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 Williams Partners L.P. (Newly Merged Partnership) Reports 2014 Financial Results for Pre-Merger Williams Partners and Pre-Merger Access Midstream Partners, Updates Guidance
   Wednesday, February 18, 2015 4:05:37 PM ET

--Pre-Merger Access Midstream Partners Generated 2014 Adjusted EBITDA of $1.2 Billion, Adjusted DCF of $853 Million

--Newly Merged Williams Partners/Access Midstream Partners Creates Leading, Large-Cap Natural Gas Infrastructure-Focused MLP with Robust Growth Outlook and Major Positions in Key Basins

--Updating Guidance to Reflect Sharply Lower Commodity Price Assumptions; 2015 Commodity Margins Lower by 44% (Assumes $55 WTI, $3 Henry Hub Gas)

--Expect Adjusted EBITDA of Approximately $4.5 Billion in 2015, Increasing 34% to Approximately $6 Billion in 2017; 2015 Gross Margin Expected to be 88% Fee-Based

--Expect Williams Partners Per Unit Distribution of $3.40 in 2015 with 7% to 11% Annual LP Unit Distribution Growth Rate through 2017 with Growing Coverage



Williams Partners L.P. (WPZ ) today announced unaudited 2014 financial results for pre-merger Williams Partners L.P. and pre-merger Access Midstream Partners, L.P. The two master limited partnerships (MLP) merged on Feb. 2, 2015, creating a new MLP that adopted the name "Williams Partners" and the NYSE ticker symbol "WPZ."

Throughout this news release, "Williams Partners" refers to the merged MLP on a go-forward basis while "pre-merger Williams Partners" and "pre-merger Access Midstream Partners" refers to the two MLPs and their separate financial results prior to the merger. The pre-merger Access Midstream Partners’ results do not reflect Williams’ basis of accounting.

                                                                                                       
Summary Financial Information                                                                                                 Full Year                                                            4Q
Amounts in millions, except per-unit and coverage ratio amounts.                                                 2014                          2013                         2014                                2013
All income amounts attributable to Williams Partners L.P. and Access
Midstream Partners, L.P.
                                                                                                               -------                       -------                       -----                       --------------------
(Unaudited)
                                                                                                                                                                                                        
Pre-Merger Williams Partners
   Adjusted segment profit + DD&A (1)                                                                           $ 2,586                       $ 2,589                       $ 521                               $        691
   DCF attributable to partnership operations (1) (A)                                                           $ 1,719                       $ 1,771                       $ 266                               $        509
   Cash distribution coverage ratio (1)                                                                              NA                          .90x                          NA                                       .92x
   Net income                                                                                                   $ 1,094                       $ 1,116                       $ 293                               $        217
                                                                                                                                                                                                        
Pre-Merger Access Midstream Partners
   Adjusted EBITDA (1)                                                                                          $ 1,161                       $   859                       $ 317                               $        241
   Adjusted DCF (1) (B)                                                                                         $   853                       $   635                       $ 230                               $        180
   Cash distribution coverage ratio (1)                                                                              NA                         1.49x                          NA                                      1.48x
   Net income                                                                                                   $   398                       $   336                       $ 228                               $        129
                                                                                                                                                                                                        
Combined Pre-Merger WPZ/ACMP DCF (1) (A+B)                                                                      $ 2,572                       $ 2,406                       $ 496                               $        689
                                                                                                                                                                                                        
(1) Distributable cash flow, cash distribution coverage ratio,
adjusted segment profit + DD&A, adjusted EBITDA and adjusted
distributable cash flow are non-GAAP measures. 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.
 

Pre-Merger Williams Partners

For full-year 2014, pre-merger Williams Partners reported adjusted segment profit + DD&A of $2.586 billion, compared with $2.589 billion for 2013. The results include a $199 million increase in fee-based revenues, offset by $56 million lower results at the Geismar olefins plant (including actual and assumed business interruption insurance proceeds of $123 million and $311 million for 2013 and 2014, respectively). Additionally, 2014 adjusted segment profit + DD&A was reduced by $181 million as a result of commodity price declines including $130 million lower NGL margins, and $51 million primarily related to unfavorable inventory adjustments.

DCF for 2014 was $1.719 billion, compared with $1.771 billion for 2013. The primary drivers of DCF were the same as those that drove adjusted segment profit + DD&A. Additionally maintenance capital expenditures were also $97 million higher in the 2014 period, which includes $65 million of unusual Geismar-related expenditures.

Fourth quarter 2014 adjusted segment profit + DD&A was $521 million, compared with $691 million for fourth quarter 2013. The decrease for the quarter was primarily due to $137 million lower Geismar results (including actual and assumed business interruption insurance proceeds of $108 million for fourth quarter 2013). The partnership estimates that adjusted segment profit + DD&A would have been approximately $160 million higher had the expanded Geismar plant been in operation during fourth quarter 2014. Additionally, a $55 million increase in fee-based revenues was more than offset by $88 million of commodity price declines including $47 million primarily related to unfavorable inventory adjustments and $41 million lower NGL margins.

