Home / Knowledge / News / Textiles / Williams Partners net income slips 13% in 2013
Williams Partners net income slips 13% in 2013
20
Feb '14
Williams Partners L.P. announced unaudited 2013 net income of $1.07 billion, or $1.45 per common limited-partner unit, compared with 2012 net income of $1.23 billion, or $1.89 per common limited-partner unit. 
 
The $165 million decrease in 2013 net income was primarily due to $297 million or 39 percent lower natural gas liquid (NGL) margins as well as lost production at the Geismar olefins plant in the third and fourth quarters. The decrease was partially offset by a $209 million, or 8 percent, increase in fee-based revenues and by $50 million of initial insurance recoveries related to the Geismar incident. 
 
For fourth-quarter 2013, Williams Partners reported net income of $211 million, or $0.12 per common limited-partner unit, compared with $291 million, or $0.42 per common limited-partner unit, for fourth-quarter 2012. 
 
The $80 million decrease in fourth-quarter net income was primarily due to $77 million in lost production at the Geismar olefins plant as well as $43 million or 28 percent lower NGL margins. In addition, certain settlement resolutions and higher operating costs related to our rapidly growing Northeast G&P segment reduced net income.
 
The decrease was offset by a $58 million, or 8 percent, increase in fee-based revenues as well as the absence of allocated reorganization-related costs in 2012. 
 
There is a more detailed analysis of the partnership's businesses later in this news release. Prior-period results throughout this release have been recast to include the results of the Geismar olefins production facility acquired from Williams in November 2012 and to reflect the revised segment reporting resulting from the organizational restructuring effective Jan. 1, 2013. 
 
Distributable Cash Flow & Distributions
For 2013, Williams Partners generated $1.77 billion in DCF attributable to partnership operations, compared with $1.49 billion in DCF attributable to partnership operations in 2012. 
 
For the fourth quarter of 2013, Williams Partners generated $509 million in DCF attributable to partnership operations, compared with $405 million for the fourth quarter of 2012. 
 
The $282 million increase in DCF for the year was driven by growth in fee-based revenues and lower maintenance capital spending primarily on lower required pipeline integrity projects and one time maintenance capital items in 2012 at our regulated entities. Expected business interruption insurance recoveries related to the Geismar olefin plant incident contributed $123 million to DCF in 2013, of which $50 million was received in the third quarter. These factors more than offset $297 million lower NGL margins. 
 
 

Must ReadView All

Textiles | On 29th May 2017

Special package creates 7,50,000 jobs in garment sector

The special garment package of Rs 6,000 crore that was introduced by...

Md Siddiqur Rahman, president, BGMEA, addressing a press conference with other dignitaries. Courtesy: BGMEA

Apparel/Garments | On 29th May 2017

BGMEA asks govt for 5% incentive for 2 years in Budget

The Bangladesh Garment Manufacturers and Exporters Association...

Textiles | On 29th May 2017

Tintex, Bruckner bring new effects to knitted fabric

The textile company Tintex has joined hands with the system supplier...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search