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Date: Feb. 21, 2008

Williams Partners L.P. Reports Fourth-Quarter and Full-Year 2007 Financial Results

	•		Partnership’s Growth, Solid Performance Drive 20% Increase in Distributable Cash Flow per Unit in 2007

	•		Net Income per Unit Up 22% in 2007, 24% for 4Q

	•		NGL Margins Remain Strong Across All Processing Businesses

	•		Per Unit Cash Distribution Increased to 57.5 Cents — 22% Over 4Q 2006

TULSA, Okla. — Williams Partners L.P. (NYSE:WPZ) today announced unaudited 2007 net income of $164.6 million, or $1.97 per common unit, compared with 2006 net income of $214.6 million and $1.62 per common unit.

Net income per common unit for 2007 was higher due primarily to the growth of the partnership through its 2006 acquisition of Four Corners and higher equity earnings from Discovery, partially offset by higher interest expense and additional units outstanding.

However, net income for 2007, which includes pre-partnership income allocated to the general partner in association with the partnership’s acquisitions, was lower than the recast 2006 net income due primarily to interest expense associated with the Four Corners and Wamsutter acquisitions.

For fourth-quarter 2007, Williams Partners reported net income of $44.9 million, or 56 cents per common unit, compared with $46.3 million and 45 cents per common unit for fourth-quarter 2006.

Fourth-quarter 2007 net income per common unit was higher than fourth-quarter 2006 also due to the growth of the partnership. The growth was partially offset by lower volumes in Four Corners following the Nov. 28 fire and subsequent shut-down of the Ignacio natural gas processing plant, a $10.4 million non-cash impairment charge on the Carbonate Trend gathering pipeline and higher interest expense.

In 2007, the key measure of distributable cash flow per weighted-average limited partner unit was $2.59, compared with $2.15 for 2006 — an increase of 20 percent. Total distributable cash flow in 2007 for limited-partner unitholders was $103.7 million, compared with $42.5 million for 2006.

The increase in distributable cash flow during 2007 is due to the growth of the partnership through its 2006 acquisition of Four Corners, its 2007 acquisition of an additional 20 percent interest in Discovery, and the partnership’s steady business performance.

For fourth-quarter 2007, distributable cash flow per weighted-average limited partner unit was 63 cents, compared with 62 cents for fourth-quarter 2006. Total distributable cash flow for limited-partner unitholders totaled $26.6 million in fourth-quarter 2007, compared with $15.8 million for fourth-quarter 2006.


Williams Partners L.P. (NYSE: WPZ) — Year-end 2007 Financial Results — Feb. 21, 2008		Page 1 of 5

The slight increase in distributable cash flow during the fourth quarter is also due to the growth of the partnership and its business performance. These benefits were partially offset by lower volumes at Four Corners, due to the Ignacio fire.

The partnership’s issuance of 13.4 million common units in the fourth-quarter 2007 to fund a portion of the Wamsutter acquisition also reduced the per-unit distributable cash flow amounts in the fourth-quarter 2007 and full-year.

Because the units were issued and the acquisition closed in December 2007, the partnership has not yet received a cash distribution from its equity investment in Wamsutter. As such, fourth-quarter distributable cash flow did not include any benefit from the investment. The Wamsutter investment will make its first scheduled cash distribution to the partnership in the first quarter of 2008.

Business Segment Performance

Business segment performance includes results for the partnership’s three business segments: Gathering and Processing — West, which includes Four Corners and the Wamsutter investment; Gathering and Processing — Gulf, which includes the Discovery investment; and NGL Services, which includes the Conway fractionation and storage complex.

The segment profit numbers have been recast to include Wamsutter through all periods presented following the partnership’s fourth-quarter acquisition of an ownership interest in the assets.


Consolidated Segment Profit	4Q				Full Year
Amounts in thousands	2007		2006		2007		2006

Gathering and Processing — West	$	62,486	$	53,349	$	223,903	$	221,499
Gathering and Processing — Gulf		2,447		2,310		17,431		17,845
NGL Services		4,689		3,623		14,305		9,834


Consolidated Segment Profit	$	69,622	$	59,282	$	255,639	$	249,178


Recurring Consolidated Segment Profit*
Amounts in thousands

Gathering and Processing — West	$	63,486	$	53,349	$	227,292	$	213,980
Gathering and Processing — Gulf		12,847		2,310		27,831		17,845
NGL Services		4,689		3,623		15,742		9,834


Recurring Consolidated Segment Profit*	$	81,022	$	59,282	$	270,865	$	241,659


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

Williams Partners’ consolidated recurring segment profit for 2007 was $270.9 million, compared with $241.7 million for 2006.


