Williams Partners 8-K Results of Operations and Financial Condition

Exhibit 99.1

News Release Williams Partners L.P. (NYSE: WPZ) One Williams Center Tulsa, OK 74172 800-600-3782 www.williamslp.com  

DATE: Feb. 19, 2014

MEDIA CONTACT:	INVESTOR CONTACTS:
Tom Droege 918) 573-4034	John Porter (918) 573-0797	Sharna Reingold (918) 573-2078

Williams Partners Reports Year-End 2013 Financial Results

• 2013 Net Income is $1.07 Billion, $1.45 per Common Unit; Results Impacted by Lower NGL Margins, Extended Outage at Olefins Plant

• Distributable Cash Flow (DCF) From Partnership’s Operations Up 19% vs. Full-Year 2012; No Special IDR Waiver Required in 4Q

• Fee-based Revenue Up $209 Million or 8% vs. 2012

• Continue to Expect More Than 50% Growth in DCF for 2013 vs. 2015 Guidance Period

• Geismar Startup Delayed Until June; Expect BI Insurance to Substantially Offset Financial Impact

• Canadian Asset Dropdown Closing Expected End of February

• Transco Contracts and Adds Large-Scale Atlantic Sunrise Project to Guidance

• Partnership Reaffirms Guidance for LP per Unit Distribution Growth of Approximately 6% in each of 2014 and 2015

Summary Financial Information	Full Year					4Q
Amounts in millions, except per-unit and coverage ratio amounts.
All income amounts attributable to Williams Partners L.P.	2013		2012			2013		2012
(Unaudited)
Net income	$	1,067	$	1,232		$	211	$	291
Net income per common L.P. unit	$	1.45	$	1.89		$	0.12	$	0.42
Distributable cash flow (DCF) (1)	$	1,771	$	1,681		$	509	$	425
Less: Pre-partnership DCF (2)		—		(192	)		—		(20	)
DCF attributable to partnership operations	$	1,771	$	1,489		$	509	$	405
Cash distribution coverage ratio (1) (3)		.90x		.95x			.92x		.92x

(1) Distributable Cash Flow and Cash Distribution Coverage Ratio are non-GAAP measures. Reconciliations to the most relevant measures included in GAAP are attached to this news release.

(2) This amount represents DCF from the Gulf Olefins assets during 2012, since these periods were prior to the receipt of cash flows from the assets.

(3) Includes benefit of IDR waivers of $188 million and $49 million for 2013 and 2012, and $16 million and $25 million for 4Q 2013 and 4Q 2012.

TULSA, Okla. –Williams Partners L.P. (NYSE: WPZ) announced unaudited 2013 net income of $1.07 billion, or $1.45 per common limited-partner unit, compared with 2012 net income of $1.23 billion, or $1.89 per common limited-partner unit.

The $165 million decrease in 2013 net income was primarily due to $297 million or 39 percent lower natural gas liquid (NGL) margins as well as lost production at the Geismar olefins plant in the third and fourth quarters. The decrease was partially offset by a $209 million, or 8 percent, increase in fee-based revenues and by $50 million of initial insurance recoveries related to the Geismar incident.

For fourth-quarter 2013, Williams Partners reported net income of $211 million, or $0.12 per common limited-partner unit, compared with $291 million, or $0.42 per common limited-partner unit, for fourth-quarter 2012.

The $80 million decrease in fourth-quarter net income was primarily due to $77 million in lost production at the Geismar olefins plant as well as $43 million or 28 percent lower NGL margins. In addition, certain settlement resolutions and higher operating costs related to our rapidly growing Northeast G&P segment reduced net income. The decrease was offset by a $58 million, or 8 percent, increase in fee-based revenues as well as the absence of allocated reorganization-related costs in 2012.

There is a more detailed analysis of the partnership’s businesses later in this news release. Prior-period results throughout this release have been recast to include the results of the Geismar olefins production facility acquired from Williams in November 2012 and to reflect the revised segment reporting resulting from the organizational restructuring effective Jan. 1, 2013.

Distributable Cash Flow & Distributions

For 2013, Williams Partners generated $1.77 billion in DCF attributable to partnership operations, compared with $1.49 billion in DCF attributable to partnership operations in 2012.

For the fourth quarter of 2013, Williams Partners generated $509 million in DCF attributable to partnership operations, compared with $405 million for the fourth quarter of 2012.

The $282 million increase in DCF for the year was driven by growth in fee-based revenues and lower maintenance capital spending primarily on lower required pipeline integrity projects and one time maintenance capital items in 2012 at our regulated entities. Expected business interruption insurance recoveries related to the Geismar olefin plant incident contributed $123 million to DCF in 2013, of which $50 million was received in the third quarter. These factors more than offset $297 million lower NGL margins.

Williams Partners recently announced that it increased its quarterly cash distribution to unitholders to $0.8925 per unit, a 7.9-percent increase over the prior year amount. It is also a 1.7-percent increase over the partnership’s third-quarter 2013 distribution of $0.8775 per unit.

CEO Perspective

Alan Armstrong, chief executive officer of Williams Partners’ general partner, made the following comments:

“In the face of the past year’s challenges presented by the continued decline in NGL margins and the significant and tragic Geismar incident, we continued to focus on significantly growing our fee-based revenues. This growth was steady throughout 2013 and we expect it to grow even faster in 2014 and 2015 as we deliver on major projects for our customers in a safe and reliable manner. Our distributable cash flow was up 19 percent for 2013 and we expect DCF to grow from approximately $800 million to $1.2 billion through the 2015 guidance period. As well, we were able to grow our distributions by approximately 9 percent and are reaffirming guidance for annual distribution growth of 6 percent in each of 2014 and 2015.

“Late in 2013, the partnership placed into service a number of important projects and we expect to place into service approximately $4.5 billion in projects in 2014 and 2015. We continue growing our gathering and processing operations to meet producer needs in the Northeast while following through on a roster of Transco expansions to serve growing markets along the Eastern Seaboard. In the Gulf of Mexico, we’re on schedule to bring into service significant deepwater infrastructure that is well supported by anchor customers and positioned for further upside as the deepwater Gulf of Mexico accelerates.

“We continue to see tremendous appetite for additional firm transportation capacity from a range of industry participants, as evidenced by our fully-contracted Atlantic Sunrise project, and we’ve identified abundant opportunities to help connect the very best supply basins with the fastest growing markets by building out large-scale, market-integrated infrastructure,” Armstrong said.

Business Segment Performance

Beginning with its first-quarter 2013 results, Williams Partners’ operations are reported through four business segments. Prior-period results have been recast to reflect the partnership’s updated segment reporting structure.

