Management Comments

J. Mike Stice, Access Midstream Partners’ Chief Executive Officer, commented, “While the Partnership’s name and ownership structure have changed, our commitment to executing on our best-in-class business model while maintaining a conservative balance sheet and investment grade credit metrics remains unchanged. The strong operating and financial results in the 2012 second quarter are further evidence of the Partnership’s ability to produce consistent results for our investors. This quarter continued to show the strong organic growth within our existing footprint. This sustained exposure to the most prolific unconventional plays in North America will be an important competitive advantage for many years to come.”

Conference Call Information

A conference call to discuss this release of financial results has been scheduled for Wednesday, August 8, 2012 at 9:00 a.m. EDT. The telephone number to access the conference call is 719-325-4813 or toll-free 877-681-3377. The passcode for the call is 4772466. We encourage those who would like to participate in the call to dial the access number between 8:50 and 9:00 a.m. EDT. For those unable to participate in the conference call, a replay will be available for audio playback from 12:00 p.m. EDT on August 8, 2012 through 12:00 p.m. EDT on August 22, 2012. The number to access the conference call replay is 719-457-0820 or toll-free 888-203-1112. The passcode for the replay is 4772466. The conference call will also be webcast live on the Internet and can be accessed by going to the Partnership’s website at www.accessmidstream.com in the "Events" subsection of the "Investors" section of the website. An archive of the conference call webcast will also be available on the website.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of adjusted ebitda, DCF and adjusted DCF. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered as an alternative to GAAP measures such as net income, net cash provided by operating activities or any other measure of liquidity or financial performance calculated and presented in accordance with GAAP. Investors should not consider adjusted ebitda, DCF or adjusted DCF in isolation or as a substitute for analysis of the Partnership’s results as reported under GAAP. Because these non-GAAP financial measures may be defined differently by other companies in our industry, the Partnership’s definition of adjusted ebitda, DCF and adjusted DCF may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

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