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Williams Reports 2016 Financial Results
- 4Q 2016 Cash Flow from Operations of $1.582 billion, Up $990 million Including Barnett Contract Restructure
- Full-Year 2016 Adjusted EBITDA of $4.436 billion, Up 8%
- Increased WPZ Fee-Based Revenues and Lowered Expenses for Full-Year 2016 as Additional Assets were Placed Into Service
- Financial Repositioning Announced Jan. 9 Strengthens Williams Partners and Williams, Boosts Growth Outlook
Wednesday, February 15, 2017 4:15 pm EST
TULSA, Okla.—-Williams (NYSE: WMB) today announced its financial results for the three and 12 months ended Dec. 31, 2016.
|Williams Summary Financial Information||4Q||Full Year|
|Amounts in millions, except per-share amounts. Per share amounts are reported on a diluted basis. All amounts are attributable to The Williams Companies, Inc.||2016||2015||2016||2015|
|Cash Flow from Operations||$||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||$||0.54|
|Cash Available for Dividends and other uses||$||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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