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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 | |
---|---|---|---|---|---|---|---|---|
-0.19 | -0.48% | 39.26 | 39.36 | 38.92 | 39.36 | 5,723,400 | 01:00:00 |
Williams (NYSE: WMB) today announced second-quarter 2015 adjusted EBITDA of $1.02 billion, compared with $770 million in second quarter 2014, an increase of $247 million, or 32 percent.
The increase reflects higher adjusted EBITDA for Williams Partners resulting from the benefit of the Access Midstream acquisition and new projects placed in service. Partially offsetting these increases were lower Geismar results from the absence of assumed business interruption insurance proceeds and lower NGL margins.
Year-to-date 2015, Williams reported $1.94 billion in adjusted EBITDA, a $344 million, or 22 percent increase from the same period last year. The increase in the year-to-date period was also driven primarily by Williams Partners’ adjusted EBITDA, and the drivers were similar to those discussed for the quarterly period.
Williams Summary Financial Information 2Q YTD Amounts in millions, except per-share amounts. Per share amounts are reported on a diluted basis. All amounts are attributable to The Williams Companies, Inc. 2015 2014 2015 2014 (Unaudited) Adjusted EBITDA (1) $ 1,017 $ 770 $ 1,935 $ 1,591 Adjusted income from continuing operations (1) $ 110 $ 158 $ 232 $ 348 Adjusted income from continuing operations per share (1) $ 0.15 $ 0.23 $ 0.31 $ 0.50 Net income $ 114 $ 103 $ 184 $ 243 Net income per share $ 0.15 $ 0.15 $ 0.24 $ 0.35(1) Schedules reconciling adjusted EBITDA and adjusted income from continuing operations (non-GAAP measures) are available at www.williams.com and as an attachment to this news release.
Williams reported adjusted income from continuing operations of $110 million, or $0.15 per share, in second quarter 2015, compared with $158 million, or $0.23 per share, in second quarter 2014. The decrease in adjusted income for second quarter 2015 is due primarily to the absence in 2015 of assumed Geismar business interruption proceeds, increased interest expense associated with new debt issuances and higher depreciation expense due to significant projects that were placed into service in 2014 and 2015, as well as declines in NGL margins driven by lower prices. These decreases were partially offset by new fee revenues associated with certain growth projects that were placed in service in 2014 and 2015.
Year-to-date 2015, Williams reported $232 million in adjusted income from continuing operations, a $116 million decrease from the same period last year. The decrease in year-to-date adjusted income was driven by the same factors that drove the decrease in quarterly adjusted income.
Williams reported unaudited second quarter 2015 net income attributable to Williams of $114 million, or $0.15 per share on a diluted basis, compared with second quarter 2014 net income of $103 million, or $0.15 per share on a diluted basis. The $11 million increase in net income attributable to Williams in second quarter 2015 was driven primarily by new fee-based revenues from Gulfstar One and Transco expansion projects and increased insurance recoveries associated with the Geismar incident. These increases were partially offset by increased interest expense associated with new debt issuances, higher depreciation expense due to significant projects that were placed in service in 2014 and 2015, as well as declines in NGL margins driven by lower prices.
Year-to-date 2015, Williams reported net income of $184 million, or $0.24 per share on a diluted basis, compared with net income of $243 million, or $0.35 per share, for the same period last year. The year-to-date changes in net income were impacted by the same factors as the quarterly period with the exception of year-to-date Geismar insurance recoveries being lower in the current year and the absence of equity losses in 2014 associated with the discontinuance of the Bluegrass Pipeline project.
CEO Comment
Alan Armstrong, Williams’ president and chief executive officer, made the following comments:
“Second quarter results further demonstrate the benefits from our clearly defined strategy of capitalizing on the significant natural gas market growth by connecting the best supplies to the best markets. This strategy has and will continue to deliver significant growth in our fee-based revenues.
“The large-scale infrastructure projects we recently placed into service – including Transco expansions and Gulf of Mexico facilities – generated significant fee-based revenues in the second quarter and we expect those numbers to continue growing throughout 2015.
“As well, the Geismar plant ramped up in the second quarter and is now online and consistently operating at or near its full production capacity. We look forward to the significant contributions the plant will make in the second half of the year.”
Business Segment Results
Williams’ business segments for financial reporting are Williams Partners, Williams NGL & Petchem Services and Other.
For periods prior to July 1, 2014, the Other segment includes Williams’ equity earnings from its 50-percent interest in privately held Access Midstream Partners GP, L.L.C. and an approximate 23-percent limited-partner interest in Access Midstream Partners, L.P. As a result of Williams’ acquisition of additional ownership interests, periods after July 1, 2014 include the consolidated results of Access Midstream Partners. Furthermore, following the closing of the merger between Williams Partners and Access Midstream Partners in February 2015, the consolidated results of Access Midstream for periods following July 1, 2014 are now reported as part of the Williams Partners segment.
Williams NGL & Petchem Services segment is comprised of projects in various stages of development, including offgas processing at the CNRL’s Horizon upgrader plant as well as petchem pipeline projects on the Gulf Coast.
Williams Adjusted EBITDA 2Q YTD Amounts in millions 2015 2014 2015 2014 Williams Partners $ 1,008 $ 717 $ 1,925 $ 1,485 Williams NGL & Petchem (3 ) (7 ) (8 ) (12 ) Other 12 60 18 118 Total $ 1,017 $ 770 $ 1,935 $ 1,591Schedules reconciling adjusted EBITDA to modified EBITDA and net income are attached to this news release.
The first quarter and second quarter of 2014 include Williams’ proportional share of the adjusted EBITDA from its equity-method investment in Access Midstream in its Other segment. Following the closing of the merger between Williams Partners and Access Midstream, the consolidated results of Access Midstream are reported as part of the Williams Partners segment. Williams NGL & Petchem Services segment is comprised of projects in various stages of development, including the CNRL Horizon offgas processing project in Canada as well as NGL and petrochemical pipeline projects on the Gulf Coast.
Williams Partners Segment
Williams Partners is focused on natural gas and natural gas liquids (NGL) transportation, gathering, treating, processing and storage; NGL fractionation; olefins production; and crude oil transportation.
Williams Partners reported second quarter 2015 adjusted EBITDA of $1.01 billion, a $291 million, or 41 percent, increase from second quarter 2014. The increase in adjusted EBITDA in second quarter 2015 was driven by $537 million, or 72 percent, higher fee-based revenues including assumed minimum volume commitments compared with second quarter 2014. This increase reflects the benefit of the Access Midstream acquisition and new fee-based revenues from assets placed in service, including Gulfstar One and Transco expansion projects. Excluding the Access Midstream acquisition, Williams Partners second-quarter 2015 fee-based revenue was up $130 million, or 17 percent. Geismar contributed approximately $50 million of olefins margins in second quarter 2015. Additionally, the proportional EBITDA from non-consolidated joint ventures increased $121 million for second quarter 2015 versus second quarter 2014, including $92 million from the addition of Access Midstream’s joint ventures and $33 million driven by Discovery’s Keathley Canyon Connector project ramp up.
Partially offsetting these increases were $210 million higher operating and general and administrative expenses versus second quarter 2014 primarily as a result of the Access Midstream acquisition, the absence of $138 million of assumed business interruption insurance proceeds related to the Geismar plant and $56 million in lower NGL margins due primarily to NGL prices that are at a 10-year low.
Year-to-date 2015, Williams Partners reported adjusted EBITDA of $1.93 billion, a $440 million, or 30 percent, increase from the same period last year. The year-to-date increase in adjusted EBITDA was driven primarily by the same factors that drove the quarterly results for adjusted EBITDA.
Williams Partners’ complete financial results for second quarter 2015 are provided in the earnings news release issued today by Williams Partners.
Other Segment
The first and second quarters of 2014 include $51 million and $53 million, respectively, for Williams’ proportional share of the adjusted EBITDA from Williams’ equity-method investment in Access Midstream, L.P. As a result of Williams’ acquisition of additional ownership interests, periods after July 1, 2014 include the consolidated results of Access Midstream Partners. Furthermore, following the closing of the merger between Williams Partners and Access Midstream Partners in February 2015, the consolidated results of Access Midstream for periods following July 1, 2014 are now reported as part of the Williams Partners segment.
