Exhibit 99.1
News Release | Williams Partners L.P. (NYSE: WPZ) One Williams Center Tulsa, OK 74172 800-600-3782 www.williams.com |
DATE: July 29, 2015
MEDIA CONTACT: | INVESTOR CONTACTS: | |||
Tom Droege 918) 573-4034 | John Porter (918) 573-0797 | Brett Krieg (918) 573-4614 |
Williams Partners Second-Quarter 2015 Financial Results
• | 2Q 2015 Adjusted EBITDA is $1.01 Billion, Up 41% on Access Midstream Merger, Major Projects Ramping Up |
• | Distributable Cash Flow (DCF) of $701 Million, Up 39% vs. 2Q 2014 |
• | Fee-Based Revenues Up $537 Million or 72% on Access Midstream Merger, Major Projects Ramping Up |
• | Excluding Access Midstream Merger, Williams Partners 2Q 2015 Fee-Based Revenue Up $130 Million, or 17% |
TULSA, Okla. – Williams Partners L.P. (NYSE: WPZ) today reported second quarter 2015 adjusted EBITDA of $1.01 billion, a $291 million, or 41 percent, increase from second quarter 2014.
The increase in adjusted EBITDA for second quarter 2015 is due to increases of $345 million from Access Midstream as a result of the merger, $119 million from the Atlantic-Gulf segment and $16 million from the Northeast G&P segment. Partially offsetting these increases were a $135 million decrease at NGL & Petchem Services due primarily to the absence of $138 million of assumed business interruption proceeds related to the Geismar plant and a $55 million decrease in the West due to lower NGL margins.
Summary Financial Information | 2Q | YTD | ||||||||||||||
Amounts in millions, except coverage ratio amounts. All income amounts attributable to Williams Partners L.P. | 2015 | 2014 | 2015 | 2014 | ||||||||||||
(Unaudited) | ||||||||||||||||
Williams Partners | ||||||||||||||||
Adjusted EBITDA (1) | $ | 1,008 | $ | 717 | $ | 1,925 | $ | 1,485 | ||||||||
DCF attributable to partnership operations (1) | $ | 701 | $ | 504 | $ | 1,347 | $ | 1,086 | ||||||||
Cash distribution coverage ratio (1) | .97x | .87x | .93x | .95x | ||||||||||||
Net income | $ | 300 | $ | 221 | $ | 389 | $ | 573 |
(1) | Adjusted EBITDA, distributable cash flow (DCF) and cash distribution coverage ratio are non-GAAP measures. Financial information for 2014 represents Williams Partners L.P. on a basis that is prior to the merger with Access Midstream Partners, L.P. Reconciliations to the most relevant measures included in GAAP are attached to this news release. |
The increase in adjusted EBITDA in second quarter 2015 as described above by segment was driven by $537 million, or 72 percent, higher fee-based revenues and assumed minimum volume commitments compared with second quarter 2014. Following the merger, the Access Midstream segment contributed $391 million and Atlantic-Gulf and Northeast G&P improved $104 million and $33 million, respectively. Excluding the Access Midstream merger, Williams Partners second-quarter 2015 fee-based revenue was up $130 million, or 17 percent. Geismar contributed approximately $50 million of olefins margins in second quarter 2015. Additionally, the proportional EBITDA from non-consolidated joint ventures increased $121 million for second quarter 2015 versus second quarter 2014, including $92 million from the addition of Access Midstream’s joint ventures and $33 million in Atlantic-Gulf as Discovery’s Keathley Canyon Connector project ramped up.
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Partially offsetting these increases were $210 million higher operating and general and administrative expenses versus second quarter 2014 primarily as a result of the Access Midstream merger, the absence of $138 million of business interruption insurance proceeds related to the Geismar plant and $56 million in lower NGL margins due primarily to NGL prices that are at a 10-year low.
Year-to-date 2015, Williams Partners reported adjusted EBITDA of $1.93 billion, a $440 million, or 30 percent, increase from the same period last year. The year-to-date increase in adjusted EBITDA was driven primarily by the same factors that drove the quarterly results for adjusted EBITDA.
Williams Partners reported unaudited second quarter 2015 net income attributable to controlling interests of $300 million compared with $221 million in second quarter 2014. The increase in second quarter net income was due to new fee revenues from growth projects, including Gulfstar One and Transco expansion projects, increased insurance recoveries associated with the Geismar incident and increased olefins margins from the Geismar plant’s return to service. These increases were partially offset by increased operating expenses and depreciation, lower NGL margins driven by lower prices and higher interest expense resulting from new debt issuances.
Year-to-date net income was $389 million, compared with $573 million year-to-date 2014. The year-to-date decrease in net income was driven primarily by the same factors described above, except that year-to-date Geismar insurance recoveries were lower in the current year.
Distributable Cash Flow & Distributions
For second quarter 2015, Williams Partners generated $701 million in distributable cash flow (DCF) attributable to partnership operations, compared with $504 million in DCF attributable to partnership operations in second quarter 2014. The $197 million increase in DCF for the quarter was driven by the $291 million net increase in adjusted EBITDA, partially offset by higher interest expense.
Year-to-date 2015, Williams Partners generated $1.35 billion in DCF attributable to partnership operations, compared with $1.09 billion in DCF attributable to partnership operations for the same period last year. The $261 million increase in DCF for the six-month period ended June 30 was driven by the $440 million net increase in adjusted EBITDA, partially offset by higher interest expense.
Williams Partners recently announced a regular quarterly cash distribution of $0.85 per unit for its common unitholders. The cash distribution is consistent with the partnership’s prior distribution guidance.
CEO Perspective
Alan Armstrong, chief executive officer of Williams Partners’ general partner, made the following comments:
“Second quarter results further demonstrate the benefits from our clearly defined strategy of capitalizing on the significant natural gas market growth by connecting the best supplies to the best markets. This strategy has and will continue to deliver significant growth in our fee-based revenues.
“The large-scale infrastructure projects we recently placed into service – including Transco expansions and Gulf of Mexico facilities – generated significant fee-based revenues in the second quarter and we expect those numbers to continue growing throughout 2015.
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“As well, the Geismar plant ramped up in the second quarter and is now online and consistently operating at or near its full production capacity. We look forward to the significant contributions the plant will make in the second half of the year.”
Business Segment Performance
Williams Partners | Adjusted EBITDA | |||||||||||||||
Amounts in millions | 2Q 2015 | 2Q 2014 | YTD 2015 | YTD 2014 | ||||||||||||
Access Midstream (1) | $ | 345 | — | $ | 659 | — | ||||||||||
Atlantic-Gulf | 389 | 270 | 724 | 536 | ||||||||||||
NGL & Petchem Services (2) | 33 | 168 | 40 | 404 | ||||||||||||
Northeast G&P | 92 | 76 | 192 | 130 | ||||||||||||
West | 150 | 205 | 312 | 417 | ||||||||||||
Other | (1 | ) | (2 | ) | (2 | ) | (2 | ) | ||||||||
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Total | $ | 1,008 | $ | 717 | $ | 1,925 | $ | 1,485 | ||||||||
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Schedules reconciling adjusted EBITDA to modified EBITDA and net income are attached to this news release.
(1) | First quarter and second quarter 2014 represents pre-merger Williams Partners and excludes Access Midstream. |
(2) | First quarter and second quarter 2014 include $173 million and $138 million, respectively, in assumed business interruption insurance proceeds related to the 2013 incident at the Geismar plant. |
Access Midstream
Access Midstream provides gathering, treating, and compression services to producers under long term, fee-based contracts in Pennsylvania, West Virginia, Ohio, Louisiana, Texas, Arkansas, Oklahoma and Kansas. Access Midstream also includes a non-operated 50 percent interest in the Delaware Basin gas gathering system in the Mid-Continent region and a 62 percent interest in Utica East Ohio Midstream LLC, a joint project to develop infrastructure for the gathering, processing and fractionation of natural gas and NGLs in the Utica Shale play in Eastern Ohio. Additionally, Access Midstream operates 100 percent of and owns an approximate average 45 percent interest in 11 natural gas gathering systems in the Marcellus Shale region.
