- 4Q Adjusted EBITDA of $1.06 Billion, Up 25% vs. 4Q 2014 on $139 Million in Fee-Based Revenue Growth
- 4Q DCF of $718 Million, Cash Coverage Ratio of .99x or 1.39x with Benefit of IDR Waivers
- Full-Year 2015 Adjusted EBITDA of $4.09 Billion, Up 26% vs. 2014 on $1.38 Billion in Fee-based Revenue Growth
- Full-Year 2015 DCF of $2.82 Billion, Coverage Ratio of .97x or 1.14x with Benefit of IDR Waivers
- 2015 GAAP Results Include $2.6 Billion of Non-cash Impairment Charges
Williams Partners L.P. (NYSE: WPZ) today reported fourth quarter 2015
adjusted EBITDA of $1.06 billion, a $215 million, or 25 percent,
increase from fourth quarter 2014. The increase was driven by $139
million in fee-based revenue growth, $43 million in higher olefins
margins from higher volumes and $42 million in higher marketing margins.
Proportional adjusted EBITDA from equity investments increased $37
million. These increases were partially offset by $45 million lower NGL
margins.
Summary Financial Information
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4Q
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|
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Full Year
|
Amounts in millions, except coverage ratio amounts. All income
amounts attributable to Williams Partners L.P.
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|
|
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2015
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|
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2014
|
|
|
2015
|
|
|
2014
|
(Unaudited)
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|
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|
|
|
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|
|
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|
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|
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|
|
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|
|
Williams Partners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA (1)
|
|
|
|
$
|
1,064
|
|
|
|
$
|
849
|
|
|
$
|
4,089
|
|
|
|
$
|
3,241
|
DCF attributable to partnership operations (1)
|
|
|
|
$
|
718
|
|
|
|
$
|
266
|
|
|
$
|
2,819
|
|
|
|
$
|
1,719
|
Cash distribution coverage ratio (1) (2)
|
|
|
|
.99x
|
|
|
NA
|
|
|
.97x
|
|
|
NA
|
Net income (loss) (3)
|
|
|
|
|
($1,605
|
)
|
|
|
$
|
382
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|
|
|
($1,410
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)
|
|
|
$
|
1,188
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|
|
|
|
|
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(1) Adjusted EBITDA, distributable cash flow (DCF) and cash
distribution coverage ratio are non-GAAP measures. Financial
information for periods prior to July 1, 2014 represents Williams
Partners L.P. on a basis that is prior to the merger with Access
Midstream Partners, L.P. DCF for the 2014 periods reflect amounts
previously reported for Williams Partners L.P. for those periods
prior to the merger. Reconciliations to the most relevant measures
included in GAAP are attached to this news release.
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|
(2) Cash distribution coverage ratio for the fourth quarter and
year-to-date periods has been adjusted to exclude the benefits of
IDR waivers of $209 million and $418 million, respectively,
associated with the WPZ merger termination fee. Including the
benefit of these IDR waivers the cash distribution coverage ratios
for the fourth quarter and year-to-date periods are 1.39x and 1.14x,
respectively. Cash distribution coverage ratio for full-year and
fourth quarter 2014 is not applicable as the cash distribution paid
for fourth quarter 2014 was paid to unitholders of the merged MLP.
Reconciliations to the most relevant measures included in GAAP are
attached to this news release.
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|
(3) Amounts reported for the fourth quarter and year-to-date 2015
periods reflect impairment charges totaling $2.1 billion and $2.6
billion, respectively, associated with certain equity-method
investments, goodwill and certain other assets.
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|
For the year, the partnership reported 2015 adjusted EBITDA of $4.09
billion, an $848 million, or 26 percent, increase from 2014. The
increase in 2015 adjusted EBITDA was driven by $1.376 billion, or 36
percent, higher fee-based revenues and minimum volume commitments (MVCs)
compared with 2014. These higher fee-based revenues and MVCs include an
$837 million increase at Access Midstream primarily driven by
contributions from the full-year consolidation of Access Midstream for
periods following July 1, 2014. The remaining growth was driven by
fee-based revenues from Gulfstar One, Transco expansion projects placed
in service and higher volumes in the Northeast.
The Geismar olefins plant operated at expected production levels in the
second half of 2015 and contributed approximately $168 million of
olefins margins for the year. However, 2014 included approximately $311
million in assumed business interruption insurance proceeds related to
the 2013 incident at the Geismar plant.
Additionally, the proportional EBITDA from non-consolidated equity
investments increased $301 million in 2015 versus 2014, due primarily to
full-year contributions from Access Midstream joint ventures and
Discovery’s Keathley Canyon Connector project in the Atlantic-Gulf
operating area.
Partially offsetting these increases in 2015 adjusted EBITDA were $229
million in lower NGL margins due primarily to NGL prices that remain at
a 13-year low. NGL margins for 2015 totaled $160 million. Operating
expenses increased $370 million in 2015 due to a $219 million increase
at Access Midstream due to the consolidation of Access Midstream for
periods following July 1, 2014 and due to expansions at the
partnership’s other operating areas. General and administrative expenses
decreased $11 million excluding a $78 million increase at Access
Midstream due to the consolidation for periods following July 1, 2014.