DCF for fourth quarter 2014 was $266 million, compared with $509 million for fourth quarter 2013. Again, the primary drivers for DCF were the same as those that drove adjusted segment profit + DD&A, however maintenance capital expenditures were $67 million higher for the 2014 period, including unusual Geismar-related expenditures.

                                                                                                                                                                                                                                                                                                                                                                                                           
Pre-Merger Williams Partners                                                                                                                                                    Full-Year 2014                                                                                                                                                                                                                                                                      Full-Year 2013
----------------------------                                           ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Amounts in millions                                                                                                                                                                 Adj.                                                              Adj. Segment                                                                                                                                                                                                                                                                      Adj. Segment
(loss)                                                                              Segment                                                                                                           Segment                                                              Profit +                                                                                    Segment                                                                                                                                  Adj. Segment                                                    Profit +
                                                                                    Profit                                               Adj.**                                                       Profit*                                                                DD&A*                                                                                     Profit                                                                Adj.**                                                                Profit*                                                        DD&A*
                                                                       --------------------------------                     --------------------------------                     -------------------------------------------------                     -------------------------------------------------                                          -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     --------------------------------
Northeast G&P                                                                             $        212                           ($119 )                                                            $     93                                                              $    263                                                                                       ($24 )                                                            $     32                                                              $      8                                                              $        140
Atlantic-Gulf                                                                                      635                              10                                                                   645                                                                 1,024                                                                                        614                                                                    (8 )                                                                 606                                                                       969
West                                                                                               631                               8                                                                   639                                                                   878                                                                                        741                                                                     0                                                                   741                                                                       977
NGL & Petchem Services                                                          265           89          354          421                               346           97          443              503
                                                                       -------------------- ---------- -------------------- ---------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------                      -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ----------
Total                                                                                     $      1,743                            ($12 )                                                            $  1,731                                           $  2,586                                                                $  1,677                                           $    121                                           $  1,798                                           $      2,589
                                                                       ==================== ==========                      ========== ====================                      ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ==========
                                                                                                                                                                                                                                                                                                              
                                                                       ---------------------------------------------------- ---------------------------------------------------- --------------------------------------------------------------------- -------------------------------------------------                                          --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------
                                                                                                                                                                                    4Q 2014                                                                                                                                                                                                                                                                             4Q 2013
                                                                       ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                       Adj.                                                              Adj. Segment                                                                                                                                                                                                                                                                                         Adj. Segment
                                                                                    Segment                                                                                                           Segment                                                              Profit +                                                                                    Segment                                                                                                                                  Adj. Segment                                                    Profit +
                                                                                    Profit                                               Adj.**                                                       Profit*                                                                DD&A*                                                                                     Profit                                                                Adj.**                                                                Profit*                                                        DD&A*
                                                                       --------------------------------                     --------------------------------                     -------------------------------------------------                     -------------------------------------------------                                          -------------------------------------------------                     -------------------------------------------------                     -------------------------------------------------                     --------------------------------
Northeast G&P                                                                             $        156                           ($130 )                                                            $     26                                                              $     76                                                                                       ($26 )                                                            $     23                                                                   ($3 )                                                            $         35
Atlantic-Gulf                                                                                      140                              10                                                                   150                                                                   253                                                                                        166                                                                    (2 )                                                                 164                                                                       255
West                                                                                               139                               2                                                                   141                                                                   202                                                                                        186                                                                     0                                                                   186                                                                       245
NGL & Petchem Services                                                           39          (66 )                           (27 )                           (10 )                                                 19          122          141              156
                                                                       -------------------- ---------- -------------------- ---------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------                      -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ----------
Total                                                                                     $        474                           ($184 )                                                            $    290                                           $    521                                                                $    345                                           $    143                                           $    488                                           $        691
                                                                       ==================== ==========                      ========== ====================                      ==================== ====== ====================                      ==================== ====== ====================                                           ==================== ====== ====================                      ==================== ====== ====================                      ==================== ====== ====================                      ==================== ==========
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
* Schedules reconciling segment profit to adjusted segment profit
and adjusted segment profit + DD&A are attached to this news release.
 
**Adjustments consist primarily of assumed business interruption
insurance related to the Geismar plant and the removal of a
contingency gain.
 

Pre-Merger Access Midstream Partners

For full-year 2014, pre-merger Access Midstream’s adjusted EBITDA was $1.161 billion, an increase of $302 million, or 35.2 percent, compared with $859 million for 2013. DCF for 2014 was $725 million, up 14.2 percent over 2013 DCF of $635 million. After excluding the impact of one-time Williams transaction related costs, adjusted 2014 DCF totaled $853 million, an increase of $218 million, or 34.3 percent, from 2013 DCF.

