EXHIBIT 99.2
Non-GAAP Reconciliations, | ||
Financial Highlights, and Operating Statistics | ||
(UNAUDITED) | ||
Final | ||
December 31, 2017 | ||
Williams Partners L.P. | |||||||||||||||||||||||||||||||
Reconciliation of Non-GAAP Measures | |||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||
2016 | 2017 | ||||||||||||||||||||||||||||||
(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 "Net Income (Loss)" to "Modified EBITDA", Non-GAAP "Adjusted EBITDA" and "Distributable cash flow" | |||||||||||||||||||||||||||||||
Net income (loss) | $ | 79 | $ | (77 | ) | $ | 351 | $ | 166 | $ | 519 | $ | 660 | $ | 348 | $ | 284 | $ | (317 | ) | $ | 975 | |||||||||
Provision (benefit) for income taxes | 1 | (80 | ) | (6 | ) | 5 | (80 | ) | 3 | 1 | (1 | ) | 3 | 6 | |||||||||||||||||
Interest expense | 229 | 231 | 229 | 227 | 916 | 214 | 205 | 202 | 201 | 822 | |||||||||||||||||||||
Equity (earnings) losses | (97 | ) | (101 | ) | (104 | ) | (95 | ) | (397 | ) | (107 | ) | (125 | ) | (115 | ) | (87 | ) | (434 | ) | |||||||||||
Impairment of equity-method investments | 112 | — | — | 318 | 430 | — | — | — | — | — | |||||||||||||||||||||
Other investing (income) loss - net | — | (1 | ) | (28 | ) | — | (29 | ) | (271 | ) | (2 | ) | (4 | ) | (4 | ) | (281 | ) | |||||||||||||
Proportional Modified EBITDA of equity-method investments | 189 | 191 | 194 | 180 | 754 | 194 | 215 | 202 | 184 | 795 | |||||||||||||||||||||
Depreciation and amortization expenses | 435 | 432 | 426 | 427 | 1,720 | 433 | 423 | 424 | 420 | 1,700 | |||||||||||||||||||||
Accretion expense associated with asset retirement obligations for nonregulated operations | 7 | 9 | 8 | 7 | 31 | 6 | 11 | 8 | 8 | 33 | |||||||||||||||||||||
Modified EBITDA | 955 | 604 | 1,070 | 1,235 | 3,864 | 1,132 | 1,076 | 1,000 | 408 | 3,616 | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||||||||
Estimated minimum volume commitments | 60 | 64 | 70 | (194 | ) | — | 15 | 15 | 18 | (48 | ) | — | |||||||||||||||||||
Severance and related costs | 25 | — | — | 12 | 37 | 9 | 4 | 5 | 4 | 22 | |||||||||||||||||||||
Potential rate refunds associated with rate case litigation | 15 | — | — | — | 15 | — | — | — | — | — | |||||||||||||||||||||
Settlement charge from pension early payout program | — | — | — | — | — | — | — | — | 35 | 35 | |||||||||||||||||||||
Regulatory charges resulting from Tax Reform | — | — | — | — | — | — | — | — | 713 | 713 | |||||||||||||||||||||
Share of regulatory charges resulting from Tax Reform for equity-method investments | — | — | — | — | — | — | — | — | 11 | 11 | |||||||||||||||||||||
ACMP Merger and transition costs | 5 | — | — | — | 5 | — | 4 | 3 | 4 | 11 | |||||||||||||||||||||
Constitution Pipeline project development costs | — | 8 | 11 | 9 | 28 | 2 | 6 | 4 | 4 | 16 | |||||||||||||||||||||
Share of impairment at equity-method investment | — | — | 6 | 19 | 25 | — | — | 1 | — | 1 | |||||||||||||||||||||
Geismar Incident adjustment | — | — | — | (7 | ) | (7 | ) | (9 | ) | 2 | 8 | (1 | ) | — | |||||||||||||||||
Gain on sale of Geismar Interest | — | — | — | — | — | — | — | (1,095 | ) | — | (1,095 | ) | |||||||||||||||||||
Impairment of certain assets | — | 389 | — | 22 | 411 | — | — | 1,142 | 9 | 1,151 | |||||||||||||||||||||
Ad valorem obligation timing adjustment | — | — | — | — | — | — | — | 7 | — | 7 | |||||||||||||||||||||
Organizational realignment-related costs | — | — | — | 24 | 24 | 4 | 6 | 6 | 2 | 18 | |||||||||||||||||||||
Loss related to Canada disposition | — | — | 32 | 2 | 34 | (3 | ) | (1 | ) | 4 | 4 | 4 | |||||||||||||||||||
Gain on asset retirement | — | — | — | (11 | ) | (11 | ) | — | — | (5 | ) | 5 | — | ||||||||||||||||||
Gains from contract settlements and terminations | — | — | — | — | — | (13 | ) | (2 | ) | — | — | (15 | ) | ||||||||||||||||||
Accrual for loss contingency | — | — | — | — | — | 9 | — | — | — | 9 | |||||||||||||||||||||
Gain on early retirement of debt | — | — | — | — | — | (30 | ) | — | 3 | — | (27 | ) | |||||||||||||||||||
Gain on sale of RGP Splitter | — | — | — | — | — | — | (12 | ) | — | — | (12 | ) | |||||||||||||||||||
Expenses associated with Financial Repositioning | — | — | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||||
Expenses associated with strategic asset monetizations | — | — | — | 2 | 2 | 1 | 4 | — | — | 5 | |||||||||||||||||||||
Total EBITDA adjustments | 105 | 461 | 119 | (122 | ) | 563 | (15 | ) | 28 | 101 | 742 | 856 | |||||||||||||||||||
Adjusted EBITDA | 1,060 | 1,065 | 1,189 | 1,113 | 4,427 | 1,117 | 1,104 | 1,101 | 1,150 | 4,472 | |||||||||||||||||||||
Maintenance capital expenditures (1) | (58 | ) | (75 | ) | (121 | ) | (147 | ) | (401 | ) | (53 | ) | (100 | ) | (136 | ) | (154 | ) | (443 | ) | |||||||||||
Interest expense (cash portion) (2) | (241 | ) | (245 | ) | (244 | ) | (239 | ) | (969 | ) | (224 | ) | (216 | ) | (207 | ) | (208 | ) | (855 | ) | |||||||||||
Cash taxes | — | — | — | (3 | ) | (3 | ) | (5 | ) | (1 | ) | (4 | ) | (2 | ) | (12 | ) | ||||||||||||||
Income attributable to noncontrolling interests (3) | (29 | ) | (13 | ) | (31 | ) | (27 | ) | (100 | ) | (27 | ) | (32 | ) | (27 | ) | (27 | ) | (113 | ) | |||||||||||
WPZ restricted stock unit non-cash compensation | 7 | 5 | 2 | 2 | 16 | 2 | 1 | 1 | 1 | 5 | |||||||||||||||||||||
Amortization of deferred revenue associated with certain 2016 contract restructurings | — | — | — | — | — | (58 | ) | (58 | ) | (59 | ) | (58 | ) | (233 | ) | ||||||||||||||||
