The company is cutting its capital expenditures by $1 billion to $2 billion.
The reduction reflects project deferrals, delays and cancellations resulting from plunging commodities prices and higher costs of capital, according to a statement.
"We continue to execute on critical demand-driven infrastructure projects that serve the long-term natural gas needs of local distribution companies, electric power generation, LNG and industrial sources," CEO Alan Armstrong said in a statement.
Additionally, the company announced a quarterly cash distribution of 85 cents per share for its common shareholders.
The distribution is consistent with the prior quarter, according to a statement. It will be payable on February 12 to holders of record at the market close on Feb. 5.
Based in Tulsa, Okla., Williams Partners owns, operates, develops and acquires natural gas, natural gas liquids (NGLs) and oil gathering systems, and other midstream energy assets.
Separately, TheStreet Ratings team rates the stock as a "sell" with a grade of D.
Williams Partners's weaknesses include its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and generally high debt management risk.
You can view the full analysis from the report here: WPZ
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.