exv99w1

Exhibit 99.1

NYSE: WPZ

Date: Aug. 2, 2007

Williams Partners L.P. Reports Second-Quarter 2007 Financial Results

	•		Four Corners NGL Margins, Lower Operating Costs, Increased Conway Storage Revenue Drive Strong 2Q Performance

	•		Recurring Segment Profit Up 19% in 2Q; 9% Year-to-date

	•		Distributable Cash Flow per Unit Up 76% in 2Q; 35% Year-to-Date

	•		Cash Distribution Increased to 52.5 Cents per Unit

	•		Net Income Reduced by Interest Expense

TULSA, Okla. — Williams Partners L.P. (NYSE:WPZ) today announced unaudited second-quarter 2007 net income of $26.2 million, or 56 cents per common unit, compared with second-quarter 2006 net income of $34.8 million and 25 cents per common unit.

Year-to-date through June 30, Williams Partners reported net income of $40.0 million, or 87 cents per common unit, compared with $74.3 million and 60 cents per common unit for the same time frame last year.

The second-quarter and year-to-date 2007 results were lower than the restated 2006 results primarily due to interest expense associated with the Four Corners acquisition, as well as certain non-recurring items. These declines were partially offset in the second quarter by increased consolidated segment profit.

Distributable cash flow for limited-partner unitholders totaled $28.3 million for the second quarter of 2007, compared with $6.1 million for the same period in 2006. The key measure of distributable cash flow per weighted-average limited partner unit was 72 cents in second-quarter 2007, compared with 41 cents for second-quarter 2006.

The increase in distributable cash flow for the quarter is due to strong operational results, lower operating costs, as well as a special cash distribution from Discovery due to hurricane-related insurance receivables.

Year-to-date through June 30, distributable cash flow for limited-partner unitholders totaled $47.1 million, compared with $12.8 million for 2006. Also during the first half of 2007, distributable cash flow per weighted-average limited partner unit was $1.20, compared with 89 cents for 2006.

Financial results for all periods presented have been restated to include the additional 20 percent interest in Discovery Producer Services LLC, which was recently acquired from Williams (NYSE:WMB).

Reconciliations of the partnership’s distributable cash flow for limited-partner unitholders to net income, as well as recurring segment profit to segment profit, accompany this press release.

Additional Discovery Interest Acquisition

In late June 2007, Williams Partners closed on an acquisition of an additional 20 percent interest in Discovery from Williams for $78 million, using cash on hand.


Williams Partners — 2Q 2007 Financial Results — Aug. 2, 2007		Page 1 of 4

The partnership now owns a 60-percent, non-controlling interest in Discovery, which provides gathering, transportation, fractionation and processing services to producers operating in the shallow and deep waters of the Gulf of Mexico.

Recurring Segment Profit Results

Consolidated recurring segment profit for Williams Partners for second-quarter 2007 was $47.9 million, compared with the $40.3 million for second-quarter 2006.

Recurring segment profit for Gathering & Processing — West, which includes Four Corners, was $38.6 million in second-quarter 2007, compared with $34.6 million in 2006. The segment benefited from continued strong natural gas liquid (NGL) margins and lower operating costs. The lower operating costs were primarily due to $2.5 million lower net product imbalance losses in the second quarter. Gains and losses from product imbalances are an unpredictable component of operating costs. These benefits were partially offset by lower NGL sales volumes due to planned maintenance.

Recurring segment profit for the NGL Services segment also improved significantly for the second-quarter. Its second-quarter recurring segment profit was $5.6 million, compared with $2 million in 2006. Lower operating costs, including $2.3 million higher gains on cavern empties, and increased storage and product upgrade revenue at Conway drove the quarterly improvement. Gains and losses on cavern empties are an unpredictable component of operating costs.

For the six-month period ending June 30, consolidated recurring segment profit for Williams Partners was $84.6 million, compared with the $77.9 million for the first half of 2006.

