Williams Reports Second-Quarter 2019 Financial Results

TULSA, Okla.–(BUSINESS WIRE)–Williams (NYSE: WMB) today announced its unaudited financial results for the three and six months ended June 30, 2019.

Strong 2Q 2019 Results Compared with 2Q 2018

  • Net Income Attributable to Williams available to common stockholders of $310 million; up $175 million or 130%; Year-to-Date (“YTD”) up $217 million or 76%
  • Net Income Per Share of $0.26; up 63%; Adjusted Income Per Share of $0.26; up 53%
  • Cash Flow From Operations of $1.069 billion; up $178 million or 20%; YTD up $259 million or 16%
  • Adjusted EBITDA of $1.241 billion; up $131 million or 12%; YTD up $212 million or 9%
  • Distributable Cash Flow (“DCF”) of $867 million; up $230 million or 36%; YTD up $287 million or 21%
  • Dividend Coverage Ratio is 1.88x

Improvement of Leverage Metrics Continues

  • Completed formation of joint venture with Canada Pension Plan Investment Board (“CPPIB”); received $1.33 billion from CPPIB in exchange for 35% interest in new Northeast JV
  • Completed sale of our 50% interest in Jackalope Gas Gathering Services, LLC to an affiliate of Crestwood Equity Partners L.P. for $485 million
  • Debt (Net of Cash) to Adjusted EBITDA at Quarter End: 4.43x

Solid Execution Delivers Strong Results

  • Northeast G&P segment up 19% in Modified EBITDA and 25% in Adjusted EBITDA 2Q 2019 vs. 2Q 2018
  • Atlantic-Gulf segment up 10% in Modified EBITDA and 23% in Adjusted EBITDA 2Q 2019 vs. 2Q 2018
  • Norphlet Deepwater-Gulf project placed in service; first gas delivery on June 22; increasing volumes at Mobile Bay processing facility
  • Gathering volumes on operated assets up 11% 2Q 2019 vs. 2Q 2018

CEO Perspective

Alan Armstrong, president and chief executive officer, made the following comments:

Strong demand for natural gas and the resiliency of our well-positioned business are clearly reflected in our second-quarter 2019 results. Compared to second-quarter 2018, our Cash Flow From Operations increased by 20% and Adjusted Income Per Share rose by 53%. Low gas prices will continue to incentivize demand growth, and demand for low cost power generation, LNG exports and new industrial loads will grow even faster in the second half of the year. So we expect this predictable cash flow growth to continue.

We expect to maintain the momentum we’ve achieved in deleveraging as we continue our intense focus on the efficiency of our operations and lowering our costs. This disciplined approach ensures we deliver the most competitive cost structure in our space for our shareholders. We now see our 2019 leverage coming in better than expected at less than 4.5x versus our original guidance of less than 4.75x. That’s a tribute to crisp execution in operations, growth projects and value-adding transactions.”

Armstrong added, “This quarter also saw the delivery of our 2018 Sustainability Report. We recognize the important role natural gas plays in helping to address environmental concerns about air quality and climate change, while providing lower utility bills to consumers and industry. As our actions demonstrate, Williams is eager to do its part to help our country meet its climate goals with low carbon natural gas solutions that are ready now and keep jobs and industry here at home.”

Williams Summary Financial Information

2Q

 

YTD

Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income (loss) amounts are attributable to The Williams Companies, Inc. available to common stockholders.

2019

2018

 

2019

2018

 

 

 

 

 

 

GAAP Measures

 

 

 

 

 

Net Income

$310

$135

 

$504

$287

Net Income Per Share

$0.26

$0.16

 

$0.41

$0.35

Cash Flow From Operations

$1,069

$891

 

$1,844

$1,585

 

 

 

 

 

 

Non-GAAP Measures (1)

 

 

 

 

 

Adjusted EBITDA

$1,241

$1,110

 

$2,457

$2,245

Adjusted Income

$313

$143

 

$586

$302

Adjusted Income Per Share

$0.26

$0.17

 

$0.48

$0.36

Distributable Cash Flow

$867

$637

 

$1,647

$1,360

Dividend Coverage Ratio

1.88x

1.44x

 

1.79x

1.54x

 

 

 

 

 

 

Other

 

 

 

 

 

Debt-to-Adjusted EBITDA at Quarter End (2)

4.43x

4.66x

 

 

 

Capital Investments (3)(4)

$702

$1,000

 

$1,219

$1,955

 

(1)

Schedules reconciling adjusted income from continuing operations, adjusted EBITDA, Distributable Cash Flow and Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.

