Energy briefs for Feb. 22

Energy briefs for Feb. 22
Published: February 22, 2013
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EARNINGS

THE WILLIAMS COS. INC.

The Williams Cos. Inc. on Wednesday reported net income of $149 million, or 23 cents a share, for the fourth quarter, up from a net loss of $444 million, or 74 cents a share, for the same period of 2011. Officials attributed the increase to the absence of a large noncash impairment charge from discontinued operations in 2011. “This past year was one of significant growth and change at Williams,” CEO Alan Armstrong said. “We spun off WPX Energy at the end of 2011 and followed that up by seizing on a significant number of strategic growth opportunities. Our focus now is executing on our portfolio of great growth projects across of our operating areas — from the Marcellus and Utica Shale and Canada to the deepwater Gulf of Mexico.”

WILLIAMS PARTNERS LP

Williams Partners LP's fourth-quarter earnings dropped to $291 million, or 42 cents a unit, the partnership reported Wednesday. Williams Partners earned $412 million, or $1.05 a unit, in the same period of 2011. Officials said the drop in income was due to a significant decline in natural gas liquids margins due to lower prices. CEO Alan Armstrong said Williams Partners' midstream growth mitigated its commodity exposure. “We continue to rapidly grow our fee-based business,” Armstrong said. “We are directing the vast majority of the $12 billion of our 2012-2014 growth capital to projects that serve to reduce the effect of NGL prices on our earnings.”

From Staff and Wire Reports



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