Distributable cash flow attributable to Partnership Operations (4) | 739 | 737 | 795 | 699 | 2,970 | 752 | 698 | 669 | 702 | 2,821 | |||||||||||||||||||||
Total cash distributed (5) | $ | 725 | $ | 725 | $ | 734 | $ | 762 | $ | 2,946 | $ | 567 | $ | 574 | $ | 574 | $ | 574 | $ | 2,289 | |||||||||||
Coverage ratios: | |||||||||||||||||||||||||||||||
Distributable cash flow attributable to partnership operations divided by Total cash distributed | 1.02 | 1.02 | 1.08 | 0.92 | 1.01 | 1.33 | 1.22 | 1.17 | 1.22 | 1.23 | |||||||||||||||||||||
Net income (loss) divided by Total cash distributed | 0.11 | (0.11 | ) | 0.48 | 0.22 | 0.18 | 1.16 | 0.61 | 0.49 | (0.55 | ) | 0.43 | |||||||||||||||||||
(1) Includes proportionate share of maintenance capital expenditures of equity investments. | |||||||||||||||||||||||||||||||
(2) Includes proportionate share of interest expense of equity investments. | |||||||||||||||||||||||||||||||
(3) Excludes allocable share of certain EBITDA adjustments. | |||||||||||||||||||||||||||||||
(4) The fourth quarter of 2016 includes income of $183 million associated with proceeds from the contract restructuring in the Barnett Shale and Mid-Continent region as the cash was received during 2016. | |||||||||||||||||||||||||||||||
(5) In order to exclude the impact of the IDR waiver associated with the WPZ merger termination fee from the determination of coverage ratios, cash distributions have been increased by $10 million in the first quarter of 2016. Cash distributions for the third quarter of 2016 have been increased to exclude the impact of the $150 million IDR waiver associated with the sale of our Canadian operations. Cash distributions for the fourth quarter of 2016 and the first quarter of 2017 have been decreased by $50 million and $6 million, respectively, to reflect the amount paid by WMB to WPZ pursuant to the January 2017 Common Unit Purchase Agreement. |
Williams Partners L.P. | |||||||||||||||||||||||||||||||
Reconciliation of “Modified EBITDA” to Non-GAAP “Adjusted EBITDA” | |||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||
2016 | 2017 | ||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | |||||||||||||||||||||
Modified EBITDA: | |||||||||||||||||||||||||||||||
Northeast G&P | $ | 220 | $ | 222 | $ | 214 | $ | 197 | $ | 853 | $ | 226 | $ | 247 | $ | 115 | $ | 231 | $ | 819 | |||||||||||
Atlantic-Gulf | 382 | 360 | 423 | 456 | 1,621 | 450 | 454 | 430 | (96 | ) | 1,238 | ||||||||||||||||||||
West | 327 | 312 | 363 | 542 | 1,544 | 385 | 356 | (615 | ) | 286 | 412 | ||||||||||||||||||||
NGL & Petchem Services | 26 | (290 | ) | 70 | 49 | (145 | ) | 51 | 30 | 1,084 | (4 | ) | 1,161 | ||||||||||||||||||
Other | — | — | — | (9 | ) | (9 | ) | 20 | (11 | ) | (14 | ) | (9 | ) | (14 | ) | |||||||||||||||
Total Modified EBITDA | $ | 955 | $ | 604 | $ | 1,070 | $ | 1,235 | $ | 3,864 | $ | 1,132 | $ | 1,076 | $ | 1,000 | $ | 408 | $ | 3,616 | |||||||||||
Adjustments: | |||||||||||||||||||||||||||||||
Northeast G&P | |||||||||||||||||||||||||||||||
Severance and related costs | $ | 3 | $ | — | $ | — | $ | — | $ | 3 | $ | — | $ | — | $ | — | — | $ | — | ||||||||||||
Share of impairment at equity-method investments | — | — | 6 | 19 | 25 | — | — | 1 | — | 1 | |||||||||||||||||||||
ACMP Merger and transition costs | 2 | — | — | — | 2 | — | — | — | — | — | |||||||||||||||||||||
Impairment of certain assets | — | — | — | — | — | — | — | 121 | — | 121 | |||||||||||||||||||||
Ad valorem obligation timing adjustment | — | — | — | — | — | — | — | 7 | — | 7 | |||||||||||||||||||||
Settlement charge from pension early payout program | — | — | — | — | — | — | — | — | 7 | 7 | |||||||||||||||||||||
Organizational realignment-related costs | — | — | — | 3 | 3 | 1 | 1 | 2 | — | 4 | |||||||||||||||||||||
Total Northeast G&P adjustments | 5 | — | 6 | 22 | 33 | 1 | 1 | 131 | 7 | 140 | |||||||||||||||||||||
Atlantic-Gulf | |||||||||||||||||||||||||||||||
Potential rate refunds associated with rate case litigation | 15 | — | — | — | 15 | — | — | — | — | — | |||||||||||||||||||||
Severance and related costs | 8 | — | — | — | 8 | — | — | — | — | — | |||||||||||||||||||||
Constitution Pipeline project development costs | — | 8 | 11 | 9 | 28 | 2 | 6 | 4 | 4 | 16 | |||||||||||||||||||||
Settlement charge from pension early payout program | — | — | — | — | — | — | — | — | 15 | 15 | |||||||||||||||||||||
Regulatory charges resulting from Tax Reform | — | — | — | — | — | 493 | 493 | ||||||||||||||||||||||||
Share of regulatory charges resulting from Tax Reform for equity-method investments | — | — | — | — | — | — | — | — | 11 | 11 | |||||||||||||||||||||
Organizational realignment-related costs | — | — | — | — | — | 1 | 2 | 2 | 1 | 6 | |||||||||||||||||||||
Gain on asset retirement | — | — | — | (11 | ) | (11 | ) | — | — | (5 | ) | 5 | — | ||||||||||||||||||
Total Atlantic-Gulf adjustments | 23 | 8 | 11 | (2 | ) | 40 | 3 | 8 | 1 | 529 | 541 | ||||||||||||||||||||
West | |||||||||||||||||||||||||||||||
Estimated minimum volume commitments | 60 | 64 | 70 | (194 | ) | — | 15 | 15 | 18 | (48 | ) | — | |||||||||||||||||||
Severance and related costs | 10 | — | — | 3 | 13 | — | — | — | — | — | |||||||||||||||||||||
ACMP Merger and transition costs | 3 | — | — | — | 3 | — | — | — | — | — | |||||||||||||||||||||
Impairment of certain assets | — | 48 | — | 22 | 70 | — | — | 1,021 | 9 | 1,030 | |||||||||||||||||||||
Settlement charge from pension early payout program | — | — | — | — | — | — | — | — | 13 | 13 | |||||||||||||||||||||
Regulatory charge associated with Tax Reform | — | — | — | — | — | — | — | — | 220 | 220 | |||||||||||||||||||||
Organizational realignment-related costs | — | — | — | 21 | 21 | 2 | 3 | 2 | 1 | 8 | |||||||||||||||||||||
Gains from contract settlements and terminations | — | — | — | — | — | (13 | ) | (2 | ) | — | — | (15 | ) | ||||||||||||||||||
Total West adjustments | 73 | 112 | 70 | (148 | ) | 107 | 4 | 16 | 1,041 | 195 | 1,256 | ||||||||||||||||||||
NGL & Petchem Services | |||||||||||||||||||||||||||||||
Impairment of certain assets | — | 341 | — | — | 341 | — | — | — | — | — | |||||||||||||||||||||
Loss related to Canada disposition | — | — | 32 | 2 | 34 | (3 | ) | (1 | ) | 4 | 4 | 4 | |||||||||||||||||||
Severance and related costs | 4 | — | — | — | 4 | — | — | — | — | — | |||||||||||||||||||||
Expenses associated with strategic asset monetizations | — | — | — | 2 | 2 | 1 | 4 | — | — | 5 | |||||||||||||||||||||
Geismar Incident adjustments | — | — | — | (7 | ) | (7 | ) | (9 | ) | 2 | 8 | (1 | ) | — | |||||||||||||||||
Gain on sale of Geismar Interest | — | — | — | — | — | — | — | (1,095 | ) | — | (1,095 | ) | |||||||||||||||||||
Gain on sale of RGP Splitter | — | — | — | — | — | — | (12 | ) | — | (12 | ) | ||||||||||||||||||||
Accrual for loss contingency | — | — | — | — | — | 9 | — | — | — | 9 | |||||||||||||||||||||
Total NGL & Petchem Services adjustments | 4 | 341 | 32 | (3 | ) | 374 | (2 | ) | (7 | ) | (1,083 | ) | 3 | (1,089 | ) | ||||||||||||||||
Other | |||||||||||||||||||||||||||||||
Severance and related costs | — | — | — | 9 | 9 | 9 | 4 | 5 | 4 | 22 | |||||||||||||||||||||
ACMP Merger and transition costs | — | — | — | — | — | — | 4 | 3 | 4 | 11 | |||||||||||||||||||||
Expenses associated with Financial Repositioning | — | — | — | — | — | — | 2 | — | — | 2 | |||||||||||||||||||||
Gain on early retirement of debt | — | — | — | — | — | (30 | ) | — | 3 | — | (27 | ) | |||||||||||||||||||
Total Other adjustments | — | — | — | 9 | 9 | (21 | ) | 10 | 11 | 8 | 8 | ||||||||||||||||||||
Total Adjustments | $ | 105 | $ | 461 | $ | 119 | $ | (122 | ) | $ | 563 | $ | (15 | ) | $ | 28 | $ | 101 | $ | 742 | $ | 856 | |||||||||
Adjusted EBITDA: | |||||||||||||||||||||||||||||||
Northeast G&P | $ | 225 | $ | 222 | $ | 220 | $ | 219 | $ | 886 | $ | 227 | $ | 248 | $ | 246 | $ | 238 | $ | 959 | |||||||||||
Atlantic-Gulf | 405 | 368 | 434 | 454 | 1,661 | 453 | 462 | 431 | 433 | 1,779 | |||||||||||||||||||||
West | 400 | 424 | 433 | 394 | 1,651 | 389 | 372 | 426 | 481 | 1,668 | |||||||||||||||||||||
NGL & Petchem Services | 30 | 51 | 102 | 46 | 229 | 49 | 23 | 1 | (1 | ) | 72 | ||||||||||||||||||||
Other | — | — | — | — | — | (1 | ) | (1 | ) | (3 | ) | (1 | ) | (6 | ) | ||||||||||||||||
Total Adjusted EBITDA | $ | 1,060 | $ | 1,065 | $ | 1,189 | $ | 1,113 | $ | 4,427 | $ | 1,117 | $ | 1,104 | $ | 1,101 | $ | 1,150 | $ | 4,472 | |||||||||||
Williams Partners L.P. | |||||||||||||||||||||||||||||||
Consolidated Statement of Income (Loss) | |||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||
2016 | 2017 | ||||||||||||||||||||||||||||||
(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 | $ | 1,226 | $ | 1,210 | $ | 1,252 | $ | 1,485 | $ | 5,173 | $ | 1,256 | $ | 1,277 | $ | 1,304 | $ | 1,455 | $ | 5,292 | |||||||||||
Product sales | 428 | 530 | 655 | 705 | 2,318 | 727 | 642 | 581 | 768 | 2,718 | |||||||||||||||||||||
Total revenues | 1,654 | 1,740 | 1,907 | 2,190 | 7,491 | 1,983 | 1,919 | 1,885 | 2,223 | 8,010 | |||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Product costs | 317 | 403 | 463 | 545 | 1,728 | 579 | 537 | 504 | 680 | 2,300 | |||||||||||||||||||||
Operating and maintenance expenses | 382 | 386 | 385 | 395 | 1,548 | 361 | 384 | 396 | 421 | 1,562 | |||||||||||||||||||||
Depreciation and amortization expenses | 435 | 432 | 426 | 427 | 1,720 | 433 | 423 | 424 | 420 | 1,700 | |||||||||||||||||||||
Selling, general, and administrative expenses | 181 | 139 | 147 | 163 | 630 | 156 | 154 | 140 | 160 | 610 | |||||||||||||||||||||
Impairment of certain assets | 6 | 396 | 1 | 54 | 457 | 1 | 2 | 1,142 | 11 | 1,156 | |||||||||||||||||||||
Gain on sale of Geismar Interest | — | — | — | — | — | — | — | (1,095 | ) | — | (1,095 | ) | |||||||||||||||||||
Regulatory charges resulting from Tax Reform | — | — | — | — | — | — | — | — | 674 | 674 | |||||||||||||||||||||
Other (income) expense - net | 24 | 24 | 59 | 4 | 111 | 3 | 7 | 22 | 38 | 70 | |||||||||||||||||||||
Total costs and expenses | 1,345 | 1,780 | 1,481 | 1,588 | 6,194 | 1,533 | 1,507 | 1,533 | 2,404 | 6,977 | |||||||||||||||||||||
Operating income (loss) | 309 | (40 | ) | 426 | 602 | 1,297 | 450 | 412 | 352 | (181 | ) | 1,033 | |||||||||||||||||||
Equity earnings (losses) | 97 | 101 | 104 | 95 | 397 | 107 | 125 | 115 | 87 | 434 | |||||||||||||||||||||
Impairment of equity-method investments | (112 | ) | — | — | (318 | ) | (430 | ) | — | — | — | — | — | ||||||||||||||||||
Other investing income (loss) - net | — | 1 | 28 | — | 29 | 271 | 2 | 4 | 4 | 281 | |||||||||||||||||||||
Interest incurred | (240 | ) | (239 | ) | (236 | ) | (234 | ) | (949 | ) | (221 | ) | (214 | ) | (210 | ) | (210 | ) | (855 | ) | |||||||||||
