-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Dh7enVC7HIqc4QYtTROTvfNZyU6mpx2I2g9rb9XVOWPsD9OSwdf6oxB9qbxFwVLm ac7U2CX1Sur8GeSPFEZAGA== 0000950134-08-019589.txt : 20081106 0000950134-08-019589.hdr.sgml : 20081106 20081106080150 ACCESSION NUMBER: 0000950134-08-019589 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20081106 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20081106 DATE AS OF CHANGE: 20081106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Williams Partners L.P. CENTRAL INDEX KEY: 0001324518 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] IRS NUMBER: 202485124 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32599 FILM NUMBER: 081165320 BUSINESS ADDRESS: STREET 1: ONE WILLIAMS CENTER CITY: TULSA STATE: OK ZIP: 74172-0172 BUSINESS PHONE: (918) 573-2000 MAIL ADDRESS: STREET 1: ONE WILLIAMS CENTER CITY: TULSA STATE: OK ZIP: 74172-0172 8-K 1 d65017e8vk.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): November 6, 2008
Williams Partners L.P.
(Exact name of registrant as specified in its charter)
         
Delaware
(State or other jurisdiction of
incorporation) 		  1-32599
(Commission
File Number) 		  20-2485124
(IRS Employer
Identification No.)
         
One Williams Center
Tulsa, Oklahoma
(Address of principal executive offices) 		      74172-0172
(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 November 6, 2008, Williams Partners L.P. (the “Partnership”) issued a press release announcing its financial results for the quarter ended September 30, 2008. A copy of the press release and its accompanying consolidated statements of income, segment profit, operating information, and reconciliation schedules are furnished as a part of this current report on Form 8-K as Exhibit 99.1 and are incorporated herein in their entirety by reference.
The press release and its accompanying 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
 
  (c)   None
 
  (d)   Exhibits.
     
Exhibit Number   Description
Exhibit 99.1  
Copy of the Partnership’s press release dated November 6, 2008 and its accompanying schedules, publicly announcing its third quarter 2008 financial results.
SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  WILLIAMS PARTNERS L.P.
 		  
  By:   Williams Partners GP LLC,    
    its General Partner   
       
         
Date: November 6, 2008  By:   /s/ Donald R. Chappel    
    Donald R. Chappel   
    Chief Financial Officer   
 

 

 

EXHIBIT INDEX
     
Exhibit Number   Description
Exhibit 99.1  
Copy of the Partnership’s press release dated November 6, 2008 and its accompanying schedules, publicly announcing its third quarter 2008 financial results.

 

EX-99.1 2 d65017exv99w1.htm EX-99.1 exv99w1
(NEWSRELEASE)
NYSE: WPZ
Date: Nov. 6, 2008
Williams Partners L.P. Reports Third-Quarter 2008 Financial Results
  •   Per-Unit DCF Up 33% in 3Q
  •   Net Income Per Unit Up 32% in 3Q
  •   Higher Per-unit NGL Margins in Processing Businesses Drive 3Q Results
  •   Per-Unit Cash Distribution Increased for 11th Consecutive Quarter
     TULSA, Okla. — Williams Partners L.P. (NYSE: WPZ) today announced unaudited third-quarter 2008 net income of $60.8 million, compared with third-quarter 2007 net income of $47.9 million. Net income per limited-partner unit for third-quarter 2008 was $0.82, compared with $0.62 per limited-partner unit for third-quarter 2007.
     Year-to-date through Sept. 30, Williams Partners reported net income of $176.3 million, compared with net income of $119.8 million for the first nine months of 2007. Net income per limited-partner unit for the first nine months of 2008 was $2.40, compared with $1.41 per limited-partner unit for the same time period last year.
     Higher natural gas liquid (NGL) margins at Wamsutter, Four Corners and Discovery were the key drivers of the improved earnings in the third-quarter and year-to-date results. These benefits were partially offset by higher operating and maintenance expenses at Four Corners during both the third-quarter and year-to-date periods. The effect of two major hurricanes in the Gulf of Mexico also negatively affected the third-quarter results.
     Lower fee-based revenues at Four Corners and higher interest expense due to the Wamsutter acquisition also partially offset the benefits in the year-to-date period.
Strong Liquidity, No Debt Maturities Until 2011
     The recent instability in financial markets has created global concerns about the liquidity of financial institutions and is having overarching impacts on the economy as a whole. In this volatile economic environment, many financial markets, institutions and other businesses remain under considerable stress. In addition, oil and gas prices have recently experienced significant declines. These events are affecting Williams Partners’ business.
     However, the partnership has strong liquidity and no debt maturities in the near term. As of Oct. 31, Williams Partners had approximately $116 million in cash and cash equivalents and $208 million of available capacity under its credit facilities, the vast majority of which does not expire until 2012. The partnership has no debt maturities until 2011, when $150 million of its long-term debt becomes due.
     Williams Partners’ cash flow from operations has also remained strong. Year-to-date through Sept. 30, the partnership generated approximately $169 million in cash flow from operations.
     
