8-K/ARegulation FDExhibits & Filings

WILLIAMS COMPANIES, INC. 8-K/A Report, Regulation FD Disclosure (Jun 26, 2008)

Filed June 26, 2008For Securities:WMB

Summary

This filing is an amendment (8-K/A) to a previously filed Current Report by The Williams Companies, Inc. (WMB), addressing a factual error in a press release issued on June 25, 2008. The original press release announced an increase in the company's consolidated segment profit and earnings per share guidance for 2008 and 2009. The amendment clarifies that the guidance for natural gas liquids (NGL) pricing was incorrectly stated in barrels, when it should have been in gallons. Investors should note that this is a correction of a reporting error, not a change in the fundamental business guidance. The corrected guidance now specifies average NGL margins for 2008 in the range of 57 to 68 cents per gallon, and for 2009, 43 to 71 cents per gallon. This clarification is important for understanding the precise financial expectations for WMB's NGL segment.

Key Highlights

  • 1Williams Companies, Inc. (WMB) filed an amendment to its previous 8-K filing.
  • 2The amendment corrects an error in a press release regarding 2008 and 2009 earnings guidance.
  • 3The error involved the unit of measurement for natural gas liquids (NGL) pricing, which was mistakenly reported in barrels instead of gallons.
  • 4The company's consolidated segment profit and earnings per share guidance for 2008 and 2009 remains increased.
  • 5Corrected 2008 NGL margin guidance is 57 to 68 cents per gallon (previously 42 to 53 cents).
  • 6Corrected 2009 NGL margin guidance is 43 to 71 cents per gallon (previously 34 to 55 cents).
  • 7A press release dated June 26, 2008, was issued to disseminate the corrected information.

Frequently Asked Questions

The primary purpose of this filing is to amend a previous 8-K report and correct an error in a press release issued by Williams Companies, Inc. The error pertained to the unit of measure used for natural gas liquids (NGL) pricing guidance.

No, this filing does not represent a new increase in earnings guidance. It is a correction of a factual error in a press release that *previously* announced an increase in guidance for 2008 and 2009. The underlying increased guidance remains, but the specific units for NGL pricing have been corrected.

The error was in stating the guidance for natural gas liquids (NGL) pricing in 'barrels' when it should have been stated in 'gallons'. The corrected guidance reflects margins in cents per gallon.

For 2008, the corrected guidance is 57 to 68 cents per gallon, up from the previously stated but erroneous 42 to 53 cents per barrel. For 2009, the corrected guidance is 43 to 71 cents per gallon, up from the previously stated but erroneous 34 to 55 cents per barrel. The revised figures are per gallon, which is a smaller unit than a barrel, thus providing a different numerical representation of the expected margins.