Williams
Quarterly Data Book
(Includes WMB and WPZ)
Second Quarter 2016
We make energy happen.®
August 1, 2016
© 2016 The Williams Companies, Inc. All rights reserved.
Forward Looking Statements
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The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) and Williams Partners L.P. (W PZ) may contain or
incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business
prospects, outcome of regulatory proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the
safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts,
included in this document that address activities, events or developments that we expect, believe or anticipate will exist or may occur in the future,
as forward-looking statements. Forward-looking statements can be identified by various forms of words such as “anticipates,” “believes,” “seeks,”
“could,” “may,” “should,” “continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “goals,” “objectives,” “targets,” “planned,” “potential,”
“projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in service date” or other similar expressions. These forward-looking statements are
based on management’s beliefs and assumptions and on information currently available to management and include, among others, statements
regarding:
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Expected levels of cash distributions by WPZ with respect to general partner interests, incentive distribution rights and limited part ner interests;
Levels of dividends to Williams stockholders;
Future credit ratings of Williams, WPZ and their affiliates;
Amounts and nature of future capital expenditures;
Expansion of our business and operations;
Financial condition and liquidity;
Business strategy;
Cash flow from operations or results of operations;
Seasonality of certain business components;
Natural gas, natural gas liquids, and olefins prices, supply, and demand; and
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Demand for our services.
> Forward-looking statements are based on numerous assumptions, uncertainties and risks that could cause future events or results to be materially
different from those stated or implied in this document. Many of the factors that will determine these results are beyond our ability to control or predict.
Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the
following:
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Whether WPZ will produce sufficient cash flows to provide the level of cash distributions, including incentive distribution rights, that we expect;
Whether Williams is able to pay current and expected levels of dividends;
Whether we will be able to effectively execute our financing plan including WPZ’s establishment of a distribution reinvestmen t plan (DRIP) and the receipt of
anticipated levels of proceeds from planned asset sales;
Availability of supplies, including lower than anticipated volumes from third parties served by our midstream business, and market demand;
Volatility of pricing including the effect of lower than anticipated energy commodity prices and margins;
Inflation, interest rates, fluctuation in foreign exchange rates and general economic conditions (including future disruptions and vol atility in the global credit markets
and the impact of these events on customers and suppliers);
The strength and financial resources of our competitors and the effects of competition;
Whether we are able to successfully identify, evaluate and timely execute our capital projects and other investment opportunities in accordance with our forecasted
capital expenditures budget;
Our ability to successfully expand our facilities and operations;
Development of alternative energy sources;
Availability of adequate insurance coverage and the impact of operational and developmental hazards and unforeseen interruptions;
Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
Forward Looking Statements (cont’d)
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The impact of existing and future laws, regulations, the regulatory environment, environmental liabilities, and litigation, as well as our ability to obtain permits and achieve
favorable rate proceeding outcomes;
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Williams’ costs and funding obligations for defined benefit pension plans and other postretirement benefit plans ;
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WPZ’s allocated costs for defined benefit pension plans and other postretirements benefit plans sponsored by its affiliates;
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Changes in maintenance and construction costs;
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Changes in the current geopolitical situation;
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Our exposure to the credit risk of our customers and counterparties;
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Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determi ned by nationally-recognized credit rating
agencies and the availability and cost of capital;
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The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;
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Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;
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Acts of terrorism, including cybersecurity threats and related disruptions; and
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Additional risks described in our filings with the Securities and Exchange Commission (SEC).
Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we
caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or
announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those
statements of intention set forth in this document. Such changes in our intentions may also cause our results to differ. We may change our intentions, at
any time and without notice, based upon changes in such factors, our assumptions, or otherwise.
Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that
may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see Part
I, Item 1A. Risk Factors in Williams’ and WPZ’s Annual Reports on Form 10-K filed with the SEC on February 26, 2016 and in Part II, Item 1A. Risk
Factors in our Quarterly Reports on Form 10-Q available from our offices or from our website at www.williams.com.
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Central
WPZ – Central
2016 Central
For 2015 Included in Access Midstream
MISSISSIPPI
LIME
GRANITE WASH/
COLONY WASH
WOLFBERRY
BARNETT
HAYNESVILLE
DELAWARE
(PERMIAN)
EAGLE
FORD
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Central
Central
Note: This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to
their nearest GAAP financial measures is included on slides 39-48.