Williams Partners L.P. (NYSE: WPZ) Third-Quarter 2008 Financial Results — Nov. 6, 2008
  Page 1 of 6

 

Chief Operating Officer Perspective
     “Despite the impact of two major hurricanes in the Gulf of Mexico, the partnership delivered solid results in the third quarter,” said Alan Armstrong, chief operating officer of the general partner of Williams Partners. “We have more challenges ahead in the fourth quarter as commodity prices become less favorable and we work to complete the extensive repairs to the Discovery system.
     “However, the partnership’s consistent financial performance has enabled us to maintain strong liquidity, and we are well-positioned to meet these challenges,” Armstrong said.
     In third-quarter 2008, the key measure of distributable cash flow per weighted-average limited partner unit was $0.96, compared with $0.72 for third-quarter 2007 — an increase of 33 percent. Total distributable cash flow in third-quarter 2008 for limited-partner unitholders was $50.5 million, compared with $28.5 million for third-quarter 2007.
     Year-to-date through Sept. 30, distributable cash flow per weighted-average limited partner unit was $2.65, compared with $1.96 for the same time period in 2007 — an increase of 35 percent. Total distributable cash flow for limited-partner unitholders for the first nine months of 2008 was $139.3 million, compared with $77 million for the first nine months of 2007.
     The significant increase in distributable cash flow during third-quarter and year-to-date 2008 periods is due to the partnership’s increased cash distributions from its Wamsutter and Discovery investments and improved results at Four Corners.
     For the third quarter, the partnership raised its regular cash distribution to unitholders to $0.635 per unit. The partnership’s cash distribution coverage ratio was 1.8 for the third quarter. Regular cash distributions to unitholders for the first nine months of 2008 were $1.86 per unit. The partnership’s cash distribution coverage ratio was 1.7 for the same period.
     The cash distribution coverage ratio reflects the amount of distributable cash flow the partnership had relative to its third-quarter cash distributions to both the general partner and limited partners.
     Maintaining a strong cash distribution coverage ratio helps insulate the partnership’s distributions from volatile movements in commodity prices and other risks.
     The year-to-date 2007 results throughout this release have been recast to reflect the partnership’s 2007 acquisitions of an additional 20-percent interest in Discovery. The third-quarter 2007 results have been recast to reflect the Wamsutter acquisition, as the Discovery acquisition closed at the end of second-quarter 2007. Because the acquisitions closed in the last half of 2007, the majority of those assets’ net income was allocated to the general partner as pre-partnership income for the first nine months of 2007. As a result, a higher portion of the partnership’s total net income was allocated to the limited partners in the first nine months of 2008 compared with the first nine months of 2007.
     
Williams Partners L.P. (NYSE: WPZ) Third-Quarter 2008 Financial Results — Nov. 6, 2008
  Page 2 of 6

 

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.
                                   
Consolidated Segment Profit   3Q       YTD  
Amounts in thousands   2008     2007       2008     2007  
 
                                  
Gathering and Processing — West
   $ 70,691     $ 59,632       $ 207,874     $ 161,417  
Gathering and Processing — Gulf
     8,480       7,676         30,437       14,984  
NGL Services
     6,315       3,957         15,270       9,616  
 
                          
 
                                  
Consolidated Segment Profit
   $ 85,486     $ 71,265       $ 253,581     $ 186,017  
 
                          
 
                                  
Recurring Consolidated Segment Profit*
                                  
Amounts in thousands
                                  
 
                                  
