News Release | ||
NYSE: WPZ | ||
Date: Feb. 18, 2010
Williams Partners L.P. Reports Fourth-Quarter and Full-Year 2009 Financial Results
• | Net Income is $152.5 Million, $2.88 Per LP Unit for 2009 | ||
• | Cash Distribution Coverage Ratio is 1.39x for 2009 | ||
• | Asset Contributions Complete, Transforms Williams Partners to Large, Diversified MLP | ||
• | Long-term Gathering Agreement in Marcellus Leads to Midstream Expansion | ||
• | Previous 2010-11 Guidance with Strong Cash Distribution Coverage is Affirmed |
TULSA, Okla. — Williams Partners L.P. (NYSE: WPZ) today announced unaudited 2009 net income of $152.5 million, compared with 2008 net income of $191.4 million. Net income per limited-partner unit for 2009 was $2.88, compared with $3.08 per limited-partner unit for 2008.
Lower natural gas liquid (NGL) margins, driven by lower NGL prices, were the primary reason for the decline in net income for the year. The lower prices were significantly offset by sharply lower natural gas prices and lower operating and maintenance expenses at Four Corners. Gathering volumes at Wamsutter and Four Corners remained steady.
Distributable Cash Flow Improves Throughout ‘09, Coverage Ratio is 1.39x for the Year
For 2009, the key measure of distributable cash flow per limited partner unit was $3.54, compared with $3.44 for 2008. Distributable cash flow for limited-partner unitholders was $186.7 million for 2009, compared with $181.0 million for the same period in 2008.
Distributable cash flow improved significantly throughout 2009, increasing from $0.56 per limited-partner unit in the first quarter to $1.25 per limited-partner unit in the fourth quarter, an increase of 123 percent.
The 2009 amounts were significantly, favorably impacted by Williams’ (NYSE: WMB) waiver of its incentive distribution rights for 2009. The waiver, which was detailed in the partnership’s April 15, 2009, press release, decreased the amount of distributable cash flow allocated to the general partner.
The partnership’s cash distribution coverage ratio was 1.39x for 2009, which included the benefit of Williams’ IDR waiver. Without that benefit, the partnership’s cash distribution coverage ratio would have been 1.14x for 2009.
Total distributable cash flow attributable to partnership operations decreased from $260.5 million in 2008 to $190.6 million in 2009 due primarily to lower cash distributions from Discovery and lower results from Four Corners. Lower NGL margins drove the decline in results at Four Corners.
The 2009 earnings and distributable cash flow results above reflect the partnership in its pre-restructuring form. Management is providing 2010-11 earnings and DCF guidance for the partnership in its post-restructuring form later in this press release.
Long-term Gathering Agreement Leads to Marcellus Expansion
Williams Partners also announced an expansion in the Marcellus Shale today, as its midstream business has signed a long-term agreement with Cabot Oil & Gas Corporation (NYSE: COG) for natural gas gathering in Pennsylvania. To support the agreement, the partnership will fund the construction of a 28-mile natural gas gathering pipeline that will gather gas from Cabot’s central delivery point in Susquehanna County, Pa. The gas will be delivered to Williams Partners’ Transco interstate gas pipeline in Luzerne County, Pa.
Construction is expected to begin on the 20-inch pipeline late this year and it is expected to be placed into service during 2011.This new deal represents the partnership’s second significant midstream expansion in the Marcellus Shale. The partnership also owns 51 percent of the joint venture Laurel Mountain Midstream LLC, which encompasses a gathering and processing system in the Marcellus Shale in Pennsylvania.
CEO Perspective
“With the transformational asset contributions from Williams complete, Williams Partners is now a very large, diversified MLP with a significant number of organic growth projects and opportunities throughout our interstate gas pipeline and midstream businesses,” said Steve Malcolm, chief executive officer of the general partner of Williams Partners.
“This new expansion in the Marcellus Shale adds to our position in the area and is just the first of many growth projects this year,” Malcolm said. “We are currently developing several expansions on both Transco and Northwest Pipeline. We also have ongoing Midstream expansions in the West, such as TXP4 at Echo Springs, and in the deepwater Gulf of Mexico, including Perdido Norte.”
Earnings Guidance for 2010-11 Unchanged
The chart below shows Williams Partners’ 2010-11 commodity price assumptions and the related outlook for its financial results for 2010-11. The chart reflects the pro-forma post-restructuring reporting of Williams Partners, with Midstream and Gas Pipeline as its reporting segments, which will begin in first-quarter 2010.
The commodity price assumptions and earnings outlook for 2010-11 are unchanged from what the company previously provided on Jan. 19. The guidance range for 2010 growth capital expenditures has been increased by $100 million to a range of $660 million to $870 million. This increase primarily reflects the Midstream expansion in the Marcellus Shale referenced earlier in this press release.
Commodity Price Assumptions and Average NGL Margins
2010 | 2011 | |||||||||||||||||||||||
Low | Midpoint | High | Low | Midpoint | High | |||||||||||||||||||
Natural Gas ($/MMBtu): | ||||||||||||||||||||||||
NYMEX | $ | 4.50 | $ | 5.75 | $ | 7.00 | $ | 5.00 | $ | 6.50 | $ | 8.00 | ||||||||||||
Rockies | $ | 3.90 | $ | 5.00 | $ | 6.10 | $ | 4.35 | $ | 5.65 | $ | 6.95 | ||||||||||||
San Juan | $ | 4.05 | $ | 5.15 | $ | 6.25 | $ | 4.50 | $ | 5.85 | $ | 7.20 | ||||||||||||
Oil / NGL: | ||||||||||||||||||||||||
Crude Oil — WTI ($ per barrel) | $ | 60 | $ | 75 | $ | 90 | $ | 65 | $ | 80 | $ | 95 | ||||||||||||
Crude to Gas Ratio | 12.9x | 13.1x | 13.3x | 11.9x | 12.5x | 13.0x | ||||||||||||||||||
NGL to Crude Oil Relationship (1) | 53 | % | 56 | % | 59 | % | 53 | % | 55 | % | 57 | % | ||||||||||||
Average NGL Margins ($ per gallon) | $ | 0.35 | $ | 0.51 | $ | 0.67 | $ | 0.38 | $ | 0.51 | $ | 0.64 |
Williams Partners Pro-Forma Guidance
Note: Pro-forma guidance for 2010 assumes full year in post-restructuring form.
