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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Williams Companies Inc | NYSE:WMB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 38.36 | 0 | 12:22:35 |
Williams (NYSE: WMB) today announced its unaudited financial results for the three and 12 months ended Dec. 31, 2019.
Full-year 2019 Results Reflect Year-Over-Year Growth Compared with 2018
Solid Execution Delivers Strong 4Q 2019 Results
Impressive Business Performance With Records Set for Adjusted EBITDA, Gathering Volumes and Transportation Capacity
CEO Perspective
Alan Armstrong, president and chief executive officer, made the following comments:
“Williams achieved yet another year of record results in 2019, once again delivering impressive year-over-year growth and exceeding guidance midpoints in our key financial metrics while dramatically reducing capital expenditures. These results were underpinned by our strong operations – we set records for both gathered volumes and firm reserved transportation capacity, and our safety metrics continue to improve. We also generated cash in excess of dividends and capital expenditures, reflecting the combined impact of strong business performance, capital discipline and our ongoing portfolio optimization efforts. These results are driving improvement in our credit metrics. Looking ahead to 2020, our disciplined approach to capital allocation should allow us to fully fund our increased dividend and capital expenditures with internally generated cash flows.
"Williams remains extremely well-positioned to capture long-term sustainable growth with our natural gas focused strategy. We continue to see demand for new transport capacity along our premier interstate transmission systems, and the scale and location of our deepwater Gulf of Mexico assets provide a strong competitive advantage to capture emerging growth opportunities. Our resilient G&P business can not only withstand current market pressures, but is also well-positioned to generate long-term value as demand for natural gas continues to grow.”
Armstrong added, “Natural gas has been – and will continue to be – a cornerstone of our nation’s prosperity in the 21st century and a critical part of our clean energy future. Abundant, low cost and reliable natural gas has driven significant reductions in U.S. CO2 emissions, lowered consumers’ utility bills and paved the way for investment in renewables. As the American energy leader that safely handles 30% of the nation’s natural gas, Williams’ large-scale infrastructure is ready to meet continued demand growth, both in the U.S. and abroad.”
Williams Summary Financial Information
4Q
YTD
Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income (loss) amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders.
2019
2018
2019
2018
GAAP Measures
Net Income
$138
($572
)
$862
($156
)
Net Income Per Share
$0.11
($0.47
)
$0.71
($0.16
)
Cash Flow From Operations
$991
$962
$3,693
$3,293
Non-GAAP Measures (1)
Adjusted EBITDA
$1,284
$1,197
$5,015
$4,638
Adjusted Income
$293
$230
$1,200
$775
Adjusted Income Per Share
$0.24
$0.19
$0.99
$0.79
Distributable Cash Flow
$828
$748
$3,297
$2,872
Dividend Coverage Ratio
1.80
x
1.82
x
1.79
x
1.69
x
Other
Debt-to-Adjusted EBITDA at Quarter End (2)
4.39
x
4.80
x
Capital Investments (3)(4)
$408
$868
$2,476
$4,153
(1)
Schedules reconciling adjusted income from continuing operations, adjusted EBITDA, Distributable Cash Flow and Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.
(2)
Debt-to-Adjusted EBITDA ratio does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.
(3)
Capital Investments includes increases to property, plant, and equipment, purchases of businesses, net of cash acquired, and purchases of and contributions to equity-method investments.
(4)
YTD 2019 excludes $728 million (net of cash acquired) for the purchase of the remaining 38% of UEO as this amount was provided for at the close of the new Northeast JV by our JV partners, CPPIB, in June 2019.
GAAP Measures
Non-GAAP Measures
Business Segment Results & Form 10-K
Williams' operations are comprised of the following reportable segments: Atlantic-Gulf, West, Northeast G&P and Other. For additional information, please see the company's 2019 Form 10-K, which Williams expects to file next week with the Securities and Exchange Commission (SEC). Once filed, the document will be on the SEC and Williams websites.
Quarter-To-Date
Year-To-Date
Amounts in millions
Modified EBITDA
Adjusted EBITDA
Modified EBITDA
Adjusted EBITDA
4Q 2019
4Q 2018
Change
4Q 2019
4Q 2018
Change
2019
2018
Change
2019
2018
Change
Atlantic-Gulf
$212
$605
($393
)
$570
$529
$41
$1,895
$2,023
($128
)
$2,300
$1,931
$369
West
311
(906
)
1,217
336
358
(22
)
1,232
308
924
1,351
1,577
(226
)
Northeast G&P
367
300
67
377
304
73
1,314
1,086
228
1,341
1,090
251
Other
5
20
(15
)
1
6
(5
)
6
(29
)
35
23
40
(17
)
Totals
$895
$19
$876
$1,284
$1,197
$87
$4,447
$3,388
$1,059
$5,015
$4,638
$377
Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release.
Atlantic-Gulf
West
Northeast G&P
Williams' Fourth-Quarter 2019 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow
Williams' fourth-quarter 2019 earnings presentation will be posted at www.williams.com. The company’s fourth-quarter 2019 earnings conference call and webcast with analysts and investors is scheduled for Thursday, Feb. 20, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). A limited number of phone lines will be available at (800) 353-6461. International callers should dial (334) 323-0501. The conference ID is 8801169. A webcast link to the conference call is available at www.williams.com. A replay of the webcast will be available on the website for at least 90 days following the event.
About Williams
Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.
www.williams.com
The Williams Companies, Inc.
