e8vk

0000950123-11-044894.txt : 20110505 0000950123-11-044894.hdr.sgml : 20110505 20110504191634 ACCESSION NUMBER: 0000950123-11-044894 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20110504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110505 DATE AS OF CHANGE: 20110504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WILLIAMS COMPANIES INC CENTRAL INDEX KEY: 0000107263 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] IRS NUMBER: 730569878 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04174 FILM NUMBER: 11811997 BUSINESS ADDRESS: STREET 1: ONE WILLIAMS CTR CITY: TULSA STATE: OK ZIP: 74172 BUSINESS PHONE: 9185732000 MAIL ADDRESS: STREET 1: ONE WILLIAM CENTER CITY: TULSA STATE: OK ZIP: 74172 FORMER COMPANY: FORMER CONFORMED NAME: WILLIAMS BROTHERS COMPANIES DATE OF NAME CHANGE: 19710817 8-K 1 c64441e8vk.htm FORM 8-K e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K


CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 4, 2011

The Williams Companies, Inc.

(Exact name of registrant as specified in its charter)


Delaware	1-4174	73-0569878
(State or	(Commission	(I.R.S. Employer
other jurisdiction	File Number)	Identification No.)
of incorporation)


One Williams Center, Tulsa, Oklahoma		74172
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: 918-573-2000

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240-14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On May 4, 2011, The Williams Companies, Inc. (“Williams” or the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2011. A copy of the press release and accompanying financial highlights and operating statistics and reconciliation schedules are furnished herewith as Exhibit 99.1 and are incorporated herein in their entirety by reference.

The press release and accompanying financial highlights and operating statistics and reconciliation schedules are being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

(a) None

(b) None

(d) Exhibits

Exhibit 99.1

Press release of the Company dated May 4, 2011, and accompanying schedules, publicly announcing the Company’s first quarter 2011 financial results.

Pursuant to the requirements of the Securities Exchange Act of 1934, Williams has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	THE WILLIAMS COMPANIES, INC.
Date: May 4, 2011		/s/ Donald R. Chappel
		Name:	Donald R. Chappel
		Title:	Senior Vice President and Chief Financial Officer

INDEX TO EXHIBITS


EXHIBIT
NUMBER		DESCRIPTION
Exhibit 99.1		Press release of the Company dated May 4, 2011, and accompanying schedules, publicly announcing the Company’s first quarter 2011 financial results.

EX-99.1 2 c64441exv99w1.htm EX-99.1 exv99w1

Exhibit 99.1


		Williams (NYSE: WMB) One Williams Center Tulsa, OK 74172 800-Williams www.williams.com

DATE: May 4, 2011


MEDIA CONTACT:	INVESTOR CONTACTS:
Jeff Pounds	Travis Campbell	Sharna Reingold	David Sullivan
(918) 573-3332	(918) 573-2944	(918) 573-2078	(918) 573-9360

Williams Reports First-Quarter 2011 Financial Results

	•		Net Income is $321 Million, $0.54 per Share for First-Quarter 2011

	•		Adjusted Income from Continuing Operations is $212 Million, $0.36 per Share

	•		2011-12 Earnings Guidance Increased 11% on Higher NGL, Olefin Margins

	•		Dividend Increased 60%


Quarterly Summary Financial Information	1Q 2011						1Q 2010
Per share amounts are reported on a diluted basis. All amounts are attributable to The Williams Companies, Inc.	millions			per share			millions			per share

Income (loss) from continuing operations	$	329		$	0.55			($195	)		($0.33	)
Income (loss) from discontinued operations		(8	)		(0.01	)		2			—

Net income (loss)	$	321		$	0.54			($193	)		($0.33	)


Adjusted income from continuing operations*	$	212		$	0.36		$	208		$	0.36


*		A schedule reconciling income (loss) from continuing operations to adjusted income from continuing operations (non-GAAP measures) is available at www.williams.com and as an attachment to this press release.

TULSA, Okla. — Williams (NYSE: WMB) announced unaudited net income attributable to Williams, for first-quarter 2011 of $321 million, or $0.54 per share on a diluted basis, compared with a net loss of $193 million, or a loss of $0.33 per share on a diluted basis for first-quarter 2010.

The significant improvement in results for first-quarter 2011 is primarily due to the absence of $645 million of pre-tax charges incurred during first-quarter 2010. The charges were in conjunction with the strategic restructuring that transformed Williams Partners L.P. (NYSE: WPZ) into a leading diversified master limited partnership.

First-quarter 2011 also benefited from a $124 million income tax benefit associated with federal settlements and an international revised assessment, both pertaining to prior periods.



Williams (NYSE: WMB)	First-Quarter 2011 Financial Results — May 4, 2011	Page 1 of 9

Adjusted Income from Continuing Operations

Adjusted income from continuing operations was $212 million, or $0.36 per share, for first-quarter 2011, compared with $208 million, or $0.36 per share for first-quarter 2010. The first-quarter 2011 adjusted results were lower compared with first-quarter 2011 net income primarily because of the previously noted tax benefit in the quarter.

Improved results in the Midstream Canada & Olefins and Williams Partners segments were offset by lower results in the Exploration & Production segment in the first quarter. There is a more detailed description of the business results later in this press release.