Low | Midpoint | High | Low | Midpoint | High | |||||||||||||||||||
Distributable Cash Flow (in millions) (2) | $ | 970 | $ | 1,225 | $ | 1,480 | $ | 1,085 | $ | 1,315 | $ | 1,540 | ||||||||||||
Cash Distributions per LP Unit (3) | $ | 2.63 | $ | 2.63 | $ | 2.63 | TBD | TBD | TBD | |||||||||||||||
Cash Distribution Coverage Ratio (2) | 1.1x | 1.3x | 1.6x | 1.2x | 1.4x | 1.7x | ||||||||||||||||||
Segment Profit (in millions): | ||||||||||||||||||||||||
Gas Pipeline | $ | 610 | $ | 635 | $ | 660 | $ | 650 | $ | 670 | $ | 690 | ||||||||||||
Midstream | 575 | 800 | 1,025 | 675 | 875 | 1,075 | ||||||||||||||||||
Total Segment Profit | $ | 1,185 | $ | 1,435 | $ | 1,685 | $ | 1,325 | $ | 1,545 | $ | 1,765 | ||||||||||||
Segment Profit + DD&A (in millions): | ||||||||||||||||||||||||
Gas Pipeline | $ | 950 | $ | 985 | $ | 1,020 | $ | 1,000 | $ | 1,030 | $ | 1,060 | ||||||||||||
Midstream | 790 | 1,025 | 1,260 | 910 | 1,120 | 1,330 | ||||||||||||||||||
Total Segment Profit + DD&A | $ | 1,740 | $ | 2,010 | $ | 2,280 | $ | 1,910 | $ | 2,150 | $ | 2,390 | ||||||||||||
Capital Expenditures (in millions): | ||||||||||||||||||||||||
Maintenance | $ | 290 | $ | 310 | $ | 330 | $ | 300 | $ | 320 | $ | 340 | ||||||||||||
Growth | 660 | 765 | 870 | 375 | 455 | 535 | ||||||||||||||||||
Total Capital Expenditures | $ | 950 | $ | 1,075 | $ | 1,200 | $ | 675 | $ | 775 | $ | 875 |
(1) | This is calculated as the price of natural gas liquids as a percentage of the price of crude oil on an equal volume basis. | |
(2) | Distributable Cash Flow and Cash Distribution Coverage Ratio are non-GAAP measures. Reconciliations to the most relvant measures included in GAAP are attached to this news release. Also, the Cash Distribution Coverage ratio in the chart for 2011 is based on the Cash Distribution per LP unit level for 2010. | |
(3) | Cash Distributions per LP Unit are based on announced distribution level for 1Q 2010 of $0.6575 per LP unit. Future distribution increases wil be determined at a later date. |
Business Segment Performance
Williams Partners’ business segment performance for 2009 is presented in the following table. As previously noted, the partnership’s business segment reporting will change beginning with first-quarter 2010 to reflect the new reporting segments as a result of the strategic restructuring.
As the following table reflects 2009 results, the segments are being presented in the pre-restructuring form: 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.
Full Year | 4Q | |||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||
Consolidated Segment Profit | ||||||||||||||||
Amounts in thousands | ||||||||||||||||
Gathering and Processing — West | $ | 205,605 | $ | 254,162 | $ | 62,963 | $ | 46,288 | ||||||||
Gathering and Processing — Gulf | 26,997 | 15,847 | 11,406 | (14,590 | ) | |||||||||||
NGL Services | 19,437 | 24,038 | 4,151 | 8,768 | ||||||||||||
Consolidated Segment Profit | $ | 252,039 | $ | 294,047 | $ | 78,520 | $ | 40,466 | ||||||||
Recurring Consolidated Segment Profit* | ||||||||||||||||
Amounts in thousands | ||||||||||||||||
Gathering and Processing — West | $ | 201,571 | $ | 239,493 | $ | 62,963 | $ | 43,960 | ||||||||
Gathering and Processing — Gulf | 26,997 | 27,047 | 11,406 | (4,280 | ) | |||||||||||
NGL Services | 19,437 | 22,601 | 4,151 | 7,331 | ||||||||||||
Recurring Consolidated Segment Profit* | $ | 248,005 | $ | 289,141 | $ | 78,520 | $ | 47,011 | ||||||||
* | A schedule reconciling segment profit to recurring segment profit is attached to this press release. |
Lower per-unit NGL margins at Four Corners drove the lower results for recurring consolidated segment profit during the year. Lower operating and maintenance expenses at Four Corners partially offset these negative impacts. The lower operating and maintenance expenses at Four Corners were primarily due to lower system losses.
Reconciliations of the partnership’s distributable cash flow for limited-partner unitholders to net income, cash distribution coverage ratio, as well as recurring segment profit to reported segment profit, are available on Williams Partners’ web site atwww.williamslp.com and as an attachment to this document.
Definitions of Non-GAAP Financial Measures
Williams Partners defines recurring segment profit as segment profit excluding items of income or loss that the partnership characterizes as unrepresentative of its ongoing operations.
Williams Partners defines distributable cash flow attributable to partnership operations as net income (loss) plus depreciation, amortization and accretion, less 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, plus the actual cash distributed by Wamsutter and Discovery.
Distributable cash flow per 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 attributable to partnership operations allocable to limited partners divided by the weighted average limited partner-units outstanding.
Distributable cash flow attributable to partnership operations allocable to limited partners is calculated by allocating the distributable cash flow attributable to partnership operations, as defined in the preceding paragraph, between the general partner and the limited partners in accordance with the cash-distribution provisions of our partnership agreement.
