Williams Companies, Inc

View:

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): July 12, 2002 ------------- The Williams Companies, Inc. ---------------------------- (Exact name of registrant as specified in its charter) Delaware 1-4174 73-0569878 -------- ------------ ------------------- (State or other (Commission (I.R.S. Employer jurisdiction of File Number) Identification No.) incorporation) One Williams Center, Tulsa, Oklahoma 74172 ------------------------------------ ------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 918/573-2000 ------------ Not Applicable -------------- (Former name or former address, if changed since last report)

Item 5. Other Events. On July 12, 2002, The Williams Companies, Inc. ("Williams") announced it is considering selling its interstate natural gas pipeline system in the central United States. The company said that parties have expressed strong interest in the business. The potential buyers for the system, known as Central, were not disclosed and terms of a potential sale are not known at this time. Item 7. Financial Statements and Exhibits. Williams files the following exhibit as part of this report: Exhibit 99.1 Copy of Williams' press release dated July 12, 2002, publicly reporting the matters discussed herein. Pursuant to the requirements of the Securities Exchange Act of 1934, Williams has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE WILLIAMS COMPANIES, INC. Date: July 12, 2002 /s/ Suzanne H. Costin -------------------------------------- Name: Suzanne H. Costin Title: Corporate Secretary

INDEX TO EXHIBITS


                                                                    EXHIBIT 99.1

                                                                 [WILLIAMS LOGO]
NEWS RELEASE

NYSE: WMB                                               LEADING ENERGY SOLUTIONS
================================================================================
DATE:      July 12, 2002


                                                                
CONTACT:   Jim Gipson                    Dan Considine                   Richard George
           Williams (media relations)    Williams (media relations)      Williams (investor relations)
           (918) 573-2111                (270) 688-6858                  (918) 573-3679
           jim.gipson@williams.com       DAN.CONSIDINE@WILLIAMS.COM      RICHARD.GEORGE@WILLIAMS.COM


WILLIAMS CONSIDERS SELLING ITS CENTRAL-U.S. GAS PIPELINE;
WILL RETAIN SYSTEMS IN HIGH-GROWTH MARKETS


         TULSA, Okla. - Williams (NYSE:WMB) today announced it is considering
selling its interstate natural gas pipeline system in the central United States
in another definitive step toward strengthening its financial flexibility and
developing a more tightly focused portfolio of energy businesses.

         The company said that parties have expressed strong interest in the
business. The potential buyers for the system, known as Central, were not
disclosed and terms of a potential sale are not known at this time.

         "This would mark another major accomplishment toward enhancing
Williams' financial strength and flexibility, allowing us to more tightly focus
our future capital investments," said Steve Malcolm, chairman, president and CEO
of Williams. "We remain committed to the interstate natural gas pipeline
industry and will focus our efforts there in systems that serve faster-growing
markets."

         Doug Whisenant, president and CEO of Williams' interstate natural gas
pipeline unit, said, "We are focusing our future capital investment in our
Northwest Pipeline, Texas Gas and Transco pipeline systems, which serve some of
the largest and fastest-growing markets in North America. The markets served by
Central are stable and growing at a steady, but slower, pace. The stable
performance of this business would be ideal for certain potential buyers."

         Williams' 6,000-mile Central system transports natural gas from Kansas,
Oklahoma, Texas, Wyoming and Colorado to markets in the Midcontinent. The
system's design capacity is 2.3 billion cubic feet per day, with





an annual throughput of 337.5 trillion British thermal units. The line has a
seasonal storage capacity of 43 Bcf. Central has headquarters in Owensboro, Ky.,
and has 368 employees located across its office and field locations.

ABOUT WILLIAMS (NYSE: WMB)

Williams moves, manages and markets a variety of energy products, including
natural gas, liquid hydrocarbons, petroleum and electricity. Based in Tulsa,
Okla., Williams' operations span the energy value chain from wellhead to burner
tip. Company information is available at www.williams.com.

                                       ###

Portions of this document may constitute "forward-looking statements" as defined
by federal law. Although the company believes any such statements are based on
reasonable assumptions, there is no assurance that actual outcomes will not be
materially different. Any such statements are made in reliance on the "safe
harbor" protections provided under the Private Securities Reform Act of 1995.
Additional information about issues that could lead to material changes in
performance is contained in the company's annual reports filed with the
Securities and Exchange Commission.