Williams 2Q15: Revenues Up Thx to the Marcellus/Utica

Yesterday both Williams Partners and parent company Williams released their second quarter 2015 financial and operational updates. For our purposes of focusing on the northeast, Williams Partners is the company to focus on. Overall Williams Partners’ EBITDA (earnings before interest, taxes, depreciation and amortization) was up a healthy 41%, from $717 million in 2Q14 to $1.0 billion in 2Q15. When you peal back the onion, you find that Williams’ northeast operations are largely the reason for the increase. The 2Q15 numbers include revenue from Williams’ purchase of Access Midstream and largely explain the bump up in revenue, although both the Atlantic-Gulf pipeline division and the Northeast Gathering & Processing divisions also saw big increases year over year. So the financial picture for Williams is rosy largely because of the Marcellus/Utica. The quarterly update does mention the “indecent proposal” by Energy Transfer Equity (but not by name) and says Williams continues to evaluate all options (see Energy Transfer Makes “Indecent Proposal” to Buy Williams for $48B). Below is the Williams Partners 2Q15 update, along with a copy of the Williams quarterly “data book” with slides breaking down the particulars for each division…

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