Adjusted income from continuing operations reflects the removal of items considered unrepresentative of ongoing operations and the effect of mark-to-market accounting and is a non-GAAP measure. Reconciliations to the most relevant GAAP measure are attached to this news release.

CEO Comment

“We’re off to a good start this year, and we’re expecting an even stronger performance for the remainder of 2011 and 2012,” said Alan Armstrong, president and chief executive officer. “We’ve increased our earnings guidance 11 percent for both years, as we expect strong NGL and olefin margins in our midstream businesses.

“We continue to invest in and bring more value-adding natural gas and NGL infrastructure projects online. With abundant supplies in the new shale plays and growing demand from natural gas-fired electrical generation, the need for natural gas infrastructure will continue to grow.

“When you combine our existing assets with $4.8 billion in growth capital planned for 2011 and 2012, Williams stands to play a major role in providing the infrastructure that will bring the vast natural gas and NGL supplies in North America to market,” Armstrong said.

Earnings Guidance Increased 11%, High-Dividend Strategy Initiated

Earnings guidance for 2011-12 has been increased 11 percent to reflect higher NGL and oil prices and higher olefin margins. Capital expenditure guidance has been updated for 2011 and increased for 2012 to reflect new midstream projects in the Gulf of Mexico, as well as updated timing of certain projects.

Following through with its previously announced plan, Williams recently announced a 60 percent increase of its quarterly dividend. The company continues to expect an additional 10 percent to 15 percent increase for the



Williams (NYSE: WMB)	First-Quarter 2011 Financial Results — May 4, 2011	Page 2 of 9

quarterly dividends it will pay beginning in June 2012. Furthermore, Williams expects strong increases in its dividend payments beyond 2012.

Please note that 2011-12 earnings and capital expenditure guidance does not reflect the company’s previously announced plans to separate into two stand-alone, publicly traded companies.

Williams’ assumptions for certain energy commodity prices for 2011-12 and the corresponding guidance for the company’s earnings and capital expenditures are displayed in the following table.


Commodity Price Assumptions and Financial Outlook	2011									2012
As of May 4, 2011
	Low			Mid			High			Low			Mid			High

Natural Gas ($/MMBtu):
NYMEX	$	3.40		$	4.25		$	5.10		$	4.00		$	5.00		$	6.00
Rockies	$	3.10		$	3.85		$	4.60		$	3.65		$	4.55		$	5.45
Avg. San Juan/Mid-Continent	$	3.20		$	4.00		$	4.80		$	3.70		$	4.65		$	5.60
Oil / NGL:
Crude Oil -WTI ($ per barrel)	$	80		$	95		$	110		$	80		$	95		$	110
Crude to Gas Ratio		21.6x			22.5x			23.5x			18.3x			19.2x			20.0x
NGL to Crude Oil Relationship		52	%		52	%		52	%		51	%		53	%		54	%

Average NGL Margins ($ per gallon) (1)	$	0.64		$	0.76		$	0.88		$	0.56		$	0.73		$	0.90

Capital & Investment Expenditures (millions)
Williams Partners	$	1,560		$	1,723		$	1,885		$	1,480		$	1,630		$	1,780
Exploration & Production		1,300			1,450			1,600			1,300			1,700			2,100
Midstream Canada & Olefins		350			400			450			400			450			500

Total Capital & Investment Expenditures (2)	$	3,275		$	3,625		$	3,975		$	3,200		$	3,800		$	4,400
Cash Flow from Continuing Operations (millions)	$	2,750		$	3,100		$	3,450		$	3,100		$	3,638		$	4,175

Adjusted Segment Profit (millions) (3)
Williams Partners	$	1,695		$	1,890		$	2,085		$	1,780		$	2,050		$	2,320
Exploration & Production		270			395			520			325			600			875
Midstream Canada &Olefins		225			275			325			275			325			375

Total Adjusted Segment Profit (2)	$	2,200		$	2,563		$	2,925		$	2,375		$	2,975		$	3,575

Adjusted Diluted Earnings Per Share (3)	$	1.25		$	1.55		$	1.85		$	1.45		$	1.95		$	2.45


(1)		Average NGL margins are for Williams Partners’ midstream business; they do not reflect Midstream Canada & Olefins’ business.

(2)		The sum of the ranges for each business line may not match total range; does not include the Other segment.

(3)		Adjusted Segment Profit and Adjusted Diluted EPS are adjusted to remove items considered unrepresentative of ongoing operations and the effect of mark-to-market accounting and are non-GAAP measures. Reconciliations to the most relevant GAAP measures are attached to this news release.



Williams (NYSE: WMB)	First-Quarter 2011 Financial Results — May 4, 2011	Page 3 of 9

Business Segment Results

Beginning in first-quarter 2011, the results of Williams’ Canadian midstream and domestic olefins business are being reported in a new segment — Midstream Canada & Olefins. Williams’ other business segments for financial reporting are Williams Partners, Exploration & Production, and Other. The Williams Partners segment includes the consolidated results of Williams Partners L.P.; Exploration & Production includes the domestic exploration and production business, gas marketing, and the company’s controlling interest in Apco Oil & Gas International Inc.; Other primarily includes a 25.5-percent interest in the Gulfstream interstate natural gas pipeline system for first-quarter 2011. In subsequent quarters, Other will primarily include a 1-percent interest in Gulfstream. Prior period segment results have been recast to reflect the new segment reporting structure.