Williams Partners calculates 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 the partnership’s actual cash distribution on both a per limited partner unit and total distribution basis.
Today’s Analyst Call
Williams Partners’ management will discuss the full-year 2009 results and 2010-11 outlook during a live webcast beginning at 11 a.m. EST today. Participants are encouraged to access the webcast and slides for viewing, downloading and printing atwww.williamslp.com.
A limited number of phone lines also will be available at (888) 487-0355. International callers should dial (719) 955-1564. Replays of the year-end webcast, in both streaming and downloadable podcast formats, will be available for two weeks atwww.williamslp.com following the event.
Form 10-K
The partnership will file its Form 10-K with the Securities and Exchange Commission during the week of Feb. 22. 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 leading diversified master limited partnership focused on natural gas transportation; gathering, treating, and processing; storage; natural gas liquid (NGL) fractionation; and oil transportation. The partnership owns interests in three major interstate natural gas pipelines that, combined, deliver 12 percent of the natural gas consumed in the United States. The partnership’s gathering and processing assets include large-scale operations in the U.S. Rocky Mountains and both onshore and offshore along the Gulf of Mexico. Williams (NYSE: WMB) owns approximately 84 percent of Williams Partners, including the general-partner interest. More information is available atwww.williamslp.com. Go tohttp://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 L.P. is a limited partnership formed by The Williams Companies, Inc. (Williams). Our reports, filings, and other public announcements 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 the Private Securities Litigation Reform Act of 1995. You typically can identify forward-looking statements 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,” 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:
• | Amounts and nature of future capital expenditures; | ||
• | Expansion and growth of our business and operations; | ||
• | Financial condition and liquidity; | ||
• | Business strategy; | ||
• | Cash flow from operations or results of operations; | ||
• | The levels of cash distributions to unitholders; | ||
• | Seasonality of certain business segments; and | ||
• | Natural gas and natural gas liquids prices and demand. |
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 could adversely affect our business, results of operations and financial condition 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:
• | Whether we have sufficient cash from operations to enable us to maintain current levels of cash distributions or to pay the minimum quarterly distribution following establishment of cash reserves and payment of fees and expenses, including payments to our general partner; | ||
• | Availability of supplies (including the uncertainties inherent in assessing and estimating future natural gas reserves), market demand, volatility of prices, and the availability and cost of capital; | ||
• | Inflation, interest rates and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on our customers and suppliers); | ||
• | The strength and financial resources of our competitors; | ||
• | Development of alternative energy sources; | ||
• | The impact of operational and development hazards; | ||
• | Costs of, changes in, or the results of laws, government regulations (including proposed climate change legislation), environmental liabilities, litigation and rate proceedings; | ||
• | Our costs and funding obligations for defined benefit pension plans and other postretirement benefit plans; | ||
• | Changes in maintenance and construction costs; | ||
• | Changes in the current geopolitical situation; | ||
• | Our exposure to the credit risks of our customers; | ||
• | Risks related to strategy and financing, including restrictions stemming from our debt agreements, future changes in our credit ratings and the availability and cost of credit; | ||
• | Risks associated with future weather conditions; | ||
• | Acts of terrorism; and | ||
• | Additional risks described in our filings with the Securities and Exchange Commission (SEC). |
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 to 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.
Limited partner interests are inherently different from the capital stock of a corporation, although many of the business risks to which we are subject are similar to those that would be faced by a corporation engaged in a similar business. Investors are urged to closely consider the disclosures and risk factors in our annual report on Form 10-K filed with the SEC on February 26, 2009, and our quarterly reports on Form 10-Q available from our offices or from our website atwww.williamslp.com.
Reconciliation of Non-GAAP Measures
(UNAUDITED)
(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 attributable to partnership operations as net income (loss) plus depreciation, amortization and accretion, 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, plus the actual cash distributed by Wamsutter and Discovery. 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 attributable to partnership operations allocable to limited partners divided by the weighted average limited partner units outstanding. Distributable Cash Flow attributable to partnership operations allocable to limited partners is calculated by allocating the distributable cash flow attributable to partnership operations, as defined in the preceding paragraph, between the general partner and the limited partners in accordace with the cash distribution provisions of our partnership agreement.
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 measures reflect the amount of Distributable Cash Flow relative to our 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.