Gathering and Processing — West
   $ 64,681     $ 61,740       $ 195,533     $ 163,806  
Gathering and Processing — Gulf
     9,370       7,676         31,327       14,984  
NGL Services
     6,315       3,957         15,270       11,053  
 
                          
 
                                  
Recurring Consolidated Segment Profit*
   $ 80,366     $ 73,373       $ 242,130     $ 189,843  
 
                          
 
*   A schedule reconciling segment profit to recurring segment profit is attached to this press release.
     Higher per-unit NGL margins were the primary drivers of the third-quarter and year-to-date improvement in the Gathering & Processing — West segment. The quarter and year-to-date periods also benefited from an involuntary conversion gain related to the November 2007 fire at the Ignacio natural gas processing plant. For the third quarter, these increases were partially offset by higher operational and maintenance expenses due primarily to unfavorable price changes on product imbalances.
     For the year-to-date period, higher net product imbalance losses and lower gathering and processing volumes at Four Corners, primarily during the first quarter, partially offset the increased NGL margins. Both the lower volumes and higher net product imbalance losses were impacted by severe winter weather conditions and the shutdown of the Ignacio gas processing plant following the November 2007 fire. The Ignacio plant returned to service on Jan. 18.
     Higher per-unit NGL margins at Discovery drove the improvement for Gathering and Processing — Gulf in both the third-quarter and year-to-date periods. The margin improvement was significantly offset in the third quarter by higher operating and maintenance expenses and lower product sales volumes due to the impact of two major hurricanes in the Gulf of Mexico.
     The effect of the hurricanes also partially offset the higher per-unit NGL margins in the year-to-date period.
     
Williams Partners L.P. (NYSE: WPZ) Third-Quarter 2008 Financial Results — Nov. 6, 2008
  Page 3 of 6

 

     Higher fractionation revenues at Conway drove the third-quarter improvement in the NGL Services segment. Higher fractionation revenues, plus higher product sales and storage revenue drove the year-to-date improvement. Higher operating and maintenance expenses partially offset these benefits in both periods.
     Reconciliations of the partnership’s distributable cash flow for limited-partner unitholders to net income, as well as recurring segment profit to segment profit, are available on Williams Partners’ web site at www.williamslp.com and as an attachment to this document.
Update on Discovery System
     As previously announced, Discovery’s offshore gathering system sustained hurricane damage during September and is not accepting gas from producers while repairs are being made. Inspections revealed that an 18-inch lateral was severed from its connection to the 30-inch mainline in 250 feet of water.
     The 30-inch mainline is scheduled to be repaired and returned to service by early December. The partnership previously estimated the 18-inch lateral would be repaired and returned to service by early January. However, due to further damage assessments, the repair schedule for the 18-inch lateral is not yet finalized.
     Williams Partners owns 60 percent of the Discovery system, which includes an offshore natural gas gathering system, as well as the Larose natural gas processing plant and Paradis fractionation facility. Both processing facilities are fully operational and running at approximately 40-percent capacity from onshore sources. Williams (NYSE: WMB) operates the Discovery system.
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 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’
     
Williams Partners L.P. (NYSE: WPZ) Third-Quarter 2008 Financial Results — Nov. 6, 2008
  Page 4 of 6

 

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 third-quarter 2008 financial results during a live webcast today beginning at 11 a.m. EST.
     Participants are encouraged to access the webcast and slides for viewing, downloading and printing at www.williamslp.com.
     A limited number of phone lines also will be available at (877) 558-9190. International callers should dial (706) 902-3248. Replays of the third-quarter webcast, in both streaming and downloadable podcast formats, will be available for two weeks at www.williamslp.com.
Form 10-Q
     The partnership will 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. 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 join our e-mail list.
     
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 distribution following establishment of cash reserves and payment of fees and expenses,
     
Williams Partners L.P. (NYSE: WPZ) Third-Quarter 2008 Financial Results — Nov. 6, 2008
  Page 5 of 6

 

including payments to our 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; lower natural gas and oil prices could adversely affect Williams Partners’ fractionation and storage businesses; Williams Partners’ processing, fractionation and storage businesses could be affected by any decrease in natural gas liquids (NGL) prices or a change in NGL prices relative to the price of natural gas; Williams Partners depends on certain key customers and producers for a significant portion of its revenues and supply of natural gas and NGLs 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; the failure of counterparties to perform their contractual obligations could adversely affect Williams Partners’ operating results, financial condition 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 NGLs or to treat natural gas, Williams Partners’ revenues and cash available to pay distributions could be adversely affected; Williams Partners does not own all of the interests in Wamsutter LLC (Wamsutter), the Conway fractionator or Discovery Producer Services LLC (Discovery), which could adversely affect Williams Partners’ ability to operate and control these assets in a manner beneficial to it; Williams Partners’ results of storage and fractionation operations are dependent upon the demand for propane and other NGLs and a substantial decrease in this demand could adversely affect Williams Partners’ business and operation results; Discovery and Wamsutter may reduce their cash distributions to Williams Partners in some situations; Discovery’s interstate tariff rates and terms and conditions are subject to review and possible adjustment by federal regulators and are subject to changes in policy by federal regulators, which could have a material adverse effect on Williams Partner’s business and operating results; Williams Partners’ operations are subject to operational hazards and unforeseen interruptions for which it may not be adequately insured; Williams Partners’ partnership agreement limits its general partner’s fiduciary duties to unitholders and restricts the remedies available to unitholders for actions taken by its general partner that might otherwise constitute breaches of fiduciary duty; The Williams Companies, Inc.’s (Williams) public indentures and Williams Partners’ credit facility contain financial and operating restrictions that may limit its access to credit; in addition, Williams Partners’ ability to obtain credit in the future will be affected by Williams’ credit ratings; Williams Partners’ future financial and operating flexibility may be adversely affected by restrictions in Williams Partners’ debt agreements and by its leverage; Williams Partners may not be able to grow or effectively manage growth; recent events in the global financial crisis have made equity and debt markets less accessible and created a shortage in the availability of credit, which could disrupt Williams Partners’ financing plans and limit its ability to grow; common units held by Williams eligible for future sale may have adverse effects on the price of Williams Partners’ common units; Williams controls Williams Partners’ general partner, which has sole responsibility for conducting Williams Partners’ business and managing its operations; Williams Partners’ general partner and its affiliates have conflicts of interests with Williams Partners and limited fiduciary duties, and they may favor their own interests to the detriment of Williams Partners’ unitholders; even if unitholders are dissatisfied, they currently have little ability to remove Williams Partners’ general partner without its consent. In light of these risks, uncertainties and assumptions, and the additional risks described in the risk factors sections of our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, 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) Third-Quarter 2008 Financial Results — Nov. 6, 2008
  Page 6 of 6

 

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 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.
     For Williams Partners L.P. we also calculate the ratio of Distributable Cash Flow per Limited Partner Unit to the actual cash distribution per unit paid and the ratio of Distributable Cash Flow attributable to partnership operations to the total cash distributed (cash distribution coverage ratio). These two measures reflect the amount of Distributable Cash Flow relative to our actual cash distribution on both a per Limited Partner Unit and total distribution basis. We have also provided these ratios calculated using the most directly comparable GAAP measures, net income per unit and net income.
     This press release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the Partnership’s assets and the cash that the business is generating. Neither 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.
                                                                 
    2007*   2008
(Thousands, except per-unit amounts)   1st Qtr     2nd Qtr     3rd Qtr     Y-T-D     1st Qtr     2nd Qtr     3rd Qtr     Y-T-D  
         
Williams Partners L.P.
Reconciliation of Non-GAAP “Recurring Segment Profit” to GAAP “Segment Profit”
 
                                                                
Gathering and Processing — West
   $ 42,604     $ 59,181     $ 59,632     $ 161,417     $ 50,405     $ 86,778     $ 70,691     $ 207,874  
Gathering and Processing — Gulf
     3,638       3,670       7,676       14,984       13,511       8,446       8,480       30,437  
NGL Services
     53       5,606       3,957       9,616       5,541       3,414       6,315       15,270  
         
 
                                                                
Segment Profit
     46,295       68,457       71,265       186,017       69,457       98,638       85,486       253,581  
Non-recurring Items:
                                                                
