WILLIAMS PARTNERS L.P. - FORM 8-K - EX-99.2

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EX-99.1 - EX-99.1 - WILLIAMS PARTNERS L.P.	wpz_20180630xer.htm
8-K - 8-K - WILLIAMS PARTNERS L.P.	wpz_20180630x8kxer.htm

EXHIBIT 99.2






	Non-GAAP Reconciliations,
	Financial Highlights, and Operating Statistics

	(UNAUDITED)

	Final

	June 30, 2018



Williams Partners L.P.
Reconciliation of Non-GAAP Measures
(UNAUDITED)
	2017															2018
(Dollars in millions, except coverage ratios)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			Year

Williams Partners L.P.
Reconciliation of "Net Income (Loss)" to "Modified EBITDA", Non-GAAP "Adjusted EBITDA" and "Distributable cash flow"

Net income (loss)	$	660		$	348		$	284		$	(317	)	$	975		$	384		$	449		$	833
Provision (benefit) for income taxes	3			1			(1		)	3			6			—			—			—
Interest expense	214			205			202			201			822			209			211			420
Equity (earnings) losses	(107		)	(125		)	(115		)	(87		)	(434		)	(82		)	(92		)	(174		)
Other investing (income) loss - net	(271		)	(2		)	(4		)	(4		)	(281		)	(4		)	(67		)	(71		)
Proportional Modified EBITDA of equity-method investments	194			215			202			184			795			169			178			347
Depreciation and amortization expenses	433			423			424			420			1,700			423			426			849
Accretion expense associated with asset retirement obligations for nonregulated operations	6			11			8			8			33			8			10			18
Modified EBITDA	1,132			1,076			1,000			408			3,616			1,107			1,115			2,222
Adjustments
Estimated minimum volume commitments	15			15			18			(48		)	—			—			—			—
Severance and related costs	9			4			5			4			22			—			—			—
Settlement charge from pension early payout program	—			—			—			35			35			—			—			—
Regulatory adjustments resulting from Tax Reform	—			—			—			713			713			4			(20		)	(16		)
Share of regulatory charges resulting from Tax Reform for equity-method investments	—			—			—			11			11			2			—			2
ACMP Merger and transition costs	—			4			3			4			11			—			—			—
Constitution Pipeline project development costs	2			6			4			4			16			2			1			3
Share of impairment at equity-method investment	—			—			1			—			1			—			—			—
Geismar Incident adjustment	(9		)	2			8			(1		)	—			—			—			—
Gain on sale of Geismar Interest	—			—			(1,095		)	—			(1,095		)	—			—			—
Impairment of certain assets	—			—			1,142			9			1,151			—			—			—
Ad valorem obligation timing adjustment	—			—			7			—			7			—			—			—
Organizational realignment-related costs	4			6			6			2			18			—			—			—
(Gain) loss related to Canada disposition	(3		)	(1		)	4			4			4			—			—			—
(Gain) loss on asset retirement	—			—			(5		)	5			—			—			—			—
Gains from contract settlements and terminations	(13		)	(2		)	—			—			(15		)	—			—			—
Accrual for loss contingency	9			—			—			—			9			—			—			—
(Gain) loss on early retirement of debt	(30		)	—			3			—			(27		)	7			—			7
Gain on sale of RGP Splitter	—			(12		)	—			—			(12		)	—			—			—
Expenses associated with Financial Repositioning	—			2			—			—			2			—			—			—
Expenses associated with strategic asset monetizations	1			4			—			—			5			—			—			—
WPZ Merger costs	—			—			—			—			—			—			1			1
Total EBITDA adjustments	(15		)	28			101			742			856			15			(18		)	(3		)
Adjusted EBITDA	1,117			1,104			1,101			1,150			4,472			1,122			1,097			2,219