Access Midstream reported adjusted EBITDA of $345 million for second quarter 2015. Williams Partners’ results for second quarter of 2014 are on a pre-merger basis and exclude Access Midstream. For second quarter 2014, Access Midstream had previously reported $275 million of adjusted EBITDA. The increase in adjusted EBITDA between years was driven by higher fee-based volumes in the Utica and Haynesville areas as well as the higher ownership in the Utica East Ohio Midstream joint venture.
Year-to-date 2015, Access Midstream reported adjusted EBITDA of $659 million, compared with $525 million previously reported for the same period last year. The year-to-date results were driven primarily by the same factors that drove the quarterly results.
Atlantic-Gulf
Atlantic-Gulf includes the Transco interstate gas pipeline and a 41-percent interest in the Constitution interstate gas pipeline development project, which Williams Partners consolidates. 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 Gulfstar One, a 50-percent interest in Gulfstream and a 60-percent interest in Discovery.
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Atlantic-Gulf reported adjusted EBITDA of $389 million for second quarter 2015, compared with $270 million for second quarter 2014. The increase was due primarily to $104 million higher fee-based revenues from both Gulfstar One and Transco expansion projects, as well as $33 million higher proportional adjusted EBITDA primarily from Discovery driven by the Keathley Canyon Connector, partially offset by lower NGL margins.
Year-to-date 2015, Atlantic-Gulf reported adjusted EBITDA of $724 million, compared with $536 million for the same period last year. The year-to-date results were driven primarily by the same factors that drove the quarterly results.
NGL & Petchem Services
NGL & Petchem Services includes an 88.5 percent interest in an olefins production facility in Geismar, La., along with a refinery grade propylene splitter and pipelines in the Gulf Coast region. This segment also includes midstream operations in Alberta, Canada, including an oil sands offgas processing plant near Fort McMurray, 260 miles of NGL and olefins pipelines and an NGL/olefins fractionation facility and butylene/butane splitter facility at Redwater. This segment also includes the partnership’s energy commodities marketing business, an NGL fractionator and storage facilities near Conway, Kan. and a 50-percent interest in Overland Pass Pipeline.
NGL & Petchem Services reported adjusted EBITDA of $33 million for second quarter 2015, compared with $168 million for second quarter 2014. Geismar contributed approximately $50 million of olefins margins for the second quarter of 2015. Second quarter 2014 adjusted EBITDA included $138 million of assumed business interruption insurance proceeds. Additionally, second quarter 2015 adjusted EBITDA included lower commodity-related margins at the Canadian operations and higher operating expenses related to the Geismar plant ramp-up.
Year-to-date 2015, NGL & Petchem Services reported adjusted EBITDA of $40 million, compared with $404 million for the same period last year. Year-to-date 2014 results include $311 million in assumed business interruption insurance proceeds related to the 2013 incident at the Geismar plant.
The Geismar plant ramped up in the second quarter of 2015 and the expanded plant is now online.
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 69-percent equity investment in Laurel Mountain Midstream, and its 58.4-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 adjusted EBITDA of $92 million for second quarter 2015, compared with $76 million for second quarter 2014. The improved results are due primarily to a $33 million increase in fee-based revenues driven primarily by higher fee-based volumes and incremental new services at Ohio Valley Midstream. Volumes at Susquehanna Supply Hub were flat versus second quarter 2014 as a result of price-related production curtailments in 2015.
Year-to-date 2015, Northeast G&P reported adjusted EBITDA of $192 million, compared with $130 million for the same period last year. The year-to-date results were driven primarily by the same factors that drove the quarterly results.
West
West includes the partnership’s Northwest Pipeline interstate gas pipeline system, as well as gathering, processing and treating operations in Wyoming, the Piceance Basin and the Four Corners area.
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West reported adjusted EBITDA of $150 million for second quarter 2015, compared with $205 million for second quarter 2014. Lower adjusted EBITDA for the quarter was due primarily to $31 million lower NGL margins from lower NGL prices.
Year-to-date 2015, West reported adjusted EBITDA of $312 million, compared with $417 million for the same period last year. Lower adjusted EBITDA for the year-to-date period was due primarily to nearly $80 million lower product margins and $27 million higher operating and maintenance expenses driven by the addition of the Niobrara operations from the Access Midstream merger.
Proposed Acquisition of Williams Partners by Williams
As previously announced on May 13, 2015, Williams and Williams Partners have signed a definitive agreement under which Williams will acquire all of the public outstanding common units of Williams Partners in an all stock-for-unit transaction at a 1.115 ratio of Williams common shares per unit of Williams Partners. Subsequently, on June 21, 2015, Williams publicly announced that it had received and rejected an unsolicited proposal for Williams to be acquired in an all-equity transaction. The unsolicited proposal was contingent on the termination of the proposed acquisition of Williams Partners by Williams. Williams’ board of directors has authorized a process to explore a range of strategic alternatives, which could include, among other things, a merger, a sale of Williams, or continuing to pursue Williams’ existing operating and growth plan. Williams has indicated that it expects any shareholder vote seeking approval of the proposed acquisition of Williams Partners by Williams to occur after its ongoing review of strategic alternatives is completed.
Guidance
Williams Partners’ guidance has been discontinued as a result of the merger agreement between Williams and Williams Partners and Williams’ strategic alternatives process. Williams’ guidance is provided in the earnings news release issued today by Williams.
Second-Quarter Materials to be Posted Shortly, Live Webcast Scheduled for Tomorrow
Williams Partners’ second-quarter 2015 financial results will be posted shortly at www.williams.com. The information will include the data book and analyst package.
Williams Partners and Williams will jointly host a conference call and live webcast on Thursday, July 30, at 9:30 a.m. EDT. A limited number of phone lines will be available at (888) 297-0360. International callers should dial (719) 457-2603. A link to the webcast, as well as replays of the webcast in both streaming and downloadable podcast formats, will be available for two weeks following the event atwww.williams.com.
Form 10-Q
The partnership plans to file its second-quarter 2015 Form 10-Q with the Securities and Exchange Commission this week. Once filed, the document will be available on both the SEC and Williams Partners websites.
Definitions of Non-GAAP Financial Measures
This news release may include certain financial measures – adjusted EBITDA, distributable cash flow and cash distribution coverage ratio – that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission.
Our segment performance measure, modified EBITDA, is defined as net income (loss) before income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity investments.
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Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations and may include assumed business interruption insurance related to the Geismar plant. Management believes these measures provide investors meaningful insight into results from ongoing operations.
We define distributable cash flow as adjusted EBITDA less maintenance capital expenditures, cash portion of interest expense, income attributable to noncontrolling interests and cash income taxes, plus WPZ restricted stock unit non-cash compensation and certain other adjustments that management believes affects the comparability of results. Adjustments for maintenance capital expenditures and cash portion of interest expense include our proportionate share of these items of our equity-method investments.
We also calculate the ratio of distributable cash flow to the total cash distributed (cash distribution coverage ratio). This measure reflects the amount of distributable cash flow relative to our cash distribution. We have also provided this ratio calculated using the most directly comparable GAAP measure, net income.
This news release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the Partnership’s assets and the cash that the business is generating.