Gathering and Processing — West
                                                                
Involuntary conversion gain resulting from Ignacio fire
     —       —       —       —       —       (3,266 )     (6,010 )     (9,276 )
Wamsutter customer contract adjustment included in equity earnings
     —       —       —       —       (3,065 )     —       —       (3,065 )
2001-2002 EFM fees adjustment, revenue effect
     —       —       3,464       3,464       —       —       —       —  
2001-2002 EFM fees adjustment, depreciation effect
     —       —       (1,356 )     (1,356 )     —       —       —       —  
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       —       —       —       —  
Gathering and Processing — Gulf
                                                                
Discovery hurricane repair expenses up to insurance deductible (60%)
     —       —       —       —       —       —       890       890  
NGL Services
                                                                
Product imbalance valuation adjustment
     1,437       —       —       1,437       —       —       —       —  
         
Recurring Segment Profit
   $ 48,013     $ 68,457     $ 73,373     $ 189,843     $ 66,392     $ 95,372     $ 80,366     $ 242,130  
         
* Because 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 retrospectively adjusted to reflect the Equity Earnings in Wamsutter and Discovery throughout the periods presented.

 

 

                                                                 
    2007*   2008
(Thousands, except per-unit amounts)   1st Qtr     2nd Qtr     3rd Qtr     Y-T-D     1st Qtr     2nd Qtr     3rd Qtr     Y-T-D  
         
Williams Partners L.P.
Reconciliation of Non-GAAP “Distributable Cash Flow per Limited Partner Unit “GAAP “Net income”
 
                                                                
Net income
   $ 25,137     $ 46,742     $ 47,901     $ 119,780     $ 43,629     $ 71,822     $ 60,833     $ 176,284  
Depreciation, amortization and accretion
     13,178       11,234       10,345       34,757       11,226       11,002       11,735       33,963  
Amortization of natural gas purchase contract
     1,188       1,189       1,189       3,566       —       —       —       —  
Non-cash amortization of debt issuance costs included in interest expense
     404       403       404       1,211       489       459       459       1,407  
Involuntary conversion gain resulting from Ignacio fire
     —       —       —       —       —       (3,266 )     (6,010 )     (9,276 )
Equity earnings
     (15,259 )     (24,433 )     (26,374 )     (66,066 )     (34,815 )     (46,050 )     (29,045 )     (109,910 )
Reimbursements from Williams under omnibus agreement
     842       825       1,059       2,726       771       865       692       2,328  
Non-cash adjustment of 2001-2002 EFM revenue
     —       —       3,464       3,464       —       —       —       —  
Maintenance capital expenditures (a)
     (7,621 )     (8,665 )     (3,524 )     (19,810 )     (8,534 )     (2,497 )     (5,309 )     (16,340 )
         
 
                                                                
Distributable Cash Flow Excluding Equity Investments
   $ 17,869     $ 27,295     $ 34,464     $ 79,628     $ 12,766     $ 32,335     $ 33,355     $ 78,456  
         
 
                                                                
Plus: Wamsutter cash distributions to Williams Partners L.P.
     —       —       —       —       22,704       26,603       28,989       78,296  
Plus: Discovery’s cash distributions to Williams Partners L.P.
     3,600       10,869       3,600       18,069       16,800       15,600       13,200       45,600  
         
 
                                                                
Distributable cash flow attributable to partnership operations
     21,469       38,164       38,064       97,697       52,270       74,538       75,544       202,352  
 
                                                                
Distributable Cash Flow attributable to partnership operations allocable to general partner
     1,487       9,607       9,557       20,651       13,431       24,565       25,067       63,063  
         
Distributable Cash Flow attributable to limited partnership operations allocable to limited partners
   $ 19,982     $ 28,557     $ 28,507     $ 77,046     $ 38,839     $ 49,973     $ 50,477     $ 139,289  
         
 
                                                                
Weighted average number of units outstanding:
     39,358,798       39,358,798       39,359,555       39,359,053       52,774,728       52,774,728       52,775,912       52,775,126  
         
 
                                                                
Distributable Cash Flow attributable to partnership operations per limited partner unit:
   $ 0.51     $ 0.73     $ 0.72     $ 1.96     $ 0.74     $ 0.95     $ 0.96     $ 2.65  
         
 
                                                                
Actual cash distribution per unit:
   $ 0.5000     $ 0.5250     $ 0.5500     $ 1.5750     $ 0.6000     $ 0.6250     $ 0.6350     $ 1.86  
 
