US’ Williams Q3 net profit falls 43% on lower NGL margins

01 November 2012 04:04  [Source: ICIS news]

SINGAPORE (ICIS)--Williams reported a 43% year-on-year decline in its third-quarter net profit to $155m (€119m) because of lower margins from natural gas liquids (NGL), the US olefins producer said late on Wednesday.

For the first nine months the company’s net income was down by 13.4% year on year to $710m, the company said in a statement.

"We continued to see the expected growth in Williams Partners' fee-based business in the third quarter, but it was offset by continued unfavourable commodity prices and significant downtime in the Gulf Coast assets due to Hurricane Isaac's impact on company owned and adjacent facilities,” said Alan Armstrong, Williams' president and CEO.

"Our long-term outlook remains very strong. We continue to have visibility to a diverse set of attractive infrastructure projects across our businesses and remain bullish on long-term natural gas demand growth that will drive our fee-based revenues,” Armstrong added.

($1 = €0.77)

By: Surinder Malhi
+65 6780 4327

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