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Williams books lower Q2 adjusted earnings, points to new projects coming online


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Williams books lower Q2 adjusted earnings, points to new projects coming online

Williams Cos. Inc. reported adjusted income from continuing operations of $108 million, or 13 cents per share, down from $146 million, or 19 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 26 cents.

Net income for the quarter was $81 million, or 10 cents per share, climbing from a loss of $405 million, or a loss of 54 cents per share, in the year-ago quarter. This was attributed to an $869 million improvement in operating income, reflecting a decrease of $777 million in impairments of certain assets and increased fee-based revenue from expansion projects.

Adjusted EBITDA for the quarter increased to $1.11 billion, compared to $1.07 billion in the year-ago quarter. The increase was mainly attributed to $18 million increased fee-based revenues at Williams Partners LP and a $24 million increase in proportional EBITDA of joint ventures in the Williams Partners segment, partially offset by $22 million lower olefins margins, also in the Williams Partners segment.

Cash flow available for dividends and other uses fell to $360 million in the second quarter of 2017, from the year-ago quarter's $433 million.

"We continue to deliver on project execution as planned for 2017," said Williams President and CEO Alan Armstrong. "So far this year, we have successfully brought into service three [Transcontinental Gas Pipe Line Co. LLC] expansion projects including the 1.2 Bcf/d Gulf Trace project, the 0.8 Bcf/d Hillabee Phase 1 project, and just this week, the 0.4 Bcf/d Dalton Expansion project. The line of sight to future growth is evident as well as we are targeting second-half 2017 in-service dates for three more fully-contracted growth projects including Virginia Southside II, New York Bay, and Garden State Phase 1."

Williams Partners

In a separate release, Williams Partners posted second-quarter net income of $320 million, or 33 cents per unit, jumping from a loss of $90 million, or a loss of 49 cents per unit, in the prior-year period.

Second-quarter cash flow from operations also increased to $776 million, compared to $742 million a year earlier. Adjusted EBITDA was reported at $1.10 billion, a slight increase from $1.07 billion in the year-ago quarter.