(2)

Debt-to-Adjusted EBITDA ratio does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.

(3)

Capital Investments includes increases to property, plant, and equipment, purchases of businesses, net of cash acquired, and purchases of and contributions to equity-method investments.

(4)

YTD 2019 excludes $727 million (net of cash acquired) for the purchase of the remaining 38% of UEO as this amount was provided for at the close of the new Northeast JV by our JV partners, CPPIB, in June 2019.

GAAP Measures

  • Second-quarter 2019 Net Income benefited from increased service revenues in the Atlantic-Gulf segment primarily from Transco expansion projects and in the Northeast G&P segment driven by growth in gathering volumes, partially offset by a decline in the West segment results due to lower commodity margins and the absence of the former Four Corners area business sold in fourth-quarter 2018. The current year benefited from a $122 million gain on the sale of our 50 percent interest in Jackalope, partially offset by the absence of a $62 million gain in the prior year associated with the deconsolidation of that Jackalope interest. Asset impairments in the current year were substantially offset by similar levels of impairments in the prior year. Second-quarter 2019 also includes $43 million of estimated employee severance and related costs. The estimated severance costs are primarily associated with a voluntary separation program announced in anticipation of our pending organizational realignment and considering our ongoing evaluation of cost structure. The current year also reflects higher interest expense associated with financing obligations for leased pipeline capacity and higher provision for income taxes driven by higher pre-tax income. Net Income also reflects less income attributable to noncontrolling interests driven by the WPZ merger in the third-quarter 2018.
  • Year-to-date 2019 Net Income benefited from increased service revenues in the Atlantic-Gulf segment primarily from Transco expansion projects and in the Northeast G&P segment driven by growth in volumes, partially offset by a decline in West segment results due to lower commodity margins and the absence of the former Four Corners area business. Other drivers of the improvement are similar to those described for the second-quarter results, partially offset by a $74 million first-quarter 2019 impairment of an equity-method investment.
  • The increase in Cash Flow From Operations for second-quarter and year-to-date 2019 periods was largely driven by the increased service revenues in the Atlantic-Gulf and Northeast G&P segments, the collection of Transco’s filed rates subject to refund, and the receipt of an income tax refund, partially offset by the decline in West segment results.

Non-GAAP Measures

  • The increase in Adjusted EBITDA for second-quarter 2019 and year-to-date 2019 largely reflects the previously mentioned increased service revenues in the Atlantic-Gulf and Northeast G&P segments, partially offset by the decline in West segment results.
  • Adjusted Income for both the quarter and year-to-date periods also improved, driven by the higher Adjusted EBITDA and less income attributable to noncontrolling interests, partially offset by higher interest expense and provision for income taxes.
  • Second-quarter and year-to-date 2019 DCF are higher, reflecting the increased Adjusted EBITDA, an income tax refund received in 2019, and lower maintenance capital, partially offset by higher net interest expense.

Business Segment Results & Form 10-Q

Williams’ operations are comprised of the following reportable segments: Atlantic-Gulf, West, Northeast G&P and Other. For additional information, please see the company’s second-quarter 2019, Form 10-Q, which Williams expects to file this week, with the Securities and Exchange Commission (SEC). Once filed, the document will be on the SEC and Williams websites.

