20 February 2013 23:55 [Source: ICIS news]
HOUSTON (ICIS)--Net income for Williams for 2012 jumped more than 128% to $859m (€644m) from $376m, thanks to the absence of a $427m loss from discontinued operations in 2011, the US natural gas liquids (NGL) and olefin producer announced on Wednesday.
The 2011 loss was primarily due to non-cash property impairment and other charges associated with Williams’ former exploration and production business, the company said.
Net income for Q4 2012 rose to $149m from a loss of $444m in Q4 2011. The 2011 loss was also attributed to the former exploration and production business.
Adjusted income from continuing operations did drop 5.3% in 2012 to $695m from $734m, while it fell about 25% in Q4 2012 to $160m from $214m in Q4 2011. The drops were due in part to lower NGL margins and increased costs, which were partially offset by higher fee-based revenue and increased olefin margins, the company said.
“This past year was one of significant growth and change at Williams,” said Alan Armstrong, Williams’ CEO.
“Our focus now is executing on our portfolio of great growth projects across our operating areas – from the Marcellus and Utica Shale and ?xml:namespace>
($1 = €0.75)
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