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Williams reports higher adjusted Q4, FY'17 results

Williams Cos. Inc. on Feb. 14 reported fourth-quarter 2017 adjusted EBITDA of $1.16 billion, an increase from $1.12 billion a year earlier. The S&P Global Market Intelligence consensus estimate of adjusted EBITDA was $1.13 billion.

The company's distributable cash flow in the quarter was $349.0 million, a drop from $518.0 million a year earlier. Williams reported net income of $1.69 billion, compared with a loss of $15.0 million a year earlier.

For the full year, the company posted adjusted EBITDA of $4.53 billion, up from $4.44 billion in 2016. The S&P Global Market Intelligence consensus estimate for full-year adjusted EBITDA was $4.49 billion.

Distributable cash flow for the year was $1.44 billion, a decrease from $1.82 billion in the previous year. Net income came to $2.17 billion, compared with a net loss of $424.0 million in 2016.

"We achieved these impressive results, which include improvement in year-over-year adjusted EBITDA for both fourth-quarter and full-year 2017, in spite of the impact of multiple hurricanes and more than $3 billion in asset sales since September 2016," Williams President and CEO Alan Armstrong said. "As the Atlantic Sunrise project construction continues, the debottlenecking of the Northeast is starting to occur as other pipelines in the Northeast have also been placed in service recently or will be brought online in the near future."

In a separate release, Williams' midstream master limited partnership, Williams Partners LP, reported fourth-quarter adjusted EBITDA of $1.15 billion, an increase from $1.11 billion a year earlier. The S&P Global Market Intelligence consensus adjusted EBITDA estimate was $1.12 billion.

The partnership's distributable cash flow in the fourth quarter was $702.0 million, up from $699.0 million in the prior-year period. Williams Partners reported a net loss of $342.0 million, compared with net income of $145.0 million a year earlier.

For the full year, the partnership reported adjusted EBITDA of $4.47 billion, an increase from $4.43 billion a year prior.

The S&P Global Market Intelligence consensus estimate for full-year adjusted EBITDA was $4.44 billion.

Distributable cash flow for the year was $2.82 billion, a decrease from $2.97 billion in 2016. Net income came to $871.0 million, compared with net income of $431.0 million in the previous year.