For fourth quarter 2014, pre-merger Access Midstream’s adjusted EBITDA totaled $317 million, an increase of $76 million, or 31.5 percent, from fourth quarter 2013 adjusted EBITDA of $241 million. DCF for fourth quarter 2014 totaled $225 million, an increase of $45 million, or 25 percent, from fourth quarter 2013 DCF of $180 million. After excluding the impact of one-time Williams transaction related costs, adjusted DCF for fourth quarter 2014 totaled $230 million, an increase of $50 million, or 27.8 percent, from fourth quarter 2013 DCF.

Access Midstream experienced record volume performance throughout 2014, including generating a daily gross throughput record of more than 6.5 billion cubic feet in December 2014.

CEO Commentary

Alan Armstrong, chief executive officer of the general partner of Williams Partners (the newly merged MLP), made the following comments:

"In the fourth quarter, our fee-based revenues continued to grow and we began commissioning major new assets including Gulfstar One, Keathley Canyon Connector and our Geismar plant. These large-scale assets are ramping up in the first quarter of 2015 and are expected to deliver strong contributions for the balance of the year and beyond. However, the sharp decline in commodity prices, the delay in the startup of Geismar and higher costs associated with the commissioning of these large-scale assets, reduced our overall results.

"The merger of Williams Partners and Access Midstream created a leading large-cap MLP focused on natural gas infrastructure, and further positions us to take advantage of long-term natural gas demand growth for power generation, manufacturing and exports. We expect the new Williams Partners to generate approximately $4.5 billion of adjusted EBITDA in 2015 from a gross margin that is about 88 percent fee-based, the majority of which consists of contracts with demand payments, cost-of-service rates or minimum volume commitments.

"Over the next three years, we’re deploying 99 percent of Williams Partners’ planned $9.3 billion of growth capital toward fully-contracted, fee-based projects. As a result, we’re confident in our ability to deliver one of the highest rates of distribution growth amongst our large-cap peers, despite lower commodity prices."

Guidance for Williams Partners (newly merged MLP)

Earnings and cash flow guidance for Williams Partners (the newly merged MLP), reflects the following key assumptions:

a.   Substantially lower commodity price assumptions (see accompanying
                        table)
b.                      Lower expected fee-based volumes in certain areas as a result of the
                        lower commodity price environment
c.                      Our Geismar plant, which restarted in February 2015, will continue
                        to ramp up to expanded capacity through March. Production during
                        February and March is expected to be intermittent, resulting in
                        limited financial contribution for the first quarter.
d.                      Deferral of the planned dropdown of Williams’ remaining NGL &
                        Petchem Services projects in order to reduce Williams Partners’
                        near-term capital requirements
                         

Updated guidance for the new Williams Partners’ 2015 common unit cash distributions is $3.40 per unit with an annual growth rate of 7 percent to 11 percent through 2017 with growing coverage.

Current guidance assumes approximately $600 million of Williams Partners’ equity financing for 2015. We anticipate meeting these equity needs through Williams Partners’ at-the-market program. Additional financing needs are expected to be met primarily through the use of commercial paper, revolver borrowing and the issuance of new debt. Williams Partners expects to maintain investment-grade credit ratings.

Current guidance is provided in the following table:

                                                                                                                                                                                                                                                                                            
Williams Partners (newly merged MLP) financial outlook and
commodity price assumptions
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                        2015                                                                                                               2016                                                                                                                                                            2017
(amounts in millions)                                                                       Low          Mid         High                                                Low          Mid         High                                                Low          Mid                High
                                                                                         ----------------------------- -------------------- ----------------------------- -------------------- ---------                                          ----------------------------- -------------------- ----------------------------- -------------------- ---------                                          ----------------------------- -------------------- ----------------------------- -------------------- ----------------------
                                                                                                                  
Adjusted EBITDA                                                                           $ 4,300                                            $ 4,465                                            $ 4,630                                            $ 5,120                                            $ 5,315                                            $ 5,510                                            $ 5,750                                            $ 5,965                                                    $      6,180
Distributable Cash Flow (1)                                                               $ 2,845                                            $ 3,010                                            $ 3,175                                            $ 3,475                                            $ 3,675                                            $ 3,875                                            $ 3,960                                            $ 4,185                                                    $      4,410
Total Cash Distributions                                                                  $ 3,010                                            $ 3,005                                            $ 2,995                                            $ 3,380                                            $ 3,440                                            $ 3,515                                            $ 3,770                                            $ 3,925                                                    $      4,090
Cash Distributions per LP Unit                                                            $  3.40                                            $  3.40                                            $  3.40                                            $  3.64                                            $  3.71                                            $  3.78                                            $  3.89                                            $  4.04                                                    $       4.19
Cash Distribution Coverage Ratio (1)                                                         .95x                                              1.00x                                              1.06x                                              1.03x                                              1.07x                                              1.10x                                              1.05x                                              1.07x                                                           1.08x
Pro Forma Cash Distribution Coverage Ratio (2)                                                                                                 1.05x                                                                                                                                                       NA                                                                                                                                                       NA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Capital & Investment Expenditures
   Growth                                                                                 $ 3,250                                            $ 3,525                                            $ 3,800                                            $ 2,650                                            $ 2,925                                            $ 3,200                                            $ 2,550                                            $ 2,850                                                    $      3,150
   Maintenance                                                                            $   430      $   430      $   430                                            $   430      $   430      $   430                                            $   430      $   430              $        430
                                                                                         -- ----- -------------------- -------------------- -- ----- -------------------- -------------------- -- -----                                           -- ----- -------------------- -------------------- -- ----- -------------------- -------------------- -- -----                                           -- ----- -------------------- -------------------- -- ----- -------------------- -------------------- ---------- ----------
Total Capital & Investment Expenditures                                                   $ 3,680      $ 3,955      $ 4,230                                            $ 3,080      $ 3,355      $ 3,630                                            $ 2,980      $ 3,280              $      3,580
                                                                                         == ===== ==================== ==================== == ===== ==================== ==================== == =====                                           == ===== ==================== ==================== == ===== ==================== ==================== == =====                                           == ===== ==================== ==================== == ===== ==================== ==================== ========== ==========
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Commodity Price Assumptions
Crude Oil - WTI ($ per barrel)                                                            $ 45.00                                            $ 55.00                                            $ 65.00                                            $ 53.75                                            $ 65.00                                            $ 76.25                                            $ 57.50                                            $ 70.00                                                    $      82.50
Natural Gas - Henry Hub ($/MMBtu)                                                         $  2.50                                            $  3.00                                            $  3.50                                            $  2.75                                            $  3.25                                            $  3.75                                            $  3.25                                            $  3.75                                                    $       4.25
Composite NGL Barrel ($ per gallon)                                                       $ 0.360                                            $ 0.450                                            $ 0.520                                            $ 0.410                                            $ 0.490                                            $ 0.560                                            $ 0.460                                            $ 0.550                                                    $      0.620
Crack Spread ($ per pound) (3)                                                            $ 0.297                                            $ 0.350                                            $ 0.411                                            $ 0.323                                            $ 0.376                                            $ 0.443                                            $ 0.346                                            $ 0.395                                                    $      0.466
   Ethylene spot - ($ per pound)                                                          $ 0.360                                            $ 0.430                                            $ 0.500                                            $ 0.395                                            $ 0.465                                            $ 0.540                                            $ 0.430                                            $ 0.500                                                    $      0.580
   Ethane- ($ per gallon)                                                                 $ 0.150                                            $ 0.190                                            $ 0.210                                            $ 0.170                                            $ 0.210                                            $ 0.230                                            $ 0.200                                            $ 0.250                                                    $      0.270
Propane ($ per gallon)                                                                    $ 0.500                                            $ 0.600                                            $ 0.700                                            $ 0.550                                            $ 0.650                                            $ 0.750                                            $ 0.600                                            $ 0.700                                                    $      0.800
Propylene Spot ($ per pound)                                                              $ 0.405                                            $ 0.475                                            $ 0.545                                            $ 0.415                                            $ 0.485                                            $ 0.555                                            $ 0.430                                            $ 0.500                                                    $      0.570
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
(1) Distributable cash flow and cash distribution coverage ratio
are non-GAAP measures. Reconciliations to the most relevant measures
included in GAAP are attached to this news release.
 
(2) We estimate the 2015 cash distribution coverage ratio would
have been approximately 1.05x, assuming Geismar, Keathley Canyon
Connector and Gulfstar One were in service at expected capacity for
full-year 2015.
 
(3) Crack spread is based on delivered U.S. Gulf Coast ethylene
and Mont Belvieu ethane.
 

Year-End 2014 Materials to Be Posted Shortly; Conference Call Scheduled for Tomorrow

Year-end 2014 financial materials for pre-merger Williams Partners and pre-merger Access Midstream Partners will be posted shortly at www.williams.com. The materials include the data book and analyst package for pre-merger Williams Partners, as well as financial highlights and operating statistics for pre-merger Access Midstream Partners.

Williams Partners and Williams plan to jointly host a conference call and live webcast on Thursday, Feb. 19, at 9:30 a.m. EST. A limited number of phone lines will be available at (800) 768-6570. International callers should dial (785) 830-1942. 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

Williams Partners’ 2014 Form 10-K, which will contain the pre-merger results of Access Midstream Partners, is expected to be filed with the Securities and Exchange Commission next week. Once filed, the document will be available on both the SEC and Williams’ websites.

Williams Partners also anticipates filing a Form 8-K next week including supplemental financial statements for the post-merger partnership, which will present the results for pre-merger Williams Partners and pre-merger Access Midstream Partners at Williams’ basis in both partnerships, combined for the periods under common control since the July 1 acquisition of Access Midstream Partners by Williams. Periods prior to that date will primarily reflect only pre-merger Williams Partners at Williams’ accounting basis.