	Full Year										4Q
	Segment Profit						Segment Profit +				Segment Profit						Segment Profit +
	(Loss) *						DD&A *				(Loss) *						DD&A *
Amounts in millions	2013			2012			2013		2012		2013			2012			2013		2012
Northeast G&P	($	24	)	($	37	)	$	108	$	39	($	26	)	($	17	)	$	12	$	14
Atlantic-Gulf		614			574			977		955		166			158			257		258
West		741			980			977		1,214		186			207			245		268
NGL & Petchem Services		275			295			302		318		16			93			21		100
Total	$	1,606		$	1,812		$	2,364	$	2,526	$	342		$	441		$	535	$	640
Adjustments		121			37			121		37		143			8			143		8
Total	$	1,727		$	1,849		$	2,485	$	2,563	$	485		$	449		$	678	$	648

* Schedules reconciling segment profit to adjusted segment profit and adjusted segment profit + DD&A are attached to this news release.

Williams Partners	2012								2013
Key Operational Metrics	1Q		2Q		3Q		4Q		1Q		2Q		3Q			4Q		4Q Change
																		Year-over-year			Sequential
Fee-based Revenues (millions)	$	651	$	647	$	659	$	694	$	684	$	704	$	720		$	752		8	%		4	%
NGL Margins (millions)	$	242	$	189	$	167	$	154	$	121	$	105	$	118		$	111		-28	%		-6	%
Ethane Equity sales (million gallons)		176		166		163		141		23		37		52			12		-91	%		-77	%
Per-Unit Ethane NGL Margins ($/gallon)	$	0.36	$	0.22	$	0.12	$	0.04	$	0.03	$	0.02	($	0.01	)	$	0.04		0	%		N/A
Non-Ethane Equity sales (million gallons)		132		129		138		138		123		128		128			109		-21	%		-15	%
Per-Unit Non-Ethane NGL Margins ($/gallon)	$	1.36	$	1.17	$	1.07	$	1.08	$	0.97	$	0.83	$	0.92		$	1.01		-6	%		10	%
Olefin Margins (millions)	$	74	$	70	$	77	$	77	$	118	$	88		N/A			N/A		N/A			N/A
Geismar ethylene sales volumes (millions of lbs.)		284		250		263		261		246		211		N/A			N/A		N/A			N/A
Geismar ethylene margin ($/pound)	$	0.18	$	0.20	$	0.22	$	0.23	$	0.37	$	0.33		N/A			N/A		N/A			N/A

Northeast G&P

Northeast G&P includes the partnership’s midstream gathering and processing business in the Marcellus and Utica shale regions, including Susquehanna Supply Hub and Ohio Valley Midstream, as well as its 51-percent equity investment in Laurel Mountain Midstream, and its 47.5-percent equity investment in Caiman Energy II. Caiman Energy II owns a 50 percent interest in Blue Racer Midstream. This segment is in the early stages of developing large-scale energy infrastructure solutions for the Marcellus and Utica shale regions.

Northeast G&P reported segment loss of $24 million for 2013, compared with segment loss of $37 million for 2012. For fourth-quarter 2013, Northeast G&P reported segment loss of $26 million, compared with segment loss of $17 million for fourth-quarter 2012.

For the year, the improved results are primarily due to an increase in fee revenues driven by significantly higher volumes in the Susquehanna Supply Hub and Ohio Valley Midstream businesses and improved Laurel Mountain Midstream equity earnings. For both the year and the fourth quarter, results reflect higher operating costs including depreciation associated with this rapidly growing segment as well as certain settlement resolutions.

Atlantic-Gulf

Atlantic-Gulf includes the Transco interstate gas pipeline and a 41-percent interest in the Constitution interstate gas pipeline development project, which we consolidate. The segment also includes the partnership’s significant natural gas gathering and processing and crude production handling and transportation in the Gulf Coast region. These operations include a 51-percent interest in the Gulfstar project, a 50-percent interest in Gulfstream and a 60-percent interest in Discovery.

Atlantic-Gulf reported segment profit of $614 million for 2013, compared with $574 million for 2012. For fourth-quarter 2013, Atlantic-Gulf reported segment profit of $166 million, compared with segment profit of $158 million for fourth-quarter 2012.

Segment profit for the quarter and the year of 2013 increased primarily due to higher transportation fee revenues associated with expansion projects and new transportation rates effective in 2013 for Transco, as well as lower operating expenses, partially offset by lower NGL margins and reduced equity earnings from Discovery.

West

West includes the partnership’s gathering, processing and treating operations in Wyoming, the Piceance Basin and the Four Corners area, as well as the Northwest Pipeline interstate gas pipeline system.

West reported segment profit of $741 million for 2013, compared with $980 million for 2012. For fourth-quarter 2013, West reported segment profit of $186 million, compared with segment profit of $207 million for fourth-quarter 2012.

Lower segment profit for the year was due to 42 percent lower NGL margins, including the effects of periods of system-wide ethane rejection and lower per-unit margins. Lower segment profit for the fourth quarter was mostly due to lower volumes as a result reduced ethane recoveries and a customer contract that expired. Decreases for the year in gathering and processing fee revenues were due to severe winter weather causing production freeze-offs in the first quarter as well as declines in production in the Piceance basin and Four Corners areas. Increased natural gas transportation revenues associated with Northwest Pipeline’s new rates partially offset these declines.

NGL & Petchem Services

NGL & Petchem Services includes the partnership’s energy commodities marketing business, an NGL fractionator and storage facilities near Conway, Kan., a 50-percent interest in Overland Pass Pipeline, and an 83.3 percent interest in an olefins production facility in Geismar, La., along with a refinery grade propylene splitter and pipelines in the Gulf Coast region.

NGL & Petchem Services reported segment profit of $275 million for 2013, compared with $295 million for 2012. For fourth-quarter 2013, NGL & Petchem reported segment profit of $16 million, compared with segment profit of $93 million for fourth-quarter 2012.

Segment profit for the year declined $20 million primarily due to $92 million lower olefin margins resulting from the extended outage of the Geismar plant partially offset by $50 million of insurance recoveries related to the Geismar incident and improved marketing margins. Fourth quarter results were significantly impacted by the extended outage of the Geismar plant.

Recent Operational Achievements for Business Segments

Williams Partners

Northeast G&P

• Steadily increased the Northeast gathered volumes in 2013 reaching a new monthly average record of 2 billion cubic feet per day in the Utica-Marcellus. Average daily gathered volumes increased 63 percent in fourth quarter 2013 versus fourth quarter 2012. The Susquehanna Supply Hub grew volumes by 70 percent, Ohio Valley Midstream grew volumes by 40 percent and Laurel Mountain grew volumes by 55 percent during the year.

• On track to expand fractionation capacity and install de-ethanizer and stabilizer in the first half of 2014 at Ohio Valley Midstream to keep pace with producer demand.

