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.
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)
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