 

Quarter-To-Date

 

Year-To-Date

Amounts in millions

Modified EBITDA

 

Adjusted EBITDA

 

Modified EBITDA

 

Adjusted EBITDA

2Q 2019

2Q 2018

Change

 

2Q 2019

2Q 2018

Change

 

2019

2018

Change

 

2019

2018

Change

Atlantic-Gulf

$524

 

$475

 

$49

 

 

$559

 

$456

 

$103

 

 

$1,084

 

$926

 

$158

 

 

$1,119

 

$922

 

$197

 

West

278

 

389

 

(111

)

 

356

 

389

 

(33

)

 

610

 

802

 

(192

)

 

702

 

795

 

(93

)

Northeast G&P

303

 

255

 

48

 

 

319

 

255

 

64

 

 

602

 

505

 

97

 

 

621

 

505

 

116

 

Other

7

 

(61

)

68

 

 

7

 

10

 

(3

)

 

3

 

(55

)

58

 

 

15

 

23

 

(8

)

Totals

$1,112

 

$1,058

 

$54

 

 

$1,241

 

$1,110

 

$131

 

 

$2,299

 

$2,178

 

$121

 

 

$2,457

 

$2,245

 

$212

 

 

Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release.

Atlantic-Gulf

  • Improvement in second-quarter and year-to-date 2019 Modified and Adjusted EBITDA is driven by Transco expansion projects, including Atlantic Sunrise (in service October 2018) and Gulf Connector (in service early January 2019).
  • Unfavorable impact from a reduced allowance for equity funds used during construction due to lower levels of construction activity.
  • Modified EBITDA was further impacted by the absence of a net favorable regulatory adjustment resulting from Tax Reform in the prior year, along with current-year charges for estimated employee severance and related costs and the reversal of expenditures capitalized in prior years, all of which are excluded from Adjusted EBITDA.

West

  • Lower second-quarter and year-to-date 2019 Modified and Adjusted EBITDA reflect lower NGL margins (excluding Four Corners) driven by lower NGL prices.
  • Additionally, both second-quarter and year-to-date results reflect the absence of EBITDA from our former Four Corners area business.
  • Modified EBITDA for both the quarter and year-to-date 2019 periods includes asset impairment charges and estimated employee severance and related costs that are excluded from Adjusted EBITDA.
  • Completed sale of our 50% interest in Jackalope (an equity-method investment) for $485 million in second-quarter 2019.
  • Placed into service Ft. Lupton III processing plant expansion of 200 MMcf/d.

Northeast G&P

  • Improvement in Modified and Adjusted EBITDA for second-quarter and year-to-date 2019 driven by increased gathering volumes in the Susquehanna Supply Hub and in the Utica Shale region and higher proportional EBITDA from investments in the Marcellus South and Bradford gas gathering systems. Modified EBITDA also includes estimated employee severance and related costs that are excluded from Adjusted EBITDA.
  • Gross gathering volumes, including 100% of operated equity-method investments, reflect a 17% increase for second-quarter 2019 over second-quarter 2018. Year-to-date, gross gathering volumes increased 16% over the same reporting period in 2018.
  • The consolidation of Utica East Ohio Midstream (“UEO”) following our March 2019 purchase of the remaining 38% ownership stake in UEO favorably impacted both Modified and Adjusted EBITDA, driving an $11 million increase for second-quarter 2019 over second-quarter 2018. Year-to-date results reflect a $13 million favorable impact over the same reporting period in 2018 due to the consolidation of UEO.
  • Successfully completed the formation of the new Northeast JV with CPPIB in June 2019, receiving approximately $1.33 billion from CPPIB for its 35% interest in the venture.

Williams’ Second-Quarter 2019 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow

Williams’ second-quarter 2019 earnings presentation will be posted at www.williams.com. The company’s second-quarter 2019 earnings conference call and webcast with analysts and investors is scheduled for Thursday, Aug. 1, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). A limited number of phone lines will be available at (888) 882-4478. International callers should dial (720) 452-9217. The conference ID is 6602168.

A webcast link to the conference call is available at www.williams.com. A replay of the webcast will be available on the website for at least 90 days following the event.

About Williams

Williams (NYSE: WMB) is a premier provider of large-scale infrastructure connecting U.S. natural gas and natural gas products to growing demand for cleaner fuel and feedstocks. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – providing natural gas for clean-power generation, heating and industrial use. Williams’ operations handle approximately 30% of U.S. natural gas. www.williams.com

The Williams Companies, Inc.