Consolidated Segment Profit	1Q
Amounts in millions	2011		2010

Williams Partners	$	437	$	424
Exploration & Production		51		153
Midstream Canada & Olefins		74		20
Other		20		7


Consolidated Segment Profit	$	582	$	604


Adjusted Consolidated Segment Profit*	1Q
Amounts in millions	2011		2010

Williams Partners	$	437	$	419
Exploration & Production		69		144
Midstream Canada & Olefins		74		20
Other		9		7


Adjusted Consolidated Segment Profit	$	589	$	590


*		A schedule reconciling income from continuing operations to adjusted income from continuing operations (non-GAAP measures) is available at www.williams.com and as an attachment to this press release.

Williams Partners

Williams Partners is focused on natural gas transportation, gathering, treating, processing and storage; natural gas liquid (NGL) fractionation; and oil transportation.

For first-quarter 2011, Williams Partners reported segment profit of $437 million, compared with $424 million for first-quarter 2010.



Williams (NYSE: WMB)	First-Quarter 2011 Financial Results — May 4, 2011	Page 4 of 9

Improved results in the gas pipeline business, as well as higher fee-based revenues and higher per-unit NGL margins in the midstream business, mostly offset by higher operating expenses and lower NGL equity volumes, drove the slight improvement in the first-quarter 2011 results.

The lower NGL equity volumes in the first quarter were primarily due to the change of a major contract in the Gulf Coast region from keep-whole to percent-of-liquids processing.

There is a more detailed description of Williams Partners’ interstate gas pipeline and midstream business results in the partnership’s first-quarter 2011 financial results news release, which is also being issued today.

Exploration & Production

Exploration & Production is focused on developing its significant natural gas reserves and related NGLs in the Piceance Basin of western Colorado, as well as its growing positions in the Bakken Shale oil play in North Dakota and the Marcellus Shale in Pennsylvania. The business also has domestic operations in the Powder River Basin in Wyoming and the San Juan Basin in the southwestern United States and international investments in Argentina and Colombia.

Exploration & Production reported segment profit of $51 million for first-quarter 2011, compared with $153 million for first-quarter 2010.

The decline in first-quarter segment profit is primarily due to a 7-percent decline in realized average prices for domestic natural gas production, inclusive of hedge gains and losses. During first-quarter 2011, the realized average price for domestic production was $5.34 per thousand cubic feet of natural gas equivalent (Mcfe), compared with $5.77 in first-quarter 2010. The lower realized average price was partially offset by a 6-percent increase in production volumes sold during the quarter.


Average Daily Production
Amounts in million cubic feet equivalent of natural	1Q							4Q		Sequential
gas (MMcfe)	2011		2010		Change			2010		Change

Piceance Basin		706		632		12	%		730		-3	%
Powder River Basin		225		238		-5	%		214		5	%
Other Basins		224		221		1	%		225		0	%
U.S. Interests only		1,155		1,091		6	%		1,169		-1	%
U.S. & International Interests		1,210		1,145		6	%		1,216		0	%

The slight decline in average daily production from fourth-quarter 2010 to first-quarter 2011 was primarily due to severe winter weather, which is typical for the first quarter. The winter weather reduced first-quarter 2011 production volumes by approximately 25 MMcfe/d.



Williams (NYSE: WMB)	First-Quarter 2011 Financial Results — May 4, 2011	Page 5 of 9

Williams expects average annual daily production to increase by 9 percent and 11 percent at guidance midpoints in 2011 and 2012, respectively.

Williams also continues to expand its oil production activities in the Bakken Shale. The company is currently operating three rigs and has plans to add two more rigs during the next six months. Williams’ current net production in the Bakken is approximately 4,000 barrels per day, roughly double the first-quarter 2011 average.

Certain higher costs and expenses also contributed to the lower first-quarter segment profit. These costs and expenses include higher gathering and processing charges; higher exploration expenses, resulting from charges related to amortization of undeveloped leasehold acreage to provide for future expirations; higher lease and other operating expenses primarily due to increased workover and maintenance activity; and higher selling, general and administrative expenses.

Midstream Canada & Olefins

Midstream Canada & Olefins reported first-quarter 2011 segment profit of $74 million, compared with $20 million for first-quarter 2010.

The significant increase in Midstream Canada & Olefins’ segment profit is due to higher per-unit margins on Geismar ethylene, Canadian propane and propylene, and products produced from Canadian butylene/butane mix product. The products produced by the company’s Canadian butylene/butane splitter placed in service in August 2010 provide a higher combined per-unit margin than the butylene/butane mix product sold previously. Production volumes in Canada were also higher primarily due to the absence of the 2010 operational issues at a third-party facility that provides feedstock to our Canadian facility.

New Quarterly Presentation Format, Analyst Call/Webcast Tomorrow

Utilizing its new format for quarterly earnings and outlook, the first-quarter slide presentation, data book and analyst package will be available shortly for viewing, downloading, and printing at www.williams.com. Williams will also be providing the quarterly presentation with audio commentary by CEO Alan Armstrong.