Williams Strategic Alternatives Review
On June 21, 2015, Williams announced that it had received and subsequently rejected an unsolicited proposal to be acquired in an all-equity transaction contingent on the termination of Williams’ proposed acquisition of Williams Partners. Williams also announced that its board of directors authorized a process to explore a range of strategic alternatives, which could include, among other things, a merger, a sale, or continuing to pursue its existing operating and growth plan. The process is well underway. Depending on the outcome of the board’s review, Williams anticipates that any shareholder vote seeking approval of the pending Williams Partners transaction would occur after the process is completed.
Guidance
Williams reaffirmed its previously announced plans to increase its third-quarter 2015 dividend to $0.64, or $2.56 on an annualized basis and $2.85 in 2016, with annual dividend growth thereafter of approximately 10 percent to 15 percent through 2020. Dividend guidance assumes completion of Williams’ acquisition of Williams Partners public units as previously announced on May 13, 2015.
Williams is reaffirming adjusted EBITDA guidance for 2016-2018. However, Williams is lowering full-year 2015 adjusted EBITDA guidance by approximately 6 percent to a midpoint of $4.23 billion, due primarily to the effects of lower commodity prices and an extended Geismar ramp-up to near-full production in the second quarter.
Williams’ current guidance is displayed in the following table:
Williams - Financial outlook 2015 2016 2017 2018 Low Mid High Low Mid High Low Mid High Low Mid High Adjusted EBITDA (1) $ 4,130 $ 4,230 $ 4,330 $ 5,170 $ 5,375 $ 5,580 $ 5,825 $ 6,050 $ 6,275 $ 6,500 $ 6,800 $ 7,100 Total Capital & Investment Expenditures $ 3,960 $ 4,275 $ 4,590 $ 3,300 $ 3,605 $ 3,910 $ 3,025 $ 3,325 $ 3,625 $ 1,300 $ 1,450 $ 1,600 Dividends per Share $ 2.47 $ 2.85 $ 3.21 $ 3.61(1) Adjusted EBITDA is a non-GAAP measure. Reconciliations to the most relevant measures included in GAAP are attached to this news release.
Assumes completion of Williams' transaction to acquire all the public outstanding units of Williams Partners.
Commodity price assumptions are contained in Williams' second quarter data book available at www.williams.com
Second-Quarter 2015 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow
Williams’ second-quarter 2015 financial results package will be posted shortly at www.williams.com. The package will include the data book and analyst package.
The company and the partnership will host a conference call and live webcast on Thursday, July 30, at 9:30 a.m. EDT. A limited number of phone lines will be available at (888) 297-0360. International callers should dial (719) 457-2603. A link to the webcast, as well as replays of the webcast in both streaming and downloadable podcast formats, will be available for two weeks following the event at www.williams.com.
Form 10-Q
The company plans to file its second quarter 2015 Form 10-Q with the Securities and Exchange Commission this week. Once filed, the document will be available on both the SEC and Williams websites.
Non-GAAP Measures
This news release may include certain financial measures – adjusted EBITDA, adjusted income from continuing operations (“earnings”), adjusted earnings per share, cash available for dividends, dividend coverage ratio, distributable cash flow and cash distribution coverage ratio – that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission.
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, 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 investments.
Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations and may include assumed business interruption insurance related to the Geismar plant. Management believes these measures provide investors meaningful insight into results from ongoing operations.
For Williams, cash available for dividends is defined as cash received from its ownership in MLPs, cash received (used) by its NGL & Petchem Services segment (other than cash for capital expenditures) less interest, taxes and maintenance capital expenditures associated with Williams and not the underlying MLPs. We also calculate the ratio of cash available for dividends to the total cash dividends paid (dividend coverage ratio). This measure reflects Williams’ cash available for dividends relative to its actual cash dividends paid.
For Williams Partners L.P., we define distributable cash flow as adjusted EBITDA less maintenance capital expenditures, cash portion of interest expense, income attributable to noncontrolling interests and cash income taxes, plus WPZ restricted stock unit non-cash compensation 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.