Neither adjusted EBITDA 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
Williams Partners (NYSE: WPZ) is an industry-leading, large-cap natural gas infrastructure master limited partnership with a strong growth outlook and major positions in key U.S. supply basins and also in Canada. Williams Partners has operations across the natural gas value chain from gathering, processing and interstate transportation of natural gas and natural gas liquids to petchem production of ethylene, propylene and other olefins. Williams Partners owns and operates more than 33,000 miles of pipelines system wide – including the nation’s largest volume and fastest growing pipeline – providing natural gas for clean-power generation, heating and industrial use. Williams Partners’ operations touch approximately 30 percent of U.S. natural gas. Tulsa, Okla.-based Williams (NYSE: WMB), a premier provider of large-scale North American natural gas infrastructure, owns 60 percent of Williams Partners, including all of the 2 percent general-partner interest. www.williams.com
Forward-Looking Statements
The reports, filings, and other public announcements of Williams Partners L.P. (WPZ) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by various forms of words such as “anticipates,” “believes,” “seeks,” “could,” “may,” “should,” “continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in service date” or other similar expressions. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management and include, among others, statements regarding:
• | Expected levels of our cash distributions with respect to general partner interests, incentive distribution rights, and limited partner interests; |
• | The status, expected timing, and expected outcome of the proposed acquisition by The Williams Companies, Inc. (Williams) of our publicly held outstanding common units in exchange for shares of Williams’ common stock (Public Unit Exchange); |
• | The status, expected timing, and expected outcome of the unsolicited proposal for Williams to be acquired in an all-equity transaction (Unsolicited Proposal) and the Williams Board of Directors’ exploration of strategic alternatives; |
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• | Our and Williams’ future credit ratings; |
• | 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; |
• | Seasonality of certain business components; |
• | 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 news release. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:
• | Satisfaction of the conditions to the completion of the Public Unit Exchange, including receipt of the approval of Williams’ stockholders; |
• | The results of Williams Board of Directors’ ongoing review of strategic alternatives; |
• | Whether we have sufficient cash from operations to enable us to pay current and expected levels of cash distributions, if any, following the 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 fluctuation in foreign exchange rates and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on 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; |
• | The 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 developmental 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; |
• | Williams’ costs and funding obligations for defined benefit pension plans and other postretirement benefit plans; |
• | 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 risk of our customers and counterparties; |
• | Risks related to financing, including restrictions stemming from debt agreements, future changes in our credit ratings as determined by nationally-recognized credit rating agencies 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 announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors listed above may cause our intentions to change from those statements of intention set forth in this presentation. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.
Investors are urged to closely consider the disclosures and risk factors in our annual report on Form 10-K filed with the SEC on Feb. 25, 2015, and each of our quarterly reports on Form 10-Q available from our office or from our website at www.williams.com.
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Financial Highlights and Operating Statistics
(UNAUDITED)
Final
June 30, 2015
Williams Partners L.P.
Reconciliation of Non-GAAP Measures
(UNAUDITED)
2014 | 2015 | |||||||||||||||||||||||||||||||
(Dollars in millions, except coverage ratios) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | Year | ||||||||||||||||||||||||
Williams Partners L.P. | ||||||||||||||||||||||||||||||||
Reconciliation of GAAP “Net Income” to Non-GAAP “Modified EBITDA”, “Adjusted EBITDA”, and “Distributable cash flow” | ||||||||||||||||||||||||||||||||
Net income | $ | 352 | $ | 223 | $ | 247 | $ | 462 | $ | 1,284 | $ | 112 | $ | 332 | $ | 444 | ||||||||||||||||
Provision (benefit) for income taxes | 8 | 5 | 10 | 6 | 29 | 3 | — | 3 | ||||||||||||||||||||||||
Interest expense | 106 | 126 | 154 | 176 | 562 | 192 | 203 | 395 | ||||||||||||||||||||||||
Equity (earnings) losses | (23 | ) | (32 | ) | (85 | ) | (88 | ) | (228 | ) | (51 | ) | (93 | ) | (144 | ) | ||||||||||||||||
Other investing (income) loss | — | (1 | ) | — | (1 | ) | (2 | ) | (1 | ) | — | (1 | ) | |||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 54 | 62 | 150 | 165 | 431 | 136 | 183 | 319 | ||||||||||||||||||||||||
Depreciation and amortization expenses | 208 | 207 | 364 | 372 | 1,151 | 419 | 419 | 838 | ||||||||||||||||||||||||
Accretion for asset retirement obligations associated with nonregulated operations | 3 | 6 | 3 | 5 | 17 | 7 | 9 | 16 | ||||||||||||||||||||||||
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Modified EBITDA | 708 | 596 | 843 | 1,097 | 3,244 | 817 | 1,053 | 1,870 | ||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||
Estimated minimum volume commitments | — | — | 47 | (114 | ) | (67 | ) | 55 | 55 | 110 | ||||||||||||||||||||||
Acquisition-related expenses | — | 2 | 13 | 1 | 16 | — | — | — | ||||||||||||||||||||||||
Merger and transition related expenses | — | — | 11 | 30 | 41 | 32 | 14 | 46 | ||||||||||||||||||||||||
Share of impairment at equity-method investment | — | — | — | — | — | 8 | 1 | 9 | ||||||||||||||||||||||||
Geismar Incident adjustment for insurance and timing | 54 | 96 | — | (71 | ) | 79 | — | (126 | ) | (126 | ) | |||||||||||||||||||||
Loss related to Geismar Incident | — | — | 5 | 5 | 10 | 1 | 1 | 2 | ||||||||||||||||||||||||
Impairment of certain assets | — | 17 | — | 35 | 52 | 3 | 24 | 27 | ||||||||||||||||||||||||
Contingency loss (gain), net of legal costs | — | — | — | (143 | ) | (143 | ) | — | — | — | ||||||||||||||||||||||
Net gain related to partial acreage dedication release | — | — | (12 | ) | — | (12 | ) | — | — | — | ||||||||||||||||||||||
Loss related to compressor station fire | 6 | — | — | — | 6 | — | — | — | ||||||||||||||||||||||||
Loss related to Opal incident | — | 6 | — | 2 | 8 | 1 | — | 1 | ||||||||||||||||||||||||
Loss on sale of equipment | — | — | — | 7 | 7 | — | — | — | ||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | — | — | — | (14 | ) | (14 | ) | ||||||||||||||||||||||
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Total EBITDA adjustments | 60 | 121 | 64 | (248 | ) | (3 | ) | 100 | (45 | ) | 55 | |||||||||||||||||||||
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Adjusted EBITDA | $ | 768 | $ | 717 | $ | 907 | $ | 849 | $ | 3,241 | 917 | 1,008 | 1,925 | |||||||||||||||||||
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Maintenance capital expenditures(1) | (54 | ) | (80 | ) | (134 | ) | ||||||||||||||||||||||||||
Interest expense (cash portion) (2) | (204 | ) | (207 | ) | (411 | ) | ||||||||||||||||||||||||||
Cash taxes | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||||
Income attributable to noncontrolling interests | (23 | ) | (32 | ) | (55 | ) | ||||||||||||||||||||||||||
WPZ restricted stock unit non-cash compensation | 7 | 6 | 13 | |||||||||||||||||||||||||||||
Plymouth incident adjustment | 4 | 6 | 10 | |||||||||||||||||||||||||||||
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Distributable cash flow attributable to Partnership Operations | 646 | 701 | 1,347 | |||||||||||||||||||||||||||||
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Total cash distributed | $ | 725 | $ | 723 | $ | 1,448 | ||||||||||||||||||||||||||
Coverage ratios: | ||||||||||||||||||||||||||||||||
Distributable cash flow attributable to partnership operations divided by Total cash distributed | 0.89 | 0.97 | 0.93 | |||||||||||||||||||||||||||||
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Net income divided by Total cash distributed | 0.15 | 0.46 | 0.31 | |||||||||||||||||||||||||||||
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Notes: | (1) | Includes proportionate share of maintenance capital expenditures of equity investments. | ||
(2) | Includes proportionate share of interest expense of equity investments. |
Williams Partners L.P.
Reconciliation of Non-GAAP “Modified EBITDA” to Non-GAAP “Adjusted EBITDA”
(UNAUDITED)
2014 | 2015 | |||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | Year | ||||||||||||||||||||||||
Modified EBITDA: | ||||||||||||||||||||||||||||||||
Access Midstream | $ | — | $ | (2 | ) | $ | 254 | $ | 390 | $ | 642 | $ | 228 | $ | 273 | $ | 501 | |||||||||||||||
Northeast G&P | 48 | 59 | 80 | 208 | 395 | 90 | 70 | 160 | ||||||||||||||||||||||||
Atlantic-Gulf | 266 | 270 | 271 | 258 | 1,065 | 335 | 389 | 724 | ||||||||||||||||||||||||
West | 212 | 199 | 224 | 188 | 823 | 161 | 150 | 311 | ||||||||||||||||||||||||
NGL & Petchem Services | 182 | 72 | 17 | 53 | 324 | 6 | 158 | 164 | ||||||||||||||||||||||||
Other | — | (2 | ) | (3 | ) | — | (5 | ) | (3 | ) | 13 | 10 | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Modified EBITDA | $ | 708 | $ | 596 | $ | 843 | $ | 1,097 | $ | 3,244 | $ | 817 | $ | 1,053 | $ | 1,870 | ||||||||||||||||
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|
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|
|
| |||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||
Access Midstream | ||||||||||||||||||||||||||||||||
Acquisition-related expenses | $ | — | $ | 2 | $ | 13 | $ | 1 | $ | 16 | $ | — | — | — | ||||||||||||||||||
Merger and transition costs | — | — | 8 | 29 | 37 | 30 | 14 | 44 | ||||||||||||||||||||||||
Loss on sale of equipment | — | — | — | 7 | 7 | — | — | — | ||||||||||||||||||||||||
Impairment of certain assets | — | — | — | 12 | 12 | 1 | 3 | 4 | ||||||||||||||||||||||||
Estimated minimum volume commitments | — | — | 47 | (114 | ) | (67 | ) | 55 | 55 | 110 | ||||||||||||||||||||||
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|
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|
|
|
|
| |||||||||||||||||
Total Access Midstream adjustments | — | 2 | 68 | (65 | ) | 5 | 86 | 72 | 158 | |||||||||||||||||||||||
Northeast G&P | ||||||||||||||||||||||||||||||||
Share of impairment at equity-method investment | — | — | — | — | — | 8 | 1 | 9 | ||||||||||||||||||||||||
Contingency (gain) loss, net of legal costs | — | — | — | (143 | ) | (143 | ) | — | — | — | ||||||||||||||||||||||
Loss related to compressor station fire | 6 | — | — | — | 6 | — | — | — | ||||||||||||||||||||||||
Net gain related to partial acreage dedication release | — | — | (12 | ) | — | (12 | ) | — | — | — | ||||||||||||||||||||||
Impairment of certain assets | — | 17 | — | 13 | 30 | 2 | 21 | 23 | ||||||||||||||||||||||||
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| |||||||||||||||||
Total Northeast G&P adjustments | 6 | 17 | (12 | ) | (130 | ) | (119 | ) | 10 | 22 | 32 | |||||||||||||||||||||
Atlantic-Gulf | ||||||||||||||||||||||||||||||||
Impairment of certain equipment | — | — | — | 10 | 10 | — | — | — | ||||||||||||||||||||||||
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| |||||||||||||||||
Total Atlantic-Gulf adjustments | — | — | — | 10 | 10 | — | — | — | ||||||||||||||||||||||||
West | ||||||||||||||||||||||||||||||||
Loss related to Opal incident | — | 6 | — | 2 | 8 | 1 | — | 1 | ||||||||||||||||||||||||
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| |||||||||||||||||
Total West adjustments | — | 6 | — | 2 | 8 | 1 | — | 1 | ||||||||||||||||||||||||
NGL & Petchem Services | ||||||||||||||||||||||||||||||||
Loss related to Geismar Incident | — | — | 5 | 5 | 10 | 1 | 1 | 2 | ||||||||||||||||||||||||
Geismar Incident adjustment for insurance and timing | 54 | 96 | — | (71 | ) | 79 | — | (126 | ) | (126 | ) | |||||||||||||||||||||
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| |||||||||||||||||
Total NGL & Petchem Services adjustments | 54 | 96 | 5 | (66 | ) | 89 | 1 | (125 | ) | (124 | ) | |||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
WPZ conflicts committee costs associated with merger | — | — | 3 | 1 | 4 | — | — | — | ||||||||||||||||||||||||
Other merger and transition costs | — | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||||||
Gain on extinguishment of debt | — | — | — | — | — | — | (14 | ) | (14 | ) | ||||||||||||||||||||||
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| |||||||||||||||||
Total Other adjustments | — | — | 3 | 1 | 4 | 2 | (14 | ) | (12 | ) | ||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Total Adjustments | $ | 60 | $ | 121 | $ | 64 | $ | (248 | ) | $ | (3 | ) | $ | 100 | $ | (45 | ) | $ | 55 | |||||||||||||
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| |||||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||||||||||
Access Midstream | $ | — | $ | — | $ | 322 | $ | 325 | $ | 647 | $ | 314 | $ | 345 | $ | 659 | ||||||||||||||||
Northeast G&P | 54 | 76 | 68 | 78 | 276 | 100 | 92 | 192 | ||||||||||||||||||||||||
Atlantic-Gulf | 266 | 270 | 271 | 268 | 1,075 | 335 | 389 | 724 | ||||||||||||||||||||||||
West | 212 | 205 | 224 | 190 | 831 | 162 | 150 | 312 | ||||||||||||||||||||||||
NGL & Petchem Services | 236 | 168 | 22 | (13 | ) | 413 | 7 | 33 | 40 | |||||||||||||||||||||||
Other | — | (2 | ) | — | 1 | (1 | ) | (1 | ) | (1 | ) | (2 | ) | |||||||||||||||||||
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|
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|
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|
|
| |||||||||||||||||
Total Adjusted EBITDA | $ | 768 | $ | 717 | $ | 907 | $ | 849 | $ | 3,241 | $ | 917 | $ | 1,008 | $ | 1,925 | ||||||||||||||||
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|
Williams Partners L.P.
Consolidated Statement of Income
(UNAUDITED)
2014 | 2015 | |||||||||||||||||||||||||||||||
(Dollars in millions, except per-unit amounts) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | Year | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Service revenues | $ | 763 | $ | 763 | $ | 1,066 | $ | 1,296 | $ | 3,888 | $ | 1,192 | $ | 1,231 | $ | 2,423 | ||||||||||||||||
Product sales | 930 | 853 | 942 | 796 | 3,521 | 519 | 599 | 1,118 | ||||||||||||||||||||||||
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| |||||||||||||||||
Total revenues | 1,693 | 1,616 | 2,008 | 2,092 | 7,409 | 1,711 | 1,830 | 3,541 | ||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Product costs | 769 | 724 | 807 | 716 | 3,016 | 463 | 494 | 957 | ||||||||||||||||||||||||
Operating and maintenance expenses | 248 | 251 | 354 | 424 | 1,277 | 380 | 431 | 811 | ||||||||||||||||||||||||
Depreciation and amortization expenses | 208 | 207 | 364 | 372 | 1,151 | 419 | 419 | 838 | ||||||||||||||||||||||||
Selling, general, and administrative expenses | 130 | 134 | 168 | 201 | 633 | 193 | 164 | 357 | ||||||||||||||||||||||||
Net insurance recoveries—Geismar Incident | (119 | ) | (42 | ) | — | (71 | ) | (232 | ) | — | (126 | ) | (126 | ) | ||||||||||||||||||
Other (income) expense—net | 17 | 27 | 3 | (92 | ) | (45 | ) | 17 | 38 | 55 | ||||||||||||||||||||||
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| |||||||||||||||||
Total costs and expenses | 1,253 | 1,301 | 1,696 | 1,550 | 5,800 | 1,472 | 1,420 | 2,892 | ||||||||||||||||||||||||
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| |||||||||||||||||
Operating income | 440 | 315 | 312 | 542 | 1,609 | 239 | 410 | 649 | ||||||||||||||||||||||||
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| |||||||||||||||||
Equity earnings (losses) | 23 | 32 | 85 | 88 | 228 | 51 | 93 | 144 | ||||||||||||||||||||||||
Other investing income (loss)—net | — | 1 | — | 1 | 2 | 1 | — | 1 | ||||||||||||||||||||||||
Interest incurred | (131 | ) | (151 | ) | (200 | ) | (201 | ) | (683 | ) | (209 | ) | (215 | ) | (424 | ) | ||||||||||||||||
Interest capitalized | 25 | 25 | 46 | 25 | 121 | 17 | 12 | 29 | ||||||||||||||||||||||||
Other income (expense)—net | 3 | 6 | 14 | 13 | 36 | 16 | 32 | 48 | ||||||||||||||||||||||||
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| |||||||||||||||||
Income before income taxes | 360 | 228 | 257 | 468 | 1,313 | 115 | 332 | 447 | ||||||||||||||||||||||||
Provision (benefit) for income taxes | 8 | 5 | 10 | 6 | 29 | 3 | — | 3 | ||||||||||||||||||||||||
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| |||||||||||||||||