Maintenance capital expenditures ⁽¹⁾	(53		)	(100		)	(136		)	(154		)	(443		)	(100		)	(152		)	(252		)
Interest expense - net ⁽²⁾	(224		)	(216		)	(207		)	(208		)	(855		)	(212		)	(215		)	(427		)
Cash taxes	(5		)	(1		)	(4		)	(2		)	(12		)	(1		)	(1		)	(2		)
Income attributable to noncontrolling interests ⁽³⁾	(27		)	(32		)	(27		)	(27		)	(113		)	(25		)	(24		)	(49		)
WPZ restricted stock unit non-cash compensation	2			1			1			1			5			—			—			—
Amortization of deferred revenue associated with certain 2016 contract restructurings ⁽⁴⁾	(58		)	(58		)	(59		)	(58		)	(233		)	—			—			—
Distributable cash flow attributable to Partnership Operations	752			698			669			702			2,821			784			705			1,489

Total cash distributed ⁽⁵⁾	$	567		$	574		$	574		$	574		$	2,289		$	588		$	603		$	1,191

Coverage ratios:
Distributable cash flow attributable to partnership operations divided by Total cash distributed	1.33			1.22			1.17			1.22			1.23			1.33			1.17			1.25
Net income (loss) divided by Total cash distributed	1.16			0.61			0.49			(0.55		)	0.43			0.65			0.74			0.70

(1) Includes proportionate share of maintenance capital expenditures of equity investments.
(2) Includes proportionate share of interest expense of equity investments.
(3) Excludes allocable share of certain EBITDA adjustments.
(4) Beginning first quarter 2018, as a result of the extended deferred revenue amortization period under the new GAAP revenue standard, we have discontinued the adjustment associated with these 2016 contract restructuring payments. The adjustments would have been $32 million and $31 million for the first and second quarters of 2018, respectively.
(5) Cash distributions for the first quarter of 2017 have been decreased by $6 million to reflect the amount paid by WMB to WPZ pursuant to the January 2017 Common Unit Purchase Agreement.



Williams Partners L.P.
Reconciliation of “Modified EBITDA” to Non-GAAP “Adjusted EBITDA”
(UNAUDITED)
	2017															2018
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			Year

Modified EBITDA:
Northeast G&P	$	226		$	247		$	115		$	231		$	819		$	250		$	255		$	505
Atlantic-Gulf	450			454			430			(96		)	1,238			451			475			926
West	385			356			(615		)	286			412			413			389			802
NGL & Petchem Services	51			30			1,084			(4		)	1,161			—			—			—
Other	20			(11		)	(14		)	(9		)	(14		)	(7		)	(4		)	(11		)
Total Modified EBITDA	$	1,132		$	1,076		$	1,000		$	408		$	3,616		$	1,107		$	1,115		$	2,222

Adjustments:
Northeast G&P
Share of impairment at equity-method investments	$	—		$	—		$	1		$	—		$	1		$	—		$	—		$	—
Impairment of certain assets	—			—			121			—			121			—			—			—
Ad valorem obligation timing adjustment	—			—			7			—			7			—			—			—
Settlement charge from pension early payout program	—			—			—			7			7			—			—			—
Organizational realignment-related costs	1			1			2			—			4			—			—			—
Total Northeast G&P adjustments	1			1			131			7			140			—			—			—
Atlantic-Gulf
Constitution Pipeline project development costs	2			6			4			4			16			2			1			3
Settlement charge from pension early payout program	—			—			—			15			15			—			—			—
Regulatory adjustments resulting from Tax Reform	—			—			—			493			493			11			(20		)	(9		)
Share of regulatory charges resulting from Tax Reform for equity-method investments	—			—			—			11			11			2			—			2
Organizational realignment-related costs	1			2			2			1			6			—			—			—
(Gain) loss on asset retirement	—			—			(5		)	5			—			—			—			—
Total Atlantic-Gulf adjustments	3			8			1			529			541			15			(19		)	(4		)
West
Estimated minimum volume commitments	15			15			18			(48		)	—			—			—			—
Impairment of certain assets	—			—			1,021			9			1,030			—			—			—
Settlement charge from pension early payout program	—			—			—			13			13			—			—			—
Regulatory adjustments resulting from Tax Reform	—			—			—			220			220			(7		)	—			(7		)
Organizational realignment-related costs	2			3			2			1			8			—			—			—
Gains from contract settlements and terminations	(13		)	(2		)	—			—			(15		)	—			—			—
Total West adjustments	4			16			1,041			195			1,256			(7		)	—			(7		)
NGL & Petchem Services
(Gain) loss related to Canada disposition	(3		)	(1		)	4			4			4			—			—			—
Expenses associated with strategic asset monetizations	1			4			—			—			5			—			—			—
Geismar Incident adjustments	(9		)	2			8			(1		)	—			—			—			—
Gain on sale of Geismar Interest	—			—			(1,095		)	—			(1,095		)	—			—			—
Gain on sale of RGP Splitter	—			(12		)	—			—			(12		)	—			—			—
Accrual for loss contingency	9			—			—			—			9			—			—			—
Total NGL & Petchem Services adjustments	(2		)	(7		)	(1,083		)	3			(1,089		)	—			—			—
Other
Severance and related costs	9			4			5			4			22			—			—			—
ACMP Merger and transition costs	—			4			3			4			11			—			—			—
Expenses associated with Financial Repositioning	—			2			—			—			2			—			—			—
(Gain) loss on early retirement of debt	(30		)	—			3			—			(27		)	7			—			7
WPZ Merger costs	—			—			—			—			—			—			1			1
Total Other adjustments	(21		)	10			11			8			8			7			1			8