Consolidated Statement of Operations
Year Ended December 31,
2019
2018
2017
(Millions, except per-share amounts)
Revenues:
Service revenues
$
5,933
$
5,502
$
5,312
Service revenues – commodity consideration
203
400
—
Product sales
2,065
2,784
2,719
Total revenues
8,201
8,686
8,031
Costs and expenses:
Product costs
1,961
2,707
2,300
Processing commodity expenses
105
137
—
Operating and maintenance expenses
1,468
1,507
1,576
Depreciation and amortization expenses
1,714
1,725
1,736
Selling, general, and administrative expenses
558
569
594
Impairment of certain assets
464
1,915
1,248
Gain on sale of certain assets and businesses
2
(692
)
(1,095
)
Regulatory charges resulting from Tax Reform
—
(17
)
674
Other (income) expense – net
8
67
71
Total costs and expenses
6,280
7,918
7,104
Operating income (loss)
1,921
768
927
Equity earnings (losses)
375
396
434
Other investing income (loss) – net
(79
)
187
282
Interest incurred
(1,218
)
(1,160
)
(1,116
)
Interest capitalized
32
48
33
Other income (expense) – net
33
92
(25
)
Income (loss) from continuing operations before income taxes
1,064
331
535
Provision (benefit) for income taxes
335
138
(1,974
)
Income (loss) from continuing operations
729
193
2,509
Income (loss) from discontinued operations
(15
)
—
—
Net income (loss)
714
193
2,509
Less: Net income (loss) attributable to noncontrolling interests
(136
)
348
335
Net income (loss) attributable to The Williams Companies, Inc.
850
(155
)
2,174
Preferred stock dividends
3
1
—
Net income (loss) available to common stockholders
$
847
$
(156
)
$
2,174
Amounts attributable to The Williams Companies, Inc. available to common stockholders:
Income (loss) from continuing operations
$
862
$
(156
)
$
2,174
Income (loss) from discontinued operations
(15
)
—
—
Net income (loss)
$
847
$
(156
)
$
2,174
Basic earnings (loss) per common share:
Income (loss) from continuing operations
$
.71
$
(.16
)
$
2.63
Income (loss) from discontinued operations
(.01
)
—
—
Net income (loss)
$
.70
$
(.16
)
$
2.63
Weighted-average shares (thousands)
1,212,037
973,626
826,177
Diluted earnings (loss) per common share:
Income (loss) from continuing operations
$
.71
$
(.16
)
$
2.62
Income (loss) from discontinued operations
(.01
)
—
—
Net income (loss)
$
.70
$
(.16
)
$
2.62
Weighted-average shares (thousands)
1,214,011
973,626
828,518
The Williams Companies, Inc.
Consolidated Balance Sheet
December 31,
2019
2018
(Millions, except per-share amounts)
ASSETS
Current assets:
Cash and cash equivalents
$
289
$
168
Trade accounts and other receivables (net of allowance of $6 at December 31, 2019 and $9 at December 31, 2018)
996
992
Inventories
125
130
Other current assets and deferred charges
170
174
Total current assets
1,580
1,464
Investments
6,235
7,821
Property, plant, and equipment – net
29,200
27,504
Intangible assets – net of accumulated amortization
7,959
7,767
Regulatory assets, deferred charges, and other
1,066
746
Total assets
$
46,040
$
45,302
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
552
$
662
Accrued liabilities
1,276
1,102
Long-term debt due within one year
2,140
47
Total current liabilities
3,968
1,811
Long-term debt
20,148
22,367
Deferred income tax liabilities
1,782
1,524
Regulatory liabilities, deferred income, and other
3,778
3,603
Contingent liabilities and commitments
Equity:
Stockholders’ equity:
Preferred stock
35
35
Common stock ($1 par value; 1,470 million shares authorized at December 31, 2019 and December 31, 2018; 1,247 million shares issued at December 31, 2019 and 1,245 million shares issued at December 31, 2018)
1,247
1,245
Capital in excess of par value
24,323
24,693
Retained deficit
(11,002
)
(10,002
)
Accumulated other comprehensive income (loss)
(199
)
(270
)
Treasury stock, at cost (35 million shares of common stock)
(1,041
)
(1,041
)
Total stockholders’ equity
13,363
14,660
Noncontrolling interests in consolidated subsidiaries
3,001
1,337
Total equity
16,364
15,997
Total liabilities and equity
$
46,040
$
45,302
The Williams Companies, Inc.
Consolidated Statement of Cash Flows
Year Ended December 31,
2019
2018
2017
(Millions)
OPERATING ACTIVITIES:
Net income (loss)
$
714
$
193
$
2,509
Adjustments to reconcile to net cash provided (used) by operating activities:
Depreciation and amortization
1,714
1,725
1,736
Provision (benefit) for deferred income taxes
376
220
(2,012
)
Equity (earnings) losses
(375
)
(396
)
(434
)
Distributions from unconsolidated affiliates
657
693
784
Gain on disposition of equity-method investments
(122
)
—
(269
)
Impairment of equity-method investments
186
32
—
(Gain) on sale of certain assets and businesses
2
(692
)
(1,095
)
Impairment of certain assets
464
1,915
1,249
(Gain) loss on deconsolidation of businesses
29
(203
)
—
Amortization of stock-based awards
57
55
78
Regulatory charges resulting from Tax Reform
—
(15
)
776
Cash provided (used) by changes in current assets and liabilities:
Accounts and notes receivable
34
(36
)
(88
)
Inventories
5
(16
)
8
Other current assets and deferred charges
21
17
(21
)
Accounts payable
(46
)
(93
)
118
Accrued liabilities
153
23
(92
)
Other, including changes in noncurrent assets and liabilities
(176
)
(129
)
(158
)
Net cash provided (used) by operating activities
3,693
3,293
3,089
FINANCING ACTIVITIES:
Proceeds from (payments of) commercial paper – net
(4
)
(2
)
(93
)
Proceeds from long-term debt