                                                                
Total cash distributed:
   $ 21,066     $ 22,378     $ 24,347     $ 67,791     $ 37,921     $ 40,560     $ 41,618     $ 120,099  
 
                                                                
Coverage ratios:
                                                                
 
                                                                
Distributable Cash Flow attributable to partnership operations per limited partner unit divided by Actual cash distribution per unit:
     1.0       1.4       1.3       1.2       1.2       1.5       1.5       1.4  
         
 
                                                                
Distributable cash flow attributable to partnership operations divided by Total cash distributed
     1.0       1.7       1.6       1.4       1.4       1.8       1.8       1.7  
         
 
                                                                
Net income, per common and subordinated unit divided by Actual cash distribution per unit
     0.6       0.7       0.9       0.7       0.9       1.0       0.9       0.9  
         
 
                                                                
Net income divided by Total cash distributed
     1.2       2.1       2.0       1.8       1.2       1.8       1.5       1.5  
         
 
                                                                
(a) Maintenance capital expenditures includes certain well connection capital.
                                                                
 
                                                                
Wamsutter
Reconciliation of Non-GAAP “Distributable Cash Flow” to GAAP “Net income”
 
                                                                
Net income
   $ 11,328     $ 20,558     $ 18,472     $ 50,358     $ 21,194     $ 37,480     $ 32,007     $ 90,681  
Depreciation, amortization and accretion
     4,258       4,440       4,586       13,284       5,228       5,213       5,295       15,736  
Maintenance capital expenditures
     (4,535 )     (5,763 )     (5,284 )     (15,582 )     (3,245 )     (6,258 )     (5,867 )     (15,370 )
         
 
                                                                
Distributable Cash Flow - 100%
   $ 11,051     $ 19,235     $ 17,774     $ 48,060     $ 23,177     $ 36,435     $ 31,435     $ 91,047  
         
 
                                                                
Discovery Producer Services
Reconciliation of Non-GAAP “Distributable Cash Flow” to GAAP “Net income”
 
                                                                
Net income
   $ 6,551     $ 6,460     $ 13,168     $ 26,179     $ 22,701     $ 14,282     $ 13,740       50,723  
Depreciation, amortization and accretion
     6,483       6,508       6,243       19,234       6,983       6,802       3,726       17,511  
Maintenance capital expenditures
     (429 )     (595 )     (1,560 )     (2,584 )     (187 )     (285 )     (680 )     (1,152 )
         
 
                                                                
Distributable Cash Flow - 100%
   $ 12,605     $ 12,373     $ 17,851     $ 42,829     $ 29,497     $ 20,799     $ 16,786     $ 67,082  
         
 
                                                                
Distributable Cash Flow — our 60% interest
   $ 7,563     $ 7,424     $ 10,711     $ 25,697     $ 17,698     $ 12,479     $ 10,072     $ 40,249  
         
* Because 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 retrospectively adjusted to reflect the Equity Earnings in Wamsutter and Discovery throughout the periods presented.

 

 

Consolidated Statements of Income
(UNAUDITED)
                                                                 
    2007*   2008
(Thousands, except per-unit amounts)   1st Qtr     2nd Qtr     3rd Qtr     Y-T-D     1st Qtr     2nd Qtr     3rd Qtr     Y-T-D  
         
Revenues:
                                                                
Product sales:
                                                                
Affiliate
   $ 56,552     $ 62,119     $ 75,519     $ 194,190     $ 78,122     $ 94,134     $ 92,421     $ 264,677  
Third-party
     6,313       5,070       4,297       15,680       4,221       9,741       6,430       20,392  
Gathering and processing:
                                                                
Affiliate
     9,491       8,743       9,178       27,412       8,790       9,847       9,480       28,117  
Third-party
     51,103       51,422       51,721       154,246       46,210       49,548       50,721       146,479  
Storage
     6,410       6,818       7,404       20,632       7,333       7,102       8,264       22,699  
Fractionation
     1,917       2,616       2,723       7,256       3,292       4,804       5,484       13,580  
Other
     2,029       2,481       (1,266 )     3,244       2,394       3,069       2,913       8,376  
         
 
                                                                