Total Adjustments	$	(15	)	$	28		$	101		$	742		$	856		$	15		$	(18	)	$	(3	)

Adjusted EBITDA:
Northeast G&P	$	227		$	248		$	246		$	238		$	959		$	250		$	255		$	505
Atlantic-Gulf	453			462			431			433			1,779			466			456			922
West	389			372			426			481			1,668			406			389			795
NGL & Petchem Services	49			23			1			(1		)	72			—			—			—
Other	(1		)	(1		)	(3		)	(1		)	(6		)	—			(3		)	(3		)
Total Adjusted EBITDA	$	1,117		$	1,104		$	1,101		$	1,150		$	4,472		$	1,122		$	1,097		$	2,219



Williams Partners L.P.
Consolidated Statement of Income (Loss)
(UNAUDITED)
	2017															2018
(Dollars in millions, except per-unit amounts)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			Year

Revenues:
Service revenues	$	1,256		$	1,277		$	1,304		$	1,455		$	5,292		$	1,346		$	1,335		$	2,681
Service revenues - commodity consideration	—			—			—			—			—			101			94			195
Product sales	727			642			581			768			2,718			636			657			1,293
Total revenues	1,983			1,919			1,885			2,223			8,010			2,083			2,086			4,169
Costs and expenses:
Product costs	579			537			504			680			2,300			613			636			1,249
Processing commodity expenses	—			—			—			—			—			35			26			61
Operating and maintenance expenses	361			384			396			421			1,562			351			383			734
Depreciation and amortization expenses	433			423			424			420			1,700			423			426			849
Selling, general, and administrative expenses	156			154			140			160			610			138			136			274
Impairment of certain assets	1			2			1,142			11			1,156			—			—			—
Gain on sale of Geismar Interest	—			—			(1,095		)	—			(1,095		)	—			—			—
Regulatory charges resulting from Tax Reform	—			—			—			674			674			—			—			—
Other (income) expense - net	3			7			22			38			70			31			(1		)	30
Total costs and expenses	1,533			1,507			1,533			2,404			6,977			1,591			1,606			3,197
Operating income (loss)	450			412			352			(181		)	1,033			492			480			972
Equity earnings (losses)	107			125			115			87			434			82			92			174
Other investing income (loss) - net	271			2			4			4			281			4			67			71
Interest incurred	(221		)	(214		)	(210		)	(210		)	(855		)	(218		)	(224		)	(442		)
Interest capitalized	7			9			8			9			33			9			13			22
Other income (expense) - net	49			15			14			(23		)	55			15			21			36
Income (loss) before income taxes	663			349			283			(314		)	981			384			449			833
Provision (benefit) for income taxes	3			1			(1		)	3			6			—			—			—
Net income (loss)	660			348			284			(317		)	975			384			449			833
Less: Net income attributable to noncontrolling interests	26			28			25			25			104			24			23			47
Net income (loss) attributable to controlling interests	$	634		$	320		$	259		$	(342	)	$	871		$	360		$	426		$	786

Allocation of net income (loss) for calculation of earnings per common unit:
Net income (loss) attributable to controlling interests	$	634		$	320		$	259		$	(342	)	$	871		$	360		$	426		$	786
Allocation of net income (loss) to Class B units ⁽¹⁾	11			6			4			(6		)	15			7			8			15
Allocation of net income (loss) to common units ⁽¹⁾	$	623		$	314		$	255		$	(336	)	$	856		$	353		$	418		$	771

Diluted earnings (loss) per common unit:
Net income (loss) per common unit ⁽¹⁾	$	0.68		$	0.33		$	0.27		$	(0.35	)	$	0.90		$	0.37		$	0.44		$	0.81
Weighted-average number of common units outstanding (thousands)	920,250			955,986			956,365			956,558			947,485			957,336			957,965			957,652

Cash distributions per common unit	$	0.600		$	0.600		$	0.600		$	0.600		$	2.400		$	0.614		$	0.629		$	1.243

(1) The sum for the quarters may not equal the total for the year due to timing of unit issuances.



Williams Partners L.P.
Northeast G&P
(UNAUDITED)
	2017 ⁽¹⁾											2018
(Dollars in millions)	1st Qtr		2nd Qtr		3rd Qtr			4th Qtr		Year		1st Qtr		2nd Qtr		Year

Revenues: ⁽¹⁾
Service revenues:
Nonregulated gathering and processing fee-based revenue	$	182	$	183	$	182		$	191	$	738	$	189	$	196	$	385
Other fee revenues	35		34		31			33		133		39		36		75
Nonregulated commodity consideration	—		—		—			—		—		4		4		8
Product sales:
NGL sales from gas processing	4		4		2			4		14		4		5		9
Marketing sales	64		48		60			106		278		89		65		154
Tracked product sales	—		—		—			—		—		5		5		10
Total revenues	285		269		275			334		1,163		330		311		641

Segment costs and expenses: ⁽¹⁾
NGL cost of goods sold	4		1		2			1		8		4		5		9
Marketing cost of goods sold	65		48		59			106		278		90		65		155
Processing commodity expenses	—		—		—			—		—		2		2		4
Operating and administrative costs	86		88		99			109		382		85		92		177
Other segment costs and expenses	—		1		(1		)	4		4		2		—		2
Impairment of certain assets	1		1		121			1		124		—		—		—
Tracked cost of goods sold	—		—		—			—		—		5		7		12
Total segment costs and expenses	156		139		280			221		796		188		171		359

Proportional Modified EBITDA of equity-method investments	97		117		120			118		452		108		115		223
Modified EBITDA	226		247		115			231		819		250		255		505
Adjustments	1		1		131			7		140		—		—		—
Adjusted EBITDA	$	227	$	248	$	246		$	238	$	959	$	250	$	255	$	505
NGL margin	$	—	$	3	$	—		$	3	$	6	$	2	$	2	$	4

Statistics for Operated Assets
Gathering and Processing
Gathering volumes (Bcf per day) - Consolidated ⁽²⁾	3.32		3.28		3.28			3.37		3.31		3.38		3.44		3.41
Gathering volumes (Bcf per day) - Non-consolidated ⁽³⁾	3.55		3.58		3.48			3.61		3.55		3.82		3.59		3.71
Plant inlet natural gas volumes (Bcf per day) ⁽²⁾	0.39		0.40		0.45			0.50		0.43		0.49		0.55		0.52

Ethane equity sales (Mbbls/d)	2		2		2			1		2		1		3		2
Non-ethane equity sales (Mbbls/d)	1		1		1			1		1		1		1		1
NGL equity sales (Mbbls/d)	3		3		3			2		3		2		4		3

Ethane production (Mbbls/d)	17		22		17			22		20		23		27		25
Non-ethane production (Mbbls/d)	15		17		19			22		18		21		21		21
NGL production (Mbbls/d)	32		39		36			44		38		44		48		46

(1) Revenues and costs are now reflected net of eliminations.
(2) Includes gathering volumes associated with Susquehanna Supply Hub, Ohio Valley Midstream, and Utica Supply Hub, all of which are consolidated.
(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership; and the Bradford Supply Hub and a portion of the Marcellus South Supply Hub within the Appalachia Midstream Services partnership. Volumes handled by Blue Racer Midstream (gathering and processing) and UEOM (processing only), which we do not operate, are not included.



