Williams Natural Gas Business Delivers Outstanding Results

Williams Cos. Inc. reported that recurring adjusted earnings per share was up 84 perrcent in the first quarter.

Williams domestic natural gas production was up 20 percent, surpassing 1 billion cubic feet equivalent per day. The margins for natural gas liquids remain strong as midstream segment profit was up 69 percent over figures from a year ago.

Williams delivered a strong start to 2008, said Steve Malcolm, chairman, president and CEO.

“Quarter after quarter, our operational performance continues to drive impressive financial results,” he said. “In the first quarter this year, we increased production 27 percent in each of our two largest production areas – the Piceance and Powder River basins . Our focus on quickly and responsibly developing our long-lived natural gas reserves continues to generate value.”

Williams announced first-quarter 2008 unaudited net income of $500 million, or 84 cents per share on a diluted basis, compared with net income of $134 million, or 22 cents per share on a diluted basis, for first-quarter 2007.

Recurring income from continuing operations after mark-to-market adjustments was $341 million, or 57 cents per share, for first-quarter 2008, compared with $189 million, or 31 cents per share, for first-quarter 2007.

Williams first quarter revenue was $3.22 billion, compared to revenues of $2.37 billion a year ago at the same time.



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