Management will be available to discuss the first-quarter 2011 results and 2011-12 outlook during a live analyst call/webcast call beginning at 9:30 a.m. EDT tomorrow. Links to the live webcast will be available on Williams’ web site. A limited number of phone lines also will be available at (888) 516-2438. International callers should dial (719) 325-2190.



Williams (NYSE: WMB)	First-Quarter 2011 Financial Results — May 4, 2011	Page 6 of 9

Replays of the first-quarter analyst call/webcast in both streaming and downloadable podcast formats will be available for two weeks following the event at www.williams.com.

Form 10-Q

The company plans to file its first-quarter 2011 Form 10-Q with the Securities and Exchange Commission this week. Once filed, the document will be available on both the SEC and Williams websites.

Non-GAAP Measures

This press release includes certain financial measures, adjusted segment profit, adjusted earnings and adjusted per share measures that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission. Adjusted segment profit, adjusted earnings and adjusted per share measures exclude items of income or loss that the company characterizes as unrepresentative of its ongoing operations and reflects mark-to-market adjustments for certain hedges and other derivatives in Exploration & Production. These measures provide investors meaningful insight into the company’s results from ongoing operations and better reflect results on a basis that is more consistent with derivative portfolio cash flows. The mark-to-market adjustments reverse forward unrealized mark-to-market gains or losses from derivatives and add realized gains or losses from derivatives for which mark-to-market income has been previously recognized, with the effect that the resulting adjusted segment profit is presented as if mark-to-market accounting had never been applied to these derivatives. The measure is limited by the fact that it does not reflect potential unrealized future losses or gains on derivative contracts. However, management compensates for this limitation since derivative assets and liabilities do reflect unrealized gains and losses of derivative contracts. Overall, management believes the mark-to-market adjustments provide an alternative measure that more closely matches realized cash flows for these derivatives but does not substitute for actual cash flows.

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 widely accepted financial indicators used by investors to compare a company’s performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the company and aid investor understanding. Neither adjusted segment profit, adjusted earnings nor adjusted per share measures are intended to represent an alternative to segment profit, net income or earnings per share. 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.



Williams (NYSE: WMB)	First-Quarter 2011 Financial Results — May 4, 2011	Page 7 of 9

About Williams (NYSE: WMB)

Williams is an integrated natural gas company focused on exploration and production, midstream gathering and processing, and interstate natural gas transportation primarily in the Rocky Mountains, Gulf Coast, Pacific Northwest, Eastern Seaboard and the Marcellus Shale in Pennsylvania. Most of the company’s interstate gas pipeline and midstream assets are held through its 75-percent ownership interest (including the general-partner interest) in Williams Partners L.P. (NYSE: WPZ), a leading diversified master limited partnership. More information is available at www.williams.com. Go to http://www.b2i.us/irpass.asp?BzID=630&to=ea&s=0 to join our e-mail list.

# # #

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. We make these forward looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. 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;

•

Estimates of proved, probable, and possible gas and oil reserves;

•

Reserve potential;

•

Development drilling potential;

•

Cash flow from operations or results of operations;

•

Seasonality of certain business segments; 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:

•

Availability of supplies (including the uncertainties inherent in assessing, estimating, acquiring and developing future natural gas and oil reserves), market demand, volatility of prices, and the availability and cost of capital;

•

Inflation, interest rates, fluctuation in foreign exchange, 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;

•

Development of alternative energy sources;

•

The impact of operational and development hazards;

•

Costs of, changes in, or the results of laws, government regulations (including climate change legislation and/or potential additional regulation of drilling and completion of wells), environmental liabilities, litigation, and rate proceedings;

•

Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;

•

Changes in maintenance and construction costs;

•

Changes in the current geopolitical situation;

•

Our exposure to the credit risk of our customers;

•

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; 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-



Williams (NYSE: WMB)	First-Quarter 2011 Financial Results — May 4, 2011	Page 8 of 9

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. Investors are urged to closely consider the disclosures and risk factors in our annual report on Form 10-K filed with the SEC on Feb. 24, 2011, and our quarterly reports on Form 10-Q available from our offices or from our website at www.williams.com.



Williams (NYSE: WMB)	First-Quarter 2011 Financial Results — May 4, 2011	Page 9 of 9

Financial Highlights and Operating Statistics
(UNAUDITED)

Final

March 31, 2011

Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Adjusted Income
(UNAUDITED)


	2010*															2011
(Dollars in millions, except per-share amounts)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr

Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders	$	(195	)	$	188		$	(1,258	)	$	178		$	(1,087	)	$	329


Income (loss) from continuing operations — diluted earnings per common share	$	(0.33	)	$	0.31		$	(2.15	)	$	0.30		$	(1.86	)	$	0.55


Adjustments:

Williams Partners (WP)
Gain on sale of base gas from Hester storage field	$	(5	)	$	(3	)	$	—		$	—		$	(8	)	$	(4	)
Involuntary conversion gain related to Ignacio		—			(4	)		—			—			(4	)		—
Involuntary conversion gain related Hurricane Ike		—			(7	)		(7	)		—			(14	)		—
Gain on sale of certain assets		—			—			(12	)		—			(12	)		—
Settlement gain related to Green Canyon development		—			—			—			(6	)		(6	)		—
Loss related to Eminence storage facility leak		—			—			—			5			5			4
Impairment of certain gathering assets		—			—			—			9			9			—
Unclaimed property assessment accrual adjustment- TGPL		—			(1	)		—			—			(1	)		—
Unclaimed property assessment accrual adjustment — NWP		—			(1	)		—			—			(1	)		—

Total Williams Partners adjustments		(5	)		(16	)		(19	)		8			(32	)		—

Exploration & Production (E&P)
Gain on acreage swap		—			—			—			(7	)		(7	)		—
Gain on sale of certain assets		—			—			(1	)		—			(1	)		—
Impairment of goodwill		—			—			1,003			—			1,003			—
Impairments of certain natural gas properties and reserves		—			—			678			—			678			—
Prior years’ DD&A related to Piceance measurement issue		—			—			—			19			19			—
Unclaimed property assessment accrual		—			2			—			—			2			—
Mark-to-market adjustments		(9	)		(4	)		(17	)		—			(30	)		18

Total Exploration & Production adjustments		(9	)		(2	)		1,663			12			1,664			18

Midstream Canada & Olefins
Customer settlement gain		—			(6	)		—			—			(6	)		—

Total Midstream Canada & Olefins adjustments		—			(6	)		—			—			(6	)		—

Other
(Gain)/loss from Venezuela investment		—			(13	)		(30	)		—			(43	)		(11	)

Total Other adjustments		—			(13	)		(30	)		—			(43	)		(11	)


Adjustments included in segment profit (loss)		(14	)		(37	)		1,614			20			1,583			7

Adjustments below segment profit (loss)
Exploration & Production reorganization expenses — Corporate		—			—			—			—			—			4
Augusta refinery environmental accrual — Corporate		—			—			8			—			8			—
Early debt retirement costs — Corporate		606			—			—			—			606			—
Acceleration of unamortized debt costs related to credit facility amendment — Corporate		3			—			—			—			3			—
Williams Partners		1			—			—			—			1			—
Restructuring transaction costs — Corporate		33			—			—			—			33			—
Restructuring transaction costs — Williams Partners		6			2			4			—			12			—
Allocation of Williams Partners’ adjustments to noncontrolling interests		(4	)		1			1			(2	)		(4	)		—

		645			3			13			(2	)		659			4

Total adjustments		631			(34	)		1,627			18			2,242			11
Less tax effect for above items		(239	)		9			(238	)		—			(468	)		(4	)
Adjustments for tax-related items [1]		11			—			—			66			77			(124	)


Adjusted income from continuing operations available to common stockholders	$	208		$	163		$	131		$	262		$	764		$	212


Adjusted diluted earnings per common share, including mark-to-market adjustments [2]	$	0.36		$	0.28		$	0.22		$	0.44		$	1.29		$	0.36


Weighted-average shares — diluted (thousands)		583,929			592,498			584,744			594,157			592,887			596,567


[1]		The first quarter of 2010 includes an adjustment for the reduction of tax benefits on the Medicare Part D federal subsidy due to enacted healthcare legislation. The fourth quarter of 2010 includes an adjustment to reflect taxes on undistributed earnings of certain foreign operations that are no longer considered permanently reinvested. The first quarter of 2011 includes federal settlements and an international revised assessment.

[2]		Interest expense, net of tax, associated with our convertible debentures has been added back to adjusted income from continuing operations available to common stockholders to calculate adjusted diluted earnings per common share.

*		2010 has been adjusted to reflect certain Exploration & Production operations as discontinued.

Note: The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.

Consolidated Statement of Operations
(UNAUDITED)


	2010*															2011
(Dollars in millions, except per-share amounts)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr

Revenues	$	2,591		$	2,289		$	2,300		$	2,420		$	9,600		$	2,575
Segment costs and expenses:
Costs and operating expenses		1,917			1,717			1,748			1,782			7,164			1,908
Selling, general and administrative expenses		111			123			122			142			498			137
Impairments of goodwill and long-lived assets		—			—			1,681			10			1,691			—
Other (income) expense — net		(1	)		(12	)		(3	)		(10	)		(26	)		(1	)

Total segment costs and expenses		2,027			1,828			3,548			1,924			9,327			2,044


Equity earnings (losses)		40			39			38			46			163			40
Income (loss) from investments		—			13			30			—			43			11

Total segment profit (loss)		604			513			(1,180	)		542			479			582


Reclass equity earnings (losses)		(40	)		(39	)		(38	)		(46	)		(163	)		(40	)
Reclass (income) loss from investments		—			(13	)		(30	)		—			(43	)		(11	)
General corporate expenses		(85	)		(45	)		(42	)		(49	)		(221	)		(51	)


Operating income (loss)		479			416			(1,290	)		447			52			480

Interest accrued		(164	)		(154	)		(158	)		(156	)		(632	)		(158	)
Interest capitalized		17			13			13			8			51			9
Investing income — net		39			55			68			47			209			51
Early debt retirement costs		(606	)		—			—			—			(606	)		—
Other income (expense) — net		(7	)		(1	)		(4	)		—			(12	)		4


