Summary
The Williams Companies, Inc. (WMB) filed a Current Report on Form 8-K on March 12, 2003, to disclose information about a potential increase in capital expenditures related to clean air regulations for its Transcontinental Gas Pipe Line Corporation and Texas Gas Transmission Corporation subsidiaries. This information was inadvertently disclosed to a reporter by a company spokesperson, prompting the need for a Regulation FD filing. Investors should note that the projected spending for clean air compliance may rise significantly, from an earlier estimate of $186 million to $214 million, to a new range of approximately $306 million to $344 million. This increased expenditure is planned to occur over the next four years. While these revised projections were previously referenced in a public conference call on February 20, 2003, in the context of overall maintenance capital, the company emphasizes that these figures are subject to change.
Key Highlights
- 1Disclosure of potential increase in capital expenditures for clean air compliance by subsidiaries Transcontinental Gas Pipe Line Corporation and Texas Gas Transmission Corporation.
- 2Inadvertent disclosure of information to a reporter triggered the need for this Regulation FD filing.
- 3Projected clean air-related capital expenditures may increase from $186-$214 million to $306-$344 million over the next four years.
- 4The revised expenditure projections were previously mentioned in a February 20, 2003 conference call regarding overall maintenance capital.
- 5The company explicitly states that these revised projections are subject to change.
- 6Filed as a Current Report on Form 8-K on March 12, 2003, with the earliest event reported on March 11, 2003.