Williams Partners L.P. (NYSE: WPZ) — Year-end 2007 Financial Results — Feb. 21, 2008		Page 2 of 5

Recurring segment profit for Gathering & Processing — West was $227.3 million in 2007, compared with $214 million in 2006. The increase in recurring segment profit was primarily the result of higher NGL margins at Four Corners and higher equity earnings from Wamsutter, also due to higher NGL margins. These benefits were partially offset by lower volumes in Four Corners due to the Ignacio fire and higher operating and maintenance expenses.

Recurring segment profit for the Gathering & Processing — Gulf segment was $27.8 million in 2007, compared with $17.9 million in 2006. Increased equity earnings from the partnership’s Discovery interest were the primary driver of the improvement. Discovery’s equity earnings increased due to higher gross processing margins and higher gathered volumes for the year.

NGL Services reported recurring segment profit of $15.8 million for 2007, compared with $9.8 million for 2006. The increase in segment profit was due primarily to higher storage and product upgrade fee revenues and lower operating and maintenance expense.

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.

Chief Operating Officer Perspective

“The partnership had a solid performance in 2007,” said Alan Armstrong, chief operating officer of the general partner of Williams Partners. “The core assets performed well and our two acquisitions — the additional interest in Discovery and Wamsutter — provide a foundation for future growth.

“In particular, the fourth-quarter acquisition of an interest in the Wamsutter system should be a key driver in the partnership’s future growth. Wamsutter includes large-scale assets in a high-growth natural gas basin. This investment will increase the diversity of our cash flows and reduce our dependence on commodity margins.

“We also continued to increase our cash distributions in 2007 and our coverage ratio remains strong,” Armstrong said.

Increase in Cash Distribution to Unitholders

Subsequent to the close of the fourth quarter, the board of directors of the general partner of Williams Partners increased the quarterly cash distribution payable to unitholders to 57.5 cents from 55 cents. This was the eighth consecutive quarter the partnership increased its cash distribution.

For 2007, Williams Partners’ total cash distribution to unitholders was $2.15 per unit, compared with $1.725 per unit in 2006 — an increase of 25 percent.

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 L.P. (NYSE: WPZ) — Year-end 2007 Financial Results — Feb. 21, 2008		Page 3 of 5

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 Wamsutter and 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 Wamsutter and 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 year-end 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 (877) 856-1969. International callers should dial (719) 325-4746. Callers should dial in at least 10 minutes prior to the start of the discussion. A replay of the year-end webcast will be available for two weeks at www.williamslp.com.

Form 10-K

The partnership plans to file its Form 10-K with the Securities and Exchange Commission during the week of Feb. 25. 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. is a publicly traded master limited partnership that owns natural gas gathering, transportation, processing and treating assets serving regions where producers require large scale and highly reliable services, including the Gulf of Mexico, the San Juan Basin in New Mexico and Colorado, and the Washakie Basin in Wyoming. The partnership also serves the natural gas liquids (NGL) market through its NGL fractionating and storage assets. The general partner is Williams Partners GP LLC. More information about the partnership is available at www.williamslp.com. Go to http://www.b2i.us/irpass.asp?BzID=1296&to=ea&s=0 to


Williams Partners L.P. (NYSE: WPZ) — Year-end 2007 Financial Results — Feb. 21, 2008		Page 4 of 5

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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; Discovery Producer Services LLC and Wamsutter LLC may reduce their cash distributions to Williams Partners in some situations; 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 and restricts the remedies available to 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 public indentures and Williams Partners’ credit facility 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 and they may favor their own interests to the detriment of Williams Partners’ unitholders; unitholders will be required to pay taxes on their share of Williams Partners’ income even if they do not 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’ reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission available from Williams Partners’ offices or from Williams Partners’ website at www.williamslp.com.