Consolidated Statement of Income

(Unaudited)

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

2019

 

2018

 

2019

 

2018

 

(Millions, except per-share amounts)

Revenues:

 

 

 

 

 

 

 

Service revenues

$

1,489

 

 

$

1,340

 

 

$

2,929

 

 

$

2,691

 

Service revenues – commodity consideration

56

 

 

94

 

 

120

 

 

195

 

Product sales

496

 

 

657

 

 

1,046

 

 

1,293

 

Total revenues

2,041

 

 

2,091

 

 

4,095

 

 

4,179

 

Costs and expenses:

 

 

 

 

 

 

 

Product costs

483

 

 

636

 

 

1,008

 

 

1,249

 

Processing commodity expenses

24

 

 

26

 

 

64

 

 

61

 

Operating and maintenance expenses

387

 

 

388

 

 

727

 

 

745

 

Depreciation and amortization expenses

424

 

 

434

 

 

840

 

 

865

 

Selling, general, and administrative expenses

152

 

 

130

 

 

280

 

 

262

 

Impairment of certain assets

64

 

 

66

 

 

76

 

 

66

 

Other (income) expense – net

9

 

 

1

 

 

41

 

 

30

 

Total costs and expenses

1,543

 

 

1,681

 

 

3,036

 

 

3,278

 

Operating income (loss)

498

 

 

410

 

 

1,059

 

 

901

 

Equity earnings (losses)

87

 

 

92

 

 

167

 

 

174

 

Other investing income (loss) – net

126

 

 

68

 

 

53

 

 

72

 

Interest incurred

(306

)

 

(288

)

 

(612

)

 

(570

)

Interest capitalized

10

 

 

13

 

 

20

 

 

22

 

Other income (expense) – net

7

 

 

26

 

 

18

 

 

47

 

Income (loss) before income taxes

422

 

 

321

 

 

705

 

 

646

 

Provision (benefit) for income taxes

98

 

 

52

 

 

167

 

 

107

 

Net income (loss)

324

 

 

269

 

 

538

 

 

539

 

Less: Net income (loss) attributable to noncontrolling interests

14

 

 

134

 

 

33

 

 

252

 

Net income (loss) attributable to The Williams Companies, Inc.

310

 

 

135

 

 

505

 

 

287

 

Preferred stock dividends

 

 

 

 

1

 

 

 

Net income (loss) available to common stockholders

$

310

 

 

$

135

 

 

$

504

 

 

$

287

 

Basic earnings (loss) per common share:

 

 

 

 

 

 

 

Net income (loss)

$

.26

 

 

$

.16

 

 

$

.42

 

 

$

.35

 

Weighted-average shares (thousands)

1,212,045

 

 

827,868

 

 

1,211,769

 

 

827,689

 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

 

Net income (loss)

$

.26

 

 

$

.16

 

 

$

.41

 

 

$

.35

 

Weighted-average shares (thousands)

1,214,065

 

 

830,107

 

 

1,213,830

 

 

830,151

 

The Williams Companies, Inc.

Consolidated Balance Sheet

(Unaudited)

 

 

 

June 30,

2019

 

December 31,

2018

 

 

(Millions, except per-share amounts)

ASSETS

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

806

 

 

$

168

 

Trade accounts and other receivables (net of allowance of $6 at June 30, 2019 and $9 at December 31, 2018)

 

879

 

 

992

 

Inventories

 

134

 

 

130

 

Other current assets and deferred charges

 

209

 

 

174

 

Total current assets

 

2,028

 

 

1,464

 

Investments

 

6,261

 

 

7,821

 

Property, plant, and equipment

 

40,868

 

 

38,661

 

Accumulated depreciation and amortization

 

(11,737

)

 

(11,157

)

Property, plant, and equipment – net

 

29,131

 

 

27,504

 

Intangible assets – net of accumulated amortization

 

8,123

 

 

7,767

 

Regulatory assets, deferred charges, and other

 

966

 

 

746

 

Total assets

 