Income (loss) from continuing operations before income taxes		(242	)		329			(1,371	)		346			(938	)		386
Provision (benefit) for income taxes		(94	)		104			(150	)		114			(26	)		(6	)

Income (loss) from continuing operations		(148	)		225			(1,221	)		232			(912	)		392
Income (loss) from discontinued operations		2			(3	)		(5	)		(4	)		(10	)		(8	)

Net income (loss)		(146	)		222			(1,226	)		228			(922	)		384
Less: Net income (loss) attributable to noncontrolling interests		47			37			37			54			175			63

Net income (loss) attributable to The Williams Companies, Inc.	$	(193	)	$	185		$	(1,263	)	$	174		$	(1,097	)	$	321


Amounts attributable to The Williams Companies, Inc.:
Income (loss) from continuing operations	$	(195	)	$	188		$	(1,258	)	$	178		$	(1,087	)	$	329
Income (loss) from discontinued operations		2			(3	)		(5	)		(4	)		(10	)		(8	)

Net income (loss)	$	(193	)	$	185		$	(1,263	)	$	174		$	(1,097	)	$	321


Diluted earnings (loss) per common share:
Income (loss) from continuing operations	$	(0.33	)	$	0.31		$	(2.15	)	$	0.30		$	(1.86	)	$	0.55
Income (loss) from discontinued operations		—			—			(0.01	)		(0.01	)		(0.02	)		(0.01	)


Net income (loss)	$	(0.33	)	$	0.31		$	(2.16	)	$	0.29		$	(1.88	)	$	0.54


Weighted-average number of shares used in computations (thousands)		583,929			592,498			584,744			594,157			584,552			596,567

Common shares outstanding at end of period (thousands)		584,223			584,546			584,724			585,891			585,891			587,990
Market price per common share (end of period)	$	23.10		$	18.28		$	19.11		$	24.72		$	24.72		$	31.18

Common dividends per share	$	0.11		$	0.125		$	0.125		$	0.125		$	0.485		$	0.125


*		2010 has been adjusted to reflect certain Exploration & Production operations as discontinued.

Note: The sum of earnings (loss) per share for the quarters may not equal the total earnings (loss) per share for the year due to changes in the weighted-average number of common shares outstanding.

Reconciliation of Segment Profit (Loss) to Adjusted Segment Profit (Loss)
(UNAUDITED)


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

Segment profit (loss):

Williams Partners	$	424		$	361		$	371		$	418	$	1,574		$	437
Exploration & Production		153			73			(1,631	)		70		(1,335	)		51
Midstream Canada & Olefins		20			61			42			49		172			74
Other		7			18			38			5		68			20

Total segment profit (loss)	$	604		$	513		$	(1,180	)	$	542	$	479		$	582


Adjustments:

Williams Partners	$	(5	)	$	(16	)	$	(19	)	$	8	$	(32	)	$	—
Exploration & Production		(9	)		(2	)		1,663			12		1,664			18
Midstream Canada & Olefins		—			(6	)		—			—		(6	)		—
Other		—			(13	)		(30	)		—		(43	)		(11	)

Total segment adjustments	$	(14	)	$	(37	)	$	1,614		$	20	$	1,583		$	7


Adjusted segment profit (loss):

Williams Partners	$	419		$	345		$	352		$	426	$	1,542		$	437
Exploration & Production		144			71			32			82		329			69
Midstream Canada & Olefins		20			55			42			49		166			74
Other		7			5			8			5		25			9

Total adjusted segment profit (loss)	$	590		$	476		$	434		$	562	$	2,062		$	589


*		2010 has been adjusted to reflect Midstream Canada & Olefins as a separate segment and certain Exploration & Production operations as discontinued operations.

Note:		Segment profit (loss) includes equity earnings (losses) and income (loss) from investments reported in investing income — net in the Consolidated Statement of Operations. Equity earnings (losses) results from investments accounted for under the equity method. Income (loss) from investments results from the management of certain equity investments.

Williams Partners
(UNAUDITED)


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

Revenues	$	1,490		$	1,400		$	1,327		$	1,498	$	5,715		$	1,579

Segment costs and expenses:

Costs and operating expenses		1,033			1,002			923			1,026		3,984			1,105
Selling, general and administrative expenses		62			70			70			79		281			73
Other (income) expense — net		(3	)		(6	)		(13	)		7		(15	)		(11	)

Total segment costs and expenses		1,092			1,066			980			1,112		4,250			1,167

Equity earnings		26			27			24			32		109			25


Reported segment profit		424			361			371			418		1,574			437
Adjustments		(5	)		(16	)		(19	)		8		(32	)		—

Adjusted segment profit	$	419		$	345		$	352		$	426	$	1,542		$	437

Exploration & Production
(UNAUDITED)


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

Revenues:
Production	$	566		$	507		$	526		$	545		$	2,144		$	554
Gas management		556			365			436			385			1,742			405
Hedge ineffectiveness and mark-to-market gains (losses)		9			—			16			2			27			3
International		20			22			22			25			89			24
Other		6			7			5			6			24			3