Williams Partners L.P.
Atlantic-Gulf
(UNAUDITED)
	2017													2018
(Dollars in millions)	1st Qtr			2nd Qtr		3rd Qtr			4th Qtr			Year		1st Qtr		2nd Qtr			Year

Revenues: ⁽¹⁾
Service revenues:
Nonregulated gathering & processing fee-based revenue	$	127		$	136	$	133		$	132		$	528	$	138	$	128		$	266
Regulated transportation revenue	354			358		380			408			1,500		413		406			819
Other fee revenues	34			34		30			32			130		32		34			66
Tracked service revenue	21			19		20			19			79		26		22			48
Nonregulated commodity consideration	—			—		—			—			—		15		12			27
Product sales:
NGL sales from gas processing	27			16		13			14			70		15		10			25
Marketing sales	90			75		66			81			312		45		57			102
Other sales	4			3		3			2			12		2		2			4
Tracked product sales	13			31		25			23			92		31		36			67
Total revenues	670			672		670			711			2,723		717		707			1,424
Segment costs and expenses: ⁽¹⁾
NGL cost of goods sold	13			7		5			3			28		15		12			27
Marketing cost of goods sold	89			73		65			81			308		44		57			101
Other cost of goods sold	1			—		—			—			1		—		—			—
Tracked cost of goods sold	15			33		27			24			99		33		38			71
Processing commodity expenses	—			—		—			—			—		5		2			7
Operating and administrative costs	154			166		190			221			731		175		179			354
Other segment costs and expenses	(1		)	—		(3		)	14			10		—		(14		)	(14		)
Regulatory charges resulting from Tax Reform	—			—		—			493			493		11		(20		)	(9		)
Tracked operating and administrative costs	21			19		20			19			79		26		22			48
Total segment costs and expenses	292			298		304			855			1,749		309		276			585
Proportional Modified EBITDA of equity-method investments	72			80		64			48			264		43		44			87
Modified EBITDA	450			454		430			(96		)	1,238		451		475			926
Adjustments	3			8		1			529			541		15		(19		)	(4		)
Adjusted EBITDA	$	453		$	462	$	431		$	433		$	1,779	$	466	$	456		$	922
NGL Margins	$	14		$	9	$	7		$	11		$	41	$	10	$	8		$	18

Statistics for Operated Assets
Gathering, Processing and Crude Oil Transportation
Gathering volumes (Bcf per day) - Consolidated ⁽²⁾	0.32			0.29		0.31			0.30			0.31		0.30		0.25			0.27
Gathering volumes (Bcf per day) - Non-consolidated ⁽³⁾	0.55			0.54		0.39			0.28			0.44		0.24		0.25			0.25
Plant inlet natural gas volumes (Bcf per day) - Consolidated ⁽²⁾	0.56			0.57		0.52			0.54			0.55		0.54		0.43			0.49
Plant inlet natural gas volumes (Bcf per day) - Non-consolidated ⁽³⁾	0.54			0.53		0.39			0.27			0.43		0.24		0.25			0.25
Crude transportation volumes (Mbbls/d)	131			135		137			136			134		142		132			137
Consolidated ⁽²⁾
Ethane margin ($/gallon)	$	.02		$	.03	$	.04		$	.09		$	.04	$	.03	$	.16		$	.08
Non-ethane margin ($/gallon)	$	.42		$	.36	$	.53		$	.72		$	.47	$	.66	$	.74		$	.69
NGL margin ($/gallon)	$	.26		$	.23	$	.26		$	.46		$	.28	$	.40	$	.48		$	.43
Ethane equity sales (Mbbls/d)	6			4		4			2			4		3		2			2
Non-ethane equity sales (Mbbls/d)	9			6		3			3			5		4		2			3
NGL equity sales (Mbbls/d)	15			10		7			5			9		7		4			5
Ethane production (Mbbls/d)	14			14		13			14			14		12		12			12
Non-ethane production (Mbbls/d)	20			19		18			19			19		19		17			18
NGL production (Mbbls/d)	34			33		31			33			33		31		29			30
Non-consolidated ⁽³⁾
NGL equity sales (Mbbls/d)	5			4		5			4			5		2		5			4
NGL production (Mbbls/d)	21			22		22			19			21		18		20			19
Transcontinental Gas Pipe Line
Throughput (Tbtu)	939.1			887.6		938.5			1,017.5			3,782.7		1,099.9		965.5			2,065.4
Avg. daily transportation volumes (Tbtu)	10.4			9.8		10.2			11.1			10.4		12.2		10.6			11.4
Avg. daily firm reserved capacity (Tbtu)	12.8			13.2		14.1			14.9			13.8		15.4		15.0			15.2