Interest capitalized | 11 | 8 | 7 | 7 | 33 | 7 | 9 | 8 | 9 | 33 | |||||||||||||||||||||
Other income (expense) - net | 15 | 12 | 16 | 19 | 62 | 49 | 15 | 14 | (23 | ) | 55 | ||||||||||||||||||||
Income (loss) before income taxes | 80 | (157 | ) | 345 | 171 | 439 | 663 | 349 | 283 | (314 | ) | 981 | |||||||||||||||||||
Provision (benefit) for income taxes | 1 | (80 | ) | (6 | ) | 5 | (80 | ) | 3 | 1 | (1 | ) | 3 | 6 | |||||||||||||||||
Net income (loss) | 79 | (77 | ) | 351 | 166 | 519 | 660 | 348 | 284 | (317 | ) | 975 | |||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 29 | 13 | 25 | 21 | 88 | 26 | 28 | 25 | 25 | 104 | |||||||||||||||||||||
Net income (loss) attributable to controlling interests | $ | 50 | $ | (90 | ) | $ | 326 | $ | 145 | $ | 431 | $ | 634 | $ | 320 | $ | 259 | $ | (342 | ) | $ | 871 | |||||||||
Allocation of net income (loss) for calculation of earnings per common unit: | |||||||||||||||||||||||||||||||
Net income (loss) attributable to controlling interests | $ | 50 | $ | (90 | ) | $ | 326 | $ | 145 | $ | 431 | $ | 634 | $ | 320 | $ | 259 | $ | (342 | ) | $ | 871 | |||||||||
Allocation of net income (loss) to general partner (1) | 202 | 207 | 72 | — | 517 | — | — | — | — | — | |||||||||||||||||||||
Allocation of net income (loss) to Class B units (1) | (4 | ) | (8 | ) | 7 | 2 | 12 | 11 | 6 | 4 | (6 | ) | 15 | ||||||||||||||||||
Allocation of net income (loss) to common units (1) | $ | (148 | ) | $ | (289 | ) | $ | 247 | $ | 143 | $ | (98 | ) | $ | 623 | $ | 314 | $ | 255 | $ | (336 | ) | $ | 856 | |||||||
Diluted earnings (loss) per common unit: | |||||||||||||||||||||||||||||||
Net income (loss) per common unit (1) | $ | (0.25 | ) | $ | (0.49 | ) | $ | 0.42 | $ | 0.24 | $ | (0.17 | ) | $ | 0.68 | $ | 0.33 | $ | 0.27 | $ | (0.35 | ) | $ | 0.90 | |||||||
Weighted average number of common units outstanding (thousands) | 588,562 | 588,607 | 591,567 | 601,738 | 592,519 | 920,250 | 955,986 | 956,365 | 956,558 | 947,485 | |||||||||||||||||||||
Cash distributions per common unit | $ | 0.85 | $ | 0.85 | $ | 0.85 | $ | 0.85 | $ | 3.40 | $ | 0.60 | $ | 0.60 | $ | 0.60 | $ | 0.60 | $ | 2.40 | |||||||||||
(1) The sum for the quarters may not equal the total for the year due to timing of unit issuances. |
Williams Partners L.P. | |||||||||||||||||||||||||||||||
Northeast G&P | |||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||
2016 | 2017 | ||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
Service revenues: | |||||||||||||||||||||||||||||||
Nonregulated gathering and processing fee-based revenue | $ | 186 | $ | 182 | $ | 179 | $ | 184 | $ | 731 | $ | 182 | $ | 183 | $ | 182 | $ | 191 | $ | 738 | |||||||||||
Other fee revenues | 37 | 40 | 39 | 42 | 158 | 40 | 38 | 36 | 38 | 152 | |||||||||||||||||||||
Product sales: | |||||||||||||||||||||||||||||||
NGL sales from gas processing | 4 | 3 | 3 | 4 | 14 | 4 | 4 | 2 | 4 | 14 | |||||||||||||||||||||
Marketing sales | 19 | 31 | 40 | 58 | 148 | 64 | 48 | 59 | 106 | 277 | |||||||||||||||||||||
246 | 256 | 261 | 288 | 1,051 | 290 | 273 | 279 | 339 | 1,181 | ||||||||||||||||||||||
Intrasegment eliminations | (4 | ) | (6 | ) | (4 | ) | (5 | ) | (19 | ) | (5 | ) | (4 | ) | (4 | ) | (5 | ) | (18 | ) | |||||||||||
Total revenues | 242 | 250 | 257 | 283 | 1,032 | 285 | 269 | 275 | 334 | 1,163 | |||||||||||||||||||||
Segment costs and expenses: | |||||||||||||||||||||||||||||||
NGL cost of goods sold | 1 | 2 | 1 | 2 | 6 | 4 | 1 | 2 | 1 | 8 | |||||||||||||||||||||
Marketing cost of goods sold | 20 | 32 | 41 | 60 | 153 | 65 | 48 | 59 | 106 | 278 | |||||||||||||||||||||
Other segment costs and expenses (1) | 99 | 91 | 95 | 98 | 383 | 91 | 93 | 102 | 118 | 404 | |||||||||||||||||||||
Impairment of certain assets | 4 | 4 | — | 5 | 13 | 1 | 1 | 121 | 1 | 124 | |||||||||||||||||||||
Intrasegment eliminations | (4 | ) | (6 | ) | (4 | ) | (5 | ) | (19 | ) | (5 | ) | (4 | ) | (4 | ) | (5 | ) | (18 | ) | |||||||||||
Total segment costs and expenses | 120 | 123 | 133 | 160 | 536 | 156 | 139 | 280 | 221 | 796 | |||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 98 | 95 | 90 | 74 | 357 | 97 | 117 | 120 | 118 | 452 | |||||||||||||||||||||
Modified EBITDA | 220 | 222 | 214 | 197 | 853 | 226 | 247 | 115 | 231 | 819 | |||||||||||||||||||||
Adjustments | 5 | — | 6 | 22 | 33 | 1 | 1 | 131 | 7 | 140 | |||||||||||||||||||||
Adjusted EBITDA | $ | 225 | $ | 222 | $ | 220 | $ | 219 | $ | 886 | $ | 227 | $ | 248 | $ | 246 | $ | 238 | $ | 959 | |||||||||||
Statistics for Operated Assets | |||||||||||||||||||||||||||||||
Gathering and Processing | |||||||||||||||||||||||||||||||
Gathering volumes (Bcf per day) - Consolidated (2) | 3.34 | 3.15 | 3.16 | 3.19 | 3.21 | 3.32 | 3.28 | 3.28 | 3.37 | 3.31 | |||||||||||||||||||||
Gathering volumes (Bcf per day) - Non-consolidated (3) | 3.21 | 3.16 | 3.08 | 3.20 | 3.16 | 3.55 | 3.58 | 3.48 | 3.61 | 3.55 | |||||||||||||||||||||
Plant inlet natural gas volumes (Bcf per day) (2) | 0.31 | 0.31 | 0.34 | 0.37 | 0.33 | 0.39 | 0.40 | 0.45 | 0.50 | 0.43 | |||||||||||||||||||||
Ethane equity sales (Mbbls/d) | 6 | 4 | 3 | 3 | 4 | 2 | 2 | 2 | 1 | 2 | |||||||||||||||||||||
Non-ethane equity sales (Mbbls/d) | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||
NGL equity sales (Mbbls/d) | 7 | 5 | 4 | 4 | 5 | 3 | 3 | 3 | 2 | 3 | |||||||||||||||||||||