Williams Partners L.P. (NYSE: WPZ) — Year-end 2007 Financial Results — Feb. 21, 2008		Page 5 of 5

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 earnings from equity investments, 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 our equity investments, Wamsutter and Discovery, we define Distributable Cash Flow as net income (loss) plus depreciation, amortization and accretion and less maintenance capital expenditures. We also adjust for certain non-cash, non-recurring items. Our equity share of Wamsutter’s Distributable Cash Flow is based on the distribution provisions of the Wamsutter LLC Agreement. 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 Wamsutter and 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*			*3rd Qtr*		*4th Qtr*		*Y-T-D*			*1st Qtr*			*2nd Qtr*		*3rd Qtr*			*4th Qtr*		*Y-T-D*

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

Gathering and Processing — West	$	45,994		$	55,505		$	66,651	$	53,349	$	221,499		$	42,604		$	59,181	$	59,632		$	62,486	$	223,903
Gathering and Processing — Gulf		5,860			3,659			6,016		2,310		17,845			3,638			3,670		7,676			2,447		17,431
NGL Services		2,050			1,984			2,177		3,623		9,834			53			5,606		3,957			4,689		14,305


Segment Profit		53,904			61,148			74,844		59,282		249,178			46,295			68,457		71,265			69,622		255,639
Non-recurring Items:
Gathering and Processing — West
2001-2002 EFM fees adjustment, revenue effect		—			—			—		—		—			—			—		3,464			—		3,464
2001-2002 EFM fees adjustment, depreciation effect		—			—			—		—		—			—			—		(1,356	)		—		(1,356	)
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	)		2,000		—		(2,000	)		—			—		—			—		—
NGL Services
Product imbalance valuation adjustment		—			—			—		—		—			1,437			—		—			—		1,437
Other items:
Gathering and Processing — West
Gain on sale of LaMaquina treating facility		(3,619	)		—			—		—		(3,619	)		—			—		—			—		—
Ignacio fire property insurance deductible		—			—			—		—		—			—			—		—			1,000		1,000
Gathering and Processing — Gulf
Impairment of Carbonate Trend gathering pipeline		—			—			—		—		—			—			—		—			10,400		10,400



Recurring Segment Profit	$	46,985		$	58,548		$	76,844	$	59,282	$	241,659		$	48,013		$	68,457	$	73,373		$	81,022	$	270,865


	2006*															2007*
(Thousands, except per-unit amounts)	*1st Qtr*			*2nd Qtr*			*3rd Qtr*			*4th Qtr*			*Y-T-D*			*1st Qtr*			*2nd Qtr*			*3rd Qtr*			*4th Qtr*			*Y-T-D*

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

Net income	$	48,855		$	53,036		$	66,384		$	46,300		$	214,575		$	25,137		$	46,742		$	47,901		$	44,851		$	164,631
Depreciation, amortization and accretion		10,714			10,852			10,944			11,182			43,692			13,178			11,234			10,345			11,735			46,492
Amortization of natural gas purchase contract		1,354			1,322			1,322			1,322			5,320			1,188			1,189			1,189			1,188			4,754
Non-cash amortization of debt issuance costs included in interest expense		—			—			—			—			—			404			403			404			394			1,605
Equity earnings		(15,012	)		(21,789	)		(27,035	)		(15,904	)		(79,740	)		(15,259	)		(24,433	)		(26,374	)		(38,988	)		(105,054	)
Reimbursements from Williams under omnibus agreement		1,248			1,183			1,813			996			5,240			842			825			1,059			2,636			5,362
Non-cash adjustment of 2001-2002 EFM revenue		—			—			—			—			—			—			—			3,464			—			3,464
Impairment of Carbonate Trend gathering pipeline		—			—			—			—			—			—			—			—			10,400			10,400
Maintenance capital expenditures ^(a)(b)		(5,838	)		(5,371	)		(5,305	)		(4,555	)		(21,069	)		(7,621	)		(8,665	)		(3,524	)		(7,790	)		(27,600	)


Distributable Cash Flow Excluding Equity Investments	$	41,321		$	39,233		$	48,123		$	39,341		$	168,018		$	17,869		$	27,295		$	34,464		$	24,426		$	104,054


Less: Pre-partnership Four Corners net income allocated to general partner		(33,415	)		(30,624	)		(31,445	)		(20,967	)		(116,451	)		—			—			—			—			—
Less: Pre-partnership Four Corners depreciation, amortization and accretion expense		(9,814	)		(9,666	)		(7,517	)		(6,096	)		(33,093	)		—			—			—			—			—
Plus: Pre-partnership Four Corners maintenance capital expenditures^(b)		4,673			4,116			3,368			2,711			14,868			—			—			—			—			—
Plus: Discovery’s cash distributions to Williams Partners L.P.		4,400			3,600			4,000			4,400			16,400			3,600			10,869			3,600			8,400			26,469


