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

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