 $ 1,500 $ 1,150 $ 1,375 $ 1,600
Gas Pipeline 680 700 720 700 725 750
Total Segment Profit 1,730 1,975 2,220 1,850 2,100 2,350
Adjustments:
Midstream - - - - - -
Gas Pipeline - - - - - -
Adjusted segment profit $ 1,730 $ 1,975 $ 2,220 $ 1,850 $ 2,100 $ 2,350



Source: Williams Partners L.P. (WPZ)