Net income | 352 | 223 | 247 | 462 | 1,284 | 112 | 332 | 444 | ||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | 2 | 14 | 80 | 96 | 23 | 32 | 55 | ||||||||||||||||||||||||
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| |||||||||||||||||
Net income attributable to controlling interests | $ | 352 | $ | 221 | $ | 233 | $ | 382 | $ | 1,188 | $ | 89 | $ | 300 | $ | 389 | ||||||||||||||||
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| |||||||||||||||||
Allocation of net income (loss) for calculation of earnings per common unit: | ||||||||||||||||||||||||||||||||
Net income attributable to controlling interests | $ | 352 | $ | 221 | $ | 233 | $ | 382 | $ | 1,188 | $ | 89 | $ | 300 | $ | 389 | ||||||||||||||||
Allocation of net income (loss) to general partner | 180 | 156 | 187 | 233 | 756 | 195 | 216 | 411 | ||||||||||||||||||||||||
Allocation of net income (loss) to Class B units [1] | — | — | — | — | — | (2 | ) | 1 | (1 | ) | ||||||||||||||||||||||
Allocation of net income (loss) to Class D units | 14 | 18 | 17 | 24 | 73 | 68 | — | 68 | ||||||||||||||||||||||||
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| |||||||||||||||||
Allocation of net income (loss) to common units | $ | 158 | $ | 47 | $ | 29 | $ | 125 | $ | 359 | $ | (172 | ) | $ | 83 | $ | (89 | ) | ||||||||||||||
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| |||||||||||||||||
Diluted earnings per common unit: | ||||||||||||||||||||||||||||||||
Net income (loss) per common unit [1] | $ | .44 | $ | .13 | $ | .08 | $ | .35 | $ | .99 | $ | (.34 | ) | $ | .14 | $ | (.16 | ) | ||||||||||||||
Weighted average number of common units outstanding (thousands) | 361,620 | 361,620 | 362,064 | 362,556 | 361,968 | 507,001 | $ | 587,088 | $ | 547,069 | ||||||||||||||||||||||
Cash distributions per common unit | $ | .9045 | $ | .9165 | $ | .9285 | $ | .8500 | $ | 3.5995 | $ | .8500 | $ | .8500 | $ | 1.7000 |
[1]: | The sum for the quarters may not equal the total for the year due to timing of unit issuances. |
Williams Partners L.P.
Access Midstream
(UNAUDITED)
2014 | 2015 | |||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | Year | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Service revenues: | ||||||||||||||||||||||||||||||||
Nonregulated gathering & processing fee-based revenue | $ | — | $ | — | $ | 292 | $ | 473 | $ | 765 | $ | 299 | $ | 336 | $ | 635 | ||||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||||||||||||||
Operating and maintenance expense | — | — | 82 | 111 | 193 | 93 | 118 | 211 | ||||||||||||||||||||||||
Selling, general, and administrative | — | 2 | 37 | 46 | 85 | 57 | 34 | 91 | ||||||||||||||||||||||||
Other (income) expense—net | — | — | 3 | 20 | 23 | 1 | 3 | 4 | ||||||||||||||||||||||||
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| |||||||||||||||||
Total segment costs and expenses | — | 2 | 122 | 177 | 301 | 151 | 155 | 306 | ||||||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | — | — | 84 | 94 | 178 | 80 | 92 | 172 | ||||||||||||||||||||||||
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| |||||||||||||||||
Modified EBITDA | — | (2 | ) | 254 | 390 | 642 | �� | 228 | 273 | 501 | ||||||||||||||||||||||
Adjustments | — | 2 | 68 | (65 | ) | 5 | 86 | 72 | 158 | |||||||||||||||||||||||
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| |||||||||||||||||
Adjusted EBITDA | $ | — | $ | — | $ | 322 | $ | 325 | $ | 647 | $ | 314 | $ | 345 | $ | 659 | ||||||||||||||||
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| |||||||||||||||||
Distributions received | $ | 31 | $ | 33 | $ | 78 | $ | 83 | $ | 225 | $ | — | $ | — | $ | — | ||||||||||||||||
Operating statistics | ||||||||||||||||||||||||||||||||
Throughput, bcf per day (1) | ||||||||||||||||||||||||||||||||
Barnett shale | .876 | .853 | .865 | .812 | .804 | .808 | ||||||||||||||||||||||||||
Eagle Ford shale | .348 | .376 | .362 | .388 | .377 | .383 | ||||||||||||||||||||||||||
Haynesville shale | .714 | .802 | .758 | .971 | 1.085 | 1.029 | ||||||||||||||||||||||||||
Marcellus shale | 1.193 | 1.272 | 1.233 | 1.232 | 1.273 | 1.253 | ||||||||||||||||||||||||||
Utica shale | .418 | .484 | .451 | .513 | .606 | .560 | ||||||||||||||||||||||||||
Mid-Continent | .554 | .537 | .545 | .506 | .515 | .510 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||
Total throughput | 4.103 | 4.324 | 4.214 | 4.422 | 4.660 | 4.543 |
(1) | Throughput in all regions represents the net throughput allocated to the Partnership’s interest. |
Williams Partners L.P.
Northeast G&P
(UNAUDITED)
2014 | 2015 | |||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | Year | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Service revenues: | ||||||||||||||||||||||||||||||||
Nonregulated gathering and processing fee-based revenue | $ | 93 | $ | 95 | $ | 103 | $ | 117 | $ | 408 | $ | 131 | $ | 119 | $ | 250 | ||||||||||||||||
Other fee revenues | 6 | 12 | 11 | 15 | 44 | 11 | 21 | 32 | ||||||||||||||||||||||||
Product sales: | ||||||||||||||||||||||||||||||||
NGL sales from gas processing | 2 | 2 | 2 | 3 | 9 | 2 | 3 | 5 | ||||||||||||||||||||||||
Marketing sales | 58 | 35 | 66 | 62 | 221 | 36 | 32 | 68 | ||||||||||||||||||||||||
Other sales | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
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| |||||||||||||||||
159 | 144 | 182 | 197 | 682 | 180 | 175 | 355 | |||||||||||||||||||||||||
Intrasegment eliminations | — | — | — | (1 | ) | (1 | ) | — | — | — | ||||||||||||||||||||||
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| |||||||||||||||||
Total revenues | 159 | 144 | 182 | 196 | 681 | 180 | 175 | 355 | ||||||||||||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||||||||||||||
NGL cost of goods sold | 1 | — | — | (1 | ) | — | 1 | 1 | 2 | |||||||||||||||||||||||
Marketing cost of goods sold | 57 | 37 | 65 | 62 | 221 | 36 | 32 | 68 | ||||||||||||||||||||||||
Other segment costs and expenses | 62 | 67 | 48 | (59 | ) | 118 | 60 | 87 | 147 | |||||||||||||||||||||||
Intrasegment eliminations | — | — | — | (1 | ) | (1 | ) | — | — | — | ||||||||||||||||||||||
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| |||||||||||||||||
Total segment costs and expenses | 120 | 104 | 113 | 1 | 338 | 97 | 120 | 217 | ||||||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 9 | 19 | 11 | 13 | 52 | 7 | 15 | 22 | ||||||||||||||||||||||||
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| |||||||||||||||||
Modified EBITDA | 48 | 59 | 80 | 208 | 395 | 90 | 70 | 160 | ||||||||||||||||||||||||
Adjustments | 6 | 17 | (12 | ) | (130 | ) | (119 | ) | 10 | 22 | 32 | |||||||||||||||||||||
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| |||||||||||||||||
Adjusted EBITDA | $ | 54 | $ | 76 | $ | 68 | $ | 78 | $ | 276 | $ | 100 | $ | 92 | $ | 192 | ||||||||||||||||
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| |||||||||||||||||
Operating statistics | ||||||||||||||||||||||||||||||||
Gathering and Processing** | ||||||||||||||||||||||||||||||||
Gathering volumes (Tbtu) | 179 | 189 | 193 | 227 | 788 | 236 | 206 | 442 | ||||||||||||||||||||||||
Plant inlet natural gas volumes (Tbtu) | 29 | 27 | 30 | 32 | 118 | 34 | 42 | 76 | ||||||||||||||||||||||||
Ethane equity sales (million gallons) | — | — | — | 3 | 3 | 4 | 11 | 15 | ||||||||||||||||||||||||
Non-ethane equity sales (million gallons) | 2 | 1 | 3 | 2 | 8 | 2 | 3 | 5 | ||||||||||||||||||||||||
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| |||||||||||||||||
NGL equity sales (million gallons) | 2 | 1 | 3 | 5 | 11 | 6 | 14 | 20 | ||||||||||||||||||||||||
Ethane production (million gallons) | 1 | 1 | 1 | 30 | 33 | 4 | 43 | 47 | ||||||||||||||||||||||||
Non-ethane production (million gallons) | 38 | 37 | 42 | 40 | 157 | 45 | 56 | 101 | ||||||||||||||||||||||||
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| |||||||||||||||||
NGL production (million gallons) | 39 | 38 | 43 | 70 | 190 | 49 | 99 | 148 | ||||||||||||||||||||||||
Laurel Mountain Midstream LLC (equity investment) - 100% | ||||||||||||||||||||||||||||||||
Gathering volumes (Tbtu) | 34 | 36 | 38 | 40 | 148 | 40 | 40 | 80 |
** | Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes. |
Williams Partners L.P.
