Williams 1Q15: Revenue Up 19%, Net Income Down Big 75%
The midstream behemoth Williams issued an update for first quarter 2015 yesterday. Williams, like other large companies, is split into pieces. There is the mother ship Williams (stock ticker symbol WMB) and Williams Partners (stock ticker symbol WPZ). Since Williams Partners is the active company in the northeast, we’ll limit our focus to the report from that part of the company. Williams merged with (bought out) Access Midstream. Although that process was completed during 1Q15, the numbers reported for Williams Partners are “pre-merger” numbers, excluding the Access Midstream numbers. We expect that will change in 2Q15 when the two will have been joined throughout the entire quarter. The financials show that like drillers, Williams experienced an increase in revenue in 1Q15 compared with a year ago, but a decrease in profit, or net income. Revenue in 1Q15 was $917 million, up 19%. But net income in 1Q15 was $89 million, down a whopping 75%. Here’s the update from Williams Partners, with plenty of references to Access Midstream too…
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Apparently torrential rains in Marshall County, WV last week softened up the earth and led to soil shifting and two Williams pipelines rupturing–within hours of each other. One of the pipelines is a 12-inch gathering line that runs from wells in the area to the nearby Fort Beeler processing plant. The other pipeline is a 4-inch condensate pipeline. Condensate spilled out of a hole and into the nearby Little Grave Creek. Cleanup efforts are ongoing. For a short time, five families who live near the 12-inch gathering line were evacuated as a precautionary measure–but they returned home within a few hours…
In early February, MDN told you that EV Energy Partners, a company with a huge amount of leased acreage in the Ohio Utica Shale region, was looking to sell its 21% interest in Utica East Ohio (UEO)–a midstream/pipeline company operating in Ohio (see