Summary
Williams Companies, Inc. (WMB) filed this 8-K on August 27, 2009, to revise historical financial information. The primary focus of this revision is to present the El Furrial and PIGAP II gas compression facilities in Venezuela, which were expropriated by the Venezuelan government in May 2009, as discontinued operations. This reclassification affects previously reported figures in their 2008 10-K and first quarter 2009 10-Q filings. Investors should note that this filing is primarily an accounting adjustment to reflect the loss of these assets. While the company is updating its financial statements to comply with reporting standards for discontinued operations, the core operational impact and financial performance of the ongoing business are not the subject of this particular report. It is crucial for investors to review the revised financial data in conjunction with the company's most recent quarterly report (Q2 2009) to understand the current financial health and operational focus of Williams Companies.
Key Highlights
- 1Williams Companies is reclassifying its Venezuelan gas compression facilities (El Furrial and PIGAP II) as discontinued operations due to expropriation by the Venezuelan government in May 2009.
- 2This filing revises historical financial information from the 2008 10-K and the first quarter 2009 10-Q to reflect this change.
- 3The report includes revised financial data, management discussion, and market risk disclosures related to the discontinued operations.
- 4Exhibits filed include updated computations for the ratio of earnings to fixed charges and valuation and qualifying accounts.
- 5The company is presenting the financial impact of the expropriated assets in accordance with reporting standards for discontinued operations.
- 6This 8-K should be read in conjunction with WMB's June 30, 2009 10-Q and other relevant filings.