$

46,509

 

 

$

45,302

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

627

 

 

$

662

 

Accrued liabilities

 

1,199

 

 

1,102

 

Long-term debt due within one year

 

1,563

 

 

47

 

Total current liabilities

 

3,389

 

 

1,811

 

Long-term debt

 

20,711

 

 

22,367

 

Deferred income tax liabilities

 

1,567

 

 

1,524

 

Regulatory liabilities, deferred income, and other

 

3,761

 

 

3,603

 

Contingent liabilities

 

 

 

 

Equity:

 

 

 

 

Stockholders’ equity:

 

 

 

 

Preferred stock

 

35

 

 

35

 

Common stock ($1 par value; 1,470 million shares authorized at June 30, 2019 and December 31, 2018; 1,246 million shares issued at June 30, 2019 and 1,245 million shares issued at December 31, 2018)

 

1,246

 

 

1,245

 

Capital in excess of par value

 

24,296

 

 

24,693

 

Retained deficit

 

(10,423

)

 

(10,002

)

Accumulated other comprehensive income (loss)

 

(265

)

 

(270

)

Treasury stock, at cost (35 million shares of common stock)

 

(1,041

)

 

(1,041

)

Total stockholders’ equity

 

13,848

 

 

14,660

 

Noncontrolling interests in consolidated subsidiaries

 

3,233

 

 

1,337

 

Total equity

 

17,081

 

 

15,997

 

Total liabilities and equity

 

$

46,509

 

 

$

45,302

 

The Williams Companies, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

 

 

Six Months Ended

June 30,

 

2019

 

2018

 

(Millions)

OPERATING ACTIVITIES:

 

Net income (loss)

$

538

 

 

$

539

 

Adjustments to reconcile to net cash provided (used) by operating activities:

 

 

 

Depreciation and amortization

840

 

 

865

 

Provision (benefit) for deferred income taxes

182

 

 

142

 

Equity (earnings) losses

(167

)

 

(174

)

Distributions from unconsolidated affiliates

327

 

 

316

 

Net (gain) loss on disposition of equity-method investments

(122

)

 

 

Impairment of equity-method investments

72

 

 

 

(Gain) loss on deconsolidation of businesses

2

 

 

(62

)

Impairment of certain assets

76

 

 

66

 

Amortization of stock-based awards

30

 

 

30

 

Cash provided (used) by changes in current assets and liabilities:

 

 

 

Accounts and notes receivable

149

 

 

121

 

Inventories

4

 

 

(33

)

Other current assets and deferred charges

(16

)

 

(63

)

Accounts payable

(98

)

 

(70

)

Accrued liabilities

70

 

 

(7

)

Other, including changes in noncurrent assets and liabilities

(43

)

 

(85

)

Net cash provided (used) by operating activities

1,844

 

 

1,585

 

FINANCING ACTIVITIES:

 

 

 

Proceeds from (payments of) commercial paper – net

(4

)

 

 

Proceeds from long-term debt

720

 

 

2,179

 

Payments of long-term debt

(868

)

 

(1,761

)

Proceeds from issuance of common stock

6

 

 

11

 

Proceeds from sale of partial interest in consolidated subsidiary

1,330

 

 

 

Common dividends paid

(921

)

 

(563

)

Dividends and distributions paid to noncontrolling interests

(68

)

 

(356

)

Contributions from noncontrolling interests

32

 

 

11

 

Payments for debt issuance costs

 

 

(18

)

Other – net

(9

)

 

(43

)

Net cash provided (used) by financing activities

218

 

 

(540

)

INVESTING ACTIVITIES:

 

 

 

Property, plant, and equipment:

 

 

 

Capital expenditures (1)

(919

)

 

(1,890

)

Dispositions – net

(15

)

 

3

 

Contributions in aid of construction

18

 

 

339

 

Purchases of businesses, net of cash acquired

(727

)

 

 

Proceeds from dispositions of equity-method investments

485

 

 

 

Purchases of and contributions to equity-method investments

(242

)

 

(91

)

Other – net

(24

)

 

(30

)