Distributable cash flow attributable to partnership operations		7,165			6,659			16,529			19,389			49,742			21,469			38,164			38,064			32,826			130,523

Distributable Cash Flow attributable to partnership operations allocable to general partner		410			201			3,066			3,612			7,289			1,487			9,607			9,557			6,201			26,852

Distributable Cash Flow attributable to limited partnership operations allocable to limited partners	$	6,755		$	6,458		$	13,463		$	15,777		$	42,453		$	19,982		$	28,557		$	28,507		$	26,625		$	103,671


Weighted average number of units outstanding:		14,006,146			14,923,619			21,597,072			25,266,210			18,986,368			39,358,798			39,358,798			39,359,555			42,422,444			40,131,195


Distributable Cash Flow attributable to partnership operations per limited partner unit:	$	0.48		$	0.43		$	0.62		$	0.62		$	2.15		$	0.51		$	0.73		$	0.72		$	0.63		$	2.59


(a) Maintenance capital expenditures includes certain well connection capital.
(b) Prior-period maintenance capital expenditures have been adjusted to exclude certain efficiency (cost-reduction) type capital.

Wamsutter Reconciliation of Non-GAAP “Distributable Cash Flow” to GAAP “Net income”

Net income	$	9,341		$	18,268		$	20,952		$	13,129		$	61,690		$	11,328		$	20,558		$	18,472		$	27,027		$	77,385
Depreciation, amortization and accretion		3,774			3,920			4,215			4,280			16,189			4,258			4,440			4,586			5,140			18,424
Maintenance capital expenditures		(6,450	)		(5,372	)		(5,794	)		(2,992	)		(20,608	)		(4,535	)		(5,763	)		(5,284	)		(5,108	)		(20,690	)


Distributable Cash Flow - 100%	$	6,665		$	16,816		$	19,373		$	14,417		$	57,271		$	11,051		$	19,235		$	17,774		$	27,059		$	75,119


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

Net income	$	9,452		$	5,868		$	10,138		$	4,625		$	30,083		$	6,551		$	6,460		$	13,168		$	21,892		$	48,071
Depreciation, amortization and accretion		6,379			6,374			6,380			6,429			25,562			6,483			6,508			6,243			6,718			25,952
Maintenance capital expenditures		(516	)		(506	)		(262	)		22			(1,262	)		(429	)		(595	)		(1,560	)		1,207			(1,377	)


Distributable Cash Flow - 100%	$	15,315		$	11,736		$	16,256		$	11,076		$	54,383		$	12,605		$	12,373		$	17,851		$	29,817		$	72,646


Distributable Cash Flow — our 60% interest	$	9,189		$	7,042		$	9,754		$	6,646		$	32,631		$	7,563		$	7,424		$	10,711		$	17,890		$	43,588

Consolidated Statements of Income
(UNAUDITED)


	2006*															2007*
(Thousands, except per-unit amounts)	*1st Qtr*			*2nd Qtr*			*3rd Qtr*			*4th Qtr*			*Y-T-D*			*1st Qtr*			*2nd Qtr*			*3rd Qtr*			*4th Qtr*			*Y-T-D*

Revenues:
Product sales:
Affiliate	$	58,396		$	63,370		$	68,542		$	64,767		$	255,075		$	56,552		$	62,119		$	75,519		$	73,780		$	267,970
Third-party		2,792			7,766			4,553			1,808			16,919			6,313			5,070			4,297			7,282			22,962
Gathering and processing:
Affiliate		9,933			10,756			10,162			11,377			42,228			9,491			8,743			9,178			8,407			35,819
Third-party		51,376			49,405			52,679			52,972			206,432			51,103			51,422			51,721			48,529			202,775
Storage		5,105			5,924			6,581			7,627			25,237			6,410			6,818			7,404			7,384			28,016
Fractionation		3,953			2,989			2,708			2,048			11,698			1,917			2,616			2,723			2,366			9,622
Other		1,180			976			1,357			2,308			5,821			2,029			2,481			(1,266	)		2,409			5,653


Total revenues		132,735			141,186			146,582			142,907			563,410			133,815			139,269			149,576			150,157			572,817