2008 | 2009 | |||||||||||||||||||||||||||||||||||||||
(Thousands, except per-unit amounts) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | ||||||||||||||||||||||||||||||
Williams Partners L.P. | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP “Recurring Segment Profit” to GAAP “Segment Profit” | ||||||||||||||||||||||||||||||||||||||||
Gathering and Processing — West | $ | 50,405 | $ | 86,778 | $ | 70,691 | $ | 46,288 | $ | 254,162 | $ | 38,310 | $ | 40,850 | $ | 63,482 | $ | 62,963 | $ | 205,605 | ||||||||||||||||||||
Gathering and Processing — Gulf | 13,511 | 8,446 | 8,480 | (14,590 | ) | 15,847 | 691 | 3,975 | 10,925 | 11,406 | 26,997 | |||||||||||||||||||||||||||||
NGL Services | 5,541 | 3,414 | 6,315 | 8,768 | 24,038 | 4,316 | 5,174 | 5,796 | 4,151 | 19,437 | ||||||||||||||||||||||||||||||
Segment Profit | 69,457 | 98,638 | 85,486 | 40,466 | 294,047 | 43,317 | 49,999 | 80,203 | 78,520 | 252,039 | ||||||||||||||||||||||||||||||
Non-recurring Items: | ||||||||||||||||||||||||||||||||||||||||
Gathering and Processing — West: | ||||||||||||||||||||||||||||||||||||||||
Involuntary conversion gain resulting from Ignacio fire | — | (3,266 | ) | (6,010 | ) | (2,328 | ) | (11,604 | ) | 966 | — | (5,000 | ) | — | (4,034 | ) | ||||||||||||||||||||||||
Wamsutter customer contract adjustment included in equity earnings | (3,065 | ) | — | — | — | (3,065 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Gathering and Processing — Gulf: | ||||||||||||||||||||||||||||||||||||||||
Discovery hurricane repair expenses up to insurance deductible (60%) | — | — | 890 | 2,935 | 3,825 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Hurricane-related survey costs (60%) | — | — | — | 1,188 | 1,188 | — | — | — | — | — | ||||||||||||||||||||||||||||||
NGL Services: | ||||||||||||||||||||||||||||||||||||||||
Product imbalance valuation adjustment | — | — | — | (1,437 | ) | (1,437 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||
Other items: | ||||||||||||||||||||||||||||||||||||||||
Gathering and Processing — Gulf | ||||||||||||||||||||||||||||||||||||||||
Impairment of Carbonate Trend gathering pipeline | — | — | — | 6,187 | 6,187 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Recurring Segment Profit | $ | 66,392 | $ | 95,372 | $ | 80,366 | $ | 47,011 | $ | 289,141 | $ | 44,283 | $ | 49,999 | $ | 75,203 | $ | 78,520 | $ | 248,005 | ||||||||||||||||||||
2008 | 2009 | |||||||||||||||||||||||||||||||||||||||
(Thousands, except per-unit amounts) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Y-T-D | ||||||||||||||||||||||||||||||
Williams Partners L.P. | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP “Distributable Cash Flow per Limited Partner Unit” to GAAP “Net income” | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 43,629 | $ | 71,822 | $ | 60,833 | $ | 15,105 | $ | 191,389 | $ | 18,672 | $ | 25,368 | $ | 55,947 | $ | 52,480 | $ | 152,467 | ||||||||||||||||||||
Depreciation, amortization and accretion | 11,226 | 11,002 | 11,735 | 11,066 | 45,029 | 11,184 | 11,164 | 11,288 | 11,251 | 44,887 | ||||||||||||||||||||||||||||||
Non-cash amortization of debt issuance costs included in interest expense | 489 | 459 | 459 | 461 | 1,868 | 460 | 462 | 461 | 462 | 1,845 | ||||||||||||||||||||||||||||||
Involuntary conversion gain resulting from Ignacio fire | — | (3,266 | ) | (6,010 | ) | (2,328 | ) | (11,604 | ) | 966 | — | (5,000 | ) | — | (4,034 | ) | ||||||||||||||||||||||||
Equity earnings | (34,815 | ) | (46,050 | ) | (29,045 | ) | 731 | (109,179 | ) | (12,110 | ) | (22,962 | ) | (34,700 | ) | (37,303 | ) | (107,075 | ) | |||||||||||||||||||||
Reimbursements from Williams under omnibus agreement | 771 | 865 | 692 | 653 | 2,981 | 327 | 914 | 760 | 268 | 2,269 | ||||||||||||||||||||||||||||||
Impairment of Carbonate Trend gathering pipeline | — | — | — | 6,187 | 6,187 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Maintenance capital expenditures(a) | (8,534 | ) | (2,497 | ) | (5,309 | ) | (5,420 | ) | (21,760 | ) | (5,142 | ) | (7,176 | ) | (3,780 | ) | (2,801 | ) | (18,899 | ) | ||||||||||||||||||||
Distributable Cash Flow Excluding Equity Investments | 12,766 | 32,335 | 33,355 | 26,455 | 104,911 | 14,357 | 7,770 | 24,976 | 24,357 | 71,460 | ||||||||||||||||||||||||||||||
Plus: Wamsutter cash distributions to Williams Partners L.P. | 22,704 | 26,603 | 28,989 | 20,843 | 99,139 | 15,643 | 20,045 | 25,634 | 28,900 | 90,222 | ||||||||||||||||||||||||||||||
Plus: Discovery’s cash distributions to Williams Partners L.P. (b) | 16,800 | 15,600 | 13,200 | 10,800 | 56,400 | — | 3,540 | 11,100 | 14,237 | 28,877 | ||||||||||||||||||||||||||||||
Distributable cash flow attributable to partnership operations | 52,270 | 74,538 | 75,544 | 58,098 | 260,450 | 30,000 | 31,355 | 61,710 | 67,494 | 190,559 | ||||||||||||||||||||||||||||||