Ethane production (Mbbls/d) | 14 | 18 | 22 | 20 | 18 | 17 | 22 | 17 | 22 | 20 | |||||||||||||||||||||
Non-ethane production (Mbbls/d) | 11 | 12 | 16 | 15 | 14 | 15 | 17 | 19 | 22 | 18 | |||||||||||||||||||||
NGL production (Mbbls/d) | 25 | 30 | 38 | 35 | 32 | 32 | 39 | 36 | 44 | 38 | |||||||||||||||||||||
(1) Includes operating expenses, general and administrative expenses, and other income or expenses. | |||||||||||||||||||||||||||||||
(2) Includes gathering volumes associated with Susquehanna Supply Hub, Ohio Valley Midstream, and Utica Supply Hub, all of which are consolidated. | |||||||||||||||||||||||||||||||
(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership; and the Bradford Supply Hub and a portion of the Marcellus South Supply Hub within the Appalachia Midstream Services partnership. Volumes handled by Blue Racer Midstream (gathering and processing) and UEOM (processing only), which we do not operate, are not included. |
Williams Partners L.P. | |||||||||||||||||||||||||||||||
Atlantic-Gulf | |||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||
2016 | 2017 | ||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
Service revenues: | |||||||||||||||||||||||||||||||
Nonregulated gathering & processing fee-based revenue | $ | 92 | $ | 76 | $ | 131 | $ | 137 | $ | 436 | $ | 127 | $ | 136 | $ | 133 | $ | 132 | $ | 528 | |||||||||||
Regulated transportation revenue | 349 | 331 | 339 | 348 | 1,367 | 354 | 358 | 381 | 408 | 1,501 | |||||||||||||||||||||
Other fee revenues | 24 | 41 | 41 | 42 | 148 | 54 | 42 | 38 | 39 | 173 | |||||||||||||||||||||
Product sales: | |||||||||||||||||||||||||||||||
NGL sales from gas processing | 8 | 11 | 24 | 32 | 75 | 27 | 16 | 13 | 14 | 70 | |||||||||||||||||||||
Marketing sales | 45 | 75 | 78 | 84 | 282 | 90 | 75 | 66 | 81 | 312 | |||||||||||||||||||||
Other sales | — | — | 4 | 3 | 7 | 1 | — | 1 | — | 2 | |||||||||||||||||||||
Tracked revenues | 38 | 39 | 51 | 39 | 167 | 36 | 52 | 47 | 44 | 179 | |||||||||||||||||||||
556 | 573 | 668 | 685 | 2,482 | 689 | 679 | 679 | 718 | 2,765 | ||||||||||||||||||||||
Intrasegment eliminations | (9 | ) | (10 | ) | (9 | ) | (6 | ) | (34 | ) | (19 | ) | (7 | ) | (9 | ) | (7 | ) | (42 | ) | |||||||||||
Total revenues | 547 | 563 | 659 | 679 | 2,448 | 670 | 672 | 670 | 711 | 2,723 | |||||||||||||||||||||
Segment costs and expenses: | |||||||||||||||||||||||||||||||
NGL cost of goods sold | 3 | 4 | 15 | 15 | 37 | 13 | 7 | 6 | 3 | 29 | |||||||||||||||||||||
Marketing cost of goods sold | 45 | 74 | 78 | 83 | 280 | 88 | 75 | 65 | 80 | 308 | |||||||||||||||||||||
Other cost of goods sold | — | — | 2 | 1 | 3 | — | — | — | — | — | |||||||||||||||||||||
Impairment of certain assets | 1 | 1 | — | — | 2 | — | — | — | — | — | |||||||||||||||||||||
Other segment costs and expenses (1) | 153 | 163 | 174 | 169 | 659 | 174 | 171 | 195 | 242 | 782 | |||||||||||||||||||||
Regulatory charges resulting from Tax Reform | — | — | — | — | — | — | — | — | 493 | 493 | |||||||||||||||||||||
Tracked costs | 38 | 39 | 51 | 39 | 167 | 36 | 52 | 47 | 44 | 179 | |||||||||||||||||||||
Intrasegment eliminations | (9 | ) | (10 | ) | (9 | ) | (6 | ) | (34 | ) | (19 | ) | (7 | ) | (9 | ) | (7 | ) | (42 | ) | |||||||||||
Total segment costs and expenses | 231 | 271 | 311 | 301 | 1,114 | 292 | 298 | 304 | 855 | 1,749 | |||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 66 | 68 | 75 | 78 | 287 | 72 | 80 | 64 | 48 | 264 | |||||||||||||||||||||
Modified EBITDA | 382 | 360 | 423 | 456 | 1,621 | 450 | 454 | 430 | (96 | ) | 1,238 | ||||||||||||||||||||
Adjustments | 23 | 8 | 11 | — | 42 | 3 | 8 | 1 | 529 | 541 | |||||||||||||||||||||
Adjusted EBITDA | $ | 405 | $ | 368 | $ | 434 | $ | 456 | $ | 1,663 | $ | 453 | $ | 462 | $ | 431 | $ | 433 | $ | 1,779 | |||||||||||
Statistics for Operated Assets | |||||||||||||||||||||||||||||||
Gathering, Processing and Crude Oil Transportation | |||||||||||||||||||||||||||||||
Gathering volumes (Bcf per day) - Consolidated (2) | 0.30 | 0.30 | 0.52 | 0.53 | 0.41 | 0.32 | 0.29 | 0.31 | 0.30 | 0.31 | |||||||||||||||||||||
Gathering volumes (Bcf per day) - Non-consolidated (3) | 0.53 | 0.54 | 0.60 | 0.60 | 0.56 | 0.55 | 0.54 | 0.39 | 0.28 | 0.44 | |||||||||||||||||||||
Plant inlet natural gas volumes (Bcf per day) - Consolidated (2) | 0.64 | 0.60 | 0.84 | 0.78 | 0.72 | 0.56 | 0.57 | 0.52 | 0.54 | 0.55 | |||||||||||||||||||||
Plant inlet natural gas volumes (Bcf per day) - Non-consolidated (3) | 0.56 | 0.54 | 0.60 | 0.60 | 0.57 | 0.54 | 0.53 | 0.39 | 0.27 | 0.43 | |||||||||||||||||||||
Crude transportation volumes (Mbbls/d) | 98 | 99 | 126 | 128 | 113 | 131 | 135 | 137 | 136 | 134 | |||||||||||||||||||||
Consolidated (2) | |||||||||||||||||||||||||||||||
Ethane margin ($/gallon) | $ | .03 | $ | .05 | $ | (.03 | ) | $ | (.01 | ) | $ | — | $ | .02 | $ | .03 | $ | .04 | $ | .09 | $ | .04 | |||||||||
Non-ethane margin ($/gallon) | $ | .30 | $ | .38 | $ | .26 | $ | .35 | $ | .31 | $ | .42 | $ | .36 | $ | .53 | $ | .72 | $ | .47 | |||||||||||
NGL margin ($/gallon) | $ | .21 | $ | .18 | $ | .16 | $ | .20 | $ | .19 | $ | .26 | $ | .23 | $ | .26 | $ | .46 | $ | .28 | |||||||||||
Ethane equity sales (Mbbls/d) | 2 | 6 | 6 | 8 | 5 | 6 | 4 | 4 | 2 | 4 | |||||||||||||||||||||
Non-ethane equity sales (Mbbls/d) | 4 | 4 | 11 | 12 | 8 | 9 | 6 | 3 | 3 | 5 | |||||||||||||||||||||
NGL equity sales (Mbbls/d) | 6 | 10 | 17 | 20 | 13 | 15 | 10 | 7 | 5 | 9 | |||||||||||||||||||||
Ethane production (Mbbls/d) | 13 | 17 | 16 | 19 | 16 | 14 | 14 | 13 | 14 | 14 | |||||||||||||||||||||
Non-ethane production (Mbbls/d) | 20 | 20 | 31 | 30 | 25 | 20 | 19 | 18 | 19 | 19 | |||||||||||||||||||||
NGL production (Mbbls/d) | 33 | 37 | 47 | 49 | 41 | 34 | 33 | 31 | 33 | 33 | |||||||||||||||||||||
Non-consolidated (3) | |||||||||||||||||||||||||||||||
NGL equity sales (Mbbls/d) | 5 | 5 | 5 | 5 | 5 | 5 | 4 | 5 | 4 | 5 | |||||||||||||||||||||
NGL production (Mbbls/d) | 17 | 19 | 21 | 21 | 20 | 21 | 22 | 22 | 19 | 21 | |||||||||||||||||||||
Transcontinental Gas Pipe Line | |||||||||||||||||||||||||||||||
Throughput (Tbtu) | 927.2 | 815.9 | 878.1 | 881.5 | 3,502.7 | 939.1 | 887.6 | 938.5 | 1,017.5 | 3,782.7 | |||||||||||||||||||||
Avg. daily transportation volumes (Tbtu) | 10.2 | 9.0 | 9.5 | 9.6 | 9.6 | 10.4 | 9.8 | 10.2 | 11.1 | 10.4 | |||||||||||||||||||||
Avg. daily firm reserved capacity (Tbtu) | 12.0 | 11.5 | 11.6 | 11.9 | 11.7 | 12.8 | 13.2 | 14.1 | 14.9 | 13.8 | |||||||||||||||||||||
(1) Includes operating expenses, general and administrative expenses, and other income or expenses. | |||||||||||||||||||||||||||||||
(2) Excludes volumes associated with equity-method investments that are not consolidated in our results. | |||||||||||||||||||||||||||||||
(3) Includes 100% of the volumes associated with operated equity-method investments. |
Williams Partners L.P. | |||||||||||||||||||||||||||||||
West | |||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||
2016 | 2017 | ||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
Service revenues: | |||||||||||||||||||||||||||||||
Nonregulated gathering & processing fee-based revenue | $ | 376 | $ | 379 | $ | 374 | $ | 593 | $ | 1,722 | $ | 364 | $ | 382 | $ | 398 | $ | 500 | $ | 1,644 | |||||||||||
Regulated transportation revenue | 118 | 111 | 114 | 117 | 460 | 117 | 112 | 113 | 118 | 460 | |||||||||||||||||||||
Other fee revenues | 42 | 44 | 43 | 44 | 173 | 43 | 38 | 39 | 44 | 164 | |||||||||||||||||||||
Product sales: | |||||||||||||||||||||||||||||||
NGL sales from gas processing | 38 | 54 | 53 | 58 | 203 | 64 | 61 | 68 | 82 | 275 | |||||||||||||||||||||
Olefin sales | — | — | — | — | — | 1 | — | — | — | 1 | |||||||||||||||||||||
Marketing sales | 269 | 342 | 396 | 504 | 1,511 | 506 | 490 | 561 | 708 | 2,265 | |||||||||||||||||||||
Other sales | 6 | 4 | 5 | 4 | 19 | 6 | 8 | 12 | 23 | 49 | |||||||||||||||||||||
Tracked revenues | — | 1 | — | — | 1 | — | 1 | — | 1 | 2 | |||||||||||||||||||||
849 | 935 | 985 | 1,320 | 4,089 | 1,101 | 1,092 | 1,191 | 1,476 | 4,860 | ||||||||||||||||||||||
Intrasegment eliminations | (76 | ) | (101 | ) | (95 | ) | (109 | ) | (381 | ) | (127 | ) | (130 | ) | (162 | ) | (182 | ) | (601 | ) | |||||||||||
Total revenues | 773 | 834 | 890 | 1,211 | 3,708 | 974 | 962 | 1,029 | 1,294 | 4,259 | |||||||||||||||||||||
Segment costs and expenses: | |||||||||||||||||||||||||||||||
NGL cost of goods sold | 18 | 22 | 26 | 25 | 91 | 27 | 31 | 31 | 32 | 121 | |||||||||||||||||||||
Marketing cost of goods sold | 271 | 345 | 396 | 494 | 1,506 | 505 | 498 | 550 | 701 | 2,254 | |||||||||||||||||||||
Other cost of goods sold | 5 | 3 | 5 | 3 | 16 | 5 | 4 | 12 | 20 | 41 | |||||||||||||||||||||
Other segment costs and expenses (1) | 252 | 231 | 223 | 235 | 941 | 204 | 220 | 209 | 224 | 857 | |||||||||||||||||||||
Impairment of certain assets | 1 | 49 | 1 | 49 | 100 | — | 1 | 1,021 | 10 | 1,032 | |||||||||||||||||||||
Regulatory charge resulting from Tax Reform | — | — | — | — | — | — | — | — | 220 | 220 | |||||||||||||||||||||
Tracked costs | — | 1 | — | — | 1 | — | — | 1 | 1 | 2 | |||||||||||||||||||||
Intrasegment eliminations | (76 | ) | (101 | ) | (95 | ) | (109 | ) | (381 | ) | (127 | ) | (130 | ) | (162 | ) | (182 | ) | (601 | ) | |||||||||||
Total segment costs and expenses | 471 | 550 | 556 | 697 | 2,274 | 614 | 624 | 1,662 | 1,026 | 3,926 | |||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 25 | 28 | 29 | 28 | 110 | 25 | 18 | 18 | 18 | 79 | |||||||||||||||||||||
Modified EBITDA | 327 | 312 | 363 | 542 | 1,544 | 385 | 356 | (615 | ) | 286 | 412 | ||||||||||||||||||||
Adjustments | 73 | 112 | 70 | (148 | ) | 107 | 4 | 16 | 1,041 | 195 | 1,256 | ||||||||||||||||||||
Adjusted EBITDA | $ | 400 | $ | 424 | $ | 433 | $ | 394 | $ | 1,651 | $ | 389 | $ | 372 | $ | 426 | $ | 481 | $ | 1,668 | |||||||||||
Statistics for Operated Assets | |||||||||||||||||||||||||||||||
Gathering and Processing | |||||||||||||||||||||||||||||||
Gathering volumes (Bcf per day) | 4.60 | 4.68 | 4.72 | 4.50 | 4.62 | 4.23 | 4.40 | 4.62 | 4.86 | 4.53 | |||||||||||||||||||||
Plant inlet natural gas volumes (Bcf per day) | 2.51 | 2.51 | 2.48 | 2.32 | 2.45 | 1.99 | 2.00 | 2.11 | 2.17 | 2.07 | |||||||||||||||||||||
Ethane equity sales (Mbbls/d) | 4 | 15 | 6 | 4 | 7 | 3 | 11 | 11 | 12 | 9 | |||||||||||||||||||||
Non-ethane equity sales (Mbbls/d) | 20 | 22 | 23 | 21 | 21 | 20 | 20 | 20 | 21 | 20 | |||||||||||||||||||||
NGL equity sales (Mbbls/d) | 24 | 37 | 29 | 25 | 28 | 23 | 31 | 31 | 33 | 29 | |||||||||||||||||||||
Ethane margin ($/gallon) | $ | .03 | $ | .00 | $ | .00 | $ | .00 | $ | .01 | $ | .04 | $ | .00 | $ | .02 | $ | .02 | $ | .02 | |||||||||||
Non-ethane margin ($/gallon) | $ | .26 | $ | .39 | $ | .31 | $ | .41 | $ | .34 | $ | .49 | $ | .40 | $ | .45 | $ | .61 | $ | .49 | |||||||||||