Gathering & Processing — West reported recurring segment profit of $70.2 million in the first half of 2007, compared with $64.4 million for 2006. During the first half of the year, the segment benefited from strong NGL margins and lower operating costs, including the previously noted lower product imbalance losses. These benefits were partially offset by slightly lower fee-based gathering and processing volumes, primarily in the first quarter of 2007.

For the first six months of the year, NGL Services reported recurring segment profit of $7.1 million, compared with $4 million for the first half of 2006. The segment benefited from higher storage revenue at Conway due to higher demand and lower operating costs. These gains were partially offset by lower fractionation revenues.

The increases in Gathering & Processing — West and NGL Services for the first half of the year were partially offset by lower equity earnings from the Discovery investment, which is part of the Gathering & Processing — Gulf segment. This was primarily due to higher operating costs.

Chief Operating Officer Perspective

“Williams Partners’ asset base turned in a strong operational performance in the second quarter, which is reflected in recurring segment profit and distributable cash flow growth in both the quarter and the first half of the year,” said Alan Armstrong, chief operating officer of the general partner of Williams Partners.


Williams Partners — 2Q 2007 Financial Results — Aug. 2, 2007		Page 2 of 4

“We continue to benefit from robust NGL margins at Four Corners and strong demand for both traditional and new storage services at Conway. Discovery has also processed record volumes of gas and benefited from its percent-of-liquids processing contracts,” Armstrong said.

Increase in Cash Distribution to Unitholders

Subsequent to the close of the second quarter, the board of directors of the general partner of Williams Partners increased the quarterly cash distribution payable to unitholders to 52.5 cents from 50 cents. This was the sixth consecutive quarter the partnership increased its cash distribution.

Distributable Cash Flow and Recurring Segment Profit Definitions

Distributable cash flow per weighted average limited-partner unit is a key measure of the partnership’s financial performance and available cash flows to unitholders.

Williams Partners defines distributable cash flow per limited partner unit as distributable cash flow, as defined in the following paragraph, attributable to partnership operations plus the cash distributed by Discovery. The total distributable cash flow attributable to partnership operations is then allocated among the general partner and the limited partners in accordance with the cash-distribution provisions of our partnership agreement. The resulting distributable cash flow attributable to partnership operations and to its limited partners is then divided by the weighted average limited partner units outstanding to arrive at distributable cash flow per limited partner unit.

Williams Partners defines distributable cash flow as net income plus depreciation, amortization and accretion, and the amortization of a natural gas purchase contract, less its equity earnings in Discovery, as well as adjustments for certain non-cash, non-recurring items, plus reimbursements from Williams under an omnibus agreement and less maintenance capital expenditures.

Williams Partners defines recurring segment profit as segment profit excluding items of income or loss that it characterizes as unrepresentative of its ongoing operations.

Schedules presenting Williams Partners’ consolidated statements of income, segment profit and operating information are available on Williams Partners’ web site at www.williamslp.com and as an attachment to this document.

Today’s Analyst Call

Williams Partners’ management will discuss the partnership’s second-quarter financial results during an analyst presentation to be webcast live beginning at noon Eastern today.

Participants are encouraged to access the presentation and corresponding slides via www.williamslp.com. A limited number of phone lines also will be available at (800) 263-8506. International callers should dial (719) 457-2681. Callers should dial in at least 10 minutes prior to the start of the discussion. Replay of the second-quarter webcast will be available for two weeks at www.williamslp.com.


Williams Partners — 2Q 2007 Financial Results — Aug. 2, 2007		Page 3 of 4

Form 10-Q

The partnership plans to file its Form 10-Q with the Securities and Exchange Commission today. The document will be available on both the SEC and Williams Partners web sites.

About Williams Partners L.P. (NYSE:WPZ)

Williams Partners L.P. primarily gathers, transports and processes natural gas and fractionates and stores natural gas liquids. The general partner is Williams Partners GP LLC. More information is at www.williamslp.com.