Distributable Cash Flow attributable to partnership operations allocable to general partner | 13,431 | 24,565 | 25,067 | 16,344 | 79,407 | 600 | 627 | 1,234 | 1,350 | 3,811 | ||||||||||||||||||||||||||||||
Distributable Cash Flow attributable to limited partnership operations allocable to limited partners | $ | 38,839 | $ | 49,973 | $ | 50,477 | $ | 41,754 | $ | 181,043 | $ | 29,400 | $ | 30,728 | $ | 60,476 | $ | 66,144 | $ | 186,748 | ||||||||||||||||||||
Weighted average number of units outstanding: | 52,774,728 | 52,774,728 | 52,775,912 | 52,777,452 | 52,775,710 | 52,777,452 | 52,777,452 | 52,777,452 | 52,777,452 | 52,777,452 | ||||||||||||||||||||||||||||||
Distributable Cash Flow attributable to partnership operations per limited partner unit: | $ | 0.74 | $ | 0.95 | $ | 0.96 | $ | 0.79 | $ | 3.44 | $ | 0.56 | $ | 0.58 | $ | 1.15 | $ | 1.25 | $ | 3.54 | ||||||||||||||||||||
Actual cash distribution per unit: | $ | 0.600 | $ | 0.625 | $ | 0.635 | $ | 0.635 | $ | 2.495 | $ | 0.635 | $ | 0.635 | $ | 0.635 | $ | 0.635 | $ | 2.540 | ||||||||||||||||||||
Total cash distributed: | $ | 37,922 | $ | 40,560 | $ | 41,617 | $ | 41,617 | $ | 161,716 | $ | 34,197 | $ | 34,197 | $ | 34,197 | $ | 34,197 | $ | 136,788 | ||||||||||||||||||||
Coverage ratios: | ||||||||||||||||||||||||||||||||||||||||
Distributable Cash Flow attributable to partnership operations per limited partner unit divided by Actual cash distribution per unit: | 1.23 | 1.52 | 1.51 | 1.25 | 1.38 | 0.88 | 0.92 | 1.80 | 1.97 | 1.39 | ||||||||||||||||||||||||||||||
Distributable cash flow attributable to partnership operations divided by Total cash distributed | 1.38 | 1.84 | 1.82 | 1.40 | 1.61 | 0.88 | 0.92 | 1.80 | 1.97 | 1.39 | ||||||||||||||||||||||||||||||
Distributable cash flow attributable to partnership operations divided by total cash distribution excluding Williams’ IDR Support (c) | N/A | N/A | N/A | N/A | N/A | 0.72 | 0.75 | 1.48 | 1.62 | 1.14 | ||||||||||||||||||||||||||||||
Net income, per common and subordinated unit divided by Actual cash distribution per unit | 1.18 | 1.94 | 1.57 | 0.24 | 1.23 | 0.57 | 0.76 | 1.64 | 1.56 | 1.13 | ||||||||||||||||||||||||||||||
Net income divided by Total cash distributed | 1.15 | 1.77 | 1.46 | 0.36 | 1.18 | 0.55 | 0.74 | 1.64 | 1.53 | 1.11 | ||||||||||||||||||||||||||||||
(a) | Maintenance capital expenditures includes certain well connection capital. | |
(b) | Discovery’s LLC agreement was amended in the second quarter 2009 so that it would make its cash distribution for a given quarter in that same quarter. | |
(c) | Williams’ IDR support is a reduction of total cash distributed of approximately $7.4 million per quarter. |
Wamsutter | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP “Distributable Cash Flow” to GAAP “Net income” | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 21,194 | $ | 37,480 | $ | 32,007 | $ | 13,083 | $ | 103,764 | $ | 15,321 | $ | 18,975 | $ | 23,642 | $ | 26,114 | $ | 84,052 | ||||||||||||||||||||
Depreciation and accretion | 5,228 | 5,213 | 5,295 | 5,446 | 21,182 | 5,447 | 5,556 | 5,684 | 5,548 | 22,235 | ||||||||||||||||||||||||||||||
Maintenance capital expenditures | (3,245 | ) | (6,258 | ) | (5,867 | ) | (6,070 | ) | (21,440 | ) | (5,437 | ) | (6,080 | ) | (2,787 | ) | (6,271 | ) | (20,575 | ) | ||||||||||||||||||||
Distributable Cash Flow — 100% | $ | 23,177 | $ | 36,435 | $ | 31,435 | $ | 12,459 | $ | 103,506 | $ | 15,331 | $ | 18,451 | $ | 26,539 | $ | 25,391 | $ | 85,712 | ||||||||||||||||||||
Discovery Producer Services | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP “Distributable Cash Flow” to GAAP “Net income” | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 22,701 | $ | 14,282 | $ | 13,740 | ($16,323 | ) | $ | 34,400 | ($5,352 | ) | $ | 6,646 | $ | 18,430 | $ | 17,183 | $ | 36,907 | ||||||||||||||||||||
Depreciation and accretion | 6,983 | 6,802 | 3,726 | 3,813 | 21,324 | 3,929 | 4,765 | 5,005 | 5,052 | 18,751 | ||||||||||||||||||||||||||||||
Maintenance capital expenditures | (187 | ) | (285 | ) | (680 | ) | (19 | ) | (1,171 | ) | (70 | ) | (1,037 | ) | (518 | ) | (1,203 | ) | (2,828 | ) | ||||||||||||||||||||
Distributable Cash Flow — 100% | $ | 29,497 | $ | 20,799 | $ | 16,786 | ($12,529 | ) | $ | 54,553 | ($1,493 | ) | $ | 10,374 | $ | 22,917 | $ | 21,032 | $ | 52,830 | ||||||||||||||||||||
Distributable Cash Flow — our 60% interest | $ | 17,698 | $ | 12,479 | $ | 10,072 | ($7,517 | ) | $ | 32,732 | ($896 | ) | $ | 6,224 | $ | 13,750 | $ | 12,620 | $ | 31,698 | ||||||||||||||||||||
Williams Partners L.P.
(UNAUDITED)
Reconciliation of Non-GAAP “Distributable Cash Flow attributable to partnership operations” to GAAP “Net income”
Note: 2010 assumes full year in post-restructuing form.
(UNAUDITED)
Reconciliation of Non-GAAP “Distributable Cash Flow attributable to partnership operations” to GAAP “Net income”
Note: 2010 assumes full year in post-restructuing form.