Williams Partners reported unaudited fourth quarter 2015 net loss
attributable to controlling interests of $1.605 billion compared with
net income of $382 million in fourth quarter 2014. The unfavorable
change was driven primarily by a $1.1 billion non-cash impairment of
goodwill and $859 million of non-cash impairments associated with
certain equity-method investments.
The impairments were largely the result of significant declines in
energy commodity prices as well as market values of Williams Partners’
and comparable midstream companies’ publicly traded equity securities in
the fourth quarter. The impaired equity-method investments and certain
of the impaired goodwill relate to the acquisition of Access Midstream
Partners completed in 2014. The remaining impaired goodwill was
associated with 2012 acquisitions.
For the year, Williams Partners reported unaudited net loss attributable
to controlling interests of $1.410 billion, compared with net income of
$1.188 billion for 2014. The unfavorable change was driven by a $1.1
billion non-cash impairment of goodwill and $1.3 billion of impairments
associated with certain equity-method investments, as well as declines
in NGL margins and higher operating, depreciation and interest expenses.
Higher fee-based revenues and increased olefins margins partially offset
these unfavorable changes.
Distributable Cash Flow
Williams Partners reported $718 million in fourth quarter 2015
distributable cash flow (DCF) attributable to partnership operations,
compared with $266 million in fourth quarter 2014. For the year, the
partnership reported $2.819 billion in DCF, compared with $1.719 billion
for 2014. The primary drivers of the growth in DCF for both the quarter
and the year were the Access Midstream acquisition and other increases
in adjusted EBITDA discussed above, partially offset by higher interest
expense. DCF for 2014 reflects Williams Partners’ results prior to the
merger with Access Midstream Partners, L.P.
CEO Perspective
Alan Armstrong, chief executive officer of Williams Partners’ general
partner, made the following comments:
“Williams Partners recorded another strong quarter, demonstrating
excellent operational performance and the resilience of our business to
grow despite sharply lower commodity prices. Even with reduced
activities in supply areas, the partnership enjoyed continued growth in
fee-based revenues primarily from demand-driven projects and expansions
brought into service.
“Several Transco expansions, Gulfstar One, as well as the Keathley
Canyon Connector and the expanded Geismar plant, delivered significant
revenues in the second half of 2015. We expect new cash flow
contributions in the first quarter of 2016 from our Leidy Southeast
Expansion, the Kodiak tieback and the expansion of our offgas processing
and fractionation business in Canada.
“Low natural gas prices continue to spur demand-based growth on Transco
and our other interstate pipelines. As a result, our 2016 growth
investments are primarily focused on serving the long-term natural gas
needs of local distribution companies, electric power generation, LNG
and industrial loads.”
Business Segment Performance
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|
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|
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Williams Partners
|
|
|
|
Adjusted EBITDA
|
Amounts in millions
|
|
|
|
4Q 2015
|
|
|
4Q 2014
|
|
|
Full-Year 2015
|
|
|
Full-Year 2014
|
Access Midstream (1)
|
|
|
|
$
|
351
|
|
|
|
$
|
325
|
|
|
|
$
|
1,361
|
|
|
|
$
|
647
|
|
Atlantic-Gulf
|
|
|
|
|
390
|
|
|
|
|
268
|
|
|
|
|
1,528
|
|
|
|
|
1,075
|
|
NGL & Petchem Services (2)
|
|
|
|
|
72
|
|
|
|
|
(13
|
)
|
|
|
|
197
|
|
|
|
|
413
|
|
Northeast G&P
|
|
|
|
|
77
|
|
|
|
|
78
|
|
|
|
|
356
|
|
|
|
|
276
|
|
West
|
|
|
|
|
175
|
|
|
|
|
190
|
|
|
|
|
648
|
|
|
|
|
831
|
|
Other
|
|
|
|
|
(1
|
)
|
|
|
|
1
|
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
Total
|
|
|
|
$
|
1,064
|
|
|
|
$
|
849
|
|
|
|
$
|
4,089
|
|
|
|
$
|
3,241
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedules reconciling adjusted EBITDA to modified EBITDA and net
income are attached to this news release.
|
|
(1) The first half of 2014 reflects pre-merger Williams Partners
and excludes Access Midstream.
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|
(2) The first and second quarters of 2014 include $173 million
and $138 million, respectively, in assumed business interruption
insurance proceeds related to the 2013 incident at the Geismar plant.
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|
Access Midstream Segment
Access Midstream provides gathering, treating, and compression services
to producers under long-term, fee-based contracts in Pennsylvania, West
Virginia, Ohio, Louisiana, Texas, Arkansas and Oklahoma. Access
Midstream also includes a non-operated 50 percent interest in the
Delaware Basin gas gathering system in the Mid-Continent region and a 62
percent interest in Utica East Ohio Midstream LLC, a joint project to
develop infrastructure for the gathering, processing and fractionation
of natural gas and NGLs in the Utica Shale play in Eastern Ohio.
Additionally, Access Midstream operates 100 percent of and owns an
approximate average 45 percent interest in multiple natural gas
gathering systems in the Marcellus Shale region.
Access Midstream reported fourth quarter 2015 adjusted EBITDA of $351
million, compared with $325 million in fourth quarter 2014. The increase
was driven by higher fee-based volumes, minimum volume commitments and
the increased ownership interest in the Utica East Ohio Midstream joint
venture.
For the year, Access Midstream reported adjusted EBITDA of $1.36
billion, compared with $647 million previously reported for full-year
2014. Williams Partners' results for first and second quarter 2014 are
on a pre-merger basis and exclude Access Midstream.
Atlantic-Gulf Segment
Atlantic-Gulf includes the Transco interstate gas pipeline and a
41-percent interest in the Constitution interstate gas pipeline
development project, which Williams Partners consolidates. The segment
also includes the partnership’s significant natural gas gathering and
processing and crude oil production handling and transportation in the
Gulf Coast region. These operations include a 51-percent consolidated
interest in Gulfstar One, a 50-percent equity-method interest in
Gulfstream and a 60-percent equity-method interest in the Discovery
pipeline and processing system.
Atlantic-Gulf reported fourth quarter 2015 adjusted EBITDA of $390
million, compared with $268 million for fourth quarter 2014. The
increase was due primarily to $88 million in higher fee-based revenues
from both Gulfstar One and Transco expansion projects, as well as $35
million higher proportional adjusted EBITDA primarily from Discovery
driven by the Keathley Canyon Connector project.
For the year, Atlantic-Gulf reported adjusted EBITDA of $1.528 billion,
compared with $1.075 billion for full-year 2014. The increase was due
primarily to $385 million in higher fee-based revenues from both
Gulfstar One and Transco expansion projects, as well as $106 million
higher proportional adjusted EBITDA primarily from Discovery driven by
the Keathley Canyon Connector project, partially offset by lower NGL
margins.
NGL & Petchem Services Segment
NGL & Petchem Services includes an 88.5 percent interest in an olefins
production facility in Geismar, La., along with a refinery grade
propylene splitter and pipelines in the Gulf Coast region. This segment
also includes midstream operations in Alberta, Canada, including an oil
sands offgas processing plant near Fort McMurray, 261 miles of NGL and
olefins pipelines and an NGL/olefins fractionation facility at Redwater.
This segment also includes the partnership’s energy commodities
marketing business, an NGL fractionator and storage facilities near
Conway, Kan. and a 50-percent interest in Overland Pass Pipeline.
NGL & Petchem Services reported fourth quarter 2015 adjusted EBITDA of
$72 million, compared with a loss of $13 million for fourth quarter
2014. Geismar operated at expected production levels and contributed
approximately $53 million of olefins margins for fourth quarter 2015.
Marketing margins increased $41 million for the quarter due primarily to
the absence of unfavorable inventory valuation adjustments, which
occurred in fourth quarter 2014. Partially offsetting these increases
were $27 million in lower commodity-related margins at the Canadian
operations.
For the year, NGL & Petchem Services reported adjusted EBITDA of $197
million, compared with $413 million for 2014. The Geismar olefins plant
operated at expected production levels in the second half of 2015 and
contributed approximately $168 million of olefins margins for the year.
However, 2014 included approximately $311 million in assumed business
interruption insurance proceeds related to the 2013 incident at the
Geismar plant. In addition to the absence of the assumed business
interruption insurance proceeds, the year-over-year results were also
partially offset by $89 million in lower commodity-related margins at
the Canadian operations.
Northeast G&P Segment
Northeast G&P includes the partnership’s midstream gathering and
processing business in the Marcellus and Utica shale regions, including
Susquehanna Supply Hub and Ohio Valley Midstream, as well as its
69-percent equity investment in Laurel Mountain Midstream, and its
58.4-percent equity investment in Caiman Energy II. Caiman Energy II
owns a 50 percent interest in Blue Racer Midstream.
Northeast G&P reported fourth quarter 2015 adjusted EBITDA of $77
million, compared with $78 million for fourth quarter 2014. The lack of
growth between fourth quarter 2015 and fourth quarter 2014 was primarily
due to lower fee-based volumes caused by price-related shut-ins by
producers.
For the year, Northeast G&P reported adjusted EBITDA of $356 million,
compared with $276 million for full-year 2014. The improved results were
due primarily to a $96 million increase in fee-based revenues driven
primarily by higher volumes and incremental new service at Ohio Valley
Midstream as well as $23 million higher proportional EBITDA from equity
method investments. These gains were partially offset by $49 million in
higher operating expenses associated with growth and operational repairs
in the Northeast.
Williams Partners recently negotiated a new gathering agreement with an
existing customer. The new agreement provides for a lower per-unit rate
but with expected higher revenue as a result of additional expected
production as well as additional acreage dedication and extended term.
Williams Partners expects no change in revenue associated with this new
agreement in 2016 and higher revenue in 2017 and beyond.
