US Williams Q3 net income drops 4% on lower olefin, NGL margins

30 October 2013 21:14  [Source: ICIS news]

HOUSTON (ICIS)--Williams Partners’s Q3 net income fell nearly 4% year over year to $279m (€204m) from $290m due to lower olefin and natural gas liquids (NGL) margins, the US producer announced on Wednesday.

Olefin margins decreased $76m year over year due to the continued outage at the company’s Geismar plant, the company said. The plant has been down since a 13 June explosion and fire that left two people dead and more than 70 injured.

Williams has said that it expects the plant to be restarted by 1 April 2014.

Lower NGL margins in the third quarter were attributed to continued ethane rejection.

Williams said it did offset the decreases with a $61m increase in transportation and gathering and processing revenues, as well as a $19m reduction in costs.

Fee-based revenues did increase more than 9% year over year to $720m from $659m.

($1 = €0.73)

By: Jeremy Pafford
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index