Definitions and Non-GAAP Measures

This news includes certain financial measures - adjusted EBITDA, adjusted segment profit and adjusted segment profit + DD&A, 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. For the following definitions, depreciation and amortization (DD&A) includes amortization of basis differences related to equity-method investments.

Adjusted EBITDA is defined as net income (loss) before income tax expense, net interest expense, depreciation and amortization expense (including amortization of basis differences related to equity-method investments) and equity earnings from investments, adjusted for certain other items management believes affect the comparability of operating results. We also add our proportional ownership share of net income (loss) before income tax expense, net interest expense, depreciation and amortization expense of equity investments.

Adjusted segment profit 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. Adjusted segment profit + DD&A is adjusted to add back depreciation and amortization expense. Management believes these measures provide investors meaningful insight into results from ongoing operations.

For the newly merged MLP, Williams Partners L.P., we define distributable cash flow as adjusted EBITDA less maintenance capital expenditures, cash paid for interest expense, distributions to noncontrolling interests and cash income taxes.

For the newly merged MLP, Williams Partners L.P., 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.

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, adjusted segment profit, adjusted segment profit + DD&A, 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 (newly merged partnership)

Williams Partners (WPZ ) is an industry-leading, large-cap natural gas infrastructure master limited partnership with a strong growth outlook and substantial positions across 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 - moving approximately 20 percent of U.S. natural gas for clean-power generation, home heating and industrial use. Tulsa, Okla.-based Williams (WMB ), a premier provider of large-scale North American natural gas infrastructure, owns 60 percent of Williams Partners, including the general-partner interest. www.williams.com

Forward-Looking Statements

The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) and 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, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. You typically can identify forward-looking statements 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:

-- Expected levels of cash distributions by WPZ with respect to general partner interests, incentive distribution rights, and limited partner interests;

-- The levels of dividends to Williams stockholders;

-- Future credit ratings of Williams and WPZ;

-- 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 presentation. 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:

-- Whether WPZ will produce sufficient cash flows to provide the level of cash distributions we expect;

-- Whether Williams is able to pay current and expected levels of dividends;

-- Availability of supplies, market demand, and volatility of prices;

-- Inflation, interest rates, and 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;

-- The ability to recover expected insurance proceeds related to the Geismar plant;

-- 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;

-- WPZ’s allocated costs for defined benefit pension plans and other postretirement benefit plans sponsored by its 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 (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 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 may cause our intentions to change from those statements of intention set forth in this presentation. 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.

Investors are urged to closely consider the disclosures and risk factors in Williams’ and WPZ’s annual reports on Form 10-K filed with the SEC on Feb. 26, 2014, and each of our quarterly reports on Form 10-Q available from our offices or from our website at www.williams.com.

                                                                       
                                                                                                               
                                                                                                  Pre-merger Access Midstream Partners, L.P.
                                                                                                 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                                                                                               ($ in thousands)
                                                                                                                  (unaudited)
                                                                                                               
                                                                                                                                                                     Three Months Ended
                                                                                                                                                                        December 31,
                                                                                                              ---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                     2014                                                    2013
                                                                                                              ---------------------------------------------------                     ---------------------------------------------------------
                                                                                                                                                                                       
Net Income attributable to Williams Partners L.P. (formerly                                                                      $  228,310                                                              $        129,057
Access Midstream Partners, L.P.)
                                                                                                                                                                                       
Adjusted for:
   Interest expense                                                                                                                  59,851                                                                        33,384
   Income tax expense                                                                                                                (2,924 )                                                                       1,370
   Depreciation and amortization expense                                                                                             72,784                                                                        80,574
   Other                                                                                                                             (5,721 )                                                                      (1,038 )
   Income from unconsolidated affiliates                                                                                            (61,074 )                                                                     (38,832 )
   EBITDA from unconsolidated affiliates(1) (2)                                                                                      84,665                                                                        60,791
   Expense for non-cash equity awards                                                                                                 4,399                                                                        12,840
   Implied minimum volume commitment                                                                                               (114,000 )                                                                     (37,500 )
                                                                                                                                     23,783                                                                --
   Loss on impairments and disposal of assets
   Transaction related costs                                                                                      27,136                          --  
                                                                                                              -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                       
Adjusted EBITDA                                                                                                                  $  317,209                                           $        240,646  
                                                                                                              -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                       
Adjusted for:
   Maintenance capital expenditures                                                                                                 (32,500 )                                                                     (27,500 )
   Cash portion of interest expense                                                                                                 (57,685 )                                                                     (31,433 )
   Income tax expense                                                                                                                 2,924                                                                        (1,370 )
   Cash portion of transaction related costs                                                                      (4,838 )                                           --  
                                                                                                              -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                       
Distributable cash flow                                                                                                          $  225,110                                           $        180,343  
                                                                                                              ==================== ======== ====================                      ==================== ============== ====================
                                                                                                                                                                                       