Total revenues
     133,815       139,269       149,576       422,660       150,362       178,245       175,713       504,320  
 
                                                                
Cost and expenses:
                                                                
Product cost and shrink replacement:
                                                                
Affiliate
     21,725       18,520       18,806       59,051       22,033       27,686       22,358       72,077  
Third-party
     20,470       26,157       30,043       76,670       30,065       38,323       35,391       103,779  
Operating and maintenance expense:
                                                                
Affiliate
     14,328       10,484       15,275       40,087       23,133       16,548       21,220       60,901  
Third-party
     28,185       23,759       25,259       77,203       23,951       29,984       29,257       83,192  
Depreciation, amortization and accretion
     13,178       11,234       10,345       34,757       11,226       11,002       11,735       33,963  
General and administrative expense:
                                                                
Affiliate
     9,406       9,644       10,816       29,866       9,876       12,385       10,620       32,881  
Third-party
     664       1,189       925       2,778       928       749       664       2,341  
Taxes other than income
     2,114       2,626       2,474       7,214       2,505       2,167       2,314       6,986  
Other, net
     460       198       134       792       333       (2,811 )     (5,822 )     (8,300 )
         
 
                                                                
Total costs and expenses
     110,530       103,811       114,077       328,418       124,050       136,033       127,737       387,820  
         
 
                                                                
Operating income
     23,285       35,458       35,499       94,242       26,312       42,212       47,976       116,500  
 
                                                                
Equity earnings — Wamsutter
     11,328       20,558       18,472       50,358       21,194       37,480       20,801       79,475  
Equity earnings — Discovery
     3,931       3,875       7,902       15,708       13,621       8,570       8,244       30,435  
Interest expense:
                                                                
Affiliate
     (15 )     (15 )     (16 )     (46 )     (25 )     (15 )     (15 )     (55 )
Third-party
     (14,411 )     (14,359 )     (14,268 )     (43,038 )     (17,648 )     (16,668 )     (16,422 )     (50,738 )
Interest income
     1,019       1,225       312       2,556       175       243       249       667  
         
 
                                                                
Net income
   $ 25,137     $ 46,742     $ 47,901     $ 119,780     $ 43,629     $ 71,822     $ 60,833     $ 176,284  
         
 
                                                                
Allocation of net income*
                                                                
Net income
   $ 25,137     $ 46,742     $ 47,901       119,780     $ 43,629     $ 71,822     $ 60,833     $ 176,284  
Allocation of net income to general partner
     12,912       22,417       23,409       58,738       8,911       23,008       17,455       49,374  
         
Allocation of net income to limited partners
     12,225       24,325       24,492       61,042       34,718       48,814       43,378       126,910  
 
                                                                
Net income, per common and subordinated unit
   $ 0.31     $ 0.48     $ 0.62     $ 1.41     $ 0.66     $ 0.92     $ 0.82     $ 2.40  
Weighted average number of units outstanding
     39,358,798       39,358,798       39,359,555       39,359,053       52,774,728       52,774,728       52,775,912       52,775,126  
* Because 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 retrospectively adjusted to reflect the Equity Earnings in Wamsutter and 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)
                                                                 
    2007*   2008
(Thousands)   1st Qtr     2nd Qtr     3rd Qtr     Y-T-D     1st Qtr     2nd Qtr     3rd Qtr     Y-T-D  
         
Gathering and Processing — West
                                                                
Segment revenues
   $ 120,428     $ 125,047     $ 134,035     $ 379,510     $ 132,333     $ 158,563     $ 155,217     $ 446,113  
Product cost and shrink replacement
     39,675       42,313       45,791       127,779       47,446       61,144       53,902       162,492  
Operating and maintenance expense
     33,097       29,487       34,267       96,851       40,893       36,677       42,129       119,699  
Depreciation, amortization and accretion
     12,175       10,203       8,564       30,942       10,299       10,136       10,811       31,246  
Direct general and administrative expenses
     1,821       1,797       1,839       5,457       1,930       2,058       2,188       6,176  
Other, net
     2,384       2,624       2,414       7,422       2,554       (750 )     (3,703 )     (1,899 )
         
 
                                                                
Segment operating income
     31,276       38,623       41,160       111,059       29,211       49,298       49,890       128,399  
Equity earnings
     11,328       20,558       18,472       50,358       21,194       37,480       20,801       79,475  
         