767
3,926
3,333
Payments of long-term debt
(909
)
(3,204
)
(5,925
)
Proceeds from issuance of common stock
10
15
2,131
Proceeds from sale of partial interest in consolidated subsidiary
1,334
—
—
Common dividends paid
(1,842
)
(1,386
)
(992
)
Dividends and distributions paid to noncontrolling interests
(124
)
(591
)
(822
)
Contributions from noncontrolling interests
36
15
17
Payments for debt issuance costs
—
(26
)
(17
)
Other – net
(13
)
(46
)
(92
)
Net cash provided (used) by financing activities
(745
)
(1,299
)
(2,460
)
INVESTING ACTIVITIES:
Property, plant, and equipment:
Capital expenditures (1)
(2,109
)
(3,256
)
(2,399
)
Dispositions – net
(40
)
(7
)
(41
)
Contributions in aid of construction
52
411
426
Proceeds from sale of businesses, net of cash divested
(2
)
1,296
2,067
Purchases of businesses, net of cash acquired
(728
)
—
—
Proceeds from dispositions of equity-method investments
485
—
200
Purchases of and contributions to equity-method investments
(453
)
(1,132
)
(132
)
Other – net
(32
)
(37
)
(21
)
Net cash provided (used) by investing activities
(2,827
)
(2,725
)
100
Increase (decrease) in cash and cash equivalents
121
(731
)
729
Cash and cash equivalents at beginning of year
168
899
170
Cash and cash equivalents at end of year
$
289
$
168
$
899
_________
(1) Increases to property, plant, and equipment
$
(2,023
)
$
(3,021
)
$
(2,662
)
Changes in related accounts payable and accrued liabilities
(86
)
(235
)
263
Capital expenditures
$
(2,109
)
$
(3,256
)
$
(2,399
)
Atlantic-Gulf
(UNAUDITED)
2018
2019
(Dollars in millions)
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Revenues:
Service revenues:
Nonregulated gathering & processing fee-based revenue
$
138
$
128
$
138
$
137
$
541
$
128
$
119
$
117
$
113
$
477
Regulated transportation revenue
413
406
411
508
1,738
517
514
549
548
2,128
Other fee revenues
32
34
34
34
134
34
40
32
34
140
Tracked service revenue
26
22
24
24
96
30
25
33
28
116
Nonregulated commodity consideration
15
12
18
14
59
13
13
7
8
41
Product sales:
NGL sales from gas processing
15
10
16
15
56
12
12
6
9
39
Marketing sales
45
57
67
53
222
40
32
23
34
129
Other sales
1
1
1
—
3
2
1
1
1
5
Tracked product sales
32
37
47
38
154
28
23
46
18
115
Total revenues
717
707
756
823
3,003
804
779
814
793
3,190
Segment costs and expenses:
NGL cost of goods sold
15
12
19
14
60
13
14
6
8
41
Marketing cost of goods sold
44
56
67
53
220
41
28
23
34
126
Other cost of goods sold
—
—
—
—
—
—
2
—
1
3
Tracked cost of goods sold
33
38
48
39
158
28
25
46
19
118
Processing commodity expenses
5
2
3
6
16
5
5
2
4
16
Operating and administrative costs
177
181
181
197
736
168
198
176
208
750
Tracked operating and administrative costs
26
22
24
23
95
30
25
32
29
116
Other segment costs and expenses
(2
)
(15
)
(29
)
14
(32
)
1
2
(26
)
(29
)
(52
)
Impairment of certain assets (1)
—
—
—
—
—
—
—
—
354
354
Gain on sale of certain assets and businesses
—
—
—
(81
)
(81
)
—
—
—
—
—
Regulatory charges resulting from Tax Reform
11
(20
)
—
—
(9
)
—
—
—
—
—
Total segment costs and expenses
309
276
313
265
1,163
286
299
259
628
1,472
Proportional Modified EBITDA of equity-method investments
43
44
49
47
183
42
44
44
47
177
Modified EBITDA
451
475
492
605
2,023
560
524
599
212
1,895
Adjustments
15
(19
)
(12
)
(76
)
(92
)
—
35
12
358
405
Adjusted EBITDA
$
466
$
456
$
480
$
529
$
1,931
$
560
$
559
$
611
$
570
$
2,300
NGL Margin
$
10
$
8
$
12
$
9
$
39
$
7
$
6
$
5
$
5
$
23
Statistics for Operated Assets
Gathering, Processing, and Crude Oil Transportation
Gathering volumes (Bcf per day) - Consolidated (2)
0.29
0.23
0.26
0.24
0.26
0.25
0.25
0.22
0.29
0.25
Gathering volumes (Bcf per day) - Non-consolidated (3)
0.24
0.25
0.25
0.31
0.26
0.35
0.38
0.36
0.35
0.36
Plant inlet natural gas volumes (Bcf per day) - Consolidated (2)
0.54
0.43
0.51
0.53
0.50
0.53
0.55
0.50
0.58
0.54
Plant inlet natural gas volumes (Bcf per day) - Non-consolidated (3)
0.24
0.25
0.25
0.32
0.27
0.35
0.39
0.36
0.35
0.36
Crude transportation volumes (Mbbls/d)
142
132
147
140
140
146
136
128
135
136
Consolidated (2)
Ethane margin ($/gallon)
$
.03
$
.16
$
.24
$
.14
$
.14
$
.10
$
.02
$
.01
$
.01
$
.04
Non-ethane margin ($/gallon)
$
.66
$
.74
$
.76
$
.58
$
.68
$
.48
$
.28
$
.35
$
.37
$
.36
NGL margin ($/gallon)
$
.40
$
.48
$
.51
$
.36
$
.43
$
.26
$
.17
$
.22
$
.24
$
.22
Ethane equity sales (Mbbls/d)
2.82
1.91
3.05
2.98
2.69
4.16
4.11
1.85
1.97
3.01
Non-ethane equity sales (Mbbls/d)
3.87
2.35
3.14
3.21
3.14
3.28
5.34
3.15
3.57
3.84
NGL equity sales (Mbbls/d)
6.69
4.26
6.19
6.19
5.83
7.44
9.45
5.00
5.54
6.85
Ethane production (Mbbls/d)
12
12
15
16
14
17
14
9
10
13
Non-ethane production (Mbbls/d)
19
17
18
19
18
19
19
18
21
19
NGL production (Mbbls/d)
31
29
33
35
32
36
33
27
31
32
Non-consolidated (3)
NGL equity sales (Mbbls/d)
3
5
4
5
4
7
8
6
5
6
NGL production (Mbbls/d)
18
20
20
23
20
24
27
24
26
25
Transcontinental Gas Pipe Line
Throughput (Tbtu)
1,099.9
965.5
1,092.3
1,150.9
4,308.5
1,183.9
1,109.4
1,216.2
1,227.6
4,737.2
Avg. daily transportation volumes (Tbtu)
12.2
10.6
11.9
12.5
11.8
13.2
12.2
13.2
13.3
13.0
Avg. daily firm reserved capacity (Tbtu)
15.4
15.0
15.0
16.4
15.5
17.1
17.0
17.3
17.5
17.2
(1) Our partners' $209 million share of the fourth-quarter 2019 impairment of the Constitution pipeline project is reflected outside of Modified EBITDA within Net loss attributable to noncontrolling interests.
