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July 1, 2014
13:14 EDTWMB, ACMP, WPZWilliams completes acquisition of interest in Access Midstream
Williams (WMB) said it completed the previously announced acquisition of the 50% general partner interest and 55.1M limited partner units in Access Midstream Partners (ACMP). Williams now owns 100% of the general partner and approximately 50% of the limited partner units in Access Midstream Partners. As previously announced, Williams is proposing the merger of Williams Partners L.P. (WPZ) with and into Access Midstream Partners. Assuming the merger is completed in 2014, the merged MLP is expected to have a 2015 distribution increase of at least 25% above Access Midstream Partners’ current guidance of $2.79 per unit, which represents an increase of more than 40% above current 2014 distribution guidance. The merged partnership is expected to have a growth rate of 10%-12% annually through 2017. Distribution coverage is estimated to be approximately 1.2x in 2015 and at or above 1.1x through 2017. Williams previously announced plans to increase its Q3 dividend 32% to 56c, or $2.24 on an annualized basis.
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July 30, 2014
16:47 EDTWMBWilliams sees non-cash gain of $2.5B-$3B related to accounting change
Williams has adjusted its financial guidance to reflect the additional ownership in Access Midstream Partners as well as the related consolidation due to the acquisition effective on July 1 for purposes of financial reporting. Williams expects to complete its preliminary accounting allocation of the purchase price for the additional interests of Access Midstream Partnership during the third quarter of 2014. As a result of the accounting method change from the equity-method to consolidation, in the third quarter Williams expects to recognize a significant non-cash gain, currently estimated to be in the range of $2.5B-$3B, related to the required revaluation of its December 2012 investment in Access Midstream Partners. Additionally, Williams expects to record a substantially higher level of depreciation and amortization expense than currently reflected by Access Midstream Partners associated with Williams’ increased basis in Access Midstream Partners.
16:47 EDTWPZWilliams Partners reports Q2 EPS 11c, consensus 38c
The company said the decrease in net income was primarily due to the ongoing effects of the June 13, 2013 Geismar incident, which resulted in $90M lower olefin margins partially offset by the receipt of $50M of related insurance recoveries. For the first half of 2014, fee-based revenues were up $109M or 8%, compared with the first half of 2013.
16:45 EDTWMBWilliams affirms planned dividend guidance
Williams is affirming previously announced dividend guidance as follows: Increase its Q3 dividend 32% to 56c, or $2.24 on an annualized basis. In addition to the third-quarter dividend increase, Williams also is affirming dividend-growth guidance of approximately 15% annually – from the higher third-quarter 2014 base – through 2017 with planned dividends of approximately $1.96 in 2014, $2.46 in 2015, $2.82 in 2016, and $3.25 in 2017.
16:44 EDTWPZ, WMB, ACMPWilliams reports Q2 adjusted EPS 23c, consensus 23c
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15:31 EDTWMB, WPZNotable companies reporting after market close
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08:32 EDTWPZWilliams Partners, Transco add a fully contracted expansion project
Williams Partners L.P. and its wholly owned subsidiary Transcontinental Gas Pipe Line Company, LLC, or Transco, announced a fully contracted expansion project designed to deliver 180,000 dekatherms a day of additional natural gas capacity for local distribution along the Eastern Seaboard. The Garden State Expansion Project consists of additional compression to provide 180,000 dekatherms of firm natural gas transportation service and increased reliability to a local gas distribution company along the New Jersey coast that was affected by Hurricane Sandy. The $150M project would provide firm transportation from Transco’s Zone 6 Station 210 Pooling Point in Somerset County, N.J. to a new interconnection on Transco's Trenton Woodbury Lateral in Burlington County, N.J. Williams Partners plans to place the project into service in phases with the first phase in 2016 and the second in 2017, assuming timely receipt of necessary regulatory approvals. The project is in addition to the $4.3B in capital expenditures planned through 2017 on Transco growth projects that Williams Partners has previously announced. Transco is the nation’s largest and fastest-growing interstate natural gas transmission pipeline system. It delivers natural gas to customers through its 10,200-mile pipeline network whose mainline extends nearly 1,800 miles between South Texas and New York City. The system is a major provider of cost-effective natural gas services that reach U.S. markets in 12 Southeast and Atlantic Seaboard states, including major metropolitan areas in New York, New Jersey and Pennsylvania.
July 29, 2014
16:52 EDTACMPAccess Midstream reports Q2 EPS 18c, consensus 30c
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15:53 EDTACMPNotable companies reporting after market close
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06:01 EDTWMBStocks with implied volatility below IV index mean; FDO WMB
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July 28, 2014
09:01 EDTACMPAccess Midstream ubcreases Q2 distribution to 59.5c per share
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06:17 EDTWMBStocks with implied volatility below IV index mean; INTC WMB
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July 25, 2014
05:59 EDTWMBStocks with implied volatility below IV index mean; INTC WMB
Stocks with implied volatility below IV index mean; Intel (INTC) 17, Williams (WMB) 22 according to iVolatility.
July 21, 2014
16:11 EDTWPZWilliams Partners increases quarterly dividend by 6.3% to 91.65c
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