Atlantic-Gulf

• Timely expansions to theTransco pipeline system drove record-breaking volume deliveries in areas stretching from Mississippi to New York City. Transco set a three-day delivery record Jan.6-8, 2014 when it delivered an average of 11.12 million dekatherms per day.

• Successfully contracted Atlantic Sunrise, a major new Transco expansion that would provide firm transportation service from various supply points along Transco’s Leidy Line in Pennsylvania to

demand centers in the southeast United States. A portion of the project will be jointly owned by Williams Partners and a third party. Williams Partners’ estimated $2.1 billion investment in the project is subject to final Board approval. Williams Partners expects to bring Atlantic Sunrise into service in the second half of 2017, assuming all regulatory approvals are received in a timely manner. Additional details are expected to be disclosed later this week.

• Placed into service on November 1 the remaining capacity of its Northeast Supply Link, after bringing half the capacity into service three months ahead of schedule in response to customer demands. The $390 million project expands Transco’s existing system into the New York market by 250,000 dekatherms per day.

• Received FERC approval and began preliminary construction work on the $300 millionVirginia Southside Expansion, which is designed to provide 270,000 dekatherms per day of incremental, year-round firm natural gas transportation capacity to North Carolina and a new, gas-fired, power-generation plant in Virginia in the second half of 2015.

• In the Gulf of Mexico, installation of the 215-mile Keathley Canyon Connector 20-inch deepwater pipeline is more than 80 percent complete. The $460 million project, which includes a new shelf platform and an onshore methanol extraction plant, is due to be completed and ready to receive production within the fourth quarter of 2014.

• In the deepwater Gulf of Mexico, positioned the floating spar and prepared for installation of the platform ofGulfstar One, the first-of-its-kind floating production spar on schedule to start serving our deepwater customers in the third quarter of 2014. The turn-key product, which is part of Williams’ new offshore field development program, combines production handling services with export pipeline, oil and gas gathering and processing services.

• Received FERC’s draft environmental impact statement in February 2014 regarding theConstitution Pipeline project.

West

• Placed into serviceNorthwest Pipeline’s South Seattle Lateral expansion on November 1. The $20 million project providesPuget Sound Energy with an additional 64,000 dekatherms per day of delivery capacity.

• TheWillow Creek processing plant in the Piceance Basin achieved a new quarterly average daily inlet volume throughput record of 467 million cubic feet per day in the fourth quarter.

NGL & Petchem Services

• Continuing to rebuild, turnaround and expand the Geismar Olefins plant, which is now expected to be completed and restarted in June 2014. The expansion will increase the ethylene production capacity by 600 million pounds per year to a total capacity of 1.95 billion pounds per year.

• Completed a truck rack expansion project at the NGL fractionator and storage facilities near Conway, Kan. The additional loading bay is helping meet increased demand for propane this heating season.

Guidance

Williams Partners’ profitability and cash flow guidance ranges are unchanged from guidance issued on October 30, 2013.

Williams Partners is reaffirming its guidance for cash distribution per limited partner unit growth of 6 percent in each of 2014 and 2015. Williams Partners continues to expect DCF for the 2013 versus 2015 guidance period to increase within a range of $800 million to $1.2 billion. Several key drivers and assumptions are embedded in this estimate. The largest risks to achieving this growth in 2014 are:

a. Natural gas and natural gas liquids prices that drive assumed NGL margins and drilling activities, as well as olefins prices and margins.

b. Recovery of business interruption insurance proceeds offsetting the majority of the Geismar plant outage in 2014, which assumes a June startup.

c. The timely project completion and producer startup of the Gulfstar One project and Discovery’s Keathley Canyon System.

d. The delivery of new facilities in the Marcellus producing region along with expected volume growth.

e. The in-service date for Transco’s Rockaway Lateral.

Williams Partners’ Geismar plant is expected to be out of service until June 2014. The expected delay in returning the plant to service resulted from a variety of factors including the extended loss of utilities (primarily steam and electrical systems) severely damaged in the incident; lower than expected productivity due to congestion and complexity from temporary utility equipment impacting both the rebuild and expansion efforts;

and restrictions in work-area access due to extensive clean-up procedures. Concurrently, the company is implementing additional systems and processes while conducting the necessary training to support the safe start-up and continued reliable operation of the facility.

Williams Partners has $500 million of combined business interruption and property damage insurance related to this event (subject to deductibles and other limitations) that is expected to significantly mitigate the financial loss. Based on current commodity pricing assumptions and property damage estimates, the partnership currently estimates approximately $430 million of cash recoveries from insurers related to business interruption losses and approximately $70 million related to property damage. The partnership’s current estimate of uninsured business interruption loss, property damage loss and other losses totals $83 million, of which $73 million occurred in 2013 and $10 million is expected in 2014. A $50 million payment from insurers was received during the 3rd quarter of 2013. In February, the insurers agreed to pay a second installment of $125 million with funds expected to be received in the first quarter.

The assumed expanded plant restart date and repair cost estimate are subject to various uncertainties and risks that could cause the actual results to be materially different from these assumptions. The assumed property damage and business interruption insurance proceeds are also subject to various uncertainties and risks that could cause the actual results to be materially different from these assumptions.

Capital expenditures included in guidance for 2014 and 2015 have been increased by approximately $880 million. The increase includes approximately $550 million related to new projects. This includes approximately $400 million in the Atlantic-Gulf segment for the initial spending on three new projects: Atlantic Sunrise, Dalton Expansion and Gunflint. In the NGL & Petchem Services segment, capital expenditure increases include approximately $150 million in new projects related to the Canadian assets to be acquired as well as a $175 million increase in the estimated cost of the Geismar projects. Capital expenditures guidance changes also include timing shifts between years and other various adjustments.

The Canadian asset dropdown is expected to close at the end of February 2014. The expected dropdown requires approval by the Williams Partners Conflicts Committee and its Board of Directors as well as the Williams Board of Directors.

The partnership’s guidance for its earnings, distributable cash flow and capital expenditures are displayed in the following table:

Williams Partners Guidance	2014						2015
Amounts are in millions except coverage ratio.	Low		Mid		High		Low		Mid		High
DCF attributable to partnership ops. (1) (3)	$	2,220	$	2,350	$	2,480	$	2,605	$	2,785	$	2,965
Total Cash Distribution (2)	$	2,351	$	2,419	$	2,487	$	2,632	$	2,714	$	2,796
Cash Distribution Coverage Ratio (1) (3)		.94x		.97x		1.0x		.99x		1.03x		1.06x
Adjusted Segment Profit (1) (3):	$	2,165	$	2,345	$	2,525	$	2,610	$	2,830	$	3,050
Adjusted Segment Profit + DD&A (1) (3):	$	3,060	$	3,265	$	3,470	$	3,620	$	3,865	$	4,110
Capital Expenditures (3):
Maintenance	$	305	$	340	$	375	$	295	$	325	$	355
Growth		3,025		3,275		3,525		1,675		1,850		2,025
Total Capital Expenditures	$	3,330	$	3,615	$	3,900	$	1,970	$	2,175	$	2,380

(1) Distributable Cash Flow, Cash Distribution Coverage Ratio, Adjusted Segment Profit and Adjusted Segment Profit + DD&A are non-GAAP measures. Reconciliations to the most relevant measures included in GAAP are attached to this news release.