(2) Excludes volumes associated with equity-method investments that are not consolidated in our results.
(3) Includes 100% of the volumes associated with operated equity-method investments.
Northeast G&P
(UNAUDITED)
2018
2019
(Dollars in millions)
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Revenues:
Service revenues:
Nonregulated gathering and processing fee-based revenue
$
189
$
196
$
211
$
226
$
822
$
230
$
267
$
284
$
299
$
1,080
Other fee revenues
39
36
36
43
154
46
63
69
80
258
Nonregulated commodity consideration
4
4
6
6
20
5
3
1
3
12
Product sales:
NGL sales from gas processing
4
5
6
5
20
5
3
—
3
11
Marketing sales
89
65
57
35
246
37
28
26
30
121
Tracked product sales
5
5
6
5
21
5
6
4
3
18
Total revenues
330
311
322
320
1,283
328
370
384
418
1,500
Segment costs and expenses:
NGL cost of goods sold
4
5
6
5
20
5
3
—
4
12
Marketing cost of goods sold
90
65
57
36
248
37
29
26
30
122
Tracked cost of goods sold
5
7
6
3
21
5
6
3
4
18
Processing commodity expenses
2
2
3
2
9
3
2
1
2
8
Operating and administrative costs
85
91
96
108
380
97
130
120
122
469
Other segment costs and expenses
2
1
4
5
12
4
—
(3
)
—
1
Impairment of certain assets
—
—
—
—
—
—
—
—
10
10
Total segment costs and expenses
188
171
172
159
690
151
170
147
172
640
Proportional Modified EBITDA of equity-method investments
108
115
131
139
493
122
103
108
121
454
Modified EBITDA
250
255
281
300
1,086
299
303
345
367
1,314
Adjustments
—
—
—
4
4
3
16
(2
)
10
27
Adjusted EBITDA
$
250
$
255
$
281
$
304
$
1,090
$
302
$
319
$
343
$
377
$
1,341
NGL margin
$
2
$
2
$
3
$
4
$
11
$
2
$
1
$
—
$
—
$
3
Statistics for Operated Assets
Gathering and Processing
Gathering volumes (Bcf per day) - Consolidated (1)
3.38
3.45
3.67
4.02
3.63
4.05
4.16
4.33
4.41
4.24
Gathering volumes (Bcf per day) - Non-consolidated (2)
3.82
3.59
3.73
3.89
3.76
4.27
4.08
4.35
4.47
4.29
Plant inlet natural gas volumes (Bcf per day)
0.49
0.55
0.52
0.52
0.52
0.63
1.04
1.16
1.33
1.04
Ethane equity sales (Mbbls/d)
1.33
3.17
2.74
2.80
2.52
2.73
1.83
1.94
1.05
1.89
Non-ethane equity sales (Mbbls/d)
0.79
1.09
1.49
1.28
1.16
1.21
1.09
0.67
0.83
0.96
NGL equity sales (Mbbls/d)
2.12
4.26
4.23
4.08
3.68
3.94
2.92
2.61
1.88
2.85
Ethane production (Mbbls/d)
23
27
26
20
24
22
24
29
37
28
Non-ethane production (Mbbls/d)
21
21
23
22
22
22
34
63
69
48
NGL production (Mbbls/d)
44
48
49
42
46
44
58
92
106
76
(1) Includes gathering volumes associated with Susquehanna Supply Hub, the Northeast JV, and Utica Supply Hub, all of which are consolidated.
(2) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership; and the Bradford Supply Hub and a portion of the Marcellus South Supply Hub within the Appalachia Midstream Services partnership. Volumes handled by Blue Racer Midstream (gathering and processing), which we do not operate, are not included.
West
(UNAUDITED)
2018
2019
(Dollars in millions)
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Revenues:
Service revenues:
Nonregulated gathering & processing fee-based revenue
$
386
$
398
$
387
$
335
$
1,506
$
319
$
331
$
282
$
276
$
1,208
Regulated transportation revenue
109
104
106
110
429
110
104
107
111
432
Other fee revenues
36
32
40
41
149
44
42
44
41
171
Tracked service revenues
—
1
—
—
1
—
1
—
1
2
Nonregulated commodity consideration
82
78
97
64
321
46
40
30
34
150
Product sales:
NGL sales from gas processing
85
76
90
71
322
48
41
31
34
154
Marketing sales
415
462
613
569
2,059
422
385
352
453
1,612
Other sales
14
12
18
5
49
5
5
2
2
14
Tracked product sales
16
10
11
(19
)
18
4
3
4
6
17
Total revenues
1,143
1,173
1,362
1,176
4,854
998
952
852
958
3,760
Segment costs and expenses:
NGL cost of goods sold
85
81
101
66
333
49
41
32
36
158
Marketing cost of goods sold
415
459
603
585
2,062
419
388
345
437
1,589
Other cost of goods sold
10
7
14
4
35
4
4
—
2
10
Tracked cost of goods sold
16
10
12
(20
)
18
3
4
5
5
17
Processing commodity expenses
30
20
26
40
116
31
19
13
16
79
Operating and administrative costs
193
215
200
166
774
166
180
166
159
671
Tracked operating and administrative costs
—
1
—
—
1
—
1
—
—
1
Other segment costs and expenses
6
10
19
15
50
6
1
9
—
16
Impairment of certain assets
—
—
—
1,849
1,849
12
64
—
24
100
Gain on sale of certain assets and businesses
—
—
—
(591
)
(591
)
2
—
—
—
2
Regulatory charges resulting from Tax Reform
(7
)
—
—
—
(7
)
—
—
—
—
—
Total segment costs and expenses
748
803
975
2,114
4,640
692
702
570
679
2,643
Proportional Modified EBITDA of equity-method investments
18
19
25
32
94
26
28
29
32
115
Modified EBITDA
413
389
412
(906
)
308
332
278
311
311
1,232
Adjustments
(7
)
—
12
1,264
1,269
14
78
2
25
119
Adjusted EBITDA
$
406
$
389
$
424
$
358
$
1,577
$
346
$
356
$
313
$
336
$
1,351
NGL margin
$
52
$
53
$
60
$
29
$
194
$
14
$
21
$
16
$
16
$
67
Statistics for Operated Assets
Gathering and Processing
Gathering volumes (Bcf per day) - Consolidated (1)
4.58
4.60
4.48
3.44
4.27
3.42
3.53
3.61
3.51
3.52
Gathering volumes (Bcf per day) - Non-consolidated (2)
—
—
0.15
0.16
0.08
0.17
0.15
0.21
0.27
0.20
Plant inlet natural gas volumes (Bcf per day) - Consolidated (1)
2.16
2.12
2.11
1.65
2.01
1.41
1.52
1.56
1.44
1.48
Plant inlet natural gas volumes (Bcf per day) - Non-consolidated (2)
—
—
0.14
0.17
0.08
0.17
0.14
0.21
0.26
0.08
Ethane equity sales (Mbbls/d)
19.01
10.23
12.19
16.40
14.44
14.63
14.59
3.32
5.17
9.38
Non-ethane equity sales (Mbbls/d)
19.83
18.80
19.48
14.40
18.12
12.59
13.54
14.02
11.95
13.03
NGL equity sales (Mbbls/d)
38.84
29.03
31.67
30.80
32.56
27.22
28.13
17.34
17.12
22.41
Ethane margin ($/gallon)
$
.01
$
.07
$
.18
$
.02
$
.06
$
(.03
)
$
(.03
)
$
(.06
)
$
(.10
)
$
(.04
)
Non-ethane margin ($/gallon)
$
.69
$
.71
$
.69
$
.49
$
.65
$
.34
$
.42
$
.32
$
.37
$
.36
NGL margin ($/gallon)
$
.35
$
.48
$
.49
$
.24
$
.39
$
.14
$
.19
$
.25
$
.23
$
.19
Ethane production (Mbbls/d) - Consolidated (1)
31
26
28
29
28
29
22
9
11
18
Ethane production (Mbbls/d) - Non-consolidated (2)
—
—
—
1
—
1
—
2
3
1
Non-ethane production (Mbbls/d) - Consolidated (1)
62
61
59
41
55
33
37
39
35
36
Non-ethane production (Mbbls/d) - Non-consolidated (2)
—
—
5
5
3
6
1
16
19
11
NGL production (Mbbls/d)
93
87
92
76
86
69
60
66
68
66
NGL and Crude Transportation volumes (Mbbls) (3)
21,263
21,334
22,105
23,049
87,751
22,848
24,465
22,972
21,910
92,195
Northwest Pipeline LLC
Throughput (Tbtu)
226.1
188.1
193.5
212.3
820.0
243.5
184.6
179.2
248.8
856.1
Avg. daily transportation volumes (Tbtu)
2.5
2.1
2.1
2.3
2.2
2.7
2.0
1.9
2.7
2.3
Avg. daily firm reserved capacity (Tbtu)
3.1
3.1
3.1
3.1
3.1
3.1
3.0
3.0
3.0
3.0
(1) Excludes volumes associated with equity-method investments that are not consolidated in our results.
(2) Includes 100% of the volumes associated with operated equity-method investments, including the Jackalope Gas Gathering System and Rocky Mountain Midstream.
(3) Includes 100% of the volumes associated with operated equity-method investments, including the Overland Pass Pipeline Company and Rocky Mountain Midstream.
Capital Expenditures and Investments
(UNAUDITED)
2018
2019
(Dollars in millions)
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Capital expenditures:
Atlantic-Gulf
$
764
$
746
$
549
$
359
$
2,418
$
193
$
234
$
497
$
202
$
1,126
Northeast G&P
114
104
114
139
471
152
177
131
74
534
West
69
74
96
93
332
69
80
153
126
428
Other
10
9
10
6
35
8
6
5
2
21
Total (1)
$
957
$
933
$
769
$
597
$
3,256
$
422
$
497
$
786
$
404
$
2,109
Purchases of investments:
Atlantic-Gulf
$
1
$
—
$
5
$
—
$
6
$
—
$
12
$
3
$
1
$
16
Northeast G&P
20
70
114
58
262
47
61
34
63
205
West
—
—
593
271
864
52
70
82
28
232
Total
$
21
$
70
$
712
$
329
$
1,132
$
99
$
143
$
119
$
92
$
453
Summary:
Atlantic-Gulf
$
765
$
746
$
554
$
359
$
2,424
$
193
$
246
$
500
$
203
$
1,142
Northeast G&P
134
174
228
197
733
199
238
165
137
739
West
69
74
689
364
1,196
121
150
235
154
660
Other
10
9
10
6
35
8
6
5
2
21
Total
$
978
$
1,003
$
1,481
$
926
$
4,388
$
521
$
640
$
905
$
496
$
2,562
Capital investments:
Increases to property, plant, and equipment
$
934
$
930
$
618
$
539
$
3,021
$
418
$
559
$
730
$
316
$
2,023
Purchases of businesses, net of cash acquired
—
—
—
—
—
727
—
1
—
728
Purchases of investments
21
70
712
329
1,132
99
143
119
92
453
Total
$
955
$
1,000
$
1,330
$
868
$
4,153
$
1,244
$
702
$
850
$
408
$
3,204
(1) Increases to property, plant, and equipment
$
934
$
930
$
618
$
539
$
3,021
$
418
$
559
$
730
$
316
$
2,023
Changes in related accounts payable and accrued liabilities
23
3
151
58
235
4
(62
)
56
88
86
Capital expenditures
$
957
$
933
$
769
$
597
$
3,256
$
422
$
497
$
786
$
404
$
2,109
Contributions from noncontrolling interests
$
3
$
8
$
2
$
2
$
15
$
4
$
28
$
—
$
4
$
36
Contributions in aid of construction
$
190
$
149
$
56
$
16
$
411
$
10
$
8
$
7
$
27
$
52
Proceeds from sale of businesses, net of cash divested
$
—
$
—
$
—
$
1,296
$
1,296
$
(2
)
$
—
$
—
$
—
$
(2
)
Proceeds from sale of partial interest in consolidated subsidiary
$
—
$
—
$
—
$
—
$
—
$
—
$
1,330
$
—
$
4
$
1,334
Proceeds from disposition of equity-method investments
$
—
$
—
$
—
$
—
$
—
$
—
$
485
$
—
$
—
$
485
Non-GAAP Measures
This news release and accompanying materials may include certain financial measures – Adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per share, distributable cash flow and dividend coverage ratio – that are non-GAAP financial measures as defined under the rules of the SEC.
