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.