Full Year Forecasted 2010 | Full Year Forecasted 2011 | |||||||||||||||||||||||
(Millions) | Low | Midpoint | High | Low | Midpoint | High | ||||||||||||||||||
Net income | $ | 705 | $ | 965 | $ | 1,225 | $ | 815 | $ | 1,040 | $ | 1,265 | ||||||||||||
Depreciation and amortization | 555 | 575 | 595 | 585 | 605 | 625 | ||||||||||||||||||
Other | — | (5 | ) | (10 | ) | (15 | ) | (10 | ) | (10 | ) | |||||||||||||
Maintenance capital expenditures | (290 | ) | (310 | ) | (330 | ) | (300 | ) | (320 | ) | (340 | ) | ||||||||||||
Distributable cash flow attributable to partnership operations | $ | 970 | $ | 1,225 | $ | 1,480 | $ | 1,085 | $ | 1,315 | $ | 1,540 | ||||||||||||
Total cash to be distributed | $ | 908 | $ | 908 | $ | 908 | TBD | TBD | TBD | |||||||||||||||
Coverage ratios: | ||||||||||||||||||||||||
Distributable cash flow attributable to partnership operations divided by Total cash distributed * | 1.1 | 1.3 | 1.6 | 1.2 | 1.4 | 1.7 | ||||||||||||||||||
Net income divided by Total cash distributed * | 0.8 | 1.1 | 1.3 | 0.9 | 1.1 | 1.4 | ||||||||||||||||||
* | 2011 calculations based on announced 2010 cash distribution level |
Consolidated Statements of Income
(UNAUDITED)
(UNAUDITED)
2008* | 2009 | |||||||||||||||||||||||||||||||||||||||||
(Thousands, except per-unit amounts) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Product sales: | ||||||||||||||||||||||||||||||||||||||||||
Affiliate | $ | 78,122 | $ | 94,134 | $ | 92,421 | $ | 49,622 | $ | 314,299 | $ | 30,872 | $ | 32,886 | $ | 48,977 | $ | 54,752 | $ | 167,487 | ||||||||||||||||||||||
Third-party | 4,221 | 9,741 | 6,430 | 4,589 | 24,981 | 2,291 | 5,178 | 3,285 | 4,227 | 14,981 | ||||||||||||||||||||||||||||||||
Gathering and processing: | ||||||||||||||||||||||||||||||||||||||||||
Affiliate | 8,790 | 9,847 | 9,480 | 9,776 | 37,893 | 10,610 | 10,826 | 10,990 | 11,552 | 43,978 | ||||||||||||||||||||||||||||||||
Third-party | 46,210 | 49,548 | 50,721 | 48,577 | 195,056 | 47,255 | 44,462 | 48,425 | 47,683 | 187,825 | ||||||||||||||||||||||||||||||||
Storage | 7,333 | 7,102 | 8,264 | 8,730 | 31,429 | 8,361 | 8,101 | 8,531 | 8,216 | 33,209 | ||||||||||||||||||||||||||||||||
Fractionation | 3,292 | 4,804 | 5,484 | 3,861 | 17,441 | 2,557 | 2,619 | 2,396 | 3,012 | 10,584 | ||||||||||||||||||||||||||||||||
Other | 2,394 | 3,069 | 2,913 | 7,585 | 15,961 | 3,522 | 2,255 | 2,549 | 3,799 | 12,125 | ||||||||||||||||||||||||||||||||
Total revenues | 150,362 | 178,245 | 175,713 | 132,740 | 637,060 | 105,468 | 106,327 | 125,153 | 133,241 | 470,189 | ||||||||||||||||||||||||||||||||
Cost and expenses: | ||||||||||||||||||||||||||||||||||||||||||
Product cost and shrink replacement: | ||||||||||||||||||||||||||||||||||||||||||
Affiliate | 22,033 | 27,686 | 22,358 | 13,295 | 85,372 | 8,866 | 7,446 | 9,066 | 11,789 | 37,167 | ||||||||||||||||||||||||||||||||
Third-party | 30,065 | 38,323 | 35,391 | 16,927 | 120,706 | 11,296 | 13,092 | 20,937 | 20,733 | 66,058 | ||||||||||||||||||||||||||||||||
Operating and maintenance expense: | ||||||||||||||||||||||||||||||||||||||||||
Affiliate | 23,133 | 16,548 | 21,220 | 15,834 | 76,735 | 11,759 | 10,615 | 10,352 | 15,473 | 48,199 | ||||||||||||||||||||||||||||||||
Third-party | 23,951 | 29,984 | 29,257 | 25,974 | 109,166 | 28,147 | 31,766 | 27,232 | 27,720 | 114,865 | ||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 11,226 | 11,002 | 11,735 | 11,066 | 45,029 | 11,184 | 11,164 | 11,288 | 11,251 | 44,887 | ||||||||||||||||||||||||||||||||
General and administrative expense: | ||||||||||||||||||||||||||||||||||||||||||
Affiliate | 9,876 | 12,385 | 10,620 | 11,184 | 44,065 | 11,587 | 11,879 | 11,551 | 12,236 | 47,253 | ||||||||||||||||||||||||||||||||
Third-party | 928 | 749 | 664 | 653 | 2,994 | 893 | 643 | 646 | 1,810 | 3,992 | ||||||||||||||||||||||||||||||||
Taxes other than income | 2,505 | 2,167 | 2,314 | 2,522 | 9,508 | 2,436 | 2,325 | 2,586 | 2,802 | 10,149 | ||||||||||||||||||||||||||||||||
Other, net | 333 | (2,811 | ) | (5,822 | ) | 4,777 | (3,523 | ) | 1,679 | (18 | ) | (5,019 | ) | (775 | ) | (4,133 | ) | |||||||||||||||||||||||||
Total costs and expenses | 124,050 | 136,033 | 127,737 | 102,232 | 490,052 | 87,847 | 88,912 | 88,639 | 103,039 | 368,437 | ||||||||||||||||||||||||||||||||
Operating income | 26,312 | 42,212 | 47,976 | 30,508 | 147,008 | 17,621 | 17,415 | 36,514 | 30,202 | 101,752 | ||||||||||||||||||||||||||||||||
Equity earnings — Wamsutter | 21,194 | 37,480 | 20,801 | 9,063 | 88,538 | 15,321 | 18,975 | 23,642 | 26,114 | 84,052 | ||||||||||||||||||||||||||||||||
