Williams Companies, Inc

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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): December 16, 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 9. Regulation FD Disclosure. The Williams Companies, Inc. wishes to disclose for Regulation FD purposes its press release dated December 16, 2002, filed herewith as Exhibit 99. 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: December 17, 2002 /s/ Brian K. Shore --------------------------------- Name: Brian K. Shore Title: Corporate Secretary

INDEX TO EXHIBITS




                                                                      EXHIBIT 99

                                                                 [WILLIAMS LOGO]
NEWS RELEASE

NYSE: WMB                                           Leading Energy SOLUTIONS(SM)
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DATE:               Dec. 16, 2002

CONTACT:            Brad Church                        Travis Campbell                    Richard George
                    Williams (media relations)         Williams (investor relations)      Williams (investor relations)
                    (918) 573-3332                     (918) 573-2944                     (918) 573-3679
                    brad.church@williams.com           TRAVIS.CAMPBELL@WILLIAMS.COM       RICHARD.GEORGE@WILLIAMS.COM


WILLIAMS' CALIFORNIA AGREEMENT PASSES STATE MILESTONE

         TULSA, Okla. - Williams (NYSE:WMB) today announced that its settlement
with the state of California to resolve outstanding litigation and civil claims
and restructure energy contracts passed a significant milestone toward an
expected Dec. 31 closing.

         Williams on Friday received notice that the California attorney
general's period to review the company's activities in western energy markets
would conclude Dec. 15 with no action on the part of the state to exercise their
option to terminate the agreement.

         A provision of the settlement dealing with the Federal Energy
Regulatory Commission's refund proceeding requires its approval, which is still
outstanding.

         Besides restructuring the company's energy contracts in a way that
preserves their substantial value, the agreement resolves most of Williams'
outstanding litigation related to natural gas and power markets in the West.

         The company agreed to set aside one issue - related to reporting
inaccurate gas-trading information to an industry publication - from the
comprehensive settlement. Williams is conducting an internal investigation in
cooperation with the Commodity Futures Trading Commission regarding the few
instances of inaccurate reporting to an industry publication the company
discovered and disclosed in October.

         "Our ability to finalize the agreement removes significant uncertainty
from our energy marketing and risk management business and improves our
opportunity to sell or joint-venture that part of our business," said Steve
Malcolm, Williams' chairman, president and chief executive officer. "We're
pleased with the substantial progress we're making to resolve these issues while
providing more flexibility to California to meet its energy needs."




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.

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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.