(2) The cash distributions in guidance are on an accrual basis and reflect an approximate annual growth rate in limited partner distributions of 6% for each of 2014 and 2015.

(3) Guidance assumes the planned dropdown to Williams Partners of Williams’ currently in-service Canadian assets is completed as expected by the end of February 2014. The planned dropdown is subject to successful negotiation of a transaction between Williams and Williams Partners. Guidance assumes Williams Partners acquires the Canadian assets by issuing Williams a class of units that do not pay cash distributions during the guidance period. However, capital expenditure guidance does not include the planned acquisition of Williams’ Canadian assets as the acquisition price will be determined by the negotiation between Williams and Williams Partners.

Year-End Materials to be Posted Shortly, Q&A Webcast Scheduled for Tomorrow

Williams Partners’ year-end 2013 financial results will be posted shortly at www.williamslp.com. The information will include the data book and analyst package.

Williams and Williams Partners L.P. will host a joint Q&A live webcast on Thursday, Feb. 20, at 9:30 a.m. EST. A limited number of phone lines will be available at (888) 329-8905. International callers should dial (719) 325-2301. A link to the live year-end 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 and www.williamslp.com.

Form 10-K

The partnership plans to file its 2013 Form 10-K with the Securities and Exchange Commission next week. Once filed, the document will be available on both the SEC and Williams Partners websites.

Definitions of Non-GAAP Financial Measures

This press release includes certain financial measures – distributable cash flow, cash distribution coverage ratio, adjusted segment profit and adjusted segment profit + DD&A – that are non-GAAP financial measures as defined under the rules of the SEC.

For Williams Partners L.P., adjusted segment profit excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Adjusted segment profit + DD&A is further adjusted to add back depreciation and amortization expense. Management believes these measures provide investors meaningful insight into Williams Partners L.P.’s results from ongoing operations.

For Williams Partners L.P. we define distributable cash flow as net income plus depreciation and amortization and cash distributions from our equity investments less our earnings from our equity investments, income attributable to noncontrolling interests and maintenance capital expenditures. We also adjust for payments and/or reimbursements under omnibus agreements with Williams and certain other items.

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 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 adjusted segment profit, adjusted segment profit + DD&A 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 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 14 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 64 percent of Williams Partners, including the general-partner interest. More information is available atwww.williamslp.com, where the partnership routinely posts important information.

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 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.

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,” “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:

• 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;

• Natural gas, natural gas liquids, and olefins prices, supply and demand;

• Demand for our services.

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 announcement. 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:

• Whether we have sufficient cash from operations to enable us to pay current and expected levels of cash distributions, if any, following establishment of cash reserves and payment of fees and expenses, including payments to our general partner;

• Availability of supplies, market demand and volatility of prices;

• 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 and the effects of competition;

• Whether we are able to successfully identify, evaluate and execute investment opportunities;

• Ability to acquire new businesses and assets and successfully integrate those operations and assets into our existing businesses, as well as successfully expand our facilities;

• Development of alternative energy sources;

• The impact of operational and development hazards and unforeseen interruptions;

• Costs of, changes in, or the results of laws, government regulations (including safety and environmental regulations), environmental liabilities, litigation and rate proceedings;

• Our allocated costs for defined benefit pension plans and other postretirement benefit plans sponsored by our affiliates;

• Changes in maintenance and construction costs;

• Changes in the current geopolitical situation;

• Our exposure to the credit risks of our customers and counterparties;

• Risks related financing, including restrictions stemming from our debt agreements, future changes in our credit ratings and the availability and cost of capital;

• The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;

• Risks associated with weather and natural phenomena, including climate conditions;

• Acts of terrorism, including cybersecurity threats and related disruptions;

• 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 announcement. 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 27, 2013, and each of our quarterly reports on Form 10-Q available from our offices or from our website atwww.williamslp.com.

# # #

Financial Highlights and Operating Statistics

(UNAUDITED)

Final

December 31, 2013

Reconciliation of Non-GAAP Measures

(UNAUDITED)

This press release includes certain financial measures, adjusted segment profit, adjusted segment profit + DD&A, 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.

For Williams Partners L.P., adjusted segment profit excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Adjusted segment profit + DD&A is further adjusted to add back depreciation and amortization expense. Management believes these measures provide investors meaningful insight into Williams Partners L.P.’s results from ongoing operations.

For Williams Partners L.P., we define distributable cash flow as net income plus depreciation and amortization and cash distributions from our equity investments less our earnings from equity investments, income attributable to noncontrolling interests and maintenance capital expenditures. We also adjust for payments and/or reimbursements under omnibus agreements with Williams and certain other adjustments. Total distributable cash flow is reduced by any amounts associated with operations which occurred prior to our ownership of the underlying assets to arrive at distributable cash flow attributable to partnership operations.

For Williams Partners L.P., we also calculate the ratio of distributable cash flow attributable to partnership operations 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 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 adjusted segment profit, adjusted segment profit + DD&A, 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.

