8-KRegulation FDExhibits & Filings

WILLIAMS COMPANIES, INC. 8-K Report, Regulation FD Disclosure (May 12, 2009)

Filed May 12, 2009For Securities:WMB

Summary

Williams Companies, Inc. (WMB) filed an 8-K on May 12, 2009, to announce details for their upcoming Analyst Day on the same date. The primary focus of this filing is to provide investors with updated information regarding the company and its Master Limited Partnerships, Williams Partners L.P. (WPZ) and Williams Pipeline Partners L.P. (WMZ). Key among the disclosures is a significant increase in Williams' total proved, probable, and possible reserves to an estimated 13 trillion cubic feet equivalent (Tcfe), up from a previous estimate of 11.4 Tcfe. The company also indicated that new information, including updates on its Exploration & Production unit's production impact from reduced drilling, well economics in various shale plays, fee-based growth for its Midstream unit, a hedge update, and liquidity position as of May 1, 2009, would be presented during the Analyst Day and made available via webcast and on their corporate website.

Key Highlights

  • 1Williams Companies announced an Analyst Day event on May 12, 2009, to present information on WMB, WPZ, and WMZ.
  • 2Total proved, probable, and possible reserves were increased to an estimated 13 Tcfe from 11.4 Tcfe.
  • 3The Analyst Day presentations will be webcast live and available for replay.
  • 4New information to be presented includes E&P production impacts from reduced drilling.
  • 5Details on typical well economics for various shale plays (San Juan Mesa Verde, Barnett Shale, etc.) will be discussed.
  • 6Fee-based growth initiatives for the Midstream unit will be a topic of discussion.
  • 7An updated hedge position as of May 6, 2009, and liquidity as of May 1, 2009, will be disclosed.

Frequently Asked Questions

The 8-K filing serves as a Regulation FD disclosure to announce the details of Williams Companies' Analyst Day event on May 12, 2009, and to pre-emptively release key information that will be discussed, including an updated reserve estimate and topics for investor presentations.

The increase in total proved, probable, and possible reserves from 11.4 Tcfe to 13 Tcfe is a significant positive development, suggesting a larger resource base for the company and potentially impacting future production and revenue potential.

The new information, including the slide presentation for Analyst Day, will be available for viewing, downloading, and printing on Williams Companies' website (www.williams.com) on the morning of May 12, 2009. The Analyst Day itself will also be broadcast live via webcast on multiple company websites.

The Analyst Day presentations will cover the impact of reduced drilling on the E&P unit's production, economics of wells in key shale plays, growth strategies for the Midstream unit, a hedge update as of May 6, 2009, and the company's liquidity position as of May 1, 2009.