UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 20, 2003
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NORTHWEST PIPELINE CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 1-7414 87-0269236
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
295 CHIPETA WAY 84108
SALT LAKE CITY, UTAH (Zip Code)
(Address of principal executive
offices)
Registrant's telephone number, including area code: 801-583-8800
NOT APPLICABLE
(Former name or former address, if changed since last report)
ITEM 9. REGULATION FD DISCLOSURE
Northwest Pipeline Corporation wishes to disclose for Regulation FD
purposes the following preliminary unaudited financial results for the year
ended December 31, 2002:
o Operating revenues of approximately $297.6 million, an increase of
approximately $12.4 million, or 4%, over the prior year's operating
revenues of $285.2 million, due primarily to facility charge revenues
of $3.6 million from incremental projects put into service during 2002,
new reservation charges of approximately $1.5 million and higher
short-term firm transportation revenues, partially offset by a $1.6
million decrease in tracked fuel costs and Gas Research Institute
charges billed to customers. Transportation services accounted for 91%
and 93% of operating revenues for the years ended December 31, 2002 and
2001, respectively. Additionally, gas storage services represented 3%
of operating revenues in each of the years ended December 31, 2002 and
2001;
o EBITDA of approximately $203.6 million, an increase of approximately
$9.5 million, or 5%, over the prior year's EBITDA of $194.1 million;
o Operating income of approximately $144.6 million, an increase of
approximately $9.2 million, or 7%, over the prior year's operating
income of $135.4 million, due to the higher revenues discussed above,
partially offset by higher operating expenses of $3.2 million, which
included $3.9 million related to an enhanced-benefit early retirement
option offered to certain Williams employee groups; and
o Net income of approximately $80.6 million, an increase of approximately
$13.6 million, or 20%, over the prior year's net income of $67.0
million, due to the reasons discussed above combined with reduced
charitable contributions and lower interest charges.
Northwest Pipeline Corporation also wishes to disclose for Regulation
FD purposes its press release dated February 20, 2003, filed herewith as Exhibit
99.1.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
NORTHWEST PIPELINE CORPORATION
By: /s/ Brian K. Shore
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Name: Brian K. Shore
Title: Corporate Secretary
Dated: February 20, 2003
2
INDEX TO EXHIBITS
<Table>
<Caption>
EXHIBIT
NUMBER DESCRIPTION
- ------- -----------
99.1 Copy of Northwest Pipeline Corporation's press release dated
February 20, 2003.
</Table>