   Cash impact of transaction related costs                                                                        4,838                          --  
                                                                                                              -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                       
Adjusted distributable cash flow                                                                                                 $  229,948                                           $        180,343  
                                                                                                              ==================== ======== ====================                      ==================== ============== ====================
                                                                                                                                                                                       
Cash provided by operating activities                                                                                            $  237,638                                                              $        205,956
                                                                                                                                                                                       
Adjusted for:
   Change in assets and liabilities                                                                                                 119,331                                                                        56,531
   Distribution of earnings received from unconsolidated affiliates                                                                 (75,625 )                                                                     (78,134 )
   Interest expense                                                                                                                  59,851                                                                        33,384
   Income tax expense                                                                                                                (2,924 )                                                                       1,370
   Other non-cash                                                                                                                   (47,045 )                                                                     (14,592 )
   EBITDA from unconsolidated affiliates(1) (2)                                                                                      84,665                                                                        60,791
   Expense for non-cash equity awards                                                                                                 4,399                                                                        12,840
   Implied minimum volume commitment                                                                                               (114,000 )                                                                     (37,500 )
   Loss on disposal of assets                                                                                                        23,783                                                                --
   Transaction related costs                                                                                      27,136                          --  
                                                                                                              -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                       
Adjusted EBITDA                                                                                                                  $  317,209                                           $        240,646  
                                                                                                              -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                       
Adjusted for:
   Maintenance capital expenditures                                                                                                 (32,500 )                                                                     (27,500 )
   Cash portion of interest expense                                                                                                 (57,685 )                                                                     (31,433 )
   Income tax expense                                                                                                                 2,924                                                                        (1,370 )
   Cash portion of transaction related costs                                                                      (4,838 )                                           --  
                                                                                                              -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                       
Distributable cash flow                                                                                                          $  225,110                                           $        180,343  
                                                                                                              ==================== ======== ====================                      ==================== ============== ====================
                                                                                                                                                                                       
   Cash impact of transaction related costs                                                                        4,838                          --  
                                                                                                              -------------------- -------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                       
Adjusted distributable cash flow                                                                                                 $  229,948                                           $        180,343  
                                                                                                              ==================== ======== ====================                      ==================== ============== ====================
 
Cash distribution
   Limited partner units 2013: ($0.555 x 189,129,347 units)                                                                                                                                              $        104,967
   General partner interest                                                                                                                                                                     17,164  
                                                                                                                                                                                      -------------------- -------------- --------------------
                                                                                                                                                                                       
Total cash distribution                                                                                                                                                                                  $        122,131  
                                                                                                                                                                                      -------------------- -------------- --------------------
                                                                                                                                                                                       
Distribution coverage ratio                                                                                          N/A                                    1.48  
                                                                                                              ==================== ======== ====================                      ==================== ============== ====================
                                                                                                                                                                                       
Adjusted distribution coverage ratio                                                                                 N/A                                    1.48  
                                                                                                              ==================== ======== ====================                      ==================== ============== ====================
                                                                       
                                                                                                               
                                                                                                     Pre-merger Access Midstream Partners, L.P.
                                                                                                    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                                                                                                  ($ in thousands)
                                                                                                                     (unaudited)
                                                                                                               
                                                                                                                                                                        Twelve Months Ended
                                                                                                                                                                           December 31,
                                                                                                              ---------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                        2014                                                       2013
                                                                                                              ---------------------------------------------------------                     ---------------------------------------------------------
                                                                                                                                                                                             
Net Income attributable to Williams Partners L.P. (formerly                                                                      $        398,060                                                              $        336,025
Access Midstream Partners, L.P.)
                                                                                                                                                                                             
Adjusted for:
   Interest expense                                                                                                                       185,680                                                                       116,778
   Income tax expense                                                                                                                         576                                                                         5,223
   Depreciation and amortization expense                                                                                                  314,758                                                                       296,179
   Other                                                                                                                                   (6,555 )                                                                      (2,615 )
   Income from unconsolidated affiliates                                                                                                 (205,082 )                                                                    (130,420 )
   EBITDA from unconsolidated affiliates(1) (2)                                                                                           298,668                                                                       202,453
   Expense for non-cash equity awards                                                                                                      28,188                                                                        35,010
   Implied minimum volume commitment                                                                                               --                                                                --
                                                                                                                                           23,783                                                                --
   Loss on impairments and disposal of assets
   Transaction related costs                                                                                           123,137                          --  
                                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                             
Adjusted EBITDA                                                                                                                  $      1,161,213                                           $        858,633  
                                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                             
Adjusted for:
   Maintenance capital expenditures                                                                                                      (130,000 )                                                                    (110,000 )
   Cash portion of interest expense                                                                                                      (177,248 )                                                                    (108,285 )
   Income tax expense                                                                                                                        (576 )                                                                      (5,223 )
   Cash portion of transaction related costs                                                                          (128,584 )                                           --  
                                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                             
                                                                                                                                                                                             