Total revenues		1,157			901			1,005			963			4,026			989

Segment costs and expenses:
Depreciation, depletion and amortization (including International)		209			212			221			246			888			218
Lease and other operating expenses		51			54			61			70			236			65
Operating taxes		35			27			36			16			114			30
Exploration expense		4			9			26			19			58			21
Third party & affiliate gathering, processing and transportation		100			98			107			111			416			123
Selling, general and administrative expenses (including International)		41			42			44			52			179			55
Gas management expenses		558			377			447			392			1,774			417
International (excluding DD&A and SG&A)		11			10			9			11			41			10
Impairment of goodwill and long-lived assets		—			—			1,681			—			1,681			—
Other expense — net		—			4			9			(19	)		(6	)		5

Total segment costs and expenses		1,009			833			2,641			898			5,381			944

Equity earnings		5			5			5			5			20			6


Reported segment profit		153			73			(1,631	)		70			(1,335	)		51

Adjustments		(9	)		(2	)		1,663			12			1,664			18


Adjusted segment profit	$	144		$	71		$	32		$	82		$	329		$	69

Operating statistics

Domestic:
Total domestic net volumes (Bcfe)		98.2			100.0			103.4			107.5			409.1			103.9
Net domestic volumes per day (MMcfe/d)		1,091			1,099			1,124			1,169			1,121			1,155
Domestic realized price ($/Mcfe) (1)	$	5.769		$	5.064		$	5.088		$	5.070		$	5.241		$	5.335
Net domestic realized price ($/Mcfe) (2)	$	4.754		$	4.082		$	4.055		$	4.031		$	4.223		$	4.147
Production taxes per Mcfe	$	0.362		$	0.274		$	0.346		$	0.146		$	0.279		$	0.286
Lease and other operating expense per Mcfe	$	0.518		$	0.539		$	0.592		$	0.650		$	0.576		$	0.624


(1)		Domestic realized price is calculated the following way: production revenues (including hedging activities) divided by net volumes.

(2)		Net domestic realized price is calculated the following way: production revenues (including hedging activities) less gathering & processing expense divided by net volumes.


International:
Total volumes including Equity Investee (Bcfe)	6.2	6.7	6.4	5.5	24.8	6.3
Volumes per day (MMcfe/d)	69	73	69	60	68	70

Volumes net to Williams (after minority interest) (Bcfe)	4.8	5.3	5.0	4.4	19.5	4.9
Volumes net to Williams per day (MMcfe/d)	54	58	54	47	53	55

Total Domestic and International:
Volumes net to Williams (after minority interest) (Bcfe)	103.0	105.3	108.4	111.9	428.6	108.8
Volumes net to Williams per day (MMcfe/d)	1,145	1,157	1,178	1,216	1,174	1,210


*		2010 has been adjusted to reflect certain Exploration & Production operations as discontinued operations.

Midstream Canada & Olefins
(UNAUDITED)


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

Revenues:
Olefin and NGL production sales	$	240		$	236		$	218		$	224		$	918		$	290
Marketing sales		48			41			36			82			207			67
Other revenues		6			5			5			6			22			6

		294			282			259			312			1,147			363

Intrasegment eliminations		(22	)		(25	)		(27	)		(40	)		(114	)		(47	)

Total revenues		272			257			232			272			1,033			316

Segment costs and expenses:
Olefin and NGL production cost of goods sold		195			153			150			147			645			186
Marketing cost of goods sold		48			44			35			81			208			66
Operating costs		23			25			23			23			94			23
Other
Selling, general and administrative expenses		6			7			7			9			29			8
Other (income) expense — net		2			(8	)		2			3			(1	)		6

Intrasegment eliminations		(22	)		(25	)		(27	)		(40	)		(114	)		(47	)

Total segment costs and expenses		252			196			190			223			861			242

Reported segment profit (loss)		20			61			42			49			172			74
Adjustments		—			(6	)		—			—			(6	)		—

Adjusted segment profit	$	20		$	55		$	42		$	49		$	166		$	74

Operating statistics

Geismar ethylene sales volumes (million lbs)		263			251			275			192			981			272
Canadian propylene sales volumes (million lbs)		22			30			33			42			127			38
Canadian NGL sales volumes (million gallons)**		28			36			34			47			145			45


*		2010 amounts were previously included as part of Other operating results.

**		NGL products include: propane, normal butane, isobutane/butylene, and condensate.

Capital Expenditures and Investments
(UNAUDITED)


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

Capital expenditures:
Williams Partners	$	120	$	221		$	246		$	250		$	837	$	156
Exploration & Production		286		263			894			396			1,839		319
Midstream Canada & Olefins		18		22			26			28			94		45
Other		4		6			5			3			18		6

Total**	$	428	$	512		$	1,171		$	677		$	2,788	$	526


Purchase of businesses:
Williams Partners	$	—	$	—		$	—		$	150		$	150	$	—
Exploration & Production		—		—			—			949			949		—

Total	$	—	$	—		$	—		$	1,099		$	1,099	$	—


Purchase of investments:
Williams Partners	$	9	$	6		$	435		$	26		$	476	$	36
Exploration & Production		2		2			2			1			7		4
Other		2		(1	)		2			2			5		2

