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EXHIBIT 99(c)
SELECTED FINANCIAL DATA
The following selected income statement data for the years 1997, 1996, and 1995
and balance sheet data for 1997 and 1996 have been derived from the Company's
audited consolidated financial statements appearing elsewhere herein. The income
statement data for the years 1994 and 1993 and balance sheet data for 1995, 1994
and 1993 have been derived from the Company's financial records. The selected
financial data shown below reflects the combined operations and financial
position of Williams Holdings of Delaware, Inc. and MAPCO Inc. as a result of
the March 28, 1998, merger. Such merger was accounted for as a pooling of
interests. The selected financial data shown below should be read in conjunction
with such financial statements of the Company and related notes.
Year Ended December 31,
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1997 (1) 1996 1995 (2) 1994 1993
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(dollars in millions)
INCOME STATEMENT DATA:
Total revenues $ 6,512.9 $ 5,153.0 $ 4,153.3 $ 3,871.1 $ 3,494.9
Income from continuing operations 301.0(4) 358.9(5) 276.0(6) 175.7(7) 244.1(8)
Income from discontinued operations (3) (6.3) (32.7) 1,029.3 122.9 81.6
BALANCE SHEET DATA:
Property, plant and equipment--net 4,533.6 3,897.3 3,537.2 2,785.7 3,243.7
Total assets 9,102.9 7,334.6 6,515.5 5,555.7 4,902.2
Long-term debt 1,525.5 1,421.5 1,021.7 1,169.2 751.3
Stockholders' equity $ 3,525.5 $ 3,152.7 $ 2,849.0 $ 2,422.5 $ 2,456.9
RATIO OF EARNINGS TO FIXED CHARGES (9) 3.97 6.00 3.86 3.86 6.39
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(1) On April 30, 1997, the Company and Northern Telecom combined their
customer premise operations into a limited liability company. Williams
Communications Solutions, LLC (the "LLC"). The Company owns a 70 percent
interest in the LLC. Operating results of the LLC are included in the
Company's operating results beginning May 1, 1997.
(2) On January 18, 1995, Williams acquired 60 percent of the outstanding
common stock of Transco Energy Company ("Transco") in a cash tender
offer. On May 1, 1995, the remaining 40 percent of Transco's outstanding
common stock was acquired through a merger, which involved the exchange
of the remaining Transco common stock for approximately 31.2 million
shares of Williams common stock. Williams then contributed, effective
January 18, 1995, the stock of Transco and Transco's subsidiaries, except
for subsidiaries holding the interstate natural gas pipelines, to the
Company.
(3) In the third quarter of 1994, the Company signed a definitive agreement
to enter into the sale of its network services operations (the "WNS
Sale"). On January 5, 1995, the Company consummated the transaction, and
the gain from the sale was reported as discontinued operations in the
1995 first quarter consolidated financial statements. On September 10,
1996, the Company sold substantially all of the net assets of the MAPCO
coal business to Alliance Coal Corporation (Alliance). The selected
financial data has been prepared to present operating results of the
operations sold in the WNS Sale and to Alliance as discontinued
operations. For additional information see Note 3 of the Notes to
Consolidated Financial Statements of the Company appearing elsewhere
herein.
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(4) Includes an after-tax gain on sale of interest in subsidiary of $44.5
million and a $66 million pretax gain on the sale of assets. See Notes 2
and 5 of the Notes to Consolidated Financial Statements of the Company
appearing elsewhere herein.
(5) Includes pretax gains on sales of assets totaling $36.5 million. See Note
5 of the Notes to Consolidated Financial Statements of the Company
appearing elsewhere herein. Also includes a pretax gain of $20 million
from the property insurance coverage associated with construction of
replacement gathering facilities.
(6) Includes a pretax gain on exchange of investments of $25.4 million, a
pretax gain on sale of Williams common stock of $10.8 million, a pretax
loss on sale of an investment of $12.6 million, and a $41.4 million
pretax write-off of project costs. See Notes 4 and 5 of the Notes to
Consolidated Financial Statements of the Company appearing elsewhere
herein.
(7) Includes a pretax charge of $68.7 million related to the settlement of a
dispute with the State of Alaska relative to royalty oil purchase
agreements.
(8) Includes a pretax gain of $51.6 million from the sale of 6.1 million
units in the Williams Coal Seam Gas Royalty Trust and a pretax gain of
$45.9 million from the sale of the intrastate natural gas pipeline system
and other related assets in Louisiana.
(9) For the purpose of this ratio (i) earnings consist of income from
continuing operations before fixed charges, minority interest expense and
income taxes for the Company, its majority-owned subsidiaries and its
proportionate share of 50 percent-owned companies, less undistributed
earnings of less than 50 percent-owned companies; and (ii) fixed charges
consist of interest and debt expense on all indebtedness (without
reduction of interest capitalized) and that portion of rental payments on
operating leases estimated to represent an interest factor, plus the
pretax effect of preferred dividends of subsidiaries.