Williams Partners Q1 net income slips to $140mn

01 May '14

2 min read

Williams has announced unaudited first-quarter 2014 net income attributable to Williams of $140 million, or $0.20 per share on a diluted basis, compared with net income of $161 million, or $0.23 per share on a diluted basis for first-quarter 2013.

Highlights:

-First-Quarter 2014 Net Income is $140 Million, $0.20 per Share; Results Impacted by Bluegrass Project Write-off and Related Costs, Lower NGL Margins vs. Year-Ago Period

-Adjusted Net Income $190 Million or $0.28 per Share

-Williams Partners' Fee-based Revenue Up $63 Million or 9% vs. 2013

-Continue to Expect More Than 50% Growth in Adjusted Segment Profit + DD&A for 2015 vs. 2013

-Reaffirming Cash-Dividend Growth of 20% in each of 2014 and 2015

-Williams, Williams Partners Analyst Day Set for May 14; Management to Present on Businesses and Provide 2016 Guidance.

The decline in net income during first-quarter 2014 was primarily due to $86 million of charges related to the proposed Bluegrass Pipeline project primarily reflecting the write-off of development costs that were previously capitalized and other costs that were incurred or accrued during the first quarter. At Williams Partners, increases in fee-based revenues more than offset lower natural gas liquids (NGL) margins.

Adjusted Income from Continuing Operations

Adjusted income from continuing operations was $190 million, or $0.28 per share, for first-quarter 2014, compared with $152 million or $0.22 per share for first-quarter 2013.

The $38 million increase in after-tax results attributable to Williams for the quarter was driven by $63 million growth in Williams Partners' fee-based revenues, as well as $63 million in higher Geismar results (including the benefit of expected business interruption insurance recoveries and planned plant expansion), partially offset by $38 million lower NGL margins and other changes.

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Williams Partners

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