 
                                                                
Segment profit
   $ 42,604     $ 59,181     $ 59,632     $ 161,417     $ 50,405     $ 86,778     $ 70,691     $ 207,874  
         
 
                                                                
Gathering and Processing — Gulf
                                                                
Segment revenues
   $ 561     $ 459     $ 521     $ 1,541     $ 567     $ 546     $ 537     $ 1,650  
Operating and maintenance expense
     550       361       443       1,354       524       519       148       1,191  
Depreciation and accretion
     304       303       304       911       153       151       153       457  
Direct general and administrative expenses
     —       —       —       —       —       —       —       —  
Other, net
     —       —       —       —       —       —       —       —  
         
 
                                                                
Segment operating income (loss)
     (293 )     (205 )     (226 )     (724 )     (110 )     (124 )     236       2  
Equity earnings
     3,931       3,875       7,902       15,708       13,621       8,570       8,244       30,435  
         
 
                                                                
Segment profit
   $ 3,638     $ 3,670     $ 7,676     $ 14,984     $ 13,511     $ 8,446     $ 8,480     $ 30,437  
         
 
                                                                
NGL Services
                                                                
Segment revenues
   $ 12,826     $ 13,763     $ 15,020     $ 41,609     $ 17,462     $ 19,136     $ 19,959     $ 56,557  
Product cost
     2,520       2,364       3,058       7,942       4,652       4,865       3,847       13,364  
Operating and maintenance expense
     8,866       4,395       5,824       19,085       5,667       9,336       8,200       23,203  
Depreciation and accretion
     699       728       1,477       2,904       774       715       771       2,260  
Direct general and administrative expenses
     498       470       510       1,478       544       700       631       1,875  
Other, net
     190       200       194       584       284       106       195       585  
         
 
                                                                
Segment profit
   $ 53     $ 5,606     $ 3,957     $ 9,616     $ 5,541     $ 3,414     $ 6,315     $ 15,270  
         
 
                                                                
* Because 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 retrospectively adjusted to reflect the Equity Earnings in Wamsutter and Discovery throughout the periods presented.
 
                                                                
Williams Partners:
                                                                
Conway storage revenues
   $ 6,410     $ 6,818     $ 7,404     $ 20,632     $ 7,333     $ 7,102     $ 8,264     $ 22,699  
Conway fractionation volumes (bpd) — our 50%
     31,316       36,220       35,574       34,385       33,103       38,173       43,829       38,388  
Carbonate Trend gathering volumes (BBtu/d)
     25       19       22       22       24       23       21       23  
Williams Four Corners:
                                                                
Gathering volumes (BBtu/d)
     1,453       1,462       1,469       1,461       1,316       1,410       1,406       1,377  
Fee-based processing volumes (BBtu/d)
     866       872       890       876       796       896       879       857  
NGL equity sales (million gallons)
     46       39       46       131       36       43       43       122  
NGL margin ($/gallon)
   $ 0.41     $ 0.53     $ 0.63     $ 0.52     $ 0.74     $ 0.78     $ 0.88     $ 0.80  
NGL production (million gallons)
     140       137       148       425       112       140       134       386  
Wamsutter - 100%:
                                                                
Gathering volumes (BBtu/d)
     510       522       513       515       434       521       506       487  
Fee-based processing volumes (BBtu/d)
     302       312       309       308       252       312       294       286  
NGL equity sales (million gallons)
     28       27       25       80       41       36       30       107  
NGL margin ($/gallon)
   $ 0.27     $ 0.40     $ 0.48     $ 0.38     $ 0.58     $ 0.63     $ 0.77     $ 0.65  
NGL production (million gallons)
     101       103       102       306       106       114       97       317  
Discovery Producer Services - 100%
                                                                
Plant inlet volumes (BBtu/d)
     548       616       580       581       627       614       378       539  
Gross processing margin ($/MMBtu)
   $ 0.23     $ 0.24     $ 0.32     $ 0.27     $ 0.45     $ 0.36     $ 0.48     $ 0.42  
NGL equity sales (million gallons)
     18       25       22       65       37       23       21       81  
NGL production (million gallons)
     56       66       61       183       70       58       43       171  

 

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