Williams Beats Expectations

Williams Cos. Inc. earnings topped expectations as 2006 revenues reached $11.8 billion, the company reported.
Williams’ actual earnings per share were $1.17 — 4 cents higher than First Call’s $1.13 prediction.
Record natural gas liquids margins for the year and the company’s continued growth in natural gas production boosted the net income of $308.5 million, or 51 cents per share, slightly lower than the net income of $313.6 million, or 53 cents a share for 2005.
Natural gas production rose 21 percent in 2006 while the company reported that 2006 was the fourth straight year it replaced more than 200 percent of its natural gas reserves.
Recurring adjusted income increased 38 percent to $707.8 million for full year while cash flow from operations up 30 percent to $1.9 billion for full year.
Revenues for the fourth quarter were $2.8 billion, 22 percent below fourth-quarter revenues of $3.6 billion in 2005.
“For us, growing our segment profit and our natural gas reserves and production are major catalysts to deliver additional value,” said Steve Malcolm, Williams CEO.

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