Williams 1Q16: Lost $65M; Constitution, Atlantic Sunrise Updates

Williams logoLast week midstream giant Williams issued its first quarter 2016 update. The company reported a net loss of $65 million in 1Q16, compared to making $70 million in 1Q15. The company said the difference was because of higher interest expenses and due to a change in internal accounting practices–not because of lost business. Along with the update Williams’ top brass held an analyst/earnings call. Notably on the call they refused to take any questions dealing with the impending merger/takeover by Energy Transfer Equity (ETE). Williams has sued ETE over that plan and apparently Williams’ lawyers put the fear of God into management that they could not talk about the case or the merger during the phone call–which is disappointing given that ETE did talk about it on their call (see ETE CEO Kelsey Warren Says Williams Merger “Can’t Close”). Below is the update and select portions of the phone call with updates on a number of northeastern pipeline projects, including the Constitution Pipeline, Atlantic Sunrise, and others…

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