West Segment
West includes the partnership’s Northwest Pipeline interstate gas
pipeline system, as well as gathering, processing and treating
operations in Wyoming, the Piceance Basin and the Four Corners area.
West reported fourth quarter adjusted EBITDA of $175 million, compared
with $190 million for fourth quarter 2014. Lower adjusted EBITDA for the
quarter was due primarily to $27 million lower NGL margins from lower
NGL prices that remain at 13-year lows.
For the year, West reported adjusted EBITDA of $648 million, compared
with $831 million for full-year 2014. Lower adjusted EBITDA for the
year-over-year period was due primarily to $150 million lower NGL
margins and $24 million higher expenses primarily driven by the addition
of the Niobrara operations from the Access Midstream merger. Higher
fee-based revenues from the addition of the Niobrara operations were
largely offset by decreases in other areas.
Year-End 2015 Materials to Be Posted Shortly; Conference Call
Scheduled for Tomorrow
Williams Partners’ fourth quarter and full-year 2015 financial materials
will be posted shortly at www.williams.com.
The information will include the data book and analyst package.
Williams Partners and Williams will jointly host a conference call and
live webcast on Thursday, Feb. 18, at 9:30 a.m. EST. A limited number of
phone lines will be available at (800) 524-8850. International callers
should dial (416) 204-9702. A link to the webcast, as well as replays of
the webcast in both streaming and downloadable podcast formats, will be
available for two weeks following the event at www.williams.com.
Form 10-K
The partnership plans to file its 2015 Form 10-K with the Securities and
Exchange Commission next week. Once filed, the document will be
available on both the SEC and Williams Partners websites.
Definitions of Non-GAAP Measures
This news release may include certain financial measures – adjusted
EBITDA, 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 tax expense, net interest expense, equity
earnings from equity-method investments, other net investing income,
impairments of equity investments and goodwill, depreciation and
amortization expense, and accretion expense associated with asset
retirement obligations for nonregulated operations. We also add our
proportional ownership share (based on ownership interest) of modified
EBITDA of equity 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 these measures provide investors meaningful
insight into results from ongoing operations.
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 expense 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 equity-method investments.
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 (loss).
This news release 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 the Partnership's
assets and the cash that the business is generating.
Neither adjusted EBITDA 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.
About Williams Partners
Williams Partners (NYSE: WPZ) is an industry-leading, large-cap natural
gas infrastructure master limited partnership with a strong growth
outlook and major positions in key U.S. supply basins and also in
Canada. Williams Partners has operations across the natural gas value
chain from gathering, processing and interstate transportation of
natural gas and natural gas liquids to petchem production of ethylene,
propylene and other olefins. Williams Partners owns and operates more
than 33,000 miles of pipelines system wide – including the nation’s
largest volume and fastest growing pipeline – providing natural gas for
clean-power generation, heating and industrial use. Williams Partners’
operations touch approximately 30 percent of U.S. natural gas. Tulsa,
Okla.-based Williams (NYSE: WMB), a premier provider of large-scale
North American natural gas infrastructure, owns 60 percent of Williams
Partners, including all of the 2 percent general-partner interest. www.williams.com
Forward-Looking Statements
The reports, filings, and other public announcements of Williams
Partners L.P. (WPZ) 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 (the “Securities
Act”) and Section 21E of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”). 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, are
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:
• The status, expected timing and expected outcome of the proposed
ETC Merger;
• Events which may occur subsequent to the proposed ETC Merger
including events which directly impact our business;
• Expected levels of cash distributions with respect to general
partner interests, incentive distribution rights and limited partner
interests;
• Our and our affiliates’ future credit ratings;
• Amounts and nature of future capital expenditures;
• Expansion and growth 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
• 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:
• The timing and likelihood of completion of the proposed ETC Merger,
including the satisfaction of conditions to the completion of the
proposed ETC Merger;
• Energy Transfer’s plans for us, as well as the other master limited
partnerships it currently controls, following the completion of the
proposed ETC Merger;
• Disruption from the proposed ETC Merger making it more difficult to
maintain business and operational relationships;
• Whether we have sufficient cash from operations to enable us to pay
current and expected levels of cash distributions, if any, following the
establishment of cash reserves and payment of fees and expenses,
including payments to our general partner;
• Availability of supplies, market demand and volatility of prices;
• Inflation, interest rates, fluctuation in foreign exchange rates
and general economic conditions (including future disruptions and
volatility 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 execute
investment opportunities;
• Our ability to acquire new businesses and assets and successfully
integrate those operations and assets into our existing businesses as
well as successfully expand our facilities;
• Development of alternative energy sources;
• The impact of operational and developmental hazards and unforeseen
interruptions;
• Costs of, changes in, or the results of laws, government
regulations (including safety and environmental regulations),
environmental liabilities, litigation, and rate proceedings;
• Williams’ costs and funding obligations for defined benefit pension
plans and other postretirement benefit plans;
• Our allocated costs for defined benefit pension plans and other
postretirement benefit plans sponsored by our affiliates;
• Changes in maintenance and construction costs;
• Changes in the current geopolitical situation;
• Our exposure to the credit risk of our customers and counterparties;
• Risks related to financing, including restrictions stemming from
debt agreements, future changes in credit ratings as determined by
nationally-recognized credit rating agencies and the availability and
cost of capital;
• The amount of cash distributions from and capital requirements of
our investments and joint ventures in which we participate;
• Risks associated with weather and natural phenomena, including
climate conditions;
• Acts of terrorism, including cybersecurity threats and related
disruptions; and
• Additional risks described in our filings with the Securities and
Exchange Commission (the “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 to 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.