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
WPZ – Atlantic - Gulf
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Atlantic - Gulf
Atlantic - Gulf
Note: This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to
their nearest GAAP financial measures is included on slides 39-48.
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Atlantic - Gulf
Atlantic - Gulf operating statistics
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Atlantic - Gulf
Eastern Interstates: Nation’s Largest,
Fastest-growing Interstate Pipeline Systems
NE Connector/
Rockaway Lateral
EXPECTED CAPITAL
INVESTMENT PLACED INTO
SERVICE ($B)
Constitution1,2
$4.5
Leidy
Southeast
New York Bay
Expansion
NE Supply
Enhancement2
Garden State
Expansion
Atlantic
Sunrise3
$3.0
2017
$0.1
2016
$1.4
2015
CPV
Woodbridge
Virginia
Southside I & II
Hillabee
Phase 1
Rock Springs
Expansion
Dalton Expansion
Gulf Connector2
Mobile Bay
South III
Gulf Trace
St. James Supply2
Note: In-service dates and capacities for projects not yet in service represent expected in-service dates and capacities
1) Project not included in financial forecast
2) Target in-service date is beyond 2017
3) Target in-service as early as late 2017, assuming timely receipt of all necessary regulatory approvals
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Atlantic - Gulf
Constitution Pipeline: New Market Access
for Marcellus Production
Project permit denied by New York State; Williams Litigating
> A 126-mile, 30-inch pipeline
connecting Williams
Partners’ Gathering System
in Susquehanna County,
PA to Iroquois Gas
Transmission and
Tennessee Gas Pipeline in
Schoharie County, NY
> Capacity: 650 MDth/d
> New FERC-regulated
interstate pipeline
> Owned (41%) and operated
by WPZ; Cabot Oil and
Gas owns 25%, Piedmont
Constitution Pipeline
Company owns 24%, and
WGL Midstream, Inc. owns
10%
> Target in-service date: as
early as 2nd Half 2018*,
assuming successful and
prompt resolution of permit
litigation
* Project not included in financial forecast
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Atlantic - Gulf
Atlantic Sunrise: Unlocking Marcellus Access
> Bolsters connection to growing
Marcellus supplies
195
> 1.7 MMDth/d fully committed
> 15-year binding
Atlantic Sunrise
• 1.7 MMDth/d
firm-transportation agreements
> Producers, LDCs investing in
greenfield portion of project
165
> Target in-service
– As early as late 2017, assuming
timely receipt of all necessary
regulatory approvals
– Financial forecast risks cash
flows ~ 6 months
85
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Atlantic - Gulf
Northern Market: Continuing Strong Growth
Constitution
• 650 MDth/d
• As early as
2H 20181
Leidy Southeast
• 525 MDth/d
• January 5, 2016
New York Bay Expansion
• 115 MDth/d
• 20172
Leidy Hub
New York City
Atlantic Sunrise
• 1,700 MDth/d
• As early as
late 20172
210
NE Supply Enhancement
• 400 MDth/d
• 20202
Garden State
• 180 MDth/d
• 20172
195
VA
Rock Springs Lateral
• 192 MDth/d
• 2016
Note: In-service dates and capacities for projects not yet in service represent expected in-service dates and capacities
1) Assuming successful and prompt resolution of permit litigation
2) Assuming timely receipt of all necessary regulatory approvals
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Atlantic - Gulf
Power Gen Fuels Southern Market Expansions
Virginia Southside II
• 250 MDth/d
• 20171
165
160
Dalton Expansion
• 448 MDth/d
• 20171
Hillabee Expansion Phase I
• 818 MDth/d
• 20171
85
Note: In-service dates and capacities for projects not yet in service represent expected in-service dates and capacities
1) Assuming timely receipt of all necessary regulatory approvals
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Atlantic - Gulf
Gulf Market Area Expansions Serving LNG and
Industrial Customers
65
Gulf Connector
• 475 MDth/d
• 2018 and 20191
50
St. James Supply
• 152 MDth/d
• 20181
45
30
Gulf Trace
• 1,200 MDth/d
• 2017
Note: In-service dates and capacities for projects not yet in service represent expected in-service dates and capacities
1) Assuming timely receipt of all necessary regulatory approvals
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Atlantic - Gulf
Gulf East: Tiebacks Drive New Opportunities
CONTRACTED:
> Kodiak – tieback to Devils Tower
achieved first production 1Q 2016
> Gunflint – tieback to GS1 achieved
first production in mid-July
> Appomattox development (Norphlet
Play) – projected in service 2019
POTENTIAL:
> Continuing to pursue near-term
gas and oil tieback opportunities
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ and WMB – NGL & Petchem
Services
WPZ – NGL & Petchem Services
NGL & Petchem Services
Note: This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to
their nearest GAAP financial measures is included on slides 39-48.