For Williams Partners L.P., we also calculate the ratio of distributable cash flow to the total cash distributed (cash distribution coverage ratio). This measure reflects the amount of distributable cash flow relative to our cash distribution. We have also provided this ratio calculated using the most directly comparable GAAP measure, net income.
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 the Company’s assets and the cash that the business is generating.
Neither adjusted EBITDA, adjusted income from continuing operations, cash available for dividends, 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.
About Williams
Williams (NYSE: WMB) is a premier provider of large-scale infrastructure connecting North American natural gas and natural gas products to growing demand for cleaner fuel and feedstocks. Headquartered in Tulsa, Okla., Williams owns approximately 60 percent of Williams Partners L.P. (NYSE: WPZ), including all of the 2 percent general-partner interest. Williams Partners is an industry-leading, large-cap master limited partnership with operations across the natural gas value chain from gathering, processing and interstate transportation of natural gas and natural gas liquids to petchem production of ethylene, propylene and other olefins. With major positions in top U.S. supply basins and also in Canada, Williams Partners owns and operates more than 33,000 miles of pipelines system wide – including the nation’s largest volume and fastest growing pipeline – providing natural gas for clean-power generation, heating and industrial use. Williams Partners’ operations touch approximately 30 percent of U.S. natural gas. www.williams.com
Forward-Looking Statements
The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) and Williams Partners L.P. (WPZ) 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, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. 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 news release. 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 presentation. 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.
Investors are urged to closely consider the disclosures and risk factors in Williams’ and WPZ’s annual reports on Form 10-K filed with the SEC on Feb. 25, 2015, and each of our quarterly reports on Form 10-Q available from our offices or from our website at www.williams.com.
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Adjusted Income (UNAUDITED) 2014 2015 (Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Year Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 140 $ 99 $ 1,678 $ 193 $ 2,110 $ 70 $ 114 $ 184 Income (loss) from continuing operations - diluted earnings per common share $ .20 $ .14 $ 2.22 $ .26 $ 2.91 $ .09 $ .15 $ .24 Adjustments:Williams Partners
Merger and transition related expenses $ — $ — $ 11 $ 30 $ 41 $ 32 14 46 Acquisition-related expenses — 2 13 1 16 — — — Impairment of certain assets — 17 — 35 52 3 24 27 Share of impairment at equity-method investment — — — — — 8 1 9 Contingency loss (gain), net of legal costs — — — (143 ) (143 ) — — — Net gain related to partial acreage dedication release — — (12 ) — (12 ) — — — Loss related to compressor station fire 6 — — — 6 — — — Geismar Incident adjustment for insurance and timing 54 96 — (71 ) 79 — (126 ) (126 ) Loss related to Geismar Incident — — 5 5 10 1 1 2 Loss related to Opal incident — 6 — 2 8 1 — 1 Loss on sale of equipment — — — 7 7 — — — Estimated minimum volume commitments — — 47 (114 ) (67 ) 55 55 110 Gain on extinguishment of debt — — — — — — (14 ) (14 ) Total Williams Partners adjustments 60 121 64 (248 ) (3 ) 100 (45 ) 55Williams NGL & Petchem Services