Discovery investment income (loss) | 13,621 | 8,570 | 8,244 | (8,078 | ) | 22,357 | 812 | 4,151 | 11,058 | 11,222 | 27,243 | |||||||||||||||||||||||||||||||
Interest expense | (17,673 | ) | (16,683 | ) | (16,437 | ) | (16,427 | ) | (67,220 | ) | (15,116 | ) | (15,200 | ) | (15,281 | ) | (15,082 | ) | (60,679 | ) | ||||||||||||||||||||||
Interest income | 175 | 243 | 249 | 39 | 706 | 34 | 27 | 14 | 24 | 99 | ||||||||||||||||||||||||||||||||
Net income | $ | 43,629 | $ | 71,822 | $ | 60,833 | $ | 15,105 | $ | 191,389 | $ | 18,672 | $ | 25,368 | $ | 55,947 | $ | 52,480 | $ | 152,467 | ||||||||||||||||||||||
Allocation of net income * | ||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 43,629 | $ | 71,822 | $ | 60,833 | $ | 15,105 | $ | 191,389 | $ | 18,672 | $ | 25,368 | $ | 55,947 | $ | 52,480 | $ | 152,467 | ||||||||||||||||||||||
Allocation of net income (loss) to general partner* | 5,981 | 7,811 | 7,985 | 7,180 | 28,957 | (372 | ) | (137 | ) | 921 | 99 | 511 | ||||||||||||||||||||||||||||||
Allocation of net income to limited partners* | $ | 37,648 | $ | 64,011 | $ | 52,848 | $ | 7,925 | $ | 162,432 | $ | 19,044 | $ | 25,505 | $ | 55,026 | $ | 52,381 | $ | 151,956 | ||||||||||||||||||||||
Net income, per common and subordinated unit* | $ | 0.71 | $ | 1.21 | $ | 1.00 | $ | 0.15 | $ | 3.08 | $ | 0.36 | $ | 0.48 | $ | 1.04 | $ | 0.99 | $ | 2.88 | ||||||||||||||||||||||
Weighted average number of units outstanding | 52,774,728 | 52,774,728 | 52,775,912 | 52,777,452 | 52,775,710 | 52,777,452 | 52,777,452 | 52,777,452 | 52,777,452 | 52,777,452 |
* | The Net income, per common and subordinated unit for 2008 amounts have been retrospectively adjusted for new guidance regarding the application of the two-class method to calculate earnings per unit for master limited partnerships, which states, among other things, that the calculation of earnings per unit should not reflect an allocation of undistributed earnings to the incentive distribution right (IDR) holders beyond amounts distributable to IDR holders under the terms of the partnership agreement. Previously, under generally accepted accounting principles, we calculated earnings per unit as if all the earnings for the period had been distributed, which resulted in an additional allocation of income to the general partner (the IDR holder) in quarterly periods where an assumed incentive distribution exceeded the actual incentive distribution. Following the adoption of this guidance, we no longer calculate assumed incentive distributions. We adopted this guidance in January 2009, and have retrospectively applied it to all periods presented. |
Segment Profit & Operating Statistics
(UNAUDITED)
(UNAUDITED)
2008 | 2009 | |||||||||||||||||||||||||||||||||||||||||
(Thousands) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Full Year | ||||||||||||||||||||||||||||||||
Gathering and Processing — West | ||||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 132,333 | $ | 158,563 | $ | 155,217 | $ | 114,025 | $ | 560,138 | $ | 90,778 | $ | 91,664 | $ | 109,843 | $ | 114,313 | $ | 406,598 | ||||||||||||||||||||||
Cost and expenses: | ||||||||||||||||||||||||||||||||||||||||||
Product cost and shrink replacement | 47,446 | 61,144 | 53,902 | 26,700 | 189,192 | 18,461 | 19,054 | 28,059 | 27,813 | 93,387 | ||||||||||||||||||||||||||||||||
Operating and maintenance expense | 40,893 | 36,677 | 42,129 | 37,014 | 156,713 | 33,014 | 35,963 | 32,189 | 35,343 | 136,509 | ||||||||||||||||||||||||||||||||
Depreciation, amortization and accretion | 10,299 | 10,136 | 10,811 | 9,969 | 41,215 | 10,344 | 10,278 | 10,375 | 10,329 | 41,326 | ||||||||||||||||||||||||||||||||
Direct general and administrative expenses | 1,930 | 2,058 | 2,188 | 2,157 | 8,333 | 2,161 | 2,300 | 2,348 | 2,199 | 9,008 | ||||||||||||||||||||||||||||||||
Other, net | 2,554 | (750 | ) | (3,703 | ) | 960 | (939 | ) | 3,809 | 2,194 | (2,968 | ) | 1,780 | 4,815 | ||||||||||||||||||||||||||||
Segment operating income | 29,211 | 49,298 | 49,890 | 37,225 | 165,624 | 22,989 | 21,875 | 39,840 | 36,849 | 121,553 | ||||||||||||||||||||||||||||||||
Equity earnings | 21,194 | 37,480 | 20,801 | 9,063 | 88,538 | 15,321 | 18,975 | 23,642 | 26,114 | 84,052 | ||||||||||||||||||||||||||||||||
Segment profit | $ | 50,405 | $ | 86,778 | $ | 70,691 | $ | 46,288 | $ | 254,162 | $ | 38,310 | $ | 40,850 | $ | 63,482 | $ | 62,963 | $ | 205,605 | ||||||||||||||||||||||
Gathering and Processing — Gulf | ||||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 567 | $ | 546 | $ | 537 | $ | 446 | $ | 2,096 | $ | 486 | $ | 459 | $ | 350 | $ | 413 | $ | 1,708 | ||||||||||||||||||||||