Distributable cash flow                                                                                                          $        724,805                                           $        635,125  
                                                                                                              ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                             
   Cash impact of transaction related costs                                                                            128,584                          --  
                                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                             
Adjusted distributable cash flow                                                                                                 $        853,389                                           $        635,125  
                                                                                                              ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                             
Cash provided by operating activities                                                                                            $        770,973                                                              $        563,962
                                                                                                                                                                                             
Adjusted for:
   Change in assets and liabilities                                                                                                       109,211                                                                        46,394
   Distribution of earnings received from unconsolidated affiliates                                                                      (281,733 )                                                                     (82,871 )
   Interest expense                                                                                                                       185,680                                                                       116,778
   Income tax expense                                                                                                                         576                                                                         5,223
   Other non-cash                                                                                                                         (97,270 )                                                                     (28,316 )
   EBITDA from unconsolidated affiliates(1) (2)                                                                                           298,668                                                                       202,453
   Expense for non-cash equity awards                                                                                                      28,188                                                                        35,010
   Implied minimum volume commitment                                                                                               --                                                                --
   Loss on disposal of assets                                                                                                              23,783                                                                --
   Transaction related costs                                                                                           123,137                          --  
                                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                             
Adjusted EBITDA                                                                                                                  $      1,161,213                                           $        858,633  
                                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                             
Adjusted for:
   Maintenance capital expenditures                                                                                                      (130,000 )                                                                    (110,000 )
   Cash portion of interest expense                                                                                                      (177,248 )                                                                    (108,285 )
   Income tax expense                                                                                                                        (576 )                                                                      (5,223 )
   Cash portion of transaction related costs                                                                          (128,584 )                                           --  
                                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                             
Distributable cash flow                                                                                                          $        724,805                                           $        635,125  
                                                                                                              ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                             
   Cash impact of transaction related costs                                                                            128,584                          --  
                                                                                                              -------------------- -------------- --------------------                      -------------------- -------------- --------------------
                                                                                                                                                                                             
Adjusted distributable cash flow                                                                                                 $        853,389                                           $        635,125  
                                                                                                              ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                             
Cash Distribution
   Limited partner units                                                                                                                                                                                       $        384,675
   General partner interest                                                                                                                                                                           42,504  
                                                                                                                                                                                            -------------------- -------------- --------------------
                                                                                                                                                                                             
Total cash distribution                                                                                                                                                                                        $        427,179  
                                                                                                                                                                                            -------------------- -------------- --------------------
                                                                                                                                                                                             
Distribution coverage ratio                                                                                                N/A                                    1.49  
                                                                                                              ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                                                             
Adjusted distribution coverage ratio                                                                                       N/A                                    1.49  
                                                                                                              ==================== ============== ====================                      ==================== ============== ====================
                                                                                                                                                  
                                                                                                                                                                                                                                
                                                                                                                                                       Pre-merger Access Midstream Partners, L.P.
                                                                                                                                                      RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
                                                                                                                                                                    ($ in thousands)
                                                                                                                                                                       (unaudited)
 
 
(1) EBITDA from unconsolidated affiliates is calculated
as follows:
                                                                                                                                                                                                                                
                                                                                                                           Three Months Ended                                                                                                                                     Twelve Months Ended
                                                                                                                              December 31,                                                                                                                                           December 31,
                                                                                   --------------------------------------------------------------------------------------------------                                          -------------------------------------------------------------------------------------------------------------------------
                                                                                                         2014                                     2013                                                                             2014                                                2013
                                                                                   -------------------------------------------------                     ----------------------------                                          --------------------------------------------------                     --------------------------------------------------
                                                                                                                                                                                                             ($ in thousands)
Net income                                                                                            $ 61,074                                                              $ 38,832                                                              $ 205,082                                                              $ 130,420
                                                                                                                                                                                                                                                                                                       
   Depreciation and amortization expense                                                                23,822                                                                21,956                                                                 93,695                                                                 72,053
   Other                                                                               (231 )                                                3                                                (109 )                                               (20 )
                                                                                   -------------------- ------ --------------------                      -------------------- ------                                           -------------------- ------- --------------------                      -------------------- ------- --------------------
                                                                                                                                                                                                           
EBITDA from unconsolidated affiliates                                                                 $ 84,665                                           $ 60,791                                                              $ 298,668                                           $ 202,453  
                                                                                   ==================== ====== ====================                      ==================== ======                                           ==================== ======= ====================                      ==================== ======= ====================
     