(1) Revenues and costs are now reflected net of eliminations.
(2) Excludes volumes associated with equity-method investments that are not consolidated in our results.
(3) Includes 100% of the volumes associated with operated equity-method investments.



Williams Partners L.P.
West
(UNAUDITED)
	2017														2018
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr		Year			1st Qtr			2nd Qtr		Year

Revenues: ⁽¹⁾
Service revenues:
Nonregulated gathering & processing fee-based revenue	$	363		$	382		$	398		$	502	$	1,645		$	386		$	398	$	784
Regulated transportation revenue	117			112			113			118		460			109			104		213
Other fee revenues	38			33			33			37		141			36			32		68
Nonregulated commodity consideration	—			—			—			—		—			82			78		160
Tracked service revenues	—			—			—			—		—			—			1		1
Product sales:
NGL sales from gas processing	64			61			68			82		275			85			76		161
Olefin sales	1			—			—			—		1			—			—		—
Marketing sales	387			368			408			534		1,697			419			465		884
Other sales	4			5			9			20		38			10			9		19
Tracked product sales	—			1			—			1		2			16			10		26
Total revenues	974			962			1,029			1,294		4,259			1,143			1,173		2,316
Segment costs and expenses: ⁽¹⁾
NGL cost of goods sold	27			31			31			32		121			85			81		166
Marketing cost of goods sold	386			375			397			527		1,685			418			458		876
Other cost of goods sold	3			3			9			18		33			7			8		15
Tracked cost of goods sold	—			—			—			—		—			16			10		26
Processing commodity expenses	—			—			—			—		—			30			20		50
Operating and administrative costs	210			216			204			217		847			194			216		410
Tracked operating and administrative costs	—			—			1			1		2			—			1		1
Other segment costs and expenses	(12		)	(2		)	(1		)	1		(14		)	5			9		14
Impairment of certain assets	—			1			1,021			10		1,032			—			—		—
Regulatory charges resulting from Tax Reform	—			—			—			220		220			(7		)	—		(7		)
Total segment costs and expenses	614			624			1,662			1,026		3,926			748			803		1,551
Proportional Modified EBITDA of equity-method investments	25			18			18			18		79			18			19		37
Modified EBITDA	385			356			(615		)	286		412			413			389		802
Adjustments	4			16			1,041			195		1,256			(7		)	—		(7		)
Adjusted EBITDA	$	389		$	372		$	426		$	481	$	1,668		$	406		$	389	$	795
NGL margin	$	37		$	30		$	37		$	50	$	154		$	52		$	53	$	105

Statistics for Operated Assets
Gathering and Processing
Gathering volumes (Bcf per day)	4.23			4.40			4.62			4.86		4.53			4.58			4.60		4.59
Plant inlet natural gas volumes (Bcf per day)	1.99			2.01			2.11			2.17		2.07			2.16			2.12		2.14

