Williams 3Q13: Income Down 10% Companywide, NE Still Not Profitable
Williams Partners is one of the biggest midstream companies (pipelines and processing plants) in the Marcellus/Utica region. Wednesday they issued their third quarter financial and operational update in the never-ending parade of quarterly updates. And what did it show? The company overall saw a 10% decrease in net income for 3Q13 vs 3Q12, mostly because of lower prices for natural gas liquids and the compounds made from them. The news from Williams’ northeast operations is that they continue to bleed money (in the red) in 3Q13, but not as bad as 3Q12. Revenues are up in the northeast, but spending to build out their infrastructure is up more.
Below are select portions of the Wednesday update. We first provide you with the big picture introductory stuff to the set the stage, and then select out the northeast (Marcellus/Utica) sections: