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Williams Reports 2016 Financial Results

by ahnationtalk on February 16, 201783 Views

  • 4Q 2016 Cash Flow from Operations of $1.582 billion, Up $990 million Including Barnett Contract Restructure
  • Full-Year 2016 Adjusted EBITDA of $4.436 billion, Up 8%
  • Increased WPZ Fee-Based Revenues and Lowered Expenses for Full-Year 2016 as Additional Assets were Placed Into Service
  • Financial Repositioning Announced Jan. 9 Strengthens Williams Partners and Williams, Boosts Growth Outlook

Wednesday, February 15, 2017 4:15 pm EST

TULSA, Okla.—-Williams (NYSE: WMB) today announced its financial results for the three and 12 months ended Dec. 31, 2016.

Williams Summary Financial Information 4Q Full Year
Amounts in millions, except per-share amounts. Per share amounts are reported on a diluted basis. All amounts are attributable to The Williams Companies, Inc. 2016 2015 2016 2015
Unaudited
GAAP Measures
Cash Flow from Operations $ 1,582 $ 592 $ 3,664 $ 2,678
Net income (loss) ($15 ) ($715 ) ($424 ) ($571 )
Net income (loss) per share ($0.02 ) ($0.95 ) ($0.57 ) ($0.76 )
Non-GAAP Measures (1)
Adjusted income from continuing operations $ 130 $ 6 $ 450 $ 405
Adjusted income from continuing operations per share $ 0.17 $ 0.01 $ 0.60 $ 0.54
Adjusted EBITDA $ 1,123 $ 1,066 $ 4,436 $ 4,104
Cash Available for Dividends and other uses $ 518 $ 436 $ 1,821 $ 1,811
Dividend Coverage Ratio 3.45x 0.91x 1.44x 0.99x

(1) Schedules reconciling adjusted income from continuing operations, adjusted EBITDA, Cash Available for Dividends and Dividend Coverage Ratio (non-GAAP measures) are available at www.williams.com and as an attachment to this news release.

Fourth-Quarter and Full-Year 2016 Financial Results

For fourth-quarter 2016, Williams reported an unaudited net loss attributable to Williams of $15 million, a $700 million improvement from fourth-quarter 2015 net loss. The favorable change was due primarily to the absence of a $1.1 billion pre-tax impairment of goodwill and $698 million of lower pre-tax impairments of equity-method investments and other assets. The improvement also reflected lower operating and maintenance (O&M) and selling, general, and administrative (SG&A) expenses and higher commodity margins.

For the year, Williams reported an unaudited net loss attributable to Williams of $424 million, a $147 million improvement when compared to results for full-year 2015. The change was driven primarily by the absence of a $1.1 billion pre-tax impairment of goodwill and $929 million of lower pre-tax impairments of equity-method investments. The favorable change was partially offset by an increase of $664 million in pre-tax impairments of certain assets, primarily associated with our disposed Canadian assets, $119 million of lower insurance recoveries, and an unfavorable change in net income attributable to non-controlling interests driven primarily by higher WPZ income and reduced incentive distributions from WPZ associated with the termination of the WPZ Merger Agreement.

Williams reported fourth-quarter 2016 Adjusted EBITDA of $1.123 billion, a $57 million increase over fourth-quarter 2015. The favorable change was due primarily to a $49 million increase in Adjusted EBITDA from the Williams Partners segment.

For the year, Williams reported Adjusted EBITDA of $4.436 billion, an increase of $332 million compared to full-year 2015 results. The increase was due primarily to a $338 million increase in Adjusted EBITDA from the Williams Partners segment.

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