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US Williams Partners’ net income increases 5.3% year over year

ICIS News : 31-Jul-13 23:14

HOUSTON (ICIS)--Williams Partners’ net income increased 5.3% year over year in Q2 2013 thanks to an increase in transportation, gathering and processing fee revenues, as well as higher olefin and marketing margins, the US-based midstream company said on Wednesday.

Net income was $256m (€192m) in the second quarter of 2013, compared with $243m in Q2 2012, the company said.

Lower natural gas liquids (NGL) margins and related ethane rejection substantially reduced net income, and depressed butane and propane prices were inhibitors as well, the company said.

Higher olefins sale prices more than offset lower sales volumes due to the 13 June explosion and fire at the company’s Geismar plant, which has been offline since the incident, the company said.

Williams announced on Wednesday that the plant is scheduled to be restarted with expanded capacity in early April 2014.

Quarter-over-quarter net income fell more than 20% from $321m in Q1 2013.

Revenues decreased 4.9% in the second quarter to $1.73bn from $1.82bn the year prior, but just 1.7% from Q1 2013’s $1.76bn.

Net income year-to-date was at $577m, down more than 11% from $651m in H1 2012. Williams attributed the decrease to 48% lower NGL margins in the first half of 2013.

($1 = €0.75)

By Jeremy Pafford
+1 713 525 2653

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