Cost and expenses:
Product cost and shrink replacement:
Affiliate		21,380			18,057			19,159			19,605			78,201			21,725			18,520			18,806			14,424			73,475
Third-party		22,620			26,662			25,542			22,483			97,307			20,470			26,157			30,043			31,553			108,223
Operating and maintenance expense:
Affiliate		15,686			13,401			10,681			13,859			53,627			14,328			10,484			15,275			21,546			61,633
Third-party		21,100			28,167			26,888			25,432			101,587			28,185			23,759			25,259			23,507			100,710
Depreciation, amortization and accretion		10,714			10,852			10,944			11,182			43,692			13,178			11,234			10,345			11,735			46,492
General and administrative expense:
Affiliate		7,281			9,227			7,730			10,057			34,295			9,406			9,644			10,816			12,172			42,038
Third-party		1,305			950			1,038			1,852			5,145			664			1,189			925			812			3,590
Taxes other than income		2,283			1,757			2,352			2,569			8,961			2,114			2,626			2,474			2,410			9,624
Other		(3,643	)		328			90			752			(2,473	)		460			198			134			11,303			12,095


Total costs and expenses		98,726			109,401			104,424			107,791			420,342			110,530			103,811			114,077			129,462			457,880


Operating income		34,009			31,785			42,158			35,116			143,068			23,285			35,458			35,499			20,695			114,937

Equity earnings — Wamsutter		9,341			18,268			20,952			13,129			61,690			11,328			20,558			18,472			25,854			76,212
Equity earnings — Discovery		5,671			3,521			6,083			2,775			18,050			3,931			3,875			7,902			13,134			28,842
Interest expense:
Affiliate		(15	)		(15	)		(15	)		(44	)		(89	)		(15	)		(15	)		(16	)		(15	)		(61	)
Third-party		(221	)		(633	)		(3,256	)		(5,634	)		(9,744	)		(14,375	)		(14,395	)		(14,268	)		(15,249	)		(58,287	)
Interest income		70			110			462			958			1,600			983			1,261			312			432			2,988


Net income	$	48,855		$	53,036		$	66,384		$	46,300		$	214,575		$	25,137		$	46,742		$	47,901		$	44,851		$	164,631


Allocation of net income*
Net income	$	48,855		$	53,036		$	66,384		$	46,300		$	214,575		$	25,137		$	46,742		$	47,901		$	44,851		$	164,631
Allocation of net income to general partner		43,957			49,241			54,171			35,011			182,380			12,912			27,725			23,409			21,144			85,190

Allocation of net income to limited partners		4,898			3,795			12,213			11,289			32,195			12,225			19,017			24,492			23,707			79,441

Net income, per common and subordinated unit	$	0.35		$	0.25		$	0.57		$	0.45		$	1.62		$	0.31		$	0.48		$	0.62		$	0.56		$	1.97
Weighted average number of units outstanding		14,006,146			14,923,619			21,597,072			25,266,210			18,986,368			39,358,798			39,358,798			39,359,555			42,422,444			40,131,195

* Because Four Corners, Wamsutter 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 recast to reflect the historical results of Four Corners, Wamsutter and Equity Earnings in Discovery throughout the periods presented. Net income applicable to periods before the acquisitions of these businesses is fully allocated to our general partner, which results in no impact to net income per limited partner unit.

Segment Profit & Operating Statistics
(UNAUDITED)


	2006*														2007*
(Thousands)	*1st Qtr*			*2nd Qtr*		*3rd Qtr*			*4th Qtr*			*Y-T-D*			*1st Qtr*			*2nd Qtr*			*3rd Qtr*			*4th Qtr*			*Y-T-D*

Gathering and Processing — West
Segment revenues	$	115,672		$	127,794	$	132,603		$	126,244		$	502,313		$	120,428		$	125,047		$	134,035		$	134,277		$	513,787
Product cost and shrink replacement		38,277			41,800		41,821			38,099			159,997			39,675			42,313			45,791			42,655			170,434
Operating and maintenance expense		29,095			34,525		29,950			31,193			124,763			33,097			29,487			34,267			38,931			135,782
Depreciation, amortization and accretion		9,814			9,952		10,035			10,254			40,055			12,175			10,203			8,564			10,581			41,523
Direct general and administrative expenses		3,400			2,361		2,838			3,321			11,920			1,821			1,797			1,839			2,333			7,790
Other, net		(1,567	)		1,919		2,260			3,157			5,769			2,384			2,624			2,414			3,145			10,567