Cost and expenses: | ||||||||||||||||||||||||||||||||||||||||||
Operating and maintenance expense | 524 | 519 | 148 | 477 | 1,668 | 575 | 575 | 124 | 185 | 1,459 | ||||||||||||||||||||||||||||||||
Depreciation and accretion | 153 | 151 | 153 | 294 | 751 | 32 | 60 | 33 | 45 | 170 | ||||||||||||||||||||||||||||||||
Other, net | — | — | — | 6,187 | 6,187 | — | — | 326 | (1 | ) | 325 | |||||||||||||||||||||||||||||||
Segment operating income (loss) | (110 | ) | (124 | ) | 236 | (6,512 | ) | (6,510 | ) | (121 | ) | (176 | ) | (133 | ) | 184 | (246 | ) | ||||||||||||||||||||||||
Discovery investment income (loss) | 13,621 | 8,570 | 8,244 | (8,078 | ) | 22,357 | 812 | 4,151 | 11,058 | 11,222 | 27,243 | |||||||||||||||||||||||||||||||
Segment profit (loss) | $ | 13,511 | $ | 8,446 | $ | 8,480 | ($14,590 | ) | $ | 15,847 | $ | 691 | $ | 3,975 | $ | 10,925 | $ | 11,406 | $ | 26,997 | ||||||||||||||||||||||
NGL Services | ||||||||||||||||||||||||||||||||||||||||||
Segment revenues | $ | 17,462 | $ | 19,136 | $ | 19,959 | $ | 18,269 | $ | 74,826 | $ | 14,204 | $ | 14,204 | $ | 14,960 | $ | 18,515 | $ | 61,883 | ||||||||||||||||||||||
Cost and expenses: | ||||||||||||||||||||||||||||||||||||||||||
Product cost | 4,652 | 4,865 | 3,847 | 3,522 | 16,886 | 1,701 | 1,484 | 1,944 | 4,709 | 9,838 | ||||||||||||||||||||||||||||||||
Operating and maintenance expense | 5,667 | 9,336 | 8,200 | 4,317 | 27,520 | 6,317 | 5,843 | 5,271 | 7,665 | 25,096 | ||||||||||||||||||||||||||||||||
Depreciation and accretion | 774 | 715 | 771 | 803 | 3,063 | 808 | 826 | 880 | 877 | 3,391 | ||||||||||||||||||||||||||||||||
Direct general and administrative expenses | 544 | 700 | 631 | 707 | 2,582 | 756 | 764 | 860 | 865 | 3,245 | ||||||||||||||||||||||||||||||||
Other, net | 284 | 106 | 195 | 152 | 737 | 306 | 113 | 209 | 248 | 876 | ||||||||||||||||||||||||||||||||
Segment profit | $ | 5,541 | $ | 3,414 | $ | 6,315 | $ | 8,768 | $ | 24,038 | $ | 4,316 | $ | 5,174 | �� | $ | 5,796 | $ | 4,151 | $ | 19,437 | |||||||||||||||||||||
Williams Partners: | ||||||||||||||||||||||||||||||||||||||||||
Conway storage revenues | $ | 7,333 | $ | 7,102 | $ | 8,264 | $ | 8,730 | $ | 31,429 | $ | 8,361 | $ | 8,101 | $ | 8,531 | $ | 8,216 | $ | 33,209 | ||||||||||||||||||||||
Conway fractionation volumes (bpd) — our 50% | 33,103 | 38,173 | 43,829 | 40,898 | 39,019 | 36,721 | 40,688 | 36,916 | 40,033 | 38,594 | ||||||||||||||||||||||||||||||||
Carbonate Trend gathering volumes (BBtu/d) | 24 | 23 | 21 | 19 | 22 | 20 | 19 | 15 | 18 | 18 | ||||||||||||||||||||||||||||||||
Williams Four Corners: | ||||||||||||||||||||||||||||||||||||||||||
Gathering volumes (BBtu/d) | 1,316 | 1,410 | 1,406 | 1,388 | 1,380 | 1,355 | 1,321 | 1,377 | 1,323 | 1,344 | ||||||||||||||||||||||||||||||||
Plant inlet natural gas volumes (BBtu/d) | 547 | 680 | 681 | 673 | 646 | 653 | 554 | 653 | 621 | 620 | ||||||||||||||||||||||||||||||||
NGL equity sales (million gallons) | 36 | 43 | 43 | 40 | 162 | 39 | 39 | 44 | 42 | 164 | ||||||||||||||||||||||||||||||||
NGL margin ($/gallon) | $ | 0.74 | $ | 0.78 | $ | 0.88 | $ | 0.57 | $ | 0.75 | $ | 0.32 | $ | 0.40 | $ | 0.46 | $ | 0.57 | $ | 0.44 | ||||||||||||||||||||||
NGL production (million gallons) | 112 | 140 | 134 | 132 | 518 | 123 | 123 | 143 | 136 | 525 | ||||||||||||||||||||||||||||||||
Wamsutter — 100%: | ||||||||||||||||||||||||||||||||||||||||||
Gathering volumes (BBtu/d) | 434 | 521 | 506 | 534 | 499 | 534 | 545 | 543 | 524 | 537 | ||||||||||||||||||||||||||||||||
Plant inlet natural gas volumes (BBtu/d) | 404 | 427 | 393 | 413 | 409 | 437 | 419 | 412 | 423 | 423 | ||||||||||||||||||||||||||||||||
NGL equity sales (million gallons) | 41 | 36 | 30 | 32 | 139 | 36 | 35 | 37 | 41 | 149 | ||||||||||||||||||||||||||||||||
NGL margin ($/gallon) | $ | 0.58 | $ | 0.63 | $ | 0.77 | $ | 0.40 | $ | 0.59 | $ | 0.25 | $ | 0.39 | $ | 0.43 | $ | 0.49 | $ | 0.39 | ||||||||||||||||||||||
NGL production (million gallons) | 106 | 114 | 97 | 98 | 415 | 105 | 109 | 114 | 119 | 447 | ||||||||||||||||||||||||||||||||
Discovery Producer Services — 100% | ||||||||||||||||||||||||||||||||||||||||||
Plant inlet natural gas volumes (BBtu/d) | 627 | 614 | 378 | 211 | 457 | 324 | 470 | 569 | 571 | 485 | ||||||||||||||||||||||||||||||||
Gross processing margin ($/MMBtu) | $ | 0.45 | $ | 0.36 | $ | 0.48 | $ | — | $ | 0.37 | $ | 0.10 | $ | 0.20 | $ | 0.30 | $ | 0.35 | $ | 0.26 | ||||||||||||||||||||||
NGL equity sales (million gallons) | 37 | 23 | 21 | 4 | 85 | 12 | 25 | 30 | 27 | 94 | ||||||||||||||||||||||||||||||||
NGL production (million gallons) | 70 | 58 | 43 | 10 | 181 | 30 | 56 | 79 | 85 | 250 |