This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Williams Partners Reports Third-Quarter 2013 Financial Results, Updates Guidance

Stocks in this article: WMB WPZ

Williams Partners L.P. (NYSE: WPZ):


Summary Financial Information 3Q YTD

Amounts in millions, except per-unit and coverage ratio amounts.

All income amounts attributable to Williams Partners L.P.

  2013   2012     2013   2012  
Net income $ 279 $ 290   $ 856 $ 941  
Net income per common L.P. unit $ 0.52 $ 0.38   $ 1.34 $ 1.47  
Distributable cash flow (DCF) (1) $ 378 $ 374 $ 1,262 $ 1,256
Less: Pre-partnership DCF (2)   0   (58 )   0   (172 )
DCF attributable to partnership operations $ 378 $ 316   $ 1,262 $ 1,084  
Cash distribution coverage ratio (1)(3) 0.86x .80x .90x .96x

(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 2012, since these periods were prior to the receipt of cash flows from the assets.

(3) Includes benefit of IDR waivers.

Williams Partners L.P. (NYSE: WPZ) today announced unaudited third-quarter 2013 net income attributable to Williams Partners L.P. of $279 million, or $0.52 per common limited-partner unit, compared with net income of $290 million, or $0.38 per common limited-partner unit for third-quarter 2012. Earnings per common limited-partner unit were favorably impacted by a significant increase in waived incentive distribution rights, which resulted in a shift of net income from the general partner to the limited partners. 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 $11 million decrease in third-quarter net income was primarily due to $76 million lower olefin margins from lost production at the Geismar olefins plant as well as $49 million (or 29%) lower natural gas liquids (NGL) margins driven by continued ethane rejection. The decrease was offset by a $61 million increase in transportation and gathering and processing fee revenues as well as $19 million in lower costs in the quarter. Third-quarter 2013 also benefited from $50 million of income recognized associated with initial insurance recoveries related to the Geismar incident.

1 of 13

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs