Williams Partners L.P. (NYSE: WPZ):
|Summary Financial Information||2Q||YTD|
Amounts in millions, except per-unit and coverage ratio amounts. All income amounts attributable to Williams Partners L.P.
|Net income per common L.P. unit||$||0.31||$||0.29||$||0.81||$||1.11|
|Distributable cash flow (DCF) (1)||$||387||$||345||$||884||$||882|
|Less: Pre-partnership DCF (2)||0||(52||)||0||(114||)|
|DCF attributable to partnership operations||$||387||$||293||$||884||$||768|
|Cash distribution coverage ratio (1)||.79x||.79x||.92x||1.04x|
|(1) Distributable Cash Flow and Cash Distribution Coverage Ratio are non-GAAP measures. Reconciliations to the most relevant measures included in GAAP are attached to this news release.|
|(2) This amount represents DCF from the Gulf Olefins assets during 1Q and 2Q 2012, since these periods were prior to the receipt of cash flows from the assets.|
Williams Partners L.P. (NYSE: WPZ) today announced unaudited second-quarter 2013 net income attributable to Williams Partners L.P. of $256 million, or $0.31 per common limited-partner unit, compared with net income of $243 million, or $0.29 per common limited-partner unit for second-quarter 2012. Prior-period results throughout this release have been recast to include the results of the Geismar olefins production facility acquired from Williams in November 2012 and to reflect the revised segment reporting resulting from the organizational restructuring effective Jan. 1, 2013.
The increase in second-quarter net income was primarily due to an increase in transportation, gathering and processing fee revenues, higher olefin and marketing margins, and lower general and administrative expenses. Lower NGL margins and related ethane rejection substantially reduced net income for the current year quarter. NGL margins declined 44 percent from the second quarter of 2012 as continued low ethane prices drove system wide ethane rejection; propane and butane prices remained at depressed levels. Higher olefin sales prices during the quarter more than offset lower olefin sales volumes as a result of the Geismar incident.
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