Bluegrass Pipeline project development costs 25 1 — (1 ) 25 — — — Bluegrass Pipeline and Moss Lake write-off of previously capitalized project development costs 70 — — — 70 — — — Total Williams NGL & Petchem Services adjustments 95 1 — (1 ) 95 — — —Other
WMB impact of ACMP transaction-related compensation expenses — — 19 — 19 — — — Other merger and transition-related expenses — — 3 7 10 6 9 15 Expenses associated with strategic alternatives — — — — — — 7 7 Total Other adjustments — — 22 7 29 6 16 22 Adjustments included in Modified EBITDA 155 122 86 (242 ) 121 106 (29 ) 77Adjustments below Modified EBITDA
Acquisition-related financing expenses - Williams Partners — 9 — — 9 2 — 2 Gain on remeasurement of equity-method investment in ACMP - Other — — (2,522 ) (22 ) (2,544 ) — — — Gain associated with ACMP equity issuance - Other — (4 ) 4 — — — — — Interest income on receivable from sale of Venezuela assets - Other (13 ) (14 ) (14 ) — (41 ) — (9 ) (9 ) Allocation of adjustments to noncontrolling interests (25 ) (36 ) 3 38 (20 ) (33 ) 21 (12 ) (38 ) (45 ) (2,529 ) 16 (2,596 ) (31 ) 12 (19 ) Total adjustments 117 77 (2,443 ) (226 ) (2,475 ) 75 (17 ) 58 Less tax effect for above items (47 ) (32 ) 925 41 887 (28 ) 4 (24 ) Adjustments for tax-related items [1] (20 ) 14 (3 ) 2 (7 ) 5 9 14 Adjusted income from continuing operations available to common stockholders $ 190 $ 158 $ 157 $ 10 $ 515 $ 122 $ 110 $ 232 Adjusted diluted earnings per common share $ .28 $ .23 $ .21 $ .01 $ .71 $ .16 $ .15 $ .31 Weighted-average shares - diluted (thousands) 688,904 700,696 752,064 751,898 723,641 752,028 752,775 752,403(1)
The first quarter of 2014 includes an unfavorable adjustment related to completing the dropdown of certain Canadian operations to Williams Partners. The second quarter of 2014 includes a favorable adjustment to reflect taxes on undistributed earnings of certain foreign operations that are no longer considered permanently reinvested.
Note:
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.
Reconciliation of Non-GAAP “Modified EBITDA” to Non-GAAP “Adjusted EBITDA” (UNAUDITED) 2014 2015 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr Year Net income (loss) $ 196 $ 127 $ 1,708 $ 308 $ 2,339 $ 13 $ 183 $ 196 (Income) loss from discontinued operations — (4 ) — — (4 ) — — — Provision (benefit) for income taxes 51 84 998 116 1,249 30 83 113 Interest expense 140 163 210 234 747 251 262 513 Equity (earnings) losses 48 (37 ) (66 ) (89 ) (144 ) (51 ) (93 ) (144 ) (Gain) on remeasurement of equity-method investments — — (2,522 ) (22 ) (2,544 ) — — — Other investing (income) loss (14 ) (18 ) (11 ) — (43 ) — (9 ) (9 ) Proportional Modified EBITDA of equity-method investments 28 113 132 165 438 136 183 319 Depreciation and amortization expenses 214 214 369 379 1,176 427 428 855Accretion for asset retirement obligations associated with nonregulated operations
3 6 4 5 18 6 9 15 Modified EBITDA $ 666 $ 648 $ 822 $ 1,096 $ 3,232 $ 812 $ 1,046 $ 1,858 Williams Partners $ 708 $ 596 $ 843 $ 1,097 $ 3,244 $ 817 $ 1,053 $ 1,870 Williams NGL & Petchem Services (100 ) (8 ) (4 ) (3 ) (115 ) (5 ) (3 ) (8 ) Other 58 60 (17 ) 2 103 — (4 ) (4 ) Total Modified EBITDA $ 666 $ 648 $ 822 $ 1,096 $ 3,232 $ 812 $ 1,046 $ 1,858 Adjustments included in Modified EBITDA: Williams Partners $ 60 $ 121 $ 64 $ (248 ) $ (3 ) $ 100 $ (45 ) $ 55 Williams NGL & Petchem Services 95 1 — (1 ) 95 — — — Other — — 22 7 29 6 16 22 Total Adjustments included in Modified EBITDA $ 155 $ 122 $ 86 $ (242 ) $ 121 $ 106 $ (29 ) $ 77 Adjusted EBITDA: Williams Partners $ 768 $ 717 $ 907 $ 849 $ 3,241 $ 917 $ 1,008 $ 1,925 Williams NGL & Petchem Services (5 ) (7 ) (4 ) (4 ) (20 ) (5 ) (3 ) (8 ) Other 58 60 5 9 132 6 12 18 Total Adjusted EBITDA $ 821 $ 770 $ 908 $ 854 $ 3,353 $ 918 $ 1,017 $ 1,935 WMB Net Income to Adjusted EBITDA ($ in millions) 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 Low Base High Low Base High Low Base High Low Base High Net income from continuing operations 634 709 784 $ 1,255 $ 1,385 $ 1,515 $ 1,570 $ 1,720 $ 1,870 $ 1,735 $ 1,925 $ 2,115Add: Net interest expense 1,065 1,060 1,055 1,120 1,115 1,110 1,185 1,175 1,165 1,325 1,315 1,305
Add: Provision for income taxes 330 360 390 620 700 780 815 900 985 930 1,050 1,170
Add: Depreciation & amortization (DD&A) 1,775 1,775 1,775 1,870 1,870 1,870 1,945 1,945 1,945 2,110 2,110 2,110
Less: Equity (earnings) / losses from investments (355 ) (360 ) (365 ) (495 ) (505 ) (515 ) (645 ) (660 ) (675 ) (755 ) (780 ) (805 ) Add: Proportional EBITDA of equity-method investments 1 710 715 720 800 810 820 955 970 985 1,155 1,180 1,205
Adjustments 2 (29 ) (29 ) (29 ) - - - - - - - - -
Adjusted EBITDA $ 4,130 $ 4,230 $ 4,330 $ 5,170 $ 5,375 $ 5,580 $ 5,825 $ 6,050 $ 6,275 $ 6,500 $ 6,800 $ 7,100
2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 1) Proportional EBITDA of equity-method investments: Low Base High Low Base High Low Base High Low Base High Net income from continuing operations $ 355 $ 360 $ 365 $ 495 $ 505 $ 515 $ 645 $ 660 $ 675 $ 755 $ 780 $ 805 Add: Net interest expense 44 44 44 58 58 58 61 61 61 56 56 56 Add: Depreciation & amortization (DD&A) 232 232 232 226 226 226 236 236 236 287 287 287 Other 79 79 79 21 21 21 13 13 13 57 57 57 Adjusted EBITDA from Equity Investments $ 710 $ 715 $ 720 $ 800 $ 810 $ 820 $ 955 $ 970 $ 985 $ 1,155 $ 1,180 $ 1,205 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2) Adjustments: Low Base High Low Base High Low Base High Low Base High Geismar incident adjustment for insurance and timing ($124 ) ($124 ) ($124 ) - - - - - - - - - Merger and transition related expenses 65 65 65 - - - - - - - - - Share of impairment at equity-method investment 9 9 9 - - - - - - - - - Impairment of certain materials and equipment 27 27 27 - - - - - - - - - Loss related to Opal incident 1 1 1 - - - - - - - - - Gain on extinguishment of debt (14 ) (14 ) (14 ) - - - - - - - - - Expenses associated with strategic alternatives 7 7 7 - - - - - - - - - Total Adjustments ($29 ) ($29 ) ($29 ) - - - - - - - - -
Cash Available for Dividend Guidance assumes completion of Williams' acquisition of
Williams Partners' public units (originally published May 13, 2015)
Cash Available for Dividend Guidance ($ and shares in millions except per share data) 2016 2017 2018Adjusted WMB EBITDA⁽¹⁾
$ 5,375 $ 6,050 $ 6,800 Less: Maintenance and Corporate Capex (500 ) (480 ) (480 ) Less: Distributions to Noncontrolling Interest (195 ) (230 ) (215 ) Less: Interest Expense (1,155 ) (1,215 ) (1,330 ) Less: Cash Taxes⁽²⁾ (10 ) (15 ) (15 ) Total Cash Available for Dividend $ 3,515 $ 4,110 $ 4,760 Expected Coverage >1.1x----->
~1.2x Dividends per Share $ 2.85 $ 3.21 $ 3.61 Annual Growth Rate⁽³⁾ 15.6 % 12.5 % 12.5 % (1) A more detailed schedule reconciling this non-GAAP measure is provided in this presentation. (2) Includes taxes paid in Canada. (3) Reflects third and fourth quarter 2015 dividends pro forma for the WPZ acquisition.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150729006698/en/
WilliamsMedia Contact:Tom Droege, 918-573-4034orInvestor Contacts:John Porter, 918-573-0797orBrett Krieg, 918-573-4614
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