Net cash provided (used) by investing activities

(1,424

)

 

(1,669

)

Increase (decrease) in cash and cash equivalents

638

 

 

(624

)

Cash and cash equivalents at beginning of year

168

 

 

899

 

Cash and cash equivalents at end of period

$

806

 

 

$

275

 

_____________

 

 

 

(1) Increases to property, plant, and equipment

$

(977

)

 

$

(1,864

)

Changes in related accounts payable and accrued liabilities

58

 

 

(26

)

Capital expenditures

$

(919

)

 

$

(1,890

)

Atlantic-Gulf

 

(UNAUDITED)

 

 

2018

 

2019

 

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

1st Qtr

2nd Qtr

Year

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

Service revenues:

 

 

 

 

 

 

 

 

 

 

Nonregulated gathering & processing fee-based revenue

$

138

 

$

128

 

$

138

 

$

137

 

$

541

 

 

$

128

 

$

119

 

$

247

 

 

Regulated transportation revenue

413

 

406

 

411

 

508

 

1,738

 

 

517

 

514

 

1,031

 

 

Other fee revenues

32

 

34

 

34

 

34

 

134

 

 

34

 

40

 

74

 

 

Tracked service revenue

26

 

22

 

24

 

24

 

96

 

 

30

 

25

 

55

 

 

Nonregulated commodity consideration

15

 

12

 

18

 

14

 

59

 

 

13

 

13

 

26

 

 

Product sales:

 

 

 

 

 

 

 

 

 

 

NGL sales from gas processing

15

 

10

 

16

 

15

 

56

 

 

12

 

12

 

24

 

 

Marketing sales

45

 

57

 

67

 

53

 

222

 

 

40

 

32

 

72

 

 

Other sales

1

 

1

 

1

 

 

3

 

 

2

 

1

 

3

 

 

Tracked product sales

32

 

37

 

47

 

38

 

154

 

 

28

 

23

 

51

 

 

Total revenues

717

 

707

 

756

 

823

 

3,003

 

 

804

 

779

 

1,583

 

 

Segment costs and expenses:

 

 

 

 

 

 

 

 

 

 

NGL cost of goods sold

15

 

12

 

19

 

14

 

60

 

 

13

 

14

 

27

 

 

Marketing cost of goods sold

44

 

56

 

67

 

53

 

220

 

 

41

 

28

 

69

 

 

Other cost of goods sold

 

 

 

 

 

 

 

2

 

2

 

 

Tracked cost of goods sold

33

 

38

 

48

 

39

 

158

 

 

28

 

25

 

53

 

 

Processing commodity expenses

5

 

2

 

3

 

6

 

16

 

 

5

 

5

 

10

 

 

Operating and administrative costs

177

 

181

 

181

 

197

 

736

 

 

168

 

198

 

366

 

 

Tracked operating and administrative costs

26

 

22

 

24

 

23

 

95

 

 

30

 

25

 

55

 

 

Other segment costs and expenses

(2

)

(15

)

(29

)

14

 

(32

)

 

1

 

2

 

3

 

 

Gain on sale of certain assets

 

 

 

(81

)

(81

)

 

 

 

 

 

Regulatory charges resulting from Tax Reform

11

 

(20

)

 

 

(9

)

 

 

 

 

 

Total segment costs and expenses

309

 

276

 

313

 

265

 

1,163

 

 

286

 

299

 

585

 

 

Proportional Modified EBITDA of equity-method investments

43

 

44

 

49

 

47

 

183

 

 

42

 

44

 

86

 

 

Modified EBITDA

451

 

475

 

492

 

605

 

2,023

 

 

560

 

524

 

1,084

 

 

Adjustments

15

 

(19

)

(12

)

(76

)

(92

)

 

 

35

 

35

 

 

Adjusted EBITDA

$

466

 

$

456

 

$

480

 

$

529

 

$

1,931

 

 

$

560

 

$

559

 

$

1,119

 

 

NGL Margin

$

10

 

$

8

 

$

12

 

$

9

 

$

39

 

 

$

7

 

$

6

 

$

13

 

 

 