Atlantic-Gulf
(UNAUDITED)
2014 | 2015 | |||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | Year | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Service revenues: | ||||||||||||||||||||||||||||||||
Nonregulated gathering & processing fee-based revenue | $ | 35 | $ | 41 | $ | 40 | $ | 58 | $ | 174 | $ | 95 | $ | 106 | $ | 201 | ||||||||||||||||
Regulated transportation revenue | 288 | 274 | 277 | 291 | 1,130 | 308 | 312 | 620 | ||||||||||||||||||||||||
Other fee revenues | 30 | 28 | 28 | 26 | 112 | 29 | 29 | 58 | ||||||||||||||||||||||||
Product sales: | ||||||||||||||||||||||||||||||||
NGL sales from gas processing | 20 | 25 | 19 | 14 | 78 | 11 | 7 | 18 | ||||||||||||||||||||||||
Marketing sales | 171 | 162 | 171 | 139 | 643 | 87 | 80 | 167 | ||||||||||||||||||||||||
Other sales | 1 | 1 | 2 | (1 | ) | 3 | — | 1 | 1 | |||||||||||||||||||||||
Tracked revenues: | 53 | 40 | 52 | 62 | 207 | 49 | 56 | 105 | ||||||||||||||||||||||||
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| |||||||||||||||||
598 | 571 | 589 | 589 | 2,347 | 579 | 591 | 1,170 | |||||||||||||||||||||||||
Intrasegment eliminations | 2 | 2 | 1 | 2 | 7 | — | — | — | ||||||||||||||||||||||||
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| |||||||||||||||||
Total revenues | 600 | 573 | 590 | 591 | 2,354 | 579 | 591 | 1,170 | ||||||||||||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||||||||||||||
NGL cost of goods sold | 6 | 5 | 5 | 5 | 21 | 4 | 2 | 6 | ||||||||||||||||||||||||
Marketing cost of goods sold | 171 | 162 | 171 | 140 | 644 | 87 | 80 | 167 | ||||||||||||||||||||||||
Other segment costs and expenses | 137 | 128 | 133 | 164 | 562 | 142 | 131 | 273 | ||||||||||||||||||||||||
Tracked costs | 53 | 40 | 52 | 62 | 207 | 49 | 56 | 105 | ||||||||||||||||||||||||
Intrasegment eliminations | 2 | 2 | 1 | 1 | 6 | — | — | — | ||||||||||||||||||||||||
|
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|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total segment costs and expenses | 369 | 337 | 362 | 372 | 1,440 | 282 | 269 | 551 | ||||||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 35 | 34 | 43 | 39 | 151 | 38 | 67 | 105 | ||||||||||||||||||||||||
|
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| |||||||||||||||||
Modifed EBITDA | 266 | 270 | 271 | 258 | 1,065 | 335 | 389 | 724 | ||||||||||||||||||||||||
Adjustments | — | — | — | 10 | 10 | — | — | — | ||||||||||||||||||||||||
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| |||||||||||||||||
Adjusted EBITDA | $ | 266 | $ | 270 | $ | 271 | $ | 268 | $ | 1,075 | $ | 335 | $ | 389 | $ | 724 | ||||||||||||||||
|
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| |||||||||||||||||
Operating statistics | ||||||||||||||||||||||||||||||||
Gathering and Processing* | ||||||||||||||||||||||||||||||||
Gathering volumes (Tbtu) | 28 | 31 | 30 | 27 | 116 | 34 | 38 | 72 | ||||||||||||||||||||||||
Plant inlet natural gas volumes (Tbtu) | 60 | 72 | 73 | 73 | 278 | 72 | 64 | 136 | ||||||||||||||||||||||||
Ethane equity sales (million gallons) | 2 | 6 | 8 | 2 | 18 | 11 | 2 | 13 | ||||||||||||||||||||||||
Non-ethane equity sales (million gallons) | 12 | 18 | 13 | 13 | 56 | 15 | 12 | 27 | ||||||||||||||||||||||||
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| |||||||||||||||||
NGL equity sales (million gallons) | 14 | 24 | 21 | 15 | 74 | 26 | 14 | 40 | ||||||||||||||||||||||||
Ethane margin ($/gallon) | $ | .46 | $ | .23 | $ | .14 | $ | (.03 | ) | $ | .18 | $ | .04 | $ | (0.07 | ) | $ | 0.03 | ||||||||||||||
Non-ethane margin ($/gallon) | $ | 1.10 | $ | 1.04 | $ | 1.00 | $ | .69 | $ | .96 | $ | .43 | $ | 0.49 | $ | 0.46 | ||||||||||||||||
NGL margin ($/gallon) | $ | 1.02 | $ | .82 | $ | .68 | $ | .59 | $ | .77 | $ | .26 | $ | 0.41 | $ | 0.31 | ||||||||||||||||
Ethane production (million gallons) | 45 | 57 | 60 | 59 | 221 | 38 | 33 | 71 | ||||||||||||||||||||||||
Non-ethane production (million gallons) | 71 | 87 | 92 | 93 | 343 | 94 | 87 | 181 | ||||||||||||||||||||||||
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| |||||||||||||||||
NGL production (million gallons) | 116 | 144 | 152 | 152 | 564 | 132 | 120 | 252 | ||||||||||||||||||||||||
Discovery Producer Services LLC (equity investment) - 100% | ||||||||||||||||||||||||||||||||
Gathering volumes (Tbtu) | 21 | 26 | 32 | 33 | 112 | 35 | 61 | 96 | ||||||||||||||||||||||||
NGL equity sales (million gallons) | 10 | 10 | 18 | 15 | 53 | 17 | 16 | 33 | ||||||||||||||||||||||||
NGL production (million gallons) | 47 | 54 | 65 | 61 | 227 | 62 | 79 | 141 | ||||||||||||||||||||||||
Transcontinental Gas Pipe Line | ||||||||||||||||||||||||||||||||
Throughput (Tbtu) | 949.2 | 796.8 | 821.3 | 887.3 | 3,454.6 | 1,005.1 | 784.9 | 1,790.0 | ||||||||||||||||||||||||
Avg. daily transportation volumes (Tbtu) | 10.5 | 8.8 | 8.9 | 9.6 | 9.5 | 11.2 | 8.6 | 9.9 | ||||||||||||||||||||||||
Avg. daily firm reserved capacity (Tbtu) | 9.6 | 9.4 | 9.5 | 9.9 | 9.6 | 10.5 | 11.0 | 10.7 |
* | Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes. |
Williams Partners L.P.
