Summary
Williams Companies, Inc. (WMB) filed an 8-K on February 21, 2008, to announce its financial results for the fourth quarter and full year ended December 31, 2007, and to provide an update on its natural gas reserves. While the specific financial figures are detailed in the furnished press release (Exhibit 99.1), the filing highlights positive developments in the company's reserve position. Specifically, WMB reported an increase in its domestic and international proved natural gas reserves to 4.3 trillion cubic feet equivalent (TcfE) as of December 31, 2007. Importantly, the company managed to replace 232% of its 2007 U.S. wellhead production of 334 billion cubic feet equivalent (Bcfe), indicating a strong reserve replacement ratio and growth in its resource base.
Key Highlights
- 1Williams Companies announced its 2007 fourth quarter and full-year financial results on February 21, 2008.
- 2The company reported its domestic and international proved natural gas reserves as of December 31, 2007, totaling 4.3 trillion cubic feet equivalent (TcfE).
- 3WMB achieved a reserve replacement rate of 232% for its 2007 U.S. wellhead production.
- 4The company produced 334 billion cubic feet equivalent (Bcfe) of natural gas in the U.S. during 2007.
- 5The filing includes press releases with financial highlights and reconciliation schedules (Exhibit 99.1) and details on natural gas reserve replacement (Exhibit 99.2).
- 6The information furnished is not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934.