	2012															2013
(Dollars in millions, except coverage ratios)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Williams Partners L.P.
Reconciliation of Non-GAAP “Distributable cash flow” to GAAP “Net income”
Net income	$	408		$	243		$	290		$	291		$	1,232		$	321		$	257		$	280		$	212		$	1,070
Income attributable to noncontrolling interests		—			—			—			—			—			—			—			—			(3	)		(3	)
Depreciation and amortization		159			171			185			199			714			190			185			190			193			758
Non-cash amortization of debt issuance costs included in interest expense		4			3			4			3			14			3			4			4			3			14
Equity earnings from investments		(30	)		(27	)		(30	)		(24	)		(111	)		(18	)		(35	)		(31	)		(20	)		(104	)
Gain on sale of assets		—			(6	)		—			—			(6	)		—			—			—			—			—
Acquisition and transition-related costs		—			19			4			3			26			—			—			—			—			—
Allocated reorganization-related costs		—			8			6			11			25			2			—			—			—			2
Impairment of certain assets		—			—			6			—			6			—			—			—			—			—
Loss related to Geismar Incident		—			—			—			—			—			—			6			4			4			14
Geismar Incident adjustment for insurance timing - business interruption		—			—			—			—			—			—			—			(35	)		108			73
Geismar Incident adjustment for insurance timing - repair expense		—			—			—			—			—			—			—			—			10			10
Contingency (gain) loss		—			—			—			—			—			—			—			9			16			25
Net reimbursements from Williams under omnibus agreements		6			1			4			5			16			4			4			2			3			13
Maintenance capital expenditures		(62	)		(113	)		(129	)		(103	)		(407	)		(43	)		(75	)		(79	)		(58	)		(255	)
Distributable cash flow excluding equity investments		485			299			340			385			1,509			459			346			344			468			1,617
Plus: Equity investments cash distributions to Williams Partners L.P.		52			46			34			40			172			38			41			34			41			154
Distributable cash flow		537			345			374			425			1,681			497			387			378			509			1,771
Less: Pre-partnership Distributable cash flow		62			52			58			20			192			—			—			—			—			—
Distributable cash flow attributable to partnership operations	$	475		$	293		$	316		$	405		$	1,489		$	497		$	387		$	378		$	509		$	1,771
Total cash distributed	$	362		$	373		$	394		$	442		$	1,571		$	473		$	489		$	442		$	556		$	1,960
Coverage ratios:
Distributable cash flow attributable to partnership operations divided by Total cash distributed		1.31			0.79			0.80			0.92			0.95			1.05			0.79			0.86			0.92			0.90
Net income divided by Total cash distributed		1.13			0.65			0.74			0.66			0.78			0.68			0.53			0.63			0.38			0.55

1

Reconciliation of GAAP “Segment Profit” to Non-GAAP “Adjusted Segment Profit” and “Adjusted Segment Profit + DD&A”

(UNAUDITED)

	2012														2013
(Dollars in millions)	1st Qtr		2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Segment profit (loss):
Northeast G&P	$	4	$	(20	)	$	(4	)	$	(17	)	$	(37	)	$	(9	)	$	12		$	(1	)	$	(26	)	$	(24	)
Atlantic-Gulf		165		127			124			158			574			159			152			137			166			614
West		311		239			223			207			980			186			162			207			186			741
NGL & Petchem Services		71		45			86			93			295			120			77			62			16			275
Total segment profit	$	551	$	391		$	429		$	441		$	1,812		$	456		$	403		$	405		$	342		$	1,606
Adjustments:
Northeast G&P
Acquisition and transition-related costs	$	—	$	19		$	4		$	2		$	25		$	—		$	—		$	—		$	—		$	—
Share of impairments at equity method investee		—		—			—			5			5			—			—			—			7			7
Contingency loss		—		—			—			—			—			—			—			9			16			25
Total Northeast G&P adjustments		—		19			4			7			30			—			—			9			23			32
Atlantic-Gulf
Litigation settlement gain		—		—			—			—			—			(6	)		—			—			—			(6	)
Gain on sale of certain assets		—		(6	)		—			—			(6	)		—			—			—			—			—
Net loss (recovery) related to Eminence storage facility leak		1		—			1			—			2			—			(5	)		5			(2	)		(2	)
Impairment of certain assets		—		—			6			—			6			—			—			—			—			—
Total Atlantic-Gulf adjustments		1		(6	)		7			—			2			(6	)		(5	)		5			(2	)		(8	)
NGL & Petchem Services
Loss related to Geismar furnace fire		—		—			4			1			5			—			—			—			—			—
Loss related to Geismar Incident		—		—			—			—			—			—			6			4			4			14
Geismar Incident adjustment for insurance timing - business interruption		—		—			—			—			—			—			—			(35	)		108			73
Geismar Incident adjustment for insurance timing - repair expense		—		—			—			—			—			—			—			—			10			10
Total NGL & Petchem Services adjustments		—		—			4			1			5			—			6			(31	)		122			97
Total adjustments included in segment profit	$	1	$	13		$	15		$	8		$	37		$	(6	)	$	1		$	(17	)	$	143		$	121
Adjusted segment profit (loss):
Northeast G&P	$	4	$	(1	)	$	—		$	(10	)	$	(7	)	$	(9	)	$	12		$	8		$	(3	)	$	8
Atlantic-Gulf		166		121			131			158			576			153			147			142			164			606
West		311		239			223			207			980			186			162			207			186			741
NGL & Petchem Services		71		45			90			94			300			120			83			31			138			372
Total adjusted segment profit	$	552	$	404		$	444		$	449		$	1,849		$	450		$	404		$	388		$	485		$	1,727
Depreciation and amortization (DD&A):
Northeast G&P	$	5	$	17		$	23		$	31		$	76		$	29		$	32		$	33		$	38		$	132
Atlantic-Gulf		92		92			97			100			381			93			87			92			91			363
West		58		57			58			61			234			61			58			58			59			236
NGL & Petchem Services		4		5			7			7			23			7			8			7			5			27
Total depreciation and amortization	$	159	$	171		$	185		$	199		$	714		$	190		$	185		$	190		$	193		$	758
Adjusted segment profit (loss) + DD&A:
Northeast G&P	$	9	$	16		$	23		$	21		$	69		$	20		$	44		$	41		$	35		$	140
Atlantic-Gulf		258		213			228			258			957			246			234			234			255			969
West		369		296			281			268			1,214			247			220			265			245			977
NGL & Petchem Services		75		50			97			101			323			127			91			38			143			399
Total adjusted segment profit + DD&A	$	711	$	575		$	629		$	648		$	2,563		$	640		$	589		$	578		$	678		$	2,485

2

Consolidated Statement of Income

(UNAUDITED)