West
(UNAUDITED)
2014 | 2015 | |||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | Year | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Service revenues: | ||||||||||||||||||||||||||||||||
Nonregulated gathering & processing fee-based revenue | $ | 132 | $ | 141 | $ | 144 | $ | 143 | $ | 560 | $ | 138 | $ | 138 | $ | 276 | ||||||||||||||||
Regulated transportation revenue | 116 | 112 | 113 | 117 | 458 | 116 | 113 | 229 | ||||||||||||||||||||||||
Other fee revenues | 8 | 8 | 8 | 8 | 32 | 8 | 7 | 15 | ||||||||||||||||||||||||
Product sales: | ||||||||||||||||||||||||||||||||
NGL sales from gas processing | 103 | 95 | 116 | 88 | 402 | 48 | 49 | 97 | ||||||||||||||||||||||||
Marketing sales | 30 | 28 | 29 | 20 | 107 | 10 | 15 | 25 | ||||||||||||||||||||||||
Other sales | 12 | 9 | 10 | 6 | 37 | 6 | 4 | 10 | ||||||||||||||||||||||||
Tracked revenues | — | 1 | — | — | 1 | — | — | — | ||||||||||||||||||||||||
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| |||||||||||||||||
401 | 394 | 420 | 382 | 1,597 | 326 | 326 | 652 | |||||||||||||||||||||||||
Intrasegment eliminations | — | (1 | ) | — | — | (1 | ) | — | — | — | ||||||||||||||||||||||
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| |||||||||||||||||
Total revenues | 401 | 393 | 420 | 382 | 1,596 | 326 | 326 | 652 | ||||||||||||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||||||||||||||
NGL cost of goods sold | 38 | 35 | 41 | 33 | 147 | 23 | 20 | 43 | ||||||||||||||||||||||||
Marketing cost of goods sold | 30 | 27 | 29 | 19 | 105 | 10 | 15 | 25 | ||||||||||||||||||||||||
Other cost of goods sold | 4 | 6 | 4 | 4 | 18 | 3 | 2 | 5 | ||||||||||||||||||||||||
Other segment costs and expenses | 117 | 126 | 122 | 138 | 503 | 129 | 139 | 268 | ||||||||||||||||||||||||
Tracked costs | — | 1 | — | — | 1 | — | — | — | ||||||||||||||||||||||||
Intrasegment eliminations | — | (1 | ) | — | — | (1 | ) | — | — | — | ||||||||||||||||||||||
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|
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|
|
| |||||||||||||||||
Total segment costs and expenses | 189 | 194 | 196 | 194 | 773 | 165 | 176 | 341 | ||||||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
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| |||||||||||||||||
Modifed EBITDA | 212 | 199 | 224 | 188 | 823 | 161 | 150 | 311 | ||||||||||||||||||||||||
Adjustments | — | 6 | — | 2 | 8 | 1 | — | 1 | ||||||||||||||||||||||||
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| |||||||||||||||||
Adjusted EBITDA | $ | 212 | $ | 205 | $ | 224 | $ | 190 | $ | 831 | $ | 162 | $ | 150 | $ | 312 | ||||||||||||||||
|
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| |||||||||||||||||
Operating statistics | ||||||||||||||||||||||||||||||||
Gathering and Processing | ||||||||||||||||||||||||||||||||
Gathering volumes (Tbtu)* | 229 | 230 | 245 | 242 | 946 | 232 | 231 | 463 | ||||||||||||||||||||||||
Plant inlet natural gas volumes (Tbtu) | 249 | 246 | 267 | 261 | 1,023 | 258 | 258 | 516 | ||||||||||||||||||||||||
Ethane equity sales (million gallons) | 4 | 5 | 7 | 4 | 20 | 2 | 4 | 6 | ||||||||||||||||||||||||
Non-ethane equity sales (million gallons) | 69 | 71 | 90 | 80 | 310 | 74 | 76 | 150 | ||||||||||||||||||||||||
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| |||||||||||||||||
NGL equity sales (million gallons) | 73 | 76 | 97 | 84 | 330 | 76 | 80 | 156 | ||||||||||||||||||||||||
Ethane margin ($/gallon) | .12 | .22 | .21 | .17 | .19 | .39 | .14 | .22 | ||||||||||||||||||||||||
Non-ethane margin ($/gallon) | .94 | .84 | .81 | .66 | .81 | .34 | .37 | .35 | ||||||||||||||||||||||||
NGL margin ($/gallon) | .89 | .80 | .77 | .64 | .77 | .34 | .35 | .35 | ||||||||||||||||||||||||
Ethane production (million gallons) | 60 | 86 | 64 | 40 | 250 | 33 | 40 | 73 | ||||||||||||||||||||||||
Non-ethane production (million gallons) | 233 | 232 | 255 | 245 | 965 | 239 | 248 | 487 | ||||||||||||||||||||||||
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| |||||||||||||||||
NGL production (million gallons) | 293 | 318 | 319 | 285 | 1,215 | 272 | 288 | 560 | ||||||||||||||||||||||||
Northwest Pipeline LLC | ||||||||||||||||||||||||||||||||
Throughput (Tbtu) | 192.4 | 141.3 | 156.7 | 196.6 | 687.0 | 202.7 | 183.0 | 385.7 | ||||||||||||||||||||||||
Avg. daily transportation volumes (Tbtu) | 2.1 | 1.6 | 1.7 | 2.1 | 1.9 | 2.3 | 2.0 | 2.1 | ||||||||||||||||||||||||
Avg. daily firm reserved capacity (Tbtu) | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 |
* | Recast due to the merger between Williams Partners L.P. and Access Midstream Partners, L.P to include the former ACMP Niobrara gathering operations. |
Williams Partners L.P.