Limited partner units are inherently different from the capital stock
of a corporation, although many of the business risks to which we are
subject are similar to those that would be faced by a corporation
engaged in a similar business. You should carefully consider the risk
factors referred to below in addition to the other information in this
document. If any of the risks to which we are subject were actually to
occur, our business, results of operations and financial condition could
be materially adversely affected. In that case, we might not be able to
pay distributions on our common units, the trading price of our common
units could decline, and unitholders could lose all or part of their
investment.
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 our
Annual Report on Form 10-K filed with the SEC on February 25, 2015 and
in Part II, Item 1A. Risk Factors in our Quarterly Reports on Form 10-Q
available from our office or from our website at www.williams.com.
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Williams Partners L.P.
|
Reconciliation of Non-GAAP Measures
|
(UNAUDITED)
|
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2014
|
|
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2015
|
|
(Dollars in millions, except coverage ratios)
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
Year
|
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Williams Partners L.P.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP "Net Income (Loss)" to Non-GAAP "Modified
EBITDA", "Adjusted EBITDA", and "Distributable cash flow”
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
352
|
|
|
$
|
223
|
|
|
$
|
247
|
|
|
$
|
462
|
|
|
$
|
1,284
|
|
|
|
|
$
|
112
|
|
|
$
|
332
|
|
|
$
|
(167
|
)
|
|
$
|
(1,596
|
)
|
|
$
|
(1,319
|
)
|
|
|
|
Provision (benefit) for income taxes
|
|
|
8
|
|
|
|
5
|
|
|
|
10
|
|
|
|
6
|
|
|
|
29
|
|
|
|
|
|
3
|
|
|
|
—
|
|
|
|
1
|
|
|
|
(3
|
)
|
|
|
1
|
|
|
|
|
Interest expense
|
|
|
106
|
|
|
|
126
|
|
|
|
154
|
|
|
|
176
|
|
|
|
562
|
|
|
|
|
|
192
|
|
|
|
203
|
|
|
|
205
|
|
|
|
211
|
|
|
|
811
|
|
|
|
|
Equity (earnings) losses
|
|
|
(23
|
)
|
|
|
(32
|
)
|
|
|
(85
|
)
|
|
|
(88
|
)
|
|
|
(228
|
)
|
|
|
|
|
(51
|
)
|
|
|
(93
|
)
|
|
|
(92
|
)
|
|
|
(99
|
)
|
|
|
(335
|
)
|
|
|
|
Impairment of equity-method investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
461
|
|
|
|
859
|
|
|
|
1,320
|
|
|
|
|
Other investing (income) loss
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
(2
|
)
|
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
(2
|
)
|
|
|
|
Proportional Modified EBITDA of equity-method investments
|
|
|
54
|
|
|
|
62
|
|
|
|
150
|
|
|
|
165
|
|
|
|
431
|
|
|
|
|
|
136
|
|
|
|
183
|
|
|
|
185
|
|
|
|
195
|
|
|
|
699
|
|
|
|
|
Impairment of goodwill
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,098
|
|
|
|
1,098
|
|
|
|
|
Depreciation and amortization expenses
|
|
|
208
|
|
|
|
207
|
|
|
|
364
|
|
|
|
372
|
|
|
|
1,151
|
|
|
|
|
|
419
|
|
|
|
419
|
|
|
|
423
|
|
|
|
441
|
|
|
|
1,702
|
|
|
|
|
Accretion for asset retirement obligations associated with
nonregulated operations
|
|
|
3
|
|
|
|
6
|
|
|
|
3
|
|
|
|
5
|
|
|
|
17
|
|
|
|
|
|
7
|
|
|
|
9
|
|
|
|
5
|
|
|
|
7
|
|
|
|
28
|
|
|
|
Modified EBITDA
|
|
|
708
|
|
|
|
596
|
|
|
|
843
|
|
|
|
1,097
|
|
|
|
3,244
|
|
|
|
|
|
817
|
|
|
|
1,053
|
|
|
|
1,021
|
|
|
|
1,112
|
|
|
|
4,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated minimum volume commitments
|
|
|
—
|
|
|
|
—
|
|
|
|
47
|
|
|
|
(114
|
)
|
|
|
(67
|
)
|
|
|
|
|
55
|
|
|
|
55
|
|
|
|
65
|
|
|
|
(175
|
)
|
|
|
—
|
|
|
|
|
Acquisition-related expenses
|
|
|
—
|
|
|
|
2
|
|
|
|
13
|
|
|
|
1
|
|
|
|
16
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Merger and transition related expenses
|
|
|
—
|
|
|
|
—
|
|
|
|
11
|
|
|
|
30
|
|
|
|
41
|
|
|
|
|
|
32
|
|
|