Segment operating income		36,653			37,237		45,699			40,220			159,809			31,276			38,623			41,160			36,632			147,691
Equity earnings		9,341			18,268		20,952			13,129			61,690			11,328			20,558			18,472			25,854			76,212


Segment profit	$	45,994		$	55,505	$	66,651		$	53,349		$	221,499		$	42,604		$	59,181		$	59,632		$	62,486		$	223,903


Gathering and Processing — Gulf
Segment revenues	$	733		$	676	$	632		$	615		$	2,656		$	561		$	459		$	521		$	578		$	2,119
Operating and maintenance expense		242			231		399			788			1,660			550			361			443			521			1,875
Depreciation and accretion		300			300		300			300			1,200			304			303			304			338			1,249
Direct general and administrative expenses		2			7		—			(8	)		1			—			—			—			—			—
Other, net		—			—		—			—			—			—			—			—			10,406			10,406


Segment operating income (loss)		189			138		(67	)		(465	)		(205	)		(293	)		(205	)		(226	)		(10,687	)		(11,411	)
Equity earnings		5,671			3,521		6,083			2,775			18,050			3,931			3,875			7,902			13,134			28,842


Segment profit	$	5,860		$	3,659	$	6,016		$	2,310		$	17,845		$	3,638		$	3,670		$	7,676		$	2,447		$	17,431


NGL Services
Segment revenues	$	16,330		$	12,716	$	13,347		$	16,048		$	58,441		$	12,826		$	13,763		$	15,020		$	15,302		$	56,911
Product cost		5,723			2,919		2,880			3,989			15,511			2,520			2,364			3,058			3,322			11,264
Operating and maintenance expense		7,449			6,812		7,220			7,310			28,791			8,866			4,395			5,824			5,601			24,686
Depreciation and accretion		600			600		609			628			2,437			699			728			1,477			816			3,720
Direct general and administrative expenses		301			235		279			334			1,149			498			470			510			712			2,190
Other, net		207			166		182			164			719			190			200			194			162			746


Segment profit	$	2,050		$	1,984	$	2,177		$	3,623		$	9,834		$	53		$	5,606		$	3,957		$	4,689		$	14,305


Operating Information:
Williams Partners:
Conway storage revenues	$	5,105	$	5,924	$	6,581	$	7,627	$	17,610	$	6,410	$	6,818	$	7,404	$	7,384	$	28,016
Conway fractionation volumes (bpd) — our 50%		46,042		39,669		38,517		31,374		41,382		31,316		36,220		35,574		34,682		34,460
Carbonate Trend gathered volumes (MMBtu/d)		33,407		29,327		27,650		26,995		30,107		25,187		19,127		22,080		24,226		22,651
Williams Four Corners:
Gathered volumes (MMBtu/d)		1,511,867		1,473,371		1,501,978		1,512,304		1,495,771		1,452,694		1,461,514		1,468,598		1,386,512		1,499,937
Processed volumes (MMBtu/d)		868,200		861,876		878,965		893,022		869,731		866,116		872,091		889,576		786,271		875,601
Liquid sales gallons (000s)		41,413		43,874		47,009		49,714		132,296		45,603		39,031		46,098		35,957		166,689
Net liquids margin (cents/gallon)	$	0.37	$	0.49	$	0.56	$	0.45	$	0.48	$	0.41	$	0.53	$	0.63	$	0.91	$	0.61
Wamsutter — 100%:
Gathered volumes (MMBtu/d)		468,243		475,703		498,124		517,775		490,119		509,857		521,586		512,808		519,428		515,938
Processed volumes (MMBtu/d)		264,744		270,752		282,024		293,116		277,749		302,029		312,414		308,659		319,515		310,697
Liquid sales gallons (000s)		35,891		38,259		33,983		32,635		140,768		28,053		26,789		25,114		33,191		113,147
Net liquids margin (cents/gallon)	$	0.14	$	0.34	$	0.41	$	0.29	$	0.29	$	0.27	$	0.40	$	0.48	$	0.72	$	0.48
Discovery Producer Services — 100%
Gathered volumes (MMBtu/d)		581,788		342,037		435,885		514,486		451,449		547,504		616,172		579,588		583,106		581,685
Gross processing margin ($/MMBtu)	$	0.16	$	0.25	$	0.28	$	0.25	$	0.22	$	0.23	$	0.24	$	0.32	$	0.53	$	0.33