 

 

 

 

 

 

 

 

 

 

Statistics for Operated Assets

 

 

 

 

 

 

 

 

 

 

Gathering, Processing and Crude Oil Transportation

 

 

 

 

 

 

 

 

 

 

Gathering volumes (Bcf per day) – Consolidated (1)

0.29

 

0.23

 

0.26

 

0.24

 

0.26

 

 

0.25

 

0.25

 

0.25

 

 

Gathering volumes (Bcf per day) – Non-consolidated (2)

0.24

 

0.25

 

0.25

 

0.31

 

0.26

 

 

0.35

 

0.38

 

0.37

 

 

Plant inlet natural gas volumes (Bcf per day) – Consolidated (1)

0.54

 

0.43

 

0.51

 

0.53

 

0.50

 

 

0.53

 

0.55

 

0.54

 

 

Plant inlet natural gas volumes (Bcf per day) – Non-consolidated (2)

0.24

 

0.25

 

0.25

 

0.32

 

0.27

 

 

0.35

 

0.39

 

0.37

 

 

Crude transportation volumes (Mbbls/d)

142

 

132

 

147

 

140

 

140

 

 

146

 

136

 

141

 

 

Consolidated (1)

 

 

 

 

 

 

 

 

 

 

Ethane margin ($/gallon)

$

.03

 

$

.16

 

$

.24

 

$

.14

 

$

.14

 

 

$

.10

 

$

.02

 

$

.06

 

 

Non-ethane margin ($/gallon)

$

.66

 

$

.74

 

$

.76

 

$

.58

 

$

.68

 

 

$

.48

 

$

.28

 

$

.36

 

 

NGL margin ($/gallon)

$

.40

 

$

.48

 

$

.51

 

$

.36

 

$

.43

 

 

$

.26

 

$

.17

 

$

.21

 

 

Ethane equity sales (Mbbls/d)

2.82

 

1.91

 

3.05

 

2.98

 

2.69

 

 

4.16

 

4.11

 

4.13

 

 

Non-ethane equity sales (Mbbls/d)

3.87

 

2.35

 

3.14

 

3.21

 

3.14

 

 

3.28

 

5.34

 

4.32

 

 

NGL equity sales (Mbbls/d)

6.69

 

4.26

 

6.19

 

6.19

 

5.83

 

 

7.44

 

9.45

 

8.45

 

 

Ethane production (Mbbls/d)

12

 

12

 

15

 

16

 

14

 

 

17

 

14

 

15

 

 

Non-ethane production (Mbbls/d)

19

 

17

 

18

 

19

 

18

 

 

19

 

19

 

19

 

 

NGL production (Mbbls/d)

31

 

29

 

33

 

35

 

32

 

 

36

 

33

 

34

 

 

Non-consolidated (2)

 

 

 

 

 

 

 

 

 

 

NGL equity sales (Mbbls/d)

3

 

5

 

4

 

5

 

4

 

 

7

 

8

 

8

 

 

NGL production (Mbbls/d)

18

 

20

 

20

 

23

 

20

 

 

24

 

27

 

25

 

 

Transcontinental Gas Pipe Line

 

 

 

 

 

 

 

 

 

 

Throughput (Tbtu)

1,099.9

 

965.5

 

1,092.3

 

1,150.9

 

4,308.5

 

 

1,183.9

 

1,109.4

 

2,293.3

 

 

Avg. daily transportation volumes (Tbtu)

12.2

 

10.6

 

11.9

 

12.5

 

11.8

 

 

13.2

 

12.2

 

12.7

 

 

Avg. daily firm reserved capacity (Tbtu)

15.4

 

15.0

 

15.0

 

16.4

 

15.5

 

 

17.1

 

17.0

 

17.1

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Excludes volumes associated with equity-method investments that are not consolidated in our results.

 

(2) Includes 100% of the volumes associated with operated equity-method investments.

Contacts

MEDIA CONTACT:

Keith Isbell

(918) 573-7308

INVESTOR CONTACTS:

John Porter

(918) 573-0797

Grace Scott

(918) 573-1092

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