	2012															2013
(Dollars in millions, except per-unit amounts)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Revenues:
Service revenues	$	673		$	664		$	668		$	704		$	2,709		$	701		$	715		$	731		$	763		$	2,910
Product sales		1,295			1,153			1,049			1,114			4,611			1,055			1,012			855			853			3,775
Total revenues		1,968			1,817			1,717			1,818			7,320			1,756			1,727			1,586			1,616			6,685
Costs and expenses:
Product costs		974			907			781			864			3,526			798			810			718			722			3,048
Operating and maintenance expenses		220			264			252			251			987			246			279			245			259			1,029
Depreciation and amortization expenses		159			171			185			199			714			190			185			190			193			758
Selling, general, and administrative expenses		126			148			134			145			553			123			125			122			123			493
Other (income) expense - net		6			12			10			(5	)		23			3			4			(26	)		34			15
Total costs and expenses		1,485			1,502			1,362			1,454			5,803			1,360			1,403			1,249			1,331			5,343
Equity earnings (losses)		30			27			30			24			111			18			35			31			20			104
General corporate expenses		38			49			44			53			184			42			44			37			37			160
Total segment profit		551			391			429			441			1,812			456			403			405			342			1,606
Reclass equity earnings (losses)		(30	)		(27	)		(30	)		(24	)		(111	)		(18	)		(35	)		(31	)		(20	)		(104	)
Reclass general corporate expenses		(38	)		(49	)		(44	)		(53	)		(184	)		(42	)		(44	)		(37	)		(37	)		(160	)
Operating income		483			315			355			364			1,517			396			324			337			285			1,342
Equity earnings (losses)		30			27			30			24			111			18			35			31			20			104
Interest incurred		(110	)		(110	)		(109	)		(112	)		(441	)		(113	)		(113	)		(111	)		(119	)		(456	)
Interest capitalized		3			5			8			20			36			17			16			17			19			69
Other income (expense) - net		2			6			6			(5	)		9			3			(5	)		6			7			11
Net income		408			243			290			291			1,232			321			257			280			212			1,070
Less: Net income attributable to noncontrolling interests		—			—			—			—			—			—			1			1			1			3
Net income attributable to controlling interests	$	408		$	243		$	290		$	291		$	1,232		$	321		$	256		$	279		$	211		$	1,067
Allocation of net income for calculation of earnings per common unit:
Net income attributable to controlling interests	$	408		$	243		$	290		$	291		$	1,232		$	321		$	256		$	279		$	211		$	1,067
Allocation of net income to general partner		154			146			157			130			587			119			126			55			156			456
Allocation of net income to common units	$	254		$	97		$	133		$	161		$	645		$	202		$	130		$	224		$	55		$	611
Net income per common unit	$	0.85		$	0.29		$	0.38		$	0.42		$	1.89		$	0.50		$	0.31		$	0.52		$	0.12		$	1.45
Weighted-average number of common units outstanding (thousands)		299,269			335,920			350,519			381,689			341,981			401,969			413,901			428,682			438,626			420,916
Cash distributions per common unit	$	0.7775		$	0.7925		$	0.8075		$	0.8275		$	3.2050		$	0.8475		$	0.8625		$	0.8775		$	0.8925		$	3.480

Note: The sum of net income per common unit for the quarters may not equal the total income per common unit for the year due to changes in the weighted-average number of common units outstanding.

3

Northeast G&P

(UNAUDITED)

	2012															2013
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr		3rd Qtr			4th Qtr			Year
Revenues:
Fee revenues:
Gathering & processing	$	23		$	35		$	44		$	57		$	159		$	59		$	69	$	84		$	90		$	302
Production handling and transportation		—			—			1			1			2			1			3		2			4			10
Other fee revenues		1			2			2			2			7			3			6		8			6			23
Commodity-based revenues:
NGL sales from gas processing		—			—			—			2			2			1			—		3			2			6
Marketing sales		—			—			—			—			—			19			34		45			62			160
Other sales		—			—			—			—			—			—			1		(1	)		—			—
		24			37			47			62			170			83			113		141			164			501
Intrasegment eliminations		—			—			—			—			—			—			—		(1	)		1			—
Total revenues		24			37			47			62			170			83			113		140			165			501
Segment costs and expenses:
NGL cost of goods sold		—			—			—			—			—			—			—		(1	)		—			(1	)
Marketing cost of goods sold		—			—			—			4			4			20			33		46			62			161
Depreciation and amortization		5			17			23			31			76			29			32		33			38			132
Other segment costs and expenses		12			34			25			33			104			40			43		66			77			226
Intrasegment eliminations		—			—			—			—			—			—			—		(1	)		1			—
Total segment costs and expenses		17			51			48			68			184			89			108		143			178			518
Equity earnings (losses)		(3	)		(6	)		(3	)		(11	)		(23	)		(3	)		7		2			(13	)		(7	)
Reported segment profit (loss)		4			(20	)		(4	)		(17	)		(37	)		(9	)		12		(1	)		(26	)		(24	)
Adjustments		—			19			4			7			30			—			—		9			23			32
Adjusted segment profit (loss)	$	4		$	(1	)	$	—		$	(10	)	$	(7	)	$	(9	)	$	12	$	8		$	(3	)	$	8
Operating statistics
Gathering and Processing*
Gathering volumes (Tbtu)		59			81			92			108			340			127			142		157			180			606
Plant inlet natural gas volumes (Tbtu)		—			11			19			25			55			18			25		28			34			105
Non-ethane equity sales (million gallons)		—			—			—			2			2			1			1		3			2			7
NGL equity sales (million gallons)		—			—			—			2			2			1			1		3			2			7
Ethane production (million gallons)		—			—			—			1			1			—			1		1			1			3
Non-ethane production (million gallons)		—			15			24			32			71			21			32		39			44			136
NGL production (million gallons)		—			15			24			33			72			21			33		40			45			139
Laurel Mountain Midstream LLC (equity investment) - 100%
Gathering volumes (Tbtu)		15			16			22			27			80			27			29		32			36			124

* Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes.

4

Atlantic-Gulf

(UNAUDITED)

	2012													2013
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr		Year		1st Qtr			2nd Qtr			3rd Qtr		4th Qtr			Year
Revenues:
Fee-based revenues:
Gathering & processing	$	20		$	20		$	19		$	22	$	81	$	19		$	19		$	15	$	17		$	70
Production handling and transportation		276			268			267			282		1,093		283			282			282		302			1,149
Other fee revenues		31			28			29			29		117		29			29			30		30			118
Commodity-based revenues:
NGL sales from gas processing		40			32			36			34		142		28			26			22		27			103
Marketing sales		239			244			185			194		862		176			186			167		175			704
Other sales		(1	)		2			(1	)		—		—		1			—			—		2			3
Tracked revenues:		38			32			40			49		159		52			59			46		43			200
		643			626			575			610		2,454		588			601			562		596			2,347
Intrasegment eliminations		1			(3	)		3			—		1		1			1			1		(1	)		2
Total revenues		644			623			578			610		2,455		589			602			563		595			2,349
Segment costs and expenses:
NGL cost of goods sold		6			6			9			8		29		6			7			5		6			24
Marketing cost of goods sold		239			244			185			194		862		176			186			167		175			704
Depreciation and amortization expenses		92			92			97			100		381		93			87			92		91			363
Other segment costs and expenses		127			145			144			125		541		118			130			132		134			514
Tracked costs		38			32			40			49		159		52			59			46		43			200
Intrasegment eliminations		1			(3	)		3			—		1		1			1			1		(1	)		2
Total segment costs and expenses		503			516			478			476		1,973		446			470			443		448			1,807
Equity earnings (losses)		24			20			24			24		92		16			20			17		19			72
Reported segment profit		165			127			124			158		574		159			152			137		166			614
Adjustments		1			(6	)		7			—		2		(6	)		(5	)		5		(2	)		(8	)
Adjusted segment profit	$	166		$	121		$	131		$	158	$	576	$	153		$	147		$	142	$	164		$	606
Operating statistics
Gathering and Processing*
Gathering volumes (Tbtu)		41			39			40			43		163		39			36			31		31			137
Plant inlet natural gas volumes (Tbtu)		79			71			76			83		309		76			78			55		61			270
Ethane equity sales (million gallons)		18			14			18			14		64		8			6			7		7			28
Non-ethane equity sales (million gallons)		18			19			21			22		80		20			20			16		18			74
NGL equity sales (million gallons)		36			33			39			36		144		28			26			23		25			102
Ethane margin ($/gallon)	$	0.33		$	0.21		$	0.22		$	0.07	$	0.22	$	0.16		$	0.21		$	0.11	$	0.08		$	0.14
Non-ethane margin ($/gallon)	$	1.50		$	1.26		$	1.10		$	1.09	$	1.23	$	1.03		$	0.89		$	1.03	$	1.09		$	1.01
NGL margin ($/gallon)	$	0.94		$	0.79		$	0.69		$	0.72	$	0.78	$	0.79		$	0.73		$	0.75	$	0.81		$	0.77
Ethane production (million gallons)		85			65			77			83		310		61			61			42		47			211
Non-ethane production (million gallons)		77			73			84			96		330		85			91			68		73			317
NGL production (million gallons)		162			138			161			179		640		146			152			110		120			528
Discovery Producer Services LLC (equity investment) - 100%
NGL equity sales (million gallons)		20			16			17			19		72		19			18			6		6			49
NGL production (million gallons)		71			62			58			69		260		63			64			45		46			218
Transcontinental Gas Pipe Line
Throughput (Tbtu)		735.6			639.4			672.8			726.6		2,774.4		845.6			713.1			756.8		837.5			3,153.0
Avg. daily transportation volumes (Tbtu)		8.1			7.0			7.3			7.9		7.6		9.4			7.8			8.2		9.1			8.6
Avg. daily firm reserved capacity (Tbtu)		8.8			8.7			8.8			9.1		8.8		9.3			8.9			8.8		9.3			9.1

* Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes.

5

West

(UNAUDITED)

	2012												2013
(Dollars in millions)	1st Qtr		2nd Qtr			3rd Qtr		4th Qtr		Year			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr		Year
Revenues:
Fee-based revenues:
Gathering & processing	$	154	$	152		$	151	$	148	$	605		$	134		$	141		$	143		$	144	$	562
Production handling and transportation		109		103			106		110		428			116			110			114			118		458
Other fee revenues		9		9			9		10		37			9			9			8			7		33
Commodity-based revenues:
NGL sales from gas processing		273		210			196		192		871			142			137			151			128		558
Marketing sales		68		53			47		59		227			46			46			55			34		181
Other sales		10		9			7		7		33			10			7			8			8		33
Tracked revenues		—		1			—		—		1			—			1			—			1		2
		623		537			516		526		2,202			457			451			479			440		1,827
Intrasegment eliminations		—		(1	)		—		—		(1	)		—			—			(1	)		—		(1	)
Total revenues		623		536			516		526		2,201			457			451			478			440		1,826
Segment costs and expenses:
NGL cost of goods sold		65		47			56		66		234			44			51			54			40		189
Marketing cost of goods sold		68		53			48		58		227			46			46			55			33		180
Other cost of goods sold		3		2			3		3		11			4			2			2			3		11
Depreciation and amortization expenses		58		57			58		61		234			61			58			58			59		236
Other segment costs and expenses		118		138			128		131		515			116			131			103			118		468
Tracked costs		—		1			—		—		1			—			1			—			1		2
Intrasegment eliminations		—		(1	)		—		—		(1	)		—			—			(1	)		—		(1	)
Total segment costs and expenses		312		297			293		319		1,221			271			289			271			254		1,085
Reported segment profit		311		239			223		207		980			186			162			207			186		741
Adjustments		—		—			—		—		—			—			—			—			—		—
Adjusted segment profit	$	311	$	239		$	223	$	207	$	980		$	186		$	162		$	207		$	186	$	741
Operating statistics
Gathering and Processing
Gathering volumes (Tbtu)		283		279			281		268		1,111			240			250			254			244		988
Plant inlet natural gas volumes (Tbtu)		326		320			321		314		1,281			295			305			310			264		1,174
Ethane equity sales (million gallons)		158		152			145		127		582			15			31			45			5		96
Non-ethane equity sales (million gallons)		114		110			117		115		456			102			106			110			89		407
NGL equity sales (million gallons)		272		262			262		242		1,038			117			137			155			94		503
Ethane margin ($/gallon)	$	0.36	$	0.22		$	0.10	$	0.04	$	0.19		$	(0.03	)	$	(0.01	)	$	(0.02	)	$	0.00	$	(0.02	)
Non-ethane margin ($/gallon)	$	1.34	$	1.15		$	1.06	$	1.07	$	1.16		$	0.96		$	0.81		$	0.89		$	0.99	$	0.91
NGL margin ($/gallon)	$	0.76	$	0.62		$	0.53	$	0.52	$	0.61		$	0.84		$	0.62		$	0.63		$	0.94	$	0.73
Ethane production (million gallons)		353		336			325		278		1,292			98			124			139			89		450
Non-ethane production (million gallons)		288		286			293		295		1,162			262			281			294			246		1,083
NGL production (million gallons)		641		622			618		573		2,454			360			405			433			335		1,533
Northwest Pipeline LLC
Throughput (Tbtu)		191.4		140.1			145.8		180.9		658.2			201.0			136.9			168.6			210.4		716.9
Avg. daily transportation volumes (Tbtu)		2.1		1.5			1.6		2.0		1.8			2.2			1.5			1.8			2.3		2.0
Avg. daily firm reserved capacity (Tbtu)		2.9		2.9			2.9		2.9		2.9			3.0			3.0			3.0			3.0		3.0

6

NGL & Petchem Services

(UNAUDITED)