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – NGL & Petchem Services
NGL & Petchem Services operating statistics
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WMB – NGL & Petchem Services
Williams NGL & Petchem Services
Notes: These financials apply to the Williams NGL & Petchem Services segment of WMB. This slide contains non-GAAP financial measures. A
reconciliation of all non-GAAP financial measures used in this presentation to their nearest GAAP financial measures is included on slides 39-48.
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
NGL & Petchem Services
Pipeline Projects Meeting Market Demands
Texas Belle and Bayou Ethane
WMB TEXAS BELLE PIPELINE
> In-service 1Q 2015
> Transportation solution for new C4+
NGL demand
– Serving on-purpose butylene
production and other butane demand
– Developing opportunities for
additional C4+ products for motor
fuel blending
WPZ BAYOU ETHANE PIPELINE
> Phase 1 and Phase 2 in-service 4Q
2014 and 2Q 2015, respectively
> Phase 3 expected 3Q 2016
> Supplies Geismar plant
along with customers in Mississippi
River Corridor, Golden Triangle and
Lake Charles areas
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Northeast G&P
WPZ – Northeast G&P
Combined Position to Serve Marcellus,
Utica Wet/Dry Gas
Susquehanna
Supply Hub
NW PA and NE
Ohio/TRM
Bradford Supply Hub
Blue Racer
Midstream 1
Utica Supply Hub1
Ohio River Supply Hub
> Ohio Valley Midstream
> Laurel Mountain
Midstream1
> Marcellus South
1 LMM,
Blue Racer and Utica Supply Hub are partially owned systems. Blue Racer and a portion of Utica Supply Hub are not
operated by Williams.
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Northeast G&P
Northeast G&P
Note: This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to
their nearest GAAP financial measures is included on slides 39-48.
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Northeast G&P
Northeast G&P operating statistics
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – West
WPZ – West
West
Note: This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to
their nearest GAAP financial measures is included on slides 39-48.
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – West
West operating statistics
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – West
Pacific Northwest Demand Growth Heating Up
Island Gas
Connector
Up to 900 MDth/d
Target ISD: 2021
Sumas Express
Up to 160 MDth/d
Target ISD: 2020
Seattle
Kalama Lateral
Methanol Export
Up to 320 MDth/d
Target ISD: 2019
> Proposed Expansion Projects
– North Seattle
– Kalama Lateral
– Sumas Express
– Island Gas Connector
North Seattle
Up to 155 MDth/d
Target ISD: 2018
TransAlta Coal
Conversion
Up to 200 MDth/d
Target ISD: 2020/2025
Portland
> Announced New Market
Port Westward
Methanol Export
Up to 320 MDth/d
Target ISD: 2021
Opportunities(1)
– LNG Export
– Methanol Export
– Coal Conversion
Boise
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
(1)
Potential new end-use markets announced
by 3rd parties, which may lead to additional
expansion opportunities on Northwest
© 2016 The Williams Companies, Inc. All rights reserved.
Williams (WMB) and Williams
Partners L.P. (WPZ) Consolidated
WPZ – Consolidated
~93% of WPZ Q2 2016 gross margin from
fee-based sources
2%
5%
Regulated Gas Pipeline FeeBased Revenue (34%)
(Primarily Demand Payments)
34%
Other Fee-Based Revenue (59%)
(Mix of fixed fee, cost of service, MVC and
demand charge)
Olefins Commodity Margins (5%)
59%
NGL Commodity Margins (2%)
Note: excludes contributions from equity method investments and certain regulated revenues, which are related to tracked oper ating costs.
