Williams Partners 3Q15: Revenue Up 21%, but Paper Loss of $194M

I love quarterly reportsWilliams Partners issued their third quarter 2015 earnings and operating update yesterday. Williams, you may recall, is in the process of being taken over (bought out, merged, whatever you want to call it) by Energy Transfer Equity, the same company that owns Sunoco Logistics and Regency Energy (see Williams Accepts ETE’s “Indecent Proposal” – Price Went Down $10B). Perhaps one reason Williams decided to accept ETE’s offer is that although revenue was up $193 million (21%) in 3Q15 over 3Q14, the company lost $194 million in 3Q15, vs making $233 million in 3Q14. To be fair, the “loss” was a paper loss–mostly due to accounting machinations whereby the value of some assets was lowered. Below are some of the financials, and much of the narrative, which includes a great deal about the Marcellus/Utica were Williams has a huge presence…

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