Contact:		Jeff Pounds
		Williams (media relations)
		(918) 573-3332

		Sharna Reingold
		Williams (investor relations)
		(918) 573-2078

# # #

Williams Partners’ reports, filings and other public announcements might contain or incorporate by reference forward-looking statements — statements that do not directly or exclusively relate to historical facts. You typically can identify forward-looking statements by the use of forward-looking words, such as “anticipate,” believe,” “could,” “continue,” “estimate,” “expect,” “forecast,” “may,” “plan,” “potential,” “project,” “schedule,” “will” and other similar words. These statements are based on our intentions, beliefs and assumptions about future events and are subject to risks, uncertainties and other factors. Actual results could differ materially from those contemplated by the forward-looking statements. In addition to any assumptions, risks, uncertainties and other factors referred to specifically in connection with such statements, other factors could cause our actual results to differ materially from the results expressed or implied in any forward-looking statements. Those risks, uncertainties and factors include, among others: Williams Partners may not have sufficient cash from operations to enable it to pay the minimum quarterly distribution following establishment of cash reserves and payment of fees and expenses, including payments to its general partner; because of the natural decline in production from existing wells and competitive factors, the success of Williams Partners’ gathering and transportation businesses depends on its ability to connect new sources of natural gas supply, which is dependent on factors beyond its control; any decrease in supplies of natural gas could adversely affect Williams Partners’ business and operating results; Williams Partners’ processing, fractionation and storage business could be affected by any decrease in the price of natural gas liquids or a change in the price of natural gas liquids relative to the price of natural gas; lower natural gas and oil prices could adversely affect Williams Partners’ fractionation and storage businesses; Williams Partners depends on certain key customers and producers for a significant portion of its revenues and supply of natural gas and natural gas liquids and the loss of any of these key customers or producers could result in a decline in its revenues and cash available to pay distributions; if third-party pipelines and other facilities interconnected to Williams Partners’ pipelines and facilities become unavailable to transport natural gas and natural gas liquids or to treat natural gas, Williams Partners’ revenues and cash available to pay distributions could be adversely affected; Williams Partners’ future financial and operating flexibility may be adversely affected by restrictions in its indentures and by its leverage; Williams Partners’ partnership agreement limits its general partner’s fiduciary duties to Williams Partner’s unitholders for actions taken by the general partner that might otherwise constitute breaches of fiduciary duty; even if unitholders are dissatisfied, they currently have little ability to remove Williams Partners’ general partner without its consent; The Williams Companies, Inc.’s credit agreement and The Williams Companies, Inc.’s public indentures contain financial and operating restrictions that may limit Williams Partners’ access to credit; in addition, Williams Partners’ ability to obtain credit in the future will be affected by The Williams Companies Inc’s credit ratings; Williams Partners’ general partner and its affiliates have conflicts of interest and limited fiduciary duties, which may permit them to favor their own interest to the detriment of Williams Partners’ unitholders; unitholders may be required to pay taxes on their share of Williams Partners’ income even if they do n ot receive any cash distributions from Williams Partners; and Williams Partners’ operations are subject to operational hazards and unforeseen interruptions for which it may or may not be adequately insured. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors are urged to closely consider the disclosures and risk factors in Williams Partners’ annual report on Form 10-K filed with the Securities and Exchange Commission on Feb. 28, 2007, and Williams Partners’ quarterly reports on Form 10-Q available from Williams Partners’ offices or from Williams Partners’ website at www.williamslp.com.


Williams Partners — 2Q 2007 Financial Results — Aug. 2, 2007		Page 4 of 4

Reconciliation of Non-GAAP Measures
(UNAUDITED)

This press release includes certain financial measures, Recurring Segment Profit, Distributable Cash Flow and Distributable Cash Flow per Limited Partner Unit that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission.

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

For Williams Partners L.P. we define Distributable Cash Flow as net income (loss) plus the non-cash affiliate interest expense associated with the advances from affiliate that were forgiven by Williams, depreciation, amortization and accretion, and the amortization of a natural gas purchase contract, less our equity earnings in Discovery, as well as adjustments for certain non-cash, non-recurring items, plus reimbursements from Williams under an omnibus agreement and less maintenance capital expenditures. For Discovery we define Distributable Cash Flow as net income (loss) plus depreciation, amortization and accretion and less maintenance capital expenditures. Our equity share of Discovery’s Distributable Cash Flow is 60%.

For Williams Partners L.P. we define Distributable Cash Flow per Limited Partner Unit as Distributable Cash Flow, as defined in the preceding paragraph, attributable to partnership operations plus the actual cash distributed by Discovery. The total Distributable Cash Flow attributable to partnership operations is then allocated between the general partner and the limited partners in accordance with the cash distribution provisions of our partnership agreement. The resulting Distributable Cash Flow attributable to partnership operations and to its limited partners is then divided by the weighted average limited partner units outstanding to arrive at Distributable Cash Flow per Limited Partner Unit.

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 Recurring 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 (loss) or cash flow from operations. Distributable Cash Flow per Limited Partner is not presented as an alternative to net income per unit. 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.


	2006*									2007
(Thousands, except per-unit amounts)	*1st Qtr*			*2nd Qtr*			*Y-T-D*			*1st Qtr*			*2nd Qtr*		*Y-T-D*


Williams Partners L.P.
Reconciliation of Non-GAAP “Recurring Segment Profit” to GAAP “Segment Profit”

Gathering and Processing — West	$	36,653		$	37,237		$	73,890		$	31,276		$	38,623	$	69,899
Gathering and Processing — Gulf		5,860			3,659			9,519			3,638			3,670		7,308
NGL Services		2,050			1,984			4,034			53			5,606		5,659


Segment Profit		44,563			42,880			87,443			34,967			47,899		82,866
Non-recurring Items:
Gathering and Processing — West
Condensate revenue adjustment		—			(1,900	)		(1,900	)
2005-2006 retroactive charges for customer contract		—			—			—			(848	)		—		(848	)
Adjust right-of-way prepaid expense		—			—			—			1,243			—		1,243
Adjust 2006 incentive compensation accrual		—			—			—			(899	)		—		(899	)
Adjust asset retirement obligation		—			—			—			785			—		785
Adjust other accounts payable items		(3,300	)		(700	)		(4,000	)		—			—		—
NGL Services
Correction of product imbalance valuation		—			—			—			1,437			—		1,437
Other items:
Gathering and Processing — West
Gain on sale of LaMaquina treating facility		(3,619	)		—			(3,619	)		—			—		—


Recurring Segment Profit	$	37,644		$	40,280		$	77,924		$	36,685		$	47,899	$	84,584


*		Because Four Corners and the additional 20% interest in Discovery were affiliates of Williams at the time of these acquisitions, the transactions were between entities under common control, and have been accounted for at historical cost. Accordingly, these tables have been restated to reflect the historical results of Four Corners and Equity Earnings in Discovery throughout the periods presented.


	2006*									2007
(Thousands, except per-unit amounts)	*1st Qtr*			*2nd Qtr*			*Y-T-D*			*1st Qtr*			*2nd Qtr*			*Y-T-D*

Williams Partners L.P.
Reconciliation of Non-GAAP “Distributable Cash Flow Excluding Equity Investments” to GAAP “Net income”

Net income	$	39,514		$	34,768		$	74,282		$	13,809		$	26,184		$	39,993
Depreciation, amortization and accretion		10,714			10,852			21,566			13,178			11,234			24,412
Amortization of natural gas purchase contract		1,354			1,322			2,676			1,188			1,189			2,377
Non-cash amortization of debt issuance costs included in interest expense		—			26			26			404			403			807
Equity earnings — Discovery		(5,671	)		(3,521	)		(9,192	)		(3,931	)		(3,875	)		(7,806	)
Reimbursements from Williams under omnibus agreement		1,248			1,183			2,431			842			825			1,667
Maintenance capital expenditures ^(a)		(6,391	)		(6,636	)		(13,027	)		(9,147	)		(9,156	)		(18,303	)


Distributable Cash Flow Excluding Equity Investments	$	40,768		$	37,994		$	78,762		$	16,343		$	26,804		$	43,147

Less: Pre-partnership Four Corners net income allocated to general partner		(33,415	)		(30,624	)		(64,039	)		—			—			—
Less: Pre-partnership Four Corners depreciation, amortization and accretion expense		(9,814	)		(9,666	)		(19,480	)		—			—			—
Plus: Pre-partnership Four Corners maintenance capital expenditures		5,226			4,872			10,098			—			—			—
Plus: Discovery’s cash distributions to Williams Partners L.P.		4,400			3,600			8,000			3,600			10,869			14,469


Distributable cash flow attributable to partnership operations		7,165			6,176			13,341			19,943			37,673			57,616

Distributable Cash Flow attributable to partnership operations allocable to general partner		410			125			535			1,106			9,362			10,468

Distributable Cash Flow attributable to limited partnership operations allocable to limited partners	$	6,755		$	6,051		$	12,806		$	18,837		$	28,311		$	47,148


Weighted average number of units outstanding:		14,006,146			14,923,619			14,467,417			39,358,798			39,358,798			39,358,798


Distributable Cash Flow attributable to partnership operations per limited partner unit:	$	0.48		$	0.41		$	0.89		$	0.48		$	0.72		$	1.20


(a) Maintenance capital expenditures includes certain well connection capital.

Discovery Producer Services
Reconciliation of Non-GAAP “Distributable Cash Flow” to GAAP “Net income”

Net income	$	9,452		$	5,868		$	15,320		$	6,551		$	6,460		$	13,011
Depreciation and accretion		6,379			6,374			12,753			6,483			6,508			12,991
Maintenance capital expenditures		(516	)		(506	)		(1,022	)		(429	)		(595	)		(1,024	)


Distributable Cash Flow — 100%	$	15,315		$	11,736		$	27,051		$	12,605		$	12,373		$	24,978


Distributable Cash Flow — our 60% interest	$	9,189		$	7,042		$	16,231		$	7,563		$	7,424		$	14,987


*		Because Four Corners and the additional 20% interest in Discovery were affiliates of Williams at the time of these acquisitions, the transactions were between entities under common control, and have been accounted for at historical cost. Accordingly, these tables have been restated to reflect the historical results of Four Corners and Equity Earnings in Discovery throughout the periods presented.

Consolidated Statements of Income
(UNAUDITED)


	2006*									2007
(Thousands)	*1st Qtr*			*2nd Qtr*			*Y-T-D*			*1st Qtr*			*2nd Qtr*			*Y-T-D*


Revenues:
Product sales:
Affiliate	$	58,396		$	63,370		$	121,766		$	56,552		$	62,119		$	118,671
Third-party		2,792			7,766			10,558			6,313			5,070			11,383
Gathering and processing:
Affiliate		9,933			10,756			20,689			9,491			8,743			18,234
Third-party		51,376			49,405			100,781			51,103			51,422			102,525
Storage		5,105			5,924			11,029			6,410			6,818			13,228
Fractionation		3,953			2,989			6,942			1,917			2,616			4,533
Other		1,180			976			2,156			2,029			2,481			4,510


Total revenues		132,735			141,186			273,921			133,815			139,269			273,084

Cost and expenses:
Product cost and shrink replacement:
Affiliate		21,380			18,057			39,437			21,725			18,520			40,245
Third-party		22,620			26,662			49,282			20,470			26,157			46,627
Operating and maintenance expense:
Affiliate		15,686			13,401			29,087			14,328			10,484			24,812
Third-party		21,100			28,167			49,267			28,185			23,759			51,944
Depreciation, amortization and accretion		10,714			10,852			21,566			13,178			11,234			24,412
General and administrative expense:
Affiliate		7,281			9,227			16,508			9,406			9,644			19,050
Third-party		1,305			950			2,255			664			1,189			1,853
Taxes other than income		2,283			1,757			4,040			2,114			2,626			4,740
Other		(3,643	)		328			(3,315	)		460			198			658


Total costs and expenses		98,726			109,401			208,127			110,530			103,811			214,341


Operating income		34,009			31,785			65,794			23,285			35,458			58,743

Equity earnings — Discovery		5,671			3,521			9,192			3,931			3,875			7,806
Interest expense:
Affiliate		(15	)		(15	)		(30	)		(15	)		(15	)		(30	)
Third-party		(221	)		(633	)		(854	)		(14,375	)		(14,395	)		(28,770	)
Interest income		70			110			180			983			1,261			2,244


Net income	$	39,514		$	34,768		$	74,282		$	13,809		$	26,184		$	39,993


*		Because Four Corners and the additional 20% interest in Discovery were affiliates of Williams at the time of these acquisitions, the transactions were between entities under common control, and have been accounted for at historical cost. Accordingly, these tables have been restated to reflect the historical results of Four Corners and Equity Earnings in Discovery throughout the periods presented.

Segment Profit & Operating Statistics
(UNAUDITED)


	2006*							2007
(Thousands)	*1st Qtr*			*2nd Qtr*		*Y-T-D*		*1st Qtr*			*2nd Qtr*			*Y-T-D*


Gathering and Processing — West
Segment revenues	$	115,672		$	127,794	$	243,466	$	120,428		$	125,047		$	245,475
Product cost		38,277			41,800		80,077		39,675			42,313			81,988
Operating and maintenance expense		29,095			34,525		63,620		33,097			29,487			62,584
Depreciation, amortization and accretion		9,814			9,952		19,766		12,175			10,203			22,378
Direct general and administrative expenses		3,400			2,361		5,761		1,821			1,797			3,618
Other, net		(1,567	)		1,919		352		2,384			2,624			5,008


Segment profit	$	36,653		$	37,237	$	73,890	$	31,276		$	38,623		$	69,899


Gathering and Processing — Gulf
Segment revenues	$	733		$	676	$	1,409	$	561		$	459		$	1,020
Operating and maintenance expense		242			231		473		550			361			911
Depreciation and accretion		300			300		600		304			303			607
Direct general and administrative expenses		2			7		9		—			—			—


Segment operating income (loss)		189			138		327		(293	)		(205	)		(498	)
Equity earnings		5,671			3,521		9,192		3,931			3,875			7,806


Segment profit	$	5,860		$	3,659	$	9,519	$	3,638		$	3,670		$	7,308


NGL Services
Segment revenues	$	16,330		$	12,716	$	29,046	$	12,826		$	13,763		$	26,589
Operating and maintenance expense		7,449			6,812		14,261		8,866			4,395			13,261
Product cost		5,723			2,919		8,642		2,520			2,364			4,884
Depreciation and accretion		600			600		1,200		699			728			1,427
Direct general and administrative expenses		301			235		536		498			470			968
Other, net		207			166		373		190			200			390


Segment profit	$	2,050		$	1,984	$	4,034	$	53		$	5,606		$	5,659


*		Because Four Corners and the additional 20% interest in Discovery were affiliates of Williams at the time of these acquisitions, the transactions were between entities under common control, and have been accounted for at historical cost. Accordingly, these tables have been restated to reflect the historical results of Four Corners and Equity Earnings in Discovery throughout the periods presented.


Operating Information:
Williams Partners:
Conway storage revenues	$	5,105	$	5,924	$	11,029	$	6,410	$	6,818	$	13,228
Conway fractionation volumes (bpd) — our 50%		46,042		39,669		42,838		31,316		36,220		33,781
Carbonate Trend gathered volumes (MMBtu/d)		33,407		29,327		31,356		25,187		19,127		22,140
Williams Four Corners — 100%:
Gathered volumes (MMBtu/d)		1,511,867		1,473,371		1,492,619		1,452,694		1,461,514		1,457,129
Processed volumes (MMBtu/d)		868,200		861,876		865,038		866,116		872,091		869,120
Liquid sales gallons (000s)		41,413		43,874		85,287		45,603		39,031		84,634
Net liquids margin (cents/gallon)	$	0.37	$	0.49	$	0.44	$	0.41	$	0.53	$	0.46
Discovery Producer Services — 100%
Gathered volumes (MMBtu/d)		581,788		342,037		459,360		547,504		616,172		582,028
Gross processing margin ($/MMBtu)	$	0.16	$	0.25	$	0.19	$	0.23	$	0.24	$	0.24