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Consolidated
WPZ -- Consolidated statement of income (loss)
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Consolidated
WPZ -- Consolidated statement of income (loss)
cont’d
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Consolidated
WPZ – Operating statistics
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ – Consolidated
WPZ -- Capital expenditures and investments
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WMB – Corporate
WMB -- Consolidated statement of operations
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WMB – Corporate
WMB -- Capital expenditures and investments
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WMB – Corporate
WMB – Depreciation, amortization and other
selected data
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WMB - Corporate
Tax Provision: Effective Tax Rate Reconciliation
(Not Cash Tax Rate)
Dollars in millions
2016 Second Quarter
Year-to-Date
Provision (benefit) at statutory rate
($ 232)
35%
122
(18%)
Reversal of cumulative Anticipatory Foreign Tax Credits
34
(5%)
Impact of nontaxable noncontrolling interests
14
(2%)
State income taxes (net of federal benefit)
(4)
1%
(74)
11%
(3)
0%
($ 143)
22%
Increases (decreases) in taxes resulting from:
Valuation allowance on certain foreign operations
Foreign Operations, net
Other-net
Provision (benefit) for income taxes
See Williams Dividend Illustration and Coverage Calculation slide, for WMB effective cash tax rates
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Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
Non-GAAP Reconciliations
Non-GAAP Reconciliations
Non-GAAP Disclaimer
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This presentation includes certain financial measures – adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per share,
cash available for dividends, dividend coverage ratio, distributable cash flow and cash distribution coverage ratio – that are non-GAAP
financial measures as defined under the rules of the Securities and Exchange Commission.
Our segment performance measure, modified EBITDA is defined as net income (loss) before income (loss) from discontinued
operations, income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income,
remeasurement gain on equity-method investment, impairment of equity investments, depreciation and amortization expense, and
accretion expense associated with asset retirement obligations for nonregulated operations and goodwill. We also add our proportional
ownership share (based on ownership interest) of modified EBITDA of equity-method investments.
Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations and may
include assumed business interruption insurance related to the Geismar plant. Management believes this measure provides investors
meaningful insight into results from ongoing operations.
For Williams, cash available for dividends is defined as cash received from its ownership in MLPs, cash received (used) by its NGL &
Petchem Services segment (other than cash for capital expenditures) less interest, taxes and maintenance capital expenditures
associated with Williams and not the underlying MLPs. We also calculate the ratio of cash available for dividends to the total cash
dividends paid (dividend coverage ratio). This measure reflects Williams’ cash available for dividends relative to its actual cash
dividends paid.
For Williams Partners L.P., we define distributable cash flow as adjusted EBITDA less maintenance capital expenditures, cash portion
of interest expense, income attributable to noncontrolling interests and cash income taxes plus WPZ restricted stock unit non-cash
compensation and certain other adjustments that management believes affects the comparability of results. Adjustments for
maintenance capital expenditures and cash portion of interest expense include our proportionate share of these items of our equitymethod investments.
For Williams Partners L.P., we also calculate the ratio of distributable cash flow to the total cash distributed (cash distribution coverage
ratio). This measure reflects the amount of distributable cash flow relative to our cash distribution. We have also provided this ratio
calculated using the most directly comparable GAAP measure, net income.
This presentation is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures.
Management uses these financial measures because they are accepted financial indicators used by investors to compare company
performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating
performance of assets and the cash that the business is generating.
Neither adjusted EBITDA, adjusted income, cash available for dividends, nor distributable cash flow are intended to represent cash
flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered
in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting
principles.
Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WMB Non-GAAP Reconciliations
WMB Non-GAAP reconciliation schedule
41
Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WMB Non-GAAP Reconciliations
WMB Non-GAAP reconciliation schedule cont’d
42
Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WMB Non-GAAP Reconciliations
Reconciliation of Modified EBITDA to Non-GAAP
Adjusted EBITDA
43
Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WMB – Corporate
2015 Dividend Illustration and Coverage
Calculation
44
Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ Non-GAAP Reconciliations
Reconciliation of Non-GAAP Adjusted EBITDA
and Distributable Cash Flow to GAAP Net Income
45
Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ Non-GAAP Reconciliations
Reconciliation of Non-GAAP Adjusted EBITDA
and Distributable Cash Flow to GAAP Net Income
(cont’d)
46
Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ Non-GAAP Reconciliations
Reconciliation of Modified EBITDA to Non-GAAP
Adjusted EBITDA
47
Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.
WPZ Non-GAAP Reconciliations
Adjustments to Modified EBITDA by Segment
48
Williams and Williams Partners L.P. Second Quarter 2016 Earnings | 08/01/16
© 2016 The Williams Companies, Inc. All rights reserved.