Income Falls at Williams Partners

Williams Partners L.P. today announced second-quarter 2007 net income of $26.2 million compared with second-quarter 2006 net income of $34.8 million.

Year-to-date through June 30, Williams Partners reported net income of $40.0 million compared with $74.3 million for the same time frame last year.

Distributable cash flow for limited-partner unitholders totaled $28.3 million for the second quarter of 2007, compared with $6.1 million for the same period in 2006. The key measure of distributable cash flow per weighted-average limited partner unit was 72 cents in second-quarter 2007, compared with 41 cents for second-quarter 2006.

The increase in distributable cash flow for the quarter is due to strong operational results, lower operating costs, as well as a special cash distribution from Discovery due to hurricane-related insurance receivables.

Year-to-date through June 30, distributable cash flow for limited-partner unitholders totaled $47.1 million, compared with $12.8 million for 2006. Also during the first half of 2007, distributable cash flow per weighted-average limited partner unit was $1.20, compared with 89 cents for 2006.

Financial results for all periods presented have been restated to include the additional 20 percent interest in Discovery Producer Services LLC, which was recently acquired from Williams .



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