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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): July 1, 2004
The Williams Companies, Inc.
(Exact name of registrant as specified in its charter)
| 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 Williams Power-Only Portfolio | ||||||||
Table of Contents
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
a) None
b) None
c) Exhibits
Exhibit 99.1
|
Copy of The Williams Companies, Inc. (“Williams”) Power - Only Portfolio – Expected Output and Volume Hedged, furnished pursuant to Item 9. |
Item 9. Regulation FD Disclosure.
Williams wishes to disclose for Regulation FD purposes, in response to a request from the investor community, certain output and volume hedged information for Williams’ Power segment. The information is an update to disclosures made in conjunction with Williams’ November 21, 2003 Power Tutorial. The information is furnished herewith as Exhibit 99.1.
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 1, 2004 | /s/ Brian K. Shore | |||
| Name: | Brian K. Shore | |||
| Title: | Secretary | |||
Table of Contents
INDEX TO EXHIBITS
| EXHIBIT | ||
| NUMBER |
DESCRIPTION |
|
99.1
|
Copy of Williams’ Power — Only Portfolio – Expected Output and Volume Hedged. |
Power-Only Portfolio
Expected Output and Volume Hedged
Supplemental Information to June 17, 2004 Power Tutorial
| Total Power Portfolio | ||||||||||||||||||||
| Estimated as of 3/31/04 |
2004F |
2005F |
2006F |
2007-2010F |
2011-2022F |
|||||||||||||||
Capacity Available (in MW) |
7,723 | 7,723 | 7,723 | 7,723 | 7,723 | |||||||||||||||
Expected Output (in MW) |
2,332 | 2,678 | 3,078 | 3,431 | 4,305 | |||||||||||||||
Total Volume Hedged (in MW) |
2,198 | 2,226 | 2,146 | 1,321 | 268 | |||||||||||||||
Percentage Volume Hedged |
92 | % | 84 | % | 68 | % | 43 | % | 9 | % | ||||||||||
| West Power Portfolio | ||||||||||||||||||||
| Estimated as of 3/31/04 |
2004F |
2005F |
2006F |
2007-2010F |
2011-2018F |
|||||||||||||||
Capacity Available (in MW) |
4,141 | 4,141 | 4,141 | 4,141 | 4,141 | |||||||||||||||
Expected Output (in MW) |
1,336 | 1,455 | 1,602 | 1,784 | 1,802 | |||||||||||||||
Total Volume Hedged (in MW) |
1,203 | 1,193 | 1,121 | 787 | 13 | |||||||||||||||
Percentage Volume Hedged |
90 | % | 82 | % | 70 | % | 44 | % | 1 | % | ||||||||||
| Midcontinent Power Portfolio | ||||||||||||||||||||
| Estimated as of 3/31/04 |
2004F |
2005F |
2006F |
2007-2010F |
2011-2020F |
|||||||||||||||
Capacity Available (in MW) |
1,306 | 1,306 | 1,306 | 1,306 | 1,306 | |||||||||||||||
Expected Output (in MW) |
301 | 375 | 441 | 517 | 717 | |||||||||||||||
Total Volume Hedged (in MW) |
301 | 375 | 193 | 71 | — | |||||||||||||||
Percentage Volume Hedged |
100 | % | 100 | % | 44 | % | 14 | % | 0 | % | ||||||||||
| East Power Portfolio | ||||||||||||||||||||
| Estimated as of 3/31/04 |
2004F |
2005F |
2006F |
2007-2010F |
2011-2022F |
|||||||||||||||
Capacity Available (in MW) |
2,276 | 2,276 | 2,276 | 2,276 | 2,276 | |||||||||||||||
Expected Output (in MW) |
694 | 847 | 1,036 | 1,130 | 1,786 | |||||||||||||||
Total Volume Hedged (in MW) |
694 | 658 | 832 | 463 | 255 | |||||||||||||||
Percentage Volume Hedged |
100 | % | 78 | % | 80 | % | 41 | % | 14 | % | ||||||||||
“Capacity Available”: The total number of megawatts capable of being generated by the units at any given time, assuming 100% availability.
“Expected Output”: The average number of megawatts expected to be generated per hour.
“Total Volume Hedged”: The average number of megawatts per hour that have been forward sold to hedge the Expected Output. Power hedges are accompanied by the forward purchase of the required amount of gas. Volume Hedged represents hedges of power and gas price risk; Volume Hedged does not represent hedges of basis or volatility risk. Volume Hedged should not be construed as a perfect hedge of the “Expected Output”.
“Percentage Volume Hedged”: The average Total Volume Hedged divided by the average Expected Output. Represents percentage of price risk hedged; does not represent percentage of basis or volatility risk hedged. Thus, a Percentage Volume Hedged of 100% should not imply the absence of cash flow variability.