|
14
|
|
|
|
2
|
|
|
|
2
|
|
|
|
50
|
|
|
|
|
Share of impairment at equity-method investments
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
8
|
|
|
|
1
|
|
|
|
17
|
|
|
|
7
|
|
|
|
33
|
|
|
|
|
Geismar Incident adjustment for insurance and timing
|
|
|
54
|
|
|
|
96
|
|
|
|
—
|
|
|
|
(71
|
)
|
|
|
79
|
|
|
|
|
|
—
|
|
|
|
(126
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(126
|
)
|
|
|
|
Loss related to Geismar Incident
|
|
|
—
|
|
|
|
—
|
|
|
|
5
|
|
|
|
5
|
|
|
|
10
|
|
|
|
|
|
1
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
|
Impairment of certain assets
|
|
|
—
|
|
|
|
17
|
|
|
|
—
|
|
|
|
35
|
|
|
|
52
|
|
|
|
|
|
3
|
|
|
|
24
|
|
|
|
2
|
|
|
|
116
|
|
|
|
145
|
|
|
|
|
Contingency loss (gain), net of legal costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(143
|
)
|
|
|
(143
|
)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Net gain related to partial acreage dedication release
|
|
|
—
|
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Loss related to compressor station fire
|
|
|
6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Loss (recovery) related to Opal incident
|
|
|
—
|
|
|
|
6
|
|
|
|
—
|
|
|
|
2
|
|
|
|
8
|
|
|
|
|
|
1
|
|
|
|
—
|
|
|
|
(8
|
)
|
|
|
1
|
|
|
|
(6
|
)
|
|
|
|
Loss on sale of equipment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
|
|
7
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Gain on extinguishment of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
(14
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(14
|
)
|
|
|
|
Expenses associated with strategic alternatives
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
|
|
2
|
|
|
|
Total EBITDA adjustments
|
|
|
60
|
|
|
|
121
|
|
|
|
64
|
|
|
|
(248
|
)
|
|
|
(3
|
)
|
|
|
|
|
100
|
|
|
|
(45
|
)
|
|
|
79
|
|
|
|
(48
|
)
|
|
|
86
|
|
|
|
|
Adjusted EBITDA
|
|
$
|
768
|
|
|
$
|
717
|
|
|
$
|
907
|
|
|
$
|
849
|
|
|
$
|
3,241
|
|
|
|
|
|
917
|
|
|
|
1,008
|
|
|
|
1,100
|
|
|
|
1,064
|
|
|
|
4,089
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance capital expenditures (1)
|
|
|
|
|
|
|
|
|
(54
|
)
|
|
|
(80
|
)
|
|
|
(114
|
)
|
|
|
(114
|
)
|
|
|
(362
|
)
|
|
|
Interest expense (cash portion) (2)
|
|
|
|
|
|
|
|
|
|
|
(204
|
)
|
|
|
(207
|
)
|
|
|
(219
|
)
|
|
|
(214
|
)
|
|
|
(844
|
)
|
|
|
Cash taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1
|
)
|
|
|
Income attributable to noncontrolling interests (3)
|
|
|
|
|
(23
|
)
|
|
|
(32
|
)
|
|
|
(27
|
)
|
|
|
(29
|
)
|
|
|
(111
|
)
|
|
|
WPZ restricted stock unit non-cash compensation
|
|
|
|
|
7
|
|
|
|
6
|
|
|
|
7
|
|
|
|
7
|
|
|
|
27
|
|
|
|
Plymouth incident adjustment
|
|
|
|
|
|
|
|
|
|
|
|
|
4
|
|
|
|
6
|
|
|
|
7
|
|
|
|
4
|
|
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow attributable to Partnership Operations
|
|
|
|
|
646
|
|
|
|
701
|
|
|
|
754
|
|
|
|
718
|
|
|
|
2,819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash distributed (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
725
|
|
|
$
|
723
|
|
|
$
|
723
|
|
|
$
|
725
|
|
|
$
|
2,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coverage ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable cash flow attributable to partnership operations
divided by Total cash distributed
|
|
|
|
|
0.89
|
|
|
|
0.97
|
|
|
|
1.04
|
|
|
|
0.99
|
|
|
|
0.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income divided by Total cash distributed
|
|
|
|
|
|
|
0.15
|
|
|
|
0.46
|
|
|
|
(0.23
|
)
|
|
|
(2.20
|
)
|
|
|
(0.46
|
)
|
|
Notes:
|
(1)
|
|
Includes proportionate share of maintenance capital expenditures of
equity investments.
|
|
|
|
|
|
(2)
|
|
Includes proportionate share of interest expense of equity
investments.
|
|
|
|
|
|
(3)
|
|
Income attributable to noncontrolling interests for the fourth
quarter 2015 excludes allocable share of impairment of goodwill.