NGL margin ($/gallon) | $ | .22 | $ | .23 | $ | .24 | $ | .34 | $ | .26 | $ | .43 | $ | .26 | $ | .30 | $ | .39 | $ | .34 | |||||||||||
Ethane production (Mbbls/d) | 12 | 25 | 10 | 9 | 14 | 8 | 18 | 19 | 26 | 18 | |||||||||||||||||||||
Non-ethane production (Mbbls/d) | 64 | 66 | 65 | 62 | 64 | 55 | 57 | 62 | 63 | 59 | |||||||||||||||||||||
NGL production (Mbbls/d) | 76 | 91 | 75 | 71 | 78 | 63 | 75 | 81 | 89 | 77 | |||||||||||||||||||||
Northwest Pipeline LLC | |||||||||||||||||||||||||||||||
Throughput (Tbtu) | 205.6 | 168.0 | 161.9 | 191.6 | 727.1 | 219.0 | 165.4 | 156.4 | 209.1 | 749.9 | |||||||||||||||||||||
Avg. daily transportation volumes (Tbtu) | 2.3 | 1.8 | 1.8 | 2.1 | 2.0 | 2.4 | 1.8 | 1.7 | 2.3 | 2.1 | |||||||||||||||||||||
Avg. daily firm reserved capacity (Tbtu) | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | 3.0 | |||||||||||||||||||||
Overland Pass Pipeline Company LLC (equity investment) - 100% | |||||||||||||||||||||||||||||||
NGL Transportation volumes (Mbbls) | 16,814 | 18,410 | 18,535 | 18,078 | 71,837 | 18,338 | 20,558 | 21,015 | 21,425 | 81,336 | |||||||||||||||||||||
(1) Includes operating expenses, general and administrative expenses, and other income or expenses. |
Williams Partners L.P. | |||||||||||||||||||||||||||||||
NGL & Petchem Services | |||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||
2016 | 2017 | ||||||||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
Service revenue: | |||||||||||||||||||||||||||||||
Nonregulated gathering & processing fee-based revenue | $ | 1 | $ | 4 | $ | — | $ | — | $ | 5 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Other fee-based revenues | 7 | 19 | 14 | 3 | 43 | 3 | 4 | — | — | 7 | |||||||||||||||||||||
Product sales: | |||||||||||||||||||||||||||||||
NGL sales from gas processing | 17 | 3 | 16 | — | 36 | — | — | — | — | — | |||||||||||||||||||||
Olefin sales | 136 | 151 | 202 | 160 | 649 | 160 | 145 | 6 | — | 311 | |||||||||||||||||||||
Marketing sales | 28 | 27 | 45 | 39 | 139 | 56 | 38 | 3 | — | 97 | |||||||||||||||||||||
Other sales | — | — | 2 | — | 2 | — | — | — | — | — | |||||||||||||||||||||
189 | 204 | 279 | 202 | 874 | 219 | 187 | 9 | — | 415 | ||||||||||||||||||||||
Intrasegment eliminations | (13 | ) | (8 | ) | (21 | ) | (5 | ) | (47 | ) | (17 | ) | (26 | ) | — | — | (43 | ) | |||||||||||||
Total revenues | 176 | 196 | 258 | 197 | 827 | 202 | 161 | 9 | — | 372 | |||||||||||||||||||||
Segment costs and expenses: | |||||||||||||||||||||||||||||||
NGL cost of goods sold | 12 | 2 | 10 | — | 24 | — | — | — | — | — | |||||||||||||||||||||
Olefins cost of goods sold | 65 | 77 | 84 | 86 | 312 | 89 | 93 | 4 | — | 186 | |||||||||||||||||||||
Marketing cost of goods sold | 28 | 29 | 41 | 40 | 138 | 52 | 40 | 3 | — | 95 | |||||||||||||||||||||
Other cost of goods sold | 1 | — | 2 | — | 3 | — | — | — | — | — | |||||||||||||||||||||
Gain on sale of Geismar Interest | — | — | — | — | — | — | — | (1,095 | ) | — | (1,095 | ) | |||||||||||||||||||
Impairment of certain assets | — | 341 | — | 1 | 342 | — | — | — | — | — | |||||||||||||||||||||
Other segment costs and expenses (1) | 57 | 45 | 72 | 26 | 200 | 27 | 24 | 13 | 4 | 68 | |||||||||||||||||||||
Intrasegment eliminations | (13 | ) | (8 | ) | (21 | ) | (5 | ) | (47 | ) | (17 | ) | (26 | ) | — | — | (43 | ) | |||||||||||||
Total segment costs and expenses | 150 | 486 | 188 | 148 | 972 | 151 | 131 | (1,075 | ) | 4 | (789 | ) | |||||||||||||||||||
Modified EBITDA | 26 | (290 | ) | 70 | 49 | (145 | ) | 51 | 30 | 1,084 | (4 | ) | 1,161 | ||||||||||||||||||
Adjustments | 4 | 341 | 32 | (3 | ) | 374 | (2 | ) | (7 | ) | (1,083 | ) | 3 | (1,089 | ) | ||||||||||||||||
Adjusted EBITDA | $ | 30 | $ | 51 | $ | 102 | $ | 46 | $ | 229 | $ | 49 | $ | 23 | $ | 1 | $ | (1 | ) | $ | 72 | ||||||||||
Statistics for Operated Assets | |||||||||||||||||||||||||||||||
Ethane equity sales (Mbbls/d) | 10 | 1 | 8 | — | 7 | — | — | — | — | — | |||||||||||||||||||||
Non-ethane equity sales (Mbbls/d) | 10 | 1 | 6 | — | 6 | — | — | — | — | — | |||||||||||||||||||||
NGL equity sales (Mbbls/d) | 20 | 2 | 14 | — | 13 | — | — | — | — | — | |||||||||||||||||||||
Ethane production (Mbbls/d) | 10 | 1 | 8 | — | — | — | — | — | — | — | |||||||||||||||||||||
Non-ethane production (Mbbls/d) | 8 | 2 | 8 | — | — | — | — | — | — | — | |||||||||||||||||||||
NGL production (Mbbls/d) | 18 | 3 | 16 | — | — | — | — | — | — | — | |||||||||||||||||||||
Petrochemical Services | |||||||||||||||||||||||||||||||
Geismar ethylene sales volumes (million lbs) | 423 | 391 | 419 | 405 | 1,638 | 266 | 300 | — | — | 566 | |||||||||||||||||||||
Geismar ethylene margin ($/lb) (2) | $ | .13 | $ | .15 | $ | .21 | $ | .15 | $ | .16 | $ | .19 | $ | .13 | $ | — | $ | — | $ | .16 | |||||||||||
Canadian propylene sales volumes (millions lbs) | 33 | 8 | 46 | — | 87 | — | — | — | — | — | |||||||||||||||||||||
Canadian alky feedstock sales volumes (million gallons) | 7 | 2 | 6 | — | 15 | — | — | — | — | — | |||||||||||||||||||||
(1) Includes operating expenses, general and administrative expenses, and other income or expenses. | |||||||||||||||||||||||||||||||
(2) Ethylene margin and ethylene margin per pound are calculated using financial results determined in accordance with GAAP, which include realized ethylene sales prices and ethylene COGS. Realized sales and COGS per unit metrics may vary from publicly quoted market indices or spot prices due to various factors, including, but not limited to, basis differentials, transportation costs, contract provisions, and inventory accounting methods. |
Williams Partners L.P. | |||||||||||||||||||||||||||||||
Capital Expenditures and Investments | |||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||
2016 | 2017 | ||||||||||||||||||||||||||||||
(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 | $ | 67 | $ | 55 | $ | 46 | $ | 56 | $ | 224 | $ | 58 | $ | 81 | $ | 173 | $ | 101 | $ | 413 | |||||||||||
Atlantic-Gulf | 300 | 410 | 380 | 345 | 1,435 | 388 | 398 | 371 | 508 | 1,665 | |||||||||||||||||||||
West | 62 | 33 | 63 | 70 | 228 | 57 | 58 | 94 | 76 | 285 | |||||||||||||||||||||
NGL & Petchem Services | 34 | 18 | 4 | 1 | 57 | 6 | 1 | (1 | ) | — | 6 | ||||||||||||||||||||
Other | — | 2 | (2 | ) | — | — | — | 2 | 1 | 2 | 5 | ||||||||||||||||||||
Total (1) | $ | 463 | $ | 518 | $ | 491 | $ | 472 | $ | 1,944 | $ | 509 | $ | 540 | $ | 638 | $ | 687 | $ | 2,374 | |||||||||||
Purchases of investments: | |||||||||||||||||||||||||||||||
Northeast G&P | $ | 24 | $ | 40 | $ | (16 | ) | $ | 24 | $ | 72 | $ | 20 | $ | 26 | $ | 24 | $ | 29 | $ | 99 | ||||||||||
Atlantic-Gulf | — | — | — | — | — | — | 1 | — | — | 1 | |||||||||||||||||||||
West | 39 | 19 | 26 | 21 | 105 | 32 | — | — | — | 32 | |||||||||||||||||||||
Total | $ | 63 | $ | 59 | $ | 10 | $ | 45 | $ | 177 | $ | 52 | $ | 27 | $ | 24 | $ | 29 | $ | 132 | |||||||||||
Summary: | |||||||||||||||||||||||||||||||
Northeast G&P | $ | 91 | $ | 95 | $ | 30 | $ | 80 | $ | 296 | $ | 78 | $ | 107 | $ | 197 | $ | 130 | $ | 512 | |||||||||||
Atlantic-Gulf | 300 | 410 | 380 | 345 | 1,435 | 388 | 399 | 371 | 508 | 1,666 | |||||||||||||||||||||
West | 101 | 52 | 89 | 91 | 333 | 89 | 58 | 94 | 76 | 317 | |||||||||||||||||||||
NGL & Petchem Services | 34 | 18 | 4 | 1 | 57 | 6 | 1 | (1 | ) | — | 6 | ||||||||||||||||||||
Other | — | 2 | (2 | ) | — | — | — | 2 | 1 | 2 | 5 | ||||||||||||||||||||
Total | $ | 526 | $ | 577 | $ | 501 | $ | 517 | $ | 2,121 | $ | 561 | $ | 567 | $ | 662 | $ | 716 | $ | 2,506 | |||||||||||
Capital expenditures incurred and purchases of investments: | |||||||||||||||||||||||||||||||
Increases to property, plant, and equipment | $ | 498 | $ | 485 | $ | 446 | $ | 442 | $ | 1,871 | $ | 569 | $ | 586 | $ | 660 | $ | 824 | $ | 2,639 | |||||||||||
Purchases of investments | 63 | 59 | 10 | 45 | 177 | 52 | 27 | 24 | 29 | 132 | |||||||||||||||||||||
Total | $ | 561 | $ | 544 | $ | 456 | $ | 487 | $ | 2,048 | $ | 621 | $ | 613 | $ | 684 | $ | 853 | $ | 2,771 | |||||||||||
(1) Increases to property, plant, and equipment | $ | 498 | $ | 485 | $ | 446 | $ | 442 | $ | 1,871 | $ | 569 | $ | 586 | $ | 660 | $ | 824 | $ | 2,639 | |||||||||||
Changes in related accounts payable and accrued liabilities | (35 | ) | 33 | 45 | 30 | 73 | (60 | ) | (46 | ) | (22 | ) | (137 | ) | (265 | ) | |||||||||||||||
Capital expenditures | $ | 463 | $ | 518 | $ | 491 | $ | 472 | $ | 1,944 | $ | 509 | $ | 540 | $ | 638 | $ | 687 | $ | 2,374 | |||||||||||
Selected Financial Information | |||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||
2016 | 2017 | ||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | |||||||||||||||||
Cash and cash equivalents | $ | 125 | $ | 101 | $ | 68 | $ | 145 | $ | 625 | $ | 1,908 | $ | 1,165 | $ | 881 | |||||||||
Capital structure: | |||||||||||||||||||||||||
Debt: | |||||||||||||||||||||||||
Commercial paper | $ | 135 | $ | 196 | $ | 2 | $ | 93 | $ | — | $ | — | $ | — | $ | — | |||||||||
Current | $ | 976 | $ | 786 | $ | 785 | $ | 785 | $ | — | $ | 1,951 | $ | 502 | $ | 501 | |||||||||
Noncurrent | $ | 18,504 | $ | 19,116 | $ | 18,918 | $ | 17,685 | $ | 17,065 | $ | 16,614 | $ | 16,000 | $ | 15,996 | |||||||||
WPZ Reconciliation of "Net Income (Loss)" to "Modified EBITDA", | |||||||||||
Non-GAAP "Adjusted EBITDA" and "Distributable Cash Flow" | |||||||||||
2018 Guidance Range | |||||||||||
(Dollars in billions, except coverage ratios) | Low | Mid | High | ||||||||
Net income (loss) | $ | 1.500 | $ | 1.600 | $ | 1.700 | |||||
Provision (benefit) for income taxes | — | ||||||||||
Interest expense | 0.825 | ||||||||||
Equity (earnings) losses | (0.325 | ) | |||||||||
Proportional Modified EBITDA of equity-method investments | 0.700 | ||||||||||
Depreciation and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations | 1.750 | ||||||||||
Modified EBITDA | 4.450 | 4.550 | 4.650 | ||||||||
Total EBITDA adjustments | — | ||||||||||
Adjusted EBITDA | 4.450 | 4.550 | 4.650 | ||||||||
Maintenance capital expenditures (1) | (0.550 | ) | (0.500 | ) | (0.450 | ) | |||||
Interest expense (cash portion) (2) | (0.875 | ) | |||||||||
Income attributable to noncontrolling interests, cash taxes and other | (0.125 | ) | |||||||||
Distributable cash flow attributable to Partnership Operations | $ | 2.900 | $ | 3.050 | $ | 3.200 | |||||
Total cash distributed | $ | 2.450 | $ | 2.450 | $ | 2.450 | |||||
Cash Coverage Ratio (Distributable cash flow attributable to Partnership Operations / Total cash distributed) | 1.18 | x | 1.24 | x | 1.31 | x | |||||
(1) Includes proportionate share of maintenance capital expenditures of equity investments. | |||||||||||
(2) Includes proportionate share of interest expense of equity investments. |