NGL & Petchem Services
(UNAUDITED)
2014 | 2015 | |||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | Year | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Service revenue: | ||||||||||||||||||||||||||||||||
Nonregulated gathering & processing fee-based revenue | $ | 7 | $ | 7 | $ | 7 | $ | 7 | $ | 28 | $ | 7 | $ | 10 | $ | 17 | ||||||||||||||||
Other fee-based revenues | 33 | 33 | 33 | 35 | 134 | 41 | 42 | 83 | ||||||||||||||||||||||||
Product sales: | ||||||||||||||||||||||||||||||||
NGL sales from gas processing | 54 | 32 | 31 | 41 | 158 | 28 | 18 | 46 | ||||||||||||||||||||||||
Olefin sales | 79 | 96 | 73 | 93 | 341 | 71 | 162 | 233 | ||||||||||||||||||||||||
Marketing sales | 698 | 680 | 748 | 589 | 2,715 | 378 | 372 | 750 | ||||||||||||||||||||||||
Other sales | 11 | 11 | 8 | 5 | 35 | 4 | 4 | 8 | ||||||||||||||||||||||||
|
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|
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|
|
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|
|
| |||||||||||||||||
882 | 859 | 900 | 770 | 3,411 | 529 | 608 | 1,137 | |||||||||||||||||||||||||
Intrasegment eliminations | (77 | ) | (76 | ) | (72 | ) | (74 | ) | (299 | ) | (54 | ) | (61 | ) | (115 | ) | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total revenues | 805 | 783 | 828 | 696 | 3,112 | 475 | 547 | 1,022 | ||||||||||||||||||||||||
Segment costs and expenses: | ||||||||||||||||||||||||||||||||
NGL cost of goods sold | 28 | 20 | 19 | 23 | 90 | 19 | 16 | 35 | ||||||||||||||||||||||||
Olefins cost of goods sold | 51 | 69 | 46 | 65 | 231 | 62 | 101 | 163 | ||||||||||||||||||||||||
Marketing cost of goods sold | 684 | 681 | 752 | 629 | 2,746 | 381 | 376 | 757 | ||||||||||||||||||||||||
Other cost of goods sold | 12 | 10 | 8 | 7 | 37 | 6 | 4 | 10 | ||||||||||||||||||||||||
Net insurance recoveries—Geismar Incident | (119 | ) | (42 | ) | — | (71 | ) | (232 | ) | — | (126 | ) | (126 | ) | ||||||||||||||||||
Other segment costs and expenses | 54 | 58 | 69 | 84 | 265 | 66 | 88 | 154 | ||||||||||||||||||||||||
Intrasegment eliminations | (77 | ) | (76 | ) | (72 | ) | (74 | ) | (299 | ) | (54 | ) | (61 | ) | (115 | ) | ||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total segment costs and expenses | 633 | 720 | 822 | 663 | 2,838 | 480 | 398 | 878 | ||||||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 10 | 9 | 11 | 20 | 50 | 11 | 9 | 20 | ||||||||||||||||||||||||
|
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|
|
|
|
|
| |||||||||||||||||
Modified EBITDA | 182 | 72 | 17 | 53 | 324 | 6 | 158 | 164 | ||||||||||||||||||||||||
Adjustments | 54 | 96 | 5 | (66 | ) | 89 | 1 | (125 | ) | (124 | ) | |||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||
Adjusted EBITDA | $ | 236 | $ | 168 | $ | 22 | $ | (13 | ) | $ | 413 | $ | 7 | $ | 33 | $ | 40 | |||||||||||||||
|
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| |||||||||||||||||
Operating statistics | ||||||||||||||||||||||||||||||||
Ethane equity sales (million gallons) | 27 | 28 | 28 | 33 | 116 | 36 | 33 | 69 | ||||||||||||||||||||||||
Non-ethane equity sales (million gallons) | 30 | 18 | 19 | 35 | 102 | 39 | 32 | 71 | ||||||||||||||||||||||||
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| |||||||||||||||||
NGL equity sales (million gallons) | 57 | 46 | 47 | 68 | 218 | 75 | 65 | 140 | ||||||||||||||||||||||||
Ethane production (million gallons) | 29 | 29 | 29 | 34 | 121 | 36 | 33 | 69 | ||||||||||||||||||||||||
Non-ethane production (million gallons) | 30 | 28 | 28 | 31 | 117 | 31 | 27 | 58 | ||||||||||||||||||||||||
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|
|
|
|
| |||||||||||||||||
NGL production (million gallons) | 59 | 57 | 57 | 65 | 238 | 67 | 60 | 127 | ||||||||||||||||||||||||
Petrochemical Services | ||||||||||||||||||||||||||||||||
Geismar ethylene sales volumes (million lbs) | — | — | — | — | — | 2 | 213 | 215 | ||||||||||||||||||||||||
Geismar ethylene margin ($/lb) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 0.21 | 0.21 | |||||||||||||||||
Canadian propylene sales volumes (millions lbs) | 32 | 34 | 34 | 43 | 143 | 39 | 38 | 77 | ||||||||||||||||||||||||
Canadian alky feedstock sales volumes (million gallons) | 7 | 7 | 6 | 7 | 27 | 7 | 6 | 13 | ||||||||||||||||||||||||
Overland Pass Pipeline Company LLC (equity investment)—100% | ||||||||||||||||||||||||||||||||
NGL Transportation volumes (Mbbls) | 8,612 | 8,926 | 9,482 | 10,118 | 37,138 | 10,845 | 13,860 | 24,705 |
Williams Partners L.P.
Capital Expenditures and Investments
(UNAUDITED)
2014 | 2015 | |||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | Year | ||||||||||||||||||||||||
Capital expenditures: | ||||||||||||||||||||||||||||||||
Access Midstream | $ | — | $ | — | $ | 165 | $ | 133 | $ | 298 | $ | 133 | $ | 109 | $ | 242 | ||||||||||||||||
Northeast G&P | 359 | 291 | 288 | 253 | 1,191 | 115 | $ | 114 | 229 | |||||||||||||||||||||||
Atlantic-Gulf | 180 | 412 | 319 | 387 | 1,298 | 361 | 384 | 745 | ||||||||||||||||||||||||
West | 22 | 27 | 120 | 100 | 269 | 50 | 52 | 102 | ||||||||||||||||||||||||
NGL & Petchem Services | 161 | 211 | 136 | 120 | 628 | 75 | 55 | 130 | ||||||||||||||||||||||||
Other | 2 | 2 | 1 | 3 | 8 | 1 | 1 | 2 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total* | $ | 724 | $ | 943 | $ | 1,029 | $ | 996 | $ | 3,692 | $ | 735 | $ | 715 | $ | 1,450 | ||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Purchase of businesses: | ||||||||||||||||||||||||||||||||
Access Midstream | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 112 | $ | 112 | ||||||||||||||||
NGL & Petchem Services** | 25 | 31 | — | (56 | ) | — | — | — | — | |||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
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|
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| |||||||||||||||||
Total | $ | 25 | $ | 31 | $ | — | $ | (56 | ) | $ | — | $ | — | $ | 112 | $ | 112 | |||||||||||||||
|
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|
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|
|
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|
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| |||||||||||||||||
Purchase of investments: | ||||||||||||||||||||||||||||||||
Access Midstream | $ | — | $ | — | $ | 65 | $ | 105 | $ | 170 | $ | 50 | $ | 393 | $ | 443 | ||||||||||||||||
Northeast G&P | 163 | 6 | 12 | 7 | 188 | 10 | 5 | 15 | ||||||||||||||||||||||||
Atlantic-Gulf | 51 | 9 | 21 | 25 | 106 | 20 | — | 20 | ||||||||||||||||||||||||
NGL & Petchem Services | 1 | 1 | 1 | 1 | 4 | 3 | 2 | 5 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total | $215 | $16 | $99 | $138 | $468 | $83 | $400 | $483 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Summary: | ||||||||||||||||||||||||||||||||
Access Midstream | $ | — | $ | — | $ | 230 | $ | 238 | $ | 468 | $ | 183 | $ | 614 | $ | 797 | ||||||||||||||||
Northeast G&P | 522 | 297 | 300 | 260 | 1,379 | 125 | 119 | 244 | ||||||||||||||||||||||||
Atlantic-Gulf | 231 | 421 | 340 | 412 | 1,404 | 381 | 384 | 765 | ||||||||||||||||||||||||
West | 22 | 27 | 120 | 100 | 269 | 50 | 52 | 102 | ||||||||||||||||||||||||
NGL & Petchem Services | 187 | 243 | 137 | 65 | 632 | 78 | 57 | 135 | ||||||||||||||||||||||||
Other | 2 | 2 | 1 | 3 | 8 | 1 | 1 | 2 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total | $ | 964 | $ | 990 | $ | 1,128 | $ | 1,078 | $ | 4,160 | $ | 818 | $ | 1,227 | $ | 2,045 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Capital expenditures incurred, purchase of businesses, and purchase of investments: | ||||||||||||||||||||||||||||||||
Increases to property, plant, and equipment | $ | 769 | $ | 867 | $ | 1,017 | $ | 918 | $ | 3,571 | $ | 645 | $ | 731 | $ | 1,376 | ||||||||||||||||
Purchase of businesses | 25 | 31 | — | (56 | ) | — | — | 112 | 112 | |||||||||||||||||||||||
Purchase of investments | 215 | 16 | 99 | 138 | 468 | 83 | 400 | 483 | ||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total | $ | 1,009 | $ | 914 | $ | 1,116 | $ | 1,000 | $ | 4,039 | $ | 728 | $ | 1,243 | $ | 1,971 | ||||||||||||||||
|
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|
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|
|
|
|
| |||||||||||||||||
*Increases to property, plant, and equipment | $ | 769 | $ | 867 | $ | 1,017 | $ | 918 | $ | 3,571 | $ | 645 | $ | 731 | $ | 1,376 | ||||||||||||||||
Changes in related accounts payable and accrued liabilities | (45 | ) | 76 | 12 | 78 | 121 | 90 | (16 | ) | 74 | ||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Capital expenditures | $ | 724 | $ | 943 | $ | 1,029 | $ | 996 | $ | 3,692 | $ | 735 | $ | 715 | $ | 1,450 | ||||||||||||||||
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** | These amounts relate to adjustments from the acquisition of certain Canadian operations from a subsidiary of Williams. |