|
|
|
|
|
|
(4)
|
|
Cash distributions for the third quarter, fourth quarter, and
year-to-date periods have been increased by $209 million, $209
million, and $418 million, respectively, in order to exclude the
impact of the IDR waiver associated with the WPZ merger termination
fee from the determination of coverage ratios.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Williams Partners L.P.
|
Reconciliation of Non-GAAP “Modified EBITDA” to Non-GAAP
“Adjusted EBITDA”
|
(UNAUDITED)
|
|
|
|
|
2014
|
|
|
|
|
2015
|
|
(Dollars in millions)
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
Year
|
|
|
|
1st Qtr
|
|
2nd Qtr
|
|
3rd Qtr
|
|
4th Qtr
|
|
Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Modified EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access Midstream
|
|
|
$
|
—
|
|
$
|
(2
|
)
|
|
$
|
254
|
|
|
$
|
390
|
|
|
$
|
642
|
|
|
|
|
$
|
228
|
|
|
$
|
273
|
|
|
$
|
268
|
|
|
$
|
510
|
|
|
$
|
1,279
|
|
|
Northeast G&P
|
|
|
|
48
|
|
|
59
|
|
|
|
80
|
|
|
|
208
|
|
|
|
395
|
|
|
|
|
|
90
|
|
|
|
70
|
|
|
|
84
|
|
|
|
70
|
|
|
|
314
|
|
|
Atlantic-Gulf
|
|
|
|
266
|
|
|
270
|
|
|
|
271
|
|
|
|
258
|
|
|
|
1,065
|
|
|
|
|
|
335
|
|
|
|
389
|
|
|
|
414
|
|
|
|
385
|
|
|
|
1,523
|
|
|
West
|
|
|
|
212
|
|
|
199
|
|
|
|
224
|
|
|
|
188
|
|
|
|
823
|
|
|
|
|
|
161
|
|
|
|
150
|
|
|
|
169
|
|
|
|
77
|
|
|
|
557
|
|
|
NGL & Petchem Services
|
|
|
|
182
|
|
|
72
|
|
|
|
17
|
|
|
|
53
|
|
|
|
324
|
|
|
|
|
|
6
|
|
|
|
158
|
|
|
|
85
|
|
|
|
72
|
|
|
|
321
|
|
|
Other
|
|
|
|
—
|
|
|
(2
|
)
|
|
|
(3
|
)
|
|
|
—
|
|
|
|
(5
|
)
|
|
|
|
|
(3
|
)
|
|
|
13
|
|
|
|
1
|
|
|
|
(2
|
)
|
|
|
9
|
|
|
Total Modified EBITDA
|
|
$
|
708
|
|
$
|
596
|
|
|
$
|
843
|
|
|
$
|
1,097
|
|
|
$
|
3,244
|
|
|
|
|
$
|
817
|
|
|
$
|
1,053
|
|
|
$
|
1,021
|
|
|
$
|
1,112
|
|
|
$
|
4,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access Midstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMP Acquisition-related expenses
|
|
$
|
—
|
|
$
|
2
|
|
|
$
|
13
|
|
|
$
|
1
|
|
|
$
|
16
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
ACMP Merger and transition costs
|
|
|
—
|
|
|
—
|
|
|
|
8
|
|
|
|
29
|
|
|
|
37
|
|
|
|
|
|
30
|
|
|
|
14
|
|
|
|
2
|
|
|
|
2
|
|
|
|
48
|
|
|
Loss on sale of equipment
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
|
|
7
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Impairment of certain assets
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
12
|
|
|
|
12
|
|
|
|
|
|
1
|
|
|
|
3
|
|
|
|
—
|
|
|
|
10
|
|
|
|
14
|
|
|
Estimated minimum volume commitments
|
|
|
—
|
|
|
—
|
|
|
|
47
|
|
|
|
(114
|
)
|
|
|
(67
|
)
|
|
|
|
|
55
|
|
|
|
55
|
|
|
|
65
|
|
|
|
(175
|
)
|
|
|
—
|
|
|
Share of impairment at equity-method investments
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16
|
|
|
|
4
|
|
|
|
20
|
|
|
Total Access Midstream adjustments
|
|
|
—
|
|
|
2
|
|
|
|
68
|
|
|
|
(65
|
)
|
|
|
5
|
|
|
|
|
|
86
|
|
|
|
72
|
|
|
|
83
|
|
|
|
(159
|
)
|
|
|
82
|
|
|
Northeast G&P
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of impairment at equity-method investment
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
8
|
|
|
|
1
|
|
|
|
1
|
|
|
|
3
|
|
|
|
13
|
|
|
Contingency gain, net of legal costs
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
(143
|
)
|
|
|
(143
|
)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Loss related to compressor station fire
|
|
|
6
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Net gain related to partial acreage dedication release
|
|
|
—
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
—
|
|
|
|
(12
|
)