	2012															2013
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year
Revenues:
Fee-based revenues:
Production handling and transportation	$	4		$	5		$	5		$	5		$	19		$	5		$	5		$	5		$	4		$	19
Other fee-based revenues		24			25			26			28			103			26			31			29			30			116
Commodity-based revenues:
Olefin sales		235			198			151			189			773			227			188			37			9			461
Marketing sales		946			839			841			818			3,444			685			673			645			644			2,647
Other sales		10			2			(1	)		6			17			4			4			6			6			20
		1,219			1,069			1,022			1,046			4,356			947			901			722			693			3,263
Intrasegment eliminations		(34	)		(35	)		(27	)		(39	)		(135	)		(39	)		(44	)		(30	)		(33	)		(146	)
Total revenues		1,185			1,034			995			1,007			4,221			908			857			692			660			3,117
Segment costs and expenses:
Olefins cost of goods sold		161			128			74			112			475			109			100			36			10			255
Marketing cost of goods sold		953			863			828			811			3,455			679			679			635			633			2,626
Other cost of goods sold		10			2			2			5			19			6			3			6			4			19
Depreciation and amortization expenses		4			5			7			7			23			7			8			7			5			27
Other segment costs and expenses		29			39			34			29			131			31			42			(12	)		39			100
Intrasegment eliminations		(34	)		(35	)		(27	)		(39	)		(135	)		(39	)		(44	)		(30	)		(33	)		(146	)
Total segment costs and expenses		1,123			1,002			918			925			3,968			793			788			642			658			2,881
Equity earnings (losses)		9			13			9			11			42			5			8			12			14			39
Reported segment profit		71			45			86			93			295			120			77			62			16			275
Adjustments		—			—			4			1			5			—			6			(31	)		122			97
Adjusted segment profit	$	71		$	45		$	90		$	94		$	300		$	120		$	83		$	31		$	138		$	372
Operating statistics
Petrochemical Services
Geismar ethylene sales volumes (million lbs)		284			250			263			261			1,058			246			211			10			—			467
Geismar ethylene margin ($/lb)	$	0.18		$	0.20		$	0.22		$	0.23		$	0.21		$	0.37		$	0.33		$	0.05		$	—		$	0.34
Overland Pass Pipeline Company LLC (equity investment) - 100%
NGL Transportation volumes (Mbbls)		13,968			12,843			12,527			11,904			51,242			7,402			11,151			13,174			11,463			43,190

7

Capital Expenditures and Investments

(UNAUDITED)

	2012															2013
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr		Year
Capital expenditures:
Northeast G&P	$	48		$	170		$	196		$	243		$	657		$	307		$	298		$	338		$	407	$	1,350
Atlantic-Gulf		148			173			247			270			838			174			276			290			247		987
West		41			121			90			103			355			63			58			55			35		211
NGL & Petchem Services		21			54			128			42			245			62			77			115			123		377
Other		2			6			4			5			17			2			1			1			4		8
Total*	$	260		$	524		$	665		$	663		$	2,112		$	608		$	710		$	799		$	816	$	2,933
Purchase of businesses:
Northeast G&P	$	(7	)	$	—		$	—		$	—		$	(7	)	$	—		$	—		$	—		$	—	$	—
NGL & Petchem Services**		—			—			—			25			25			(25	)		—			—			—		(25	)
Other		332			1,724			—			—			2,056			—			—			—			—		—
Total	$	325		$	1,724		$	—		$	25		$	2,074		$	(25	)	$	—		$	—		$	—	$	(25	)
Purchase of investments:
Northeast G&P	$	36		$	85		$	44		$	78		$	243		$	72		$	37		$	123		$	1	$	233
Atlantic-Gulf		4			47			33			91			175			15			50			35			93		193
NGL & Petchem Services		8			4			21			20			53			6			2			4			1		13
Total	$	48		$	136		$	98		$	189		$	471		$	93		$	89		$	162		$	95	$	439
Summary:
Northeast G&P	$	77		$	255		$	240		$	321		$	893		$	379		$	335		$	461		$	408	$	1,583
Atlantic-Gulf		152			220			280			361			1,013			189			326			325			340		1,180
West		41			121			90			103			355			63			58			55			35		211
NGL & Petchem Services		29			58			149			87			323			43			79			119			124		365
Other		334			1,730			4			5			2,073			2			1			1			4		8
Total	$	633		$	2,384		$	763		$	877		$	4,657		$	676		$	799		$	961		$	911	$	3,347
Capital expenditures incurred and purchase of investments:
Increases to property, plant, and equipment	$	289		$	565		$	713		$	739		$	2,306		$	617		$	717		$	868		$	780	$	2,982
Purchase of businesses		325			1,724			—			25			2,074			(25	)		—			—			—		(25	)
Purchase of investments		48			136			98			189			471			93			89			162			95		439
Total	$	662		$	2,425		$	811		$	953		$	4,851		$	685		$	806		$	1,030		$	875	$	3,396
*Increases to property, plant, and equipment	$	289		$	565		$	713		$	739		$	2,306		$	617		$	717		$	868		$	780	$	2,982
Changes in related accounts payable and accrued liabilities		(29	)		(41	)		(48	)		(76	)		(194	)		(9	)		(7	)		(69	)		36		(49	)
Capital expenditures	$	260		$	524		$	665		$	663		$	2,112		$	608		$	710		$	799		$	816	$	2,933

** The fourth quarter of 2012 relates to the acquisition of the olefins business from a subsidiary of Williams and the first quarter of 2013 relates to a working capital adjustment associated with the acquisition.

8

Williams Partners L.P.

	2014 Guidance			2015 Guidance
(Dollars in millions, except coverage ratios)	Midpoint			Midpoint
Reconciliation of Non-GAAP “Distributable Cash Flow” to GAAP “Net income”
Net income	$	1,906		$	2,085
Depreciation and amortization		920			1,035
Maintenance capital expenditures		(340	)		(325	)
Attributable to noncontrolling interests		(45	)		(105	)
Geismar Incident adjustments		(127	)		—
Other / Rounding		36			95
Distributable cash flow	$	2,350		$	2,785
Total cash to be distributed	$	2,419		$	2,714
Coverage ratios:
Distributable cash flow divided by Total cash to be distributed		0.97			1.03
Net income divided by Total cash to be distributed		0.79			0.77
Reconciliation of Non-GAAP “Adjusted Segment Profit” and “Adjusted Segment Profit + DD&A” to GAAP “Segment Profit”
Segment profit:
Northeast G&P	$	195		$	355
Atlantic-Gulf		630			965
West		620			595
NGL & Petchem Services		1,027			915
Total segment profit	$	2,472		$	2,830
Adjustments:
Northeast G&P	$	—		$	—
Atlantic-Gulf		—			—
West		—			—
NGL & Petchem Services - Geismar Incident adjustment for insurance timing - business interruption		(104	)		—
NGL & Petchem Services - Geismar Incident adjustment for insurance timing - repair expense		22			—
NGL & Petchem Services - Geismar involuntary conversion gain		(45	)		—
Total adjustments		(127	)	$	—
Adjusted segment profit:
Northeast G&P	$	195		$	355
Atlantic-Gulf		630			965
West		620			595
NGL & Petchem Services		900			915
Total Adjusted segment profit	$	2,345		$	2,830
Depreciation and amortization (DD&A):
Northeast G&P	$	170		$	210
Atlantic-Gulf		430			495
West		235			235
NGL & Petchem Services		85			95
Total depreciation and amortization	$	920		$	1,035
Adjusted segment profit + DD&A:
Northeast G&P	$	365		$	565
Atlantic-Gulf		1,060			1,460
West		855			830
NGL & Petchem Services		985			1,010
Total adjusted segment profit + DD&A	$	3,265		$	3,865

9