Total	$	13	$	7		$	439		$	29		$	488	$	42


Summary:
Williams Partners	$	129	$	227		$	681		$	426		$	1,463	$	192
Exploration & Production		288		265			896			1,346			2,795		323
Midstream Canada & Olefins		18		22			26			28			94		45
Other		6		5			7			5			23		8

Total	$	441	$	519		$	1,610		$	1,805		$	4,375	$	568


Cumulative summary:
Williams Partners	$	129	$	356		$	1,037		$	1,463		$	1,463	$	192
Exploration & Production		288		553			1,449			2,795			2,795		323
Midstream Canada & Olefins		18		40			66			94			94		45
Other		6		11			18			23			23		8

Total	$	441	$	960		$	2,570		$	4,375		$	4,375	$	568


Capital expenditures incurred and purchase of investments:
Increases to property, plant, and equipment	$	410	$	488		$	1,174		$	683		$	2,755	$	482
Purchase of businesses		—		—			—			1,099			1,099		—
Purchase of investments		13		7			439			29			488		42

Total	$	423	$	495		$	1,613		$	1,811		$	4,342	$	524


**Increases to property, plant, and equipment	$	410	$	488		$	1,174		$	683		$	2,755	$	482
Changes in related accounts payable and accrued liabilities		18		24			(3	)		(6	)		33		44

Capital expenditures	$	428	$	512		$	1,171		$	677		$	2,788	$	526


*		2010 has been adjusted to reflect Midstream Canada & Olefins as a separate segment.

Depreciation, Depletion, and Amortization and Other Selected Financial Data
(UNAUDITED)


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

Depreciation, depletion, and amortization:
Williams Partners	$	140		$	140		$	140		$	148		$	568		$	150
Exploration & Production		211			214			224			246			895			219
Midstream Canada & Olefins		6			5			6			6			23			6
Other		4			7			4			6			21			6

Total	$	361		$	366		$	374		$	406		$	1,507		$	381


Other selected financial data:
Cash and cash equivalents	$	1,644		$	1,601		$	1,015		$	795		$	795		$	923

Total assets	$	25,129		$	24,947		$	23,848		$	24,972		$	24,972		$	25,083

Capital structure:
Debt
Current	$	10		$	160		$	508		$	508		$	508		$	532
Noncurrent	$	8,615		$	8,358		$	8,002		$	8,600		$	8,600		$	8,577
Stockholders’ equity	$	7,919		$	7,979		$	7,025		$	7,288		$	7,288		$	7,537
Debt to debt-plus-stockholders’ equity ratio		52.1	%		51.6	%		54.8	%		55.6	%		55.6	%		54.7	%


*		2010 has been adjusted to reflect Midstream Canada & Olefins as a separate segment.

Segment profit guidance – reported to adjusted


	2011 Guidance									2012 Guidance
Dollars in millions	Low			Midpoint			High			Low			Midpoint		High
Reported segment profit:
Williams Partners (WPZ)	$	1,695		$	1,890		$	2,085		$	1,780		$	2,050	$	2,320
Exploration & Production		250			375			500			325			600		875
Midstream Canada & Olefins		225			275			325			275			325		375
Other		21			14			6			(5	)		—		5

Total Reported segment profit		2,191			2,554			2,916			2,375			2,975		3,575

Adjustments:
Gain on sale of base gas from Hester storage field		(4	)		(4	)		(4	)		—			—		—
Loss related to Eminence storage facility leak		4			4			4			—			—		—

Total Williams Partners Adjustments		—			—			—			—			—		—

Mark-to-Market adjustment		20			20			20			—			—		—

Total Exploration & Production Adjustments		20			20			20			—			—		—

Gain from Venezuela investment		(11	)		(11	)		(11	)		—			—		—

Total “Other” Adjustments		(11	)		(11	)		(11	)		—			—		—

Total Adjustments		9			9			9			—			—		—

Adjusted segment profit:
Williams Partners (WPZ)		1,695			1,890			2,085			1,780			2,050		2,320
Exploration & Production		270			395			520			325			600		875
Midstream Canada & Olefins		225			275			325			275			325		375
Other		10			3			(5	)		(5	)		—		5

Total Adjusted segment profit	$	2,200		$	2,563		$	2,925		$	2,375		$	2,975	$	3,575

Reconciliation of forecasted reported income from continuing operations to adjusted income from continuing operations after MTM adjustments


	2011 Guidance												2012 Guidance
Dollars in millions	Low				Midpoint				High				Low		Midpoint		High
Reported income from continuing operations	$	865			$	1,045			$	1,225			$	875	$	1,180	$	1,485

Adjustments — pretax		13				13				13				—		—		—

Less taxes		(128	)	¹		(128	)	¹		(128	)	¹		—		—		—


Adjustments — after tax		(115	)			(115	)			(115	)			—		—		—

Adjusted income from continuing ops	$	750			$	930			$	1,110			$	875	$	1,180	$	1,485

Adjusted EPS	$	1.25			$	1.55			$	1.85			$	1.45	$	1.95	$	2.45

1) Includes tax settlements and a revised assessment related to certain federal and international matters recorded in 1Q 2011.
Note: All amounts attributable to Williams; Diluted EPS.

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