Williams Partners Reports Year-End 2012 Financial Results

Williams Partners L.P. (NYSE: WPZ):
Summary Financial Information     Full Year     4Q
Amounts in millions, except per-unit and coverage ratio amounts.   2012         2011     2012         2011  
(Unaudited)
 
Net income $ 1,232   $ 1,511   $ 291   $ 412  
Net income per common L.P. unit $ 1.89   $ 3.69   $ 0.42   $ 1.05  
                         
 
Distributable cash flow (DCF) (1) $ 1,681 $ 1,786 $ 425 $ 466
Less: Pre-partnership DCF (2)   (192 )   (136 )   (20 )   (22 )
DCF attributable to partnership operations $ 1,489   $ 1,650   $ 405   $ 444  
 
Cash distribution coverage ratio (1) 0.95x 1.41x 0.92x 1.43x
(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 from January 2011 through its acquisition date in November 2012, since these periods were prior to the receipt of cash flows from the assets.
 
 

Williams Partners L.P. (NYSE: WPZ) today announced unaudited 2012 net income of $1.23 billion, or $1.89 per common limited-partner unit, compared with 2011 net income of $1.51 billion, or $3.69 per common limited-partner unit.

For fourth-quarter 2012, Williams Partners reported net income of $291 million, or $0.42 per common limited-partner unit, compared with $412 million, or $1.05 per common limited-partner unit, for fourth-quarter 2011.

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