Ethane equity sales (Mbbls/d)	3			11			11			12		9			19			10		15
Non-ethane equity sales (Mbbls/d)	20			20			20			21		20			20			19		19
NGL equity sales (Mbbls/d)	23			31			31			33		29			39			29		34
Ethane margin ($/gallon)	$	.04		$	.00		$	.02		$	.02	$	.02		$	.01		$	.07	$	.03
Non-ethane margin ($/gallon)	$	.49		$	.40		$	.45		$	.61	$	.49		$	.69		$	.71	$	.70
NGL margin ($/gallon)	$	.43		$	.26		$	.30		$	.39	$	.34		$	.35		$	.48	$	.41
Ethane production (Mbbls/d)	8			18			19			26		18			31			26		28
Non-ethane production (Mbbls/d)	55			57			62			63		59			62			61		61
NGL production (Mbbls/d)	63			75			81			89		77			93			87		89
Northwest Pipeline LLC
Throughput (Tbtu)	219.0			165.4			156.4			209.1		749.9			226.1			188.1		414.2
Avg. daily transportation volumes (Tbtu)	2.4			1.8			1.7			2.3		2.1			2.5			2.1		2.3
Avg. daily firm reserved capacity (Tbtu)	3.0			3.0			3.0			3.0		3.0			3.0			3.0		3.0
Overland Pass Pipeline Company LLC (equity investment) - 100%
NGL Transportation volumes (Mbbls)	18,338			20,558			21,015			21,424		81,335			21,263			21,334		42,597
(1) Revenues and costs are now reflected net of eliminations.



Williams Partners L.P.
Capital Expenditures and Investments
(UNAUDITED)
	2017															2018
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr		2nd Qtr		Year

Capital expenditures:
Northeast G&P	$	58		$	81		$	173		$	101		$	413		$	114	$	104	$	218
Atlantic-Gulf	388			398			371			508			1,665			764		746		1,510
West	57			58			94			76			285			69		74		143
NGL & Petchem Services	6			1			(1		)	—			6			—		—		—
Other	—			2			1			2			5			1		1		2
Total ⁽¹⁾	$	509		$	540		$	638		$	687		$	2,374		$	948	$	925	$	1,873

Purchases of investments:
Northeast G&P	$	20		$	26		$	24		$	29		$	99		$	20	$	70	$	90
Atlantic-Gulf	—			1			—			—			1			1		—		1
West	32			—			—			—			32			—		—		—
Total	$	52		$	27		$	24		$	29		$	132		$	21	$	70	$	91

Summary:
Northeast G&P	$	78		$	107		$	197		$	130		$	512		$	134	$	174	$	308
Atlantic-Gulf	388			399			371			508			1,666			765		746		1,511
West	89			58			94			76			317			69		74		143
NGL & Petchem Services	6			1			(1		)	—			6			—		—		—
Other	—			2			1			2			5			1		1		2
Total	$	561		$	567		$	662		$	716		$	2,506		$	969	$	995	$	1,964

Capital expenditures incurred and purchases of investments:
Increases to property, plant, and equipment	$	569		$	586		$	660		$	824		$	2,639		$	925	$	922	$	1,847
Purchases of investments	52			27			24			29			132			21		70		91
Total	$	621		$	613		$	684		$	853		$	2,771		$	946	$	992	$	1,938

⁽¹⁾ Increases to property, plant, and equipment	$	569		$	586		$	660		$	824		$	2,639		$	925	$	922	$	1,847
Changes in related accounts payable and accrued liabilities	(60		)	(46		)	(22		)	(137		)	(265		)	23		3		26
Capital expenditures	$	509		$	540		$	638		$	687		$	2,374		$	948	$	925	$	1,873



Selected Financial Information
(UNAUDITED)
	2017								2018
(Dollars in millions)	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr		2nd Qtr

Cash and cash equivalents	$	625	$	1,908	$	1,165	$	881	$	1,268	$	255

Capital structure:
Debt:
Current	$	—	$	1,951	$	502	$	501	$	501	$	2
Noncurrent	$	17,065	$	16,614	$	16,000	$	15,996	$	17,011	$	17,018

WILLIAMS PARTNERS L.P. - FORM 8-K - EX-99.2 - August 1, 2018

Attached files

WILLIAMS PARTNERS L.P. Reports