Our segment performance measure, Modified EBITDA, is defined as net income (loss) before income (loss) from discontinued operations, income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income, impairments of equity investments and goodwill, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of Modified EBITDA of equity-method investments.
Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Management believes this measure provides investors meaningful insight into results from ongoing operations.
Distributable cash flow is defined as Adjusted EBITDA less maintenance capital expenditures, cash portion of net interest expense, income attributable to or dividends/ distributions paid to noncontrolling interests and cash income taxes, and certain other adjustments that management believes affects the comparability of results. Adjustments for maintenance capital expenditures and cash portion of interest expense include our proportionate share of these items of our equity-method investments. We also calculate the ratio of distributable cash flow to the total cash dividends paid (dividend coverage ratio). This measure reflects Williams’ distributable cash flow relative to its actual cash dividends paid.
This news 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 assets and the cash that the business is generating.
Neither Adjusted EBITDA, adjusted income, nor distributable cash flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. 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.
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Adjusted Income
(UNAUDITED)
2018
2019
(Dollars in millions, except per-share amounts)
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders
$
152
$
135
$
129
$
(572
)
$
(156
)
$
194
$
310
$
220
$
138
$
862
Income (loss) from continuing operations - diluted earnings (loss) per common share (1)
$
.18
$
.16
$
.13
$
(.47
)
$
(.16
)
$
.16
$
.26
$
.18
$
.11
$
.71
Adjustments:
Atlantic-Gulf
Constitution Pipeline project development costs
$
2
$
1
$
1
$
—
$
4
$
—
$
1
$
1
$
1
$
3
Impairment of certain assets (2)
—
—
—
—
—
—
—
—
354
354
Settlement charge from pension early payout program
—
—
—
7
7
—
—
—
—
—
Regulatory adjustments resulting from Tax Reform
11
(20
)
—
—
(9
)
—
—
—
—
—
Benefit of regulatory asset associated with increase in Transco’s estimated deferred state income tax rate following WPZ Merger
—
—
(3
)
—
(3
)
—
—
—
—
—
Share of regulatory charges resulting from Tax Reform for equity-method investments
2
—
—
—
2
—
—
—
—
—
Reversal of expenditures capitalized in prior years
—
—
—
—
—
—
15
—
1
16
Gain on sale of certain Gulf Coast pipeline assets
—
—
—
(81
)
(81
)
—
—
—
—
—
Gain on asset retirement
—
—
(10
)
(2
)
(12
)
—
—
—
—
—
Severance and related costs
—
—
—
—
—
—
19
11
2
32
Total Atlantic-Gulf adjustments
15
(19
)
(12
)
(76
)
(92
)
—
35
12
358
405
Northeast G&P
Expenses associated with new venture
—
—
—
—
—
3
6
1
—
10
Settlement charge from pension early payout program
—
—
—
4
4
—
—
—
—
—
Impairment of certain assets
—
—
—
—
—
—
—
—
10
10
Severance and related costs
—
—
—
—
—
—
10
(3
)
—
7
Total Northeast G&P adjustments
—
—
—
4
4
3
16
(2
)
10
27
West
Impairment of certain assets
—
—
—
1,849
1,849
12
64
—
24
100
Settlement charge from pension early payout program
—
—
—
6
6
—
—
—
—
—
Regulatory adjustments resulting from Tax Reform
(7
)
—
—
—
(7
)
—
—
—
—
—
Charge for regulatory liability associated with the decrease in Northwest Pipeline’s estimated deferred state income tax rates following WPZ Merger
—
—
12
—
12
—
—
—
—
—
Gain on sale of Four Corners assets
—
—
—
(591
)
(591
)
2
—
—
—
2
Severance and related costs
—
—
—
—
—
—
14
2
1
17
Total West adjustments
(7
)
—
12
1,264
1,269
14
78
2
25
119
Other
Loss on early retirement of debt
7
—
—
—
7
—
—
—
—
—
Impairment of certain assets
—
66
—
—
66
—
—
—
—
—
Settlement charge from pension early payout program
—
—
—
5
5
—
—
—
—
—
Regulatory adjustments resulting from Tax Reform
—
1
—
—
1
—
—
—
—
—
(Benefit) adjustment of regulatory assets associated with increase in Transco’s estimated deferred state income tax rate following WPZ Merger
—
—
(45
)
—
(45
)
12
—
—
—
12
WPZ Merger costs
—
4
15
1
20
—
—
—
—
—
Gain on sale of certain Gulf Coast pipeline systems
—
—
—
(20
)
(20
)
—
—
—
—
—
Charitable contribution of preferred stock to Williams Foundation
—
—
35
—
35
—
—
—
—
—
Accrual for loss contingencies associated with former operations