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Impairment of certain assets
|
|
|
—
|
|
|
17
|
|
|
|
—
|
|
|
|
13
|
|
|
|
30
|
|
|
|
|
|
2
|
|
|
|
21
|
|
|
|
2
|
|
|
|
4
|
|
|
|
29
|
|
|
Total Northeast G&P adjustments
|
|
|
6
|
|
|
17
|
|
|
|
(12
|
)
|
|
|
(130
|
)
|
|
|
(119
|
)
|
|
|
|
|
10
|
|
|
|
22
|
|
|
|
3
|
|
|
|
7
|
|
|
|
42
|
|
|
Atlantic-Gulf
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of certain assets
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
10
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5
|
|
|
|
5
|
|
|
Total Atlantic-Gulf adjustments
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
10
|
|
|
|
10
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5
|
|
|
|
5
|
|
|
West
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of certain assets
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
97
|
|
|
|
97
|
|
|
Loss (recovery) related to Opal incident
|
|
|
—
|
|
|
6
|
|
|
|
—
|
|
|
|
2
|
|
|
|
8
|
|
|
|
|
|
1
|
|
|
|
—
|
|
|
|
(8
|
)
|
|
|
1
|
|
|
|
(6
|
)
|
|
Total West adjustments
|
|
|
—
|
|
|
6
|
|
|
|
—
|
|
|
|
2
|
|
|
|
8
|
|
|
|
|
|
1
|
|
|
|
—
|
|
|
|
(8
|
)
|
|
|
98
|
|
|
|
91
|
|
|
NGL & Petchem Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss related to Geismar Incident
|
|
|
—
|
|
|
—
|
|
|
|
5
|
|
|
|
5
|
|
|
|
10
|
|
|
|
|
|
1
|
|
|
|
1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
Geismar Incident adjustment for insurance and timing
|
|
|
54
|
|
|
96
|
|
|
|
—
|
|
|
|
(71
|
)
|
|
|
79
|
|
|
|
|
|
—
|
|
|
|
(126
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(126
|
)
|
|
Total NGL & Petchem Services adjustments
|
|
|
54
|
|
|
96
|
|
|
|
5
|
|
|
|
(66
|
)
|
|
|
89
|
|
|
|
|
|
1
|
|
|
|
(125
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(124
|
)
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACMP Merger-related expenses
|
|
|
—
|
|
|
—
|
|
|
|
3
|
|
|
|
1
|
|
|
|
4
|
|
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
Expenses associated with strategic alternatives
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
1
|
|
|
|
2
|
|
|
Gain on extinguishment of debt
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
(14
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(14
|
)
|
|
Total Other adjustments
|
|
|
—
|
|
|
—
|
|
|
|
3
|
|
|
|
1
|
|
|
|
4
|
|
|
|
|
|
2
|
|
|
|
(14
|
)
|
|
|
1
|
|
|
|
1
|
|
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjustments
|
|
|
$
|
60
|
|
$
|
121
|
|
|
$
|
64
|
|
|
$
|
(248
|
)
|
|
$
|
(3
|
)
|
|
|
|
$
|
100
|
|
|
$
|
(45
|
)
|
|
$
|
79
|
|
|
$
|
(48
|
)
|
|
$
|
86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access Midstream
|
|
|
$
|
—
|
|
$
|
—
|
|
|
$
|
322
|
|
|
$
|
325
|
|
|
$
|
647
|
|
|
|
|
$
|
314
|
|
|
$
|
345
|
|
|
$
|
351
|
|
|
$
|
351
|
|
|
$
|
1,361
|
|
|
Northeast G&P
|
|
|
|
54
|
|
|
76
|
|
|
|
68
|
|
|
|
78
|
|
|
|
276
|
|
|
|
|
|
100
|
|
|
|
92
|
|
|
|
87
|
|
|
|
77
|
|
|
|
356
|
|
|
Atlantic-Gulf
|
|
|
|
266
|
|
|
270
|
|
|
|
271
|
|
|
|
268
|
|
|
|
1,075
|
|
|
|
|
|
335
|
|
|
|
389
|
|
|
|
414
|
|
|
|
390
|
|
|
|
1,528
|
|
|
West
|
|
|
|
212
|
|
|
205
|
|
|
|
224
|
|
|
|
190
|
|
|
|
831
|
|
|
|
|
|
162
|
|
|
|
150
|
|
|
|
161
|
|
|
|
175
|
|
|
|
648
|
|
|
NGL & Petchem Services
|
|
|
|
236
|
|
|
168
|
|
|
|
22
|
|
|
|
(13
|
)
|
|
|
413
|
|
|
|
|
|
7
|
|
|
|
33
|
|
|
|
85
|
|
|
|
72
|
|
|
|
197
|
|
|
Other
|
|
|
|
—
|
|
|
(2
|
)
|
|
|
—
|
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
|
2
|
|
|
|
(1
|
)
|
|
|
(1
|
)
|
|
Total Adjusted EBITDA
|
|
$
|
768
|
|
$
|
717
|
|
|
$
|
907
|
|
|
$
|
849
|
|
|
$
|
3,241
|
|
|
|
|
$
|
917
|
|
|
$
|
1,008
|
|
|
$
|
1,100
|
|
|
$
|
1,064
|
|
|
$
|
4,089
|
|
