What is the primary reason for this 8-K filing?

The primary reason for this filing is to report the reclassification of the company's equity method investment in the Aux Sable gas processing plant and related business from its Midstream segment to its Power segment. This change in segmental reporting is effective September 21, 2004, and is largely a result of FERC Order 2004.

What financial periods are being restated?

This filing includes restated consolidated financial statements as of December 31, 2003 and 2002, and for the three years ended December 31, 2003. Additionally, it presents restated unaudited consolidated financial statements for interim periods, including those ending March 31, 2004 and June 30, 2004, and their comparative periods in 2003.

Does this filing update all prior information disclosed in previous 10-K and 10-Q reports?

No, this filing specifically addresses the segmental reclassification and the restatement of financial statements due to this change. It is a revision to the 2003 10-K and 2004 10-Q filings. Unless already rendered incorrect by time, other information in those original filings is not updated in this 8-K. The company incorporates by reference information from its subsequent 10-Q filings for periods ending March 31, June 30, and September 30, 2004, excluding their financial statements.

What is the significance of FERC Order 2004 mentioned in the filing?

FERC Order 2004 is cited as the primary driver for the transfer of management and decision-making control of the Aux Sable investment from Williams' Midstream segment to its Power segment. This regulatory change has prompted the company to adjust its internal reporting structure and present its financial results accordingly.

WMB 8-K SEC Disclosure

Summary

This 8-K filing by The Williams Companies, Inc. (WMB) primarily announces a significant reclassification of its equity method investment in the Aux Sable gas processing plant and related business. Effective September 21, 2004, control and management of this investment has been transferred from the Midstream segment to the Power segment, largely driven by FERC Order 2004. This reclassification necessitates the restatement of consolidated financial statements for various periods, including year-end 2003 and interim periods in 2004. Investors should note that this filing serves as a revision to previously filed reports, including the 2003 10-K and 2004 10-Q filings, and aims to present a more accurate segmental reporting of the Aux Sable operations.

Key Highlights

1Reclassification of Aux Sable gas processing plant investment from Midstream to Power segment, effective September 21, 2004.
2The reclassification is attributed to FERC Order 2004, impacting management and decision-making control.
3Restatement of consolidated financial statements as of December 31, 2003 and 2002, and for the three years then ended.
4Restatement of unaudited consolidated financial statements for interim periods in 2004 and 2003, including March 31 and June 30 dates.
5This filing amends and revises previously submitted Annual Report on Form 10-K (for fiscal year ended Dec 31, 2003) and Quarterly Reports on Form 10-Q (for periods ending March 31, 2004 and June 30, 2004).
6Includes the consent of Ernst & Young LLP, Independent Registered Public Accounting Firm.
7Provides restated Management's Discussion and Analysis (MD&A) and Financial Statements for various comparative periods.

WILLIAMS COMPANIES, INC. 8-K Report, Corporate Update (Nov 5, 2004)

Summary

Key Highlights

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