—
—
—
—
—
—
—
9
(5
)
4
Severance and related costs
—
—
—
—
—
—
—
—
1
1
Total Other adjustments
7
71
5
(14
)
69
12
—
9
(4
)
17
Adjustments included in Modified EBITDA
15
52
5
1,178
1,250
29
129
21
389
568
Adjustments below Modified EBITDA
Gain on deconsolidation of Jackalope interest
—
(62
)
—
—
(62
)
—
—
—
—
—
Gain on deconsolidation of certain Permian assets
—
—
—
(141
)
(141
)
2
—
—
—
2
Loss on deconsolidation of Constitution
—
—
—
—
—
—
—
—
27
27
Impairment of equity-method investments
—
—
—
32
32
74
(2
)
114
—
186
Gain on sale of equity-method investments
—
—
—
—
—
—
(122
)
—
—
(122
)
Allocation of adjustments to noncontrolling interests
(5
)
21
—
—
16
—
(1
)
—
(210
)
(211
)
(5
)
(41
)
—
(109
)
(155
)
76
(125
)
114
(183
)
(118
)
Total adjustments
10
11
5
1,069
1,095
105
4
135
206
450
Less tax effect for above items
(3
)
(3
)
(1
)
(267
)
(274
)
(26
)
(1
)
(34
)
(51
)
(112
)
Adjustments for tax-related items (3)
—
—
110
—
110
—
—
—
—
—
Adjusted income from continuing operations available to common stockholders
$
159
$
143
$
243
$
230
$
775
$
273
$
313
$
321
$
293
$
1,200
Adjusted income from continuing operations - diluted earnings per common share (1)
$
.19
$
.17
$
.24
$
.19
$
.79
$
.22
$
.26
$
.26
$
.24
$
.99
Weighted-average shares - diluted (thousands)
830,197
830,107
1,026,504
1,212,822
976,097
1,213,592
1,214,065
1,214,165
1,214,212
1,214,011
(1) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.
(2) Our partners' $209 million share of the fourth-quarter 2019 impairment of the Constitution pipeline project is reflected below in Allocation of adjustments to noncontrolling interests.
(3) The third quarter of 2018 reflects tax adjustments driven by the WPZ Merger, primarily a valuation allowance for foreign tax credits.
Reconciliation of Distributable Cash Flow (DCF)
(UNAUDITED)
2018
2019
(Dollars in millions, except coverage ratios)
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
The Williams Companies, Inc.
Reconciliation of GAAP "Net Income (Loss)" to Non-GAAP "Modified EBITDA", "Adjusted EBITDA" and "Distributable cash flow"
Net income (loss)
$
270
$
269
$
200
$
(546
)
$
193
$
214
$
324
$
242
$
(66
)
$
714
Provision (benefit) for income taxes
55
52
190
(159
)
138
69
98
77
91
335
Interest expense
273
275
270
294
1,112
296
296
296
298
1,186
Equity (earnings) losses
(82
)
(92
)
(105
)
(117
)
(396
)
(80
)
(87
)
(93
)
(115
)
(375
)
Other investing (income) loss - net
(4
)
(68
)
(2
)
(113
)
(187
)
73
(126
)
107
25
79
Proportional Modified EBITDA of equity-method investments
169
178
205
218
770
190
175
181
200
746
Depreciation and amortization expenses
431
434
425
435
1,725
416
424
435
439
1,714
Accretion for asset retirement obligations associated with nonregulated operations
8
10
8
7
33
9
8
8
8
33
(Income) loss from discontinued operations, net of tax
—
—
—
—
—
—
—
—
15
15
Modified EBITDA
1,120
1,058
1,191
19
3,388
1,187
1,112
1,253
895
4,447
EBITDA adjustments
15
52
5
1,178
1,250
29
129
21
389
568
Adjusted EBITDA
1,135
1,110
1,196
1,197
4,638
1,216
1,241
1,274
1,284
5,015
Maintenance capital expenditures (1)
(110
)
(160
)
(138
)
(122
)
(530
)
(93
)
(130
)
(128
)
(113
)
(464
)
Preferred dividends
—
—
—
(1
)
(1
)
(1
)
—
(1
)
(1
)
(3
)
Net interest expense - cash portion (2)
(276
)
(279
)
(274
)
(299
)
(1,128
)
(304
)
(302
)
(301
)
(306
)
(1,213
)
Cash taxes
(1
)
(10
)
(1
)
1
(11
)
3
85
(2
)
—
86
Income attributable to noncontrolling interests (3)
(25
)
(24
)
(19
)
(28
)
(96
)
Dividends and distributions paid to noncontrolling interests
(41
)
(27
)
(20
)
(36
)
(124
)
Distributable cash flow
$
723
$
637
$
764
$
748
$
2,872
$
780
$
867
$
822
$
828
$
3,297
Total cash distributed (4)
$
438
$
443
$
412
$
411
$
1,704
$
460
$
461
$
461
$
460
$
1,842
Coverage ratios:
Distributable cash flow divided by Total cash distributed
1.65
1.44
1.85
1.82
1.69
1.70
1.88
1.78
1.80
1.79
Net income (loss) divided by Total cash distributed
0.62
0.61
0.49
(1.33
)
0.11
0.47
0.70
0.52
(0.14
)
0.39
(1) Includes proportionate share of maintenance capital expenditures of equity-method investments.
(2) Includes proportionate share of interest expense of equity-method investments.
(3) Excludes allocable share of certain EBITDA adjustments.
(4) Includes cash dividends paid on common stock each quarter by WMB, as well as the public unitholders share of distributions declared by WPZ for the first two quarters of 2018.
