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Tuesday, 02 December, 2008, 03:30 GMT | more >>

Williams rakes it in



By Upstream staff 

Williams Companies said third-quarter profit climbed, helped by higher natural gas production, higher margins and new pipeline rates.

The Oklahoma-based company said quarterly net profit was $198 million, or 33 cents per diluted share, compared with $106.2 million, or 18 cents per diluted share in the same period a year ago.

For the 2007 third-quarter, recurring income from continuing operations after mark-to-market adjustments was $239.1 million, or 39 cents per share, compared with $164.2 million, or 27 cents per share for the same period in 2006.

On that basis, analysts on average had expected a profit of 37 cents a share, according to Reuters Estimates.

"High natural gas liquid prices along with low gas prices in the Rockies, continued to drive record-level NGL margins for our Midstream business; and despite the low basin gas prices, our exploration and production business continues to perform well," Steve Malcolm, Williams' chief executive, said in a statement.

Combined average daily production from rose 17% to about 974 million cubic feet of gas equivalent, compared with 831 MMcfe for the same period in 2006.

Revenue rose 14% $2.86 billion.

Looking ahead, the company boosted its 2007 earnings forecast to $1.60 to $1.70 per share, up from $1.30 to $1.50 per share. The increase is due to strength in Williams' natural gas businesses, it said.

Williams said its expects earnings per share of $1.50 to $1.90. That compares with the analyst consensus estimate of $1.80 per share.


Thursday, 01 November, 2007, 12:51 GMT  | last updated: Thursday, 01 November, 2007, 12:54 GMT

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