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SECURITIES AND EXCHANGE COMMISSION
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): May 27, 2004
The Williams Companies, Inc.
| Delaware | 1-4174 | 73-0569878 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| 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
| Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. | ||||||||
| Item 9. Regulation FD Disclosure. | ||||||||
| INDEX TO EXHIBITS | ||||||||
| Copy of Press Release | ||||||||
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Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
| a) | None | |||
| b) | None | |||
| c) | Exhibits | |||
Exhibit 99.1 Copy of press release dated May 27, 2004, publicly reporting the matters discussed herein, furnished pursuant to Item 9.
Item 9. Regulation FD Disclosure.
On May 27, 2004, The Williams Companies, Inc. (“Williams”) announced that it has finalized an agreement to effectively release the company from certain historical indemnities. The indemnities are related to Williams’ previous ownership of operations such as the Williams Pipe Line system that are now owned by Magellan Midstream Partners, L.P. (NYSE:MMP). Under the terms of the agreement, Williams will pay $117.5 million to Magellan through four structured annual payments beginning on July 1 this year and ending on July 1, 2007. In exchange, Magellan is releasing Williams from certain historical indemnities, primarily related to environmental remediation.
A copy of the press release announcing the same is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated 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: June 1, 2004
|
/s/ Brian K. Shore | |
| Name: Brian K. Shore | ||
| Title: Secretary |
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INDEX TO EXHIBITS
| EXHIBIT | ||
| NUMBER |
DESCRIPTION |
|
99.1
|
Copy of press release dated May 27, 2004, publicly reporting the matters discussed herein, furnished pursuant to Item 9. |
Exhibit 99.1
| NewsRelease |  |
NYSE: WMB
Williams Eliminates Certain Historical Indemnities
TULSA, Okla. — Williams (NYSE:WMB) announced today that it has finalized an agreement to effectively release the company from certain historical indemnities.
The indemnities are related to Williams’ previous ownership of operations such as the Williams Pipe Line system that are now owned by Magellan Midstream Partners, L.P. (NYSE:MMP).
Williams in June 2003 divested its interests in Magellan but retained certain environmental and other indemnification obligations, as previously disclosed in Williams’ filings with the Securities and Exchange Commission. As a result of the indemnities, Williams deferred a portion of the gain that it otherwise would have recognized on the sale of its Magellan interests.
Under the terms of the agreement, Williams will pay $117.5 million to Magellan through four structured annual payments beginning on July 1 this year and ending on July 1, 2007. In exchange, Magellan is releasing Williams from certain historical indemnities, primarily related to environmental remediation.
Because the value of the payments to Magellan approximates the remaining amount of the deferred gain, the agreement will not materially affect Williams’ earnings or its previously announced earnings or cash flow guidance.
About Williams (NYSE:WMB)
Williams, through its subsidiaries, primarily finds, produces, gathers, processes and transports natural gas. Williams’ gas wells, pipelines and midstream facilities are concentrated in the Northwest, Rocky Mountains, Gulf Coast and Eastern Seaboard. More information is available at www.williams.com.
Contact:
|
Brad Church | |
| Williams (media relations) | ||
| (918) 573-3332 |
| Travis Campbell | ||
| Williams (investor relations) | ||
| (918) 573-2944 | ||
| Richard George | ||
| Williams (investor relations) | ||
| (918) 573-3679 | ||
| Courtney Baugher | ||
| Williams (investor relations) | ||
| (918) 573-5768 |
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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.