Reconciliation of "Net Income (Loss)" to “Modified EBITDA” and Non-GAAP “Adjusted EBITDA”
(UNAUDITED)
2018
2019
(Dollars in millions)
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year
Net income (loss)
$
270
$
269
$
200
$
(546
)
$
193
$
214
$
324
$
242
$
(66
)
$
714
Provision (benefit) for income taxes
55
52
190
(159
)
138
69
98
77
91
335
Interest expense
273
275
270
294
1,112
296
296
296
298
1,186
Equity (earnings) losses
(82
)
(92
)
(105
)
(117
)
(396
)
(80
)
(87
)
(93
)
(115
)
(375
)
Other investing (income) loss - net
(4
)
(68
)
(2
)
(113
)
(187
)
73
(126
)
107
25
79
Proportional Modified EBITDA of equity-method investments
169
178
205
218
770
190
175
181
200
746
Depreciation and amortization expenses
431
434
425
435
1,725
416
424
435
439
1,714
Accretion expense associated with asset retirement obligations for nonregulated operations
8
10
8
7
33
9
8
8
8
33
(Income) loss from discontinued operations, net of tax
—
—
—
—
—
—
—
—
15
15
Modified EBITDA
$
1,120
$
1,058
$
1,191
$
19
$
3,388
$
1,187
$
1,112
$
1,253
$
895
$
4,447
Atlantic-Gulf
$
451
$
475
$
492
$
605
$
2,023
$
560
$
524
$
599
$
212
$
1,895
Northeast G&P
250
255
281
300
1,086
299
303
345
367
1,314
West
413
389
412
(906
)
308
332
278
311
311
1,232
Other
6
(61
)
6
20
(29
)
(4
)
7
(2
)
5
6
Total Modified EBITDA
$
1,120
$
1,058
$
1,191
$
19
$
3,388
$
1,187
$
1,112
$
1,253
$
895
$
4,447
Adjustments included in Modified EBITDA (1):
Atlantic-Gulf
$
15
$
(19
)
$
(12
)
$
(76
)
$
(92
)
$
—
$
35
$
12
$
358
$
405
Northeast G&P
—
—
—
4
4
3
16
(2
)
10
27
West
(7
)
—
12
1,264
1,269
14
78
2
25
119
Other
7
71
5
(14
)
69
12
—
9
(4
)
17
Total Adjustments included in Modified EBITDA
$
15
$
52
$
5
$
1,178
$
1,250
$
29
$
129
$
21
$
389
$
568
Adjusted EBITDA:
Atlantic-Gulf
$
466
$
456
$
480
$
529
$
1,931
$
560
$
559
$
611
$
570
$
2,300
Northeast G&P
250
255
281
304
1,090
302
319
343
377
1,341
West
406
389
424
358
1,577
346
356
313
336
1,351
Other
13
10
11
6
40
8
7
7
1
23
Total Adjusted EBITDA
$
1,135
$
1,110
$
1,196
$
1,197
$
4,638
$
1,216
$
1,241
$
1,274
$
1,284
$
5,015
(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Adjusted Income," which is also included in these materials.
Reconciliation of GAAP "Net Income (Loss)" to Non-GAAP "Modified EBITDA", "Adjusted EBITDA" and "Distributable Cash Flow"
2020 Guidance
(Dollars in millions, except per share amounts and coverage ratio)
Low
Mid
High
Net income (loss)
$
1,200
$
1,350
$
1,500
Provision (benefit) for income taxes
450
Interest expense
1,180
Equity (earnings) losses
(450
)
Proportional Modified EBITDA of equity-method investments
820
Depreciation and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations
1,750
Modified EBITDA
$
4,950
$
5,100
$
5,250
EBITDA Adjustments
—
Adjusted EBITDA
$
4,950
$
5,100
$
5,250
Net interest expense - cash portion (1)
(1,215
)
Maintenance capital expenditures (1)
(550
)
(500
)
(450
)
Cash taxes
30
Dividends and distributions paid to noncontrolling interests and other
(165
)
Distributable cash flow (DCF)
$
3,050
$
3,250
$
3,450
--Distributable cash flow per share (2)
$
2.50
$
2.67
$
2.83
Dividends paid
(1,950
)
Excess cash available after dividends
$
1,100
$
1,300
$
1,500
Dividend per share
$
1.60
Coverage ratio (Distributable cash flow / Dividends paid)
1.56x
1.67x
1.77x
(1) Includes proportionate share of equity-method investments.
(2) Distributable cash flow / diluted weighted-average common shares of 1,218 million in 2020.
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Adjusted Income Available to Common Stockholders
2020 Guidance
(Dollars in millions, except per-share amounts)
Low
Mid
High
Net income (loss)
$
1,200
$
1,350
$
1,500
Less: Net income (loss) attributable to noncontrolling interests & preferred dividends
40
Net income (loss) attributable to The Williams Companies, Inc. available to common stockholders
1,160
1,310
1,460
Adjustments:
Adjustments included in Modified EBITDA
—
Adjustments below Modified EBITDA
—
Total adjustments
—
Less tax effect for above items
—
Adjusted income available to common stockholders
$
1,160
$
1,310
$
1,460
Adjusted diluted earnings per common share
$
0.95
$
1.08
$
1.20
Weighted-average shares - diluted (millions)
1,218
Forward-Looking Statements
The reports, filings, and other public announcements of Williams may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcome of regulatory proceedings, market conditions, and other matters as discussed below. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we expect, believe or anticipate will exist or may occur in the future, are forward-looking statements. Forward-looking statements can be identified by various forms of words such as “anticipates,” “believes,” “seeks,” “could,” “may,” “should,” “continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in-service date,” or other similar expressions. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management and include, among others, statements regarding:
Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:
Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors listed above may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.
Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. These factors are described in the following section. For a detailed discussion of those factors, see Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K filed with the SEC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200219005930/en/
MEDIA CONTACT: media@williams.com (800) 945-8723
INVESTOR CONTACTS: Brett Krieg (918) 573-4614
Grace Scott (918) 573-1092
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