(2)                      The Partnership maintains equity investments in 11 gathering
                         systems in the Marcellus Shale, an equity investment in Utica East
                         Ohio Midstream, LLC. and an equity investment in Ranch Westex JV,
                         LLC.
                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                               
                                                                                                                                                              Three Months Ended                                                                                                                                                   Twelve Months Ended
                                                                                                                                                                 December 31,                                                                                                                                                         December 31,
                                                                                                           -------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  2014                                                2013                                                                                         2014                                                  2013
                                                                                                           --------------------------------------------------                     --------------------------------------------------                                          ----------------------------------------------------                     ----------------------------------------------------
                                                                                                                                                                                                                                                   ($ in thousands)
                                                                                                                                                                                                                                                                                                                                                        
GAAP capital expenditures                                                                                                     $ 231,335                                                              $ 247,488                                                                                   $   999,211                                                              $ 1,058,599
                                                                                                                                                                                                                                                                                                                                                        
Adjusted for:
                                                                                                                                 78,635                                                                135,430                                                                                       385,236                                                                  671,394
   Capital expenditures included in unconsolidated affiliates
                                                                                                             (48,515 )                                           (37,376 )                                                                 (211,494 )                                            (151,584 )
   Capital expenditures attributable to noncontrolling interest
                                                                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                        
Net capital expenditures                                                                                                      $ 261,455                                           $ 345,542                                                                $ 1,172,953                                           $ 1,578,409  
                                                                                                           ==================== ======= ====================                      ==================== ======= ====================                                           ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                               
                                                                                                                                                              Three Months Ended                                                                                                                                                   Twelve Months Ended
                                                                                                                                                                 December 31,                                                                                                                                                         December 31,
                                                                                                           -------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------------------------------------------------------------------------------------------------
                                                                                                                                  2014                                                                   2013                                                                                         2014                                                                     2013
                                                                                                           --------------------------------------------------                     --------------------------------------------------                                          ----------------------------------------------------                     ----------------------------------------------------
                                                                                                                                                                                                                                                   ($ in thousands)
                                                                                                                                                                                                                                                                                                                                                        
Revenues                                                                                                                      $ 495,078                                                              $ 328,078                                                                                   $ 1,378,939                                                              $ 1,073,222
                                                                                                                                                                                                                                                                                                                                                        
Adjusted for:
   Revenues included in investments in unconsolidated affiliates                                              98,140                           73,734                                                 353,849                            246,769  
                                                                                                           -------------------- ------- --------------------                      -------------------- ------- --------------------                                           -------------------- --------- --------------------                      -------------------- --------- --------------------
                                                                                                                                                                                                                                                                                                                                                        
Total revenues including revenues from equity investments                                                                     $ 593,218                                           $ 401,812                                                                $ 1,732,788                                           $ 1,319,991  
                                                                                                           ==================== ======= ====================                      ==================== ======= ====================                                           ==================== ========= ====================                      ==================== ========= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
WPZ Net Income to Adjusted EBITDA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                              2015                                                                                                                                                                                                                                   2016                                                                                                                                                                                                                                   2017
                                                                                                  ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                     ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                     ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(’$ in millions)                                                                                                         Low                                               Base                                               High                                                                                        Low                                               Base                                               High                                                                                        Low                                               Base                                               High
                                                                                                  ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ----------------------------------------------                                             ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ----------------------------------------------                                             ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Net income from continuing operations                                                                                $  1,555                                                              $  1,720                                                              $  1,885                                                                                   $  2,025                                                              $  2,225                                                              $  2,425                                                                                   $  2,465                                                              $  2,690                                                              $  2,915
Add: Net interest expense                                                                                                 855                                                                   855                                                                   855                                                                                        965                                                                   960                                                                   955                                                                                      1,075                                                                 1,065                                                                 1,055
Add: Provision for income taxes                                                                                            15                                                                    15                                                                    15                                                                                         25                                                                    25                                                                    25                                                                                         25                                                                    25                                                                    25
Add: Depreciation & amortization (DD&A)                                                                                 1,705                                                                 1,705                                                                 1,705                                                                                      1,800                                                                 1,800                                                                 1,800                                                                                      1,875                                                                 1,875                                                                 1,875
Less: Equity earnings from investments                                                                                   (380 )                                                                (385 )                                                                (390 )                                                                                     (495 )                                                                (505 )                                                                (515 )                                                                                     (645 )                                                                (660 )                                                                (675 )
Add: Proportionate share of EBITDA from investments (1)                                                                   665                                                                   670                                                                   675                                                                                        800                                                                   810                                                                   820                                                                                        955                                                                   970                                                                   985
Adjustments (2)                                                                                       (115 )                          (115 )                          (115 )                                                                     -            -            -                                                    -            -            -  
                                                                                                  -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------                                           -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------                                           -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Adjusted EBITDA                                                                                                      $  4,300                                                              $  4,465                                                              $  4,630                                                                                   $  5,120                                                              $  5,315                                                              $  5,510                                                                                   $  5,750                                                              $  5,965                                                              $  6,180
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                              
------------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------------------------------------
                                                                                                                                                                                              2015                                                                                                                                                                                                                                   2016                                                                                                                                                                                                                                   2017
                                                                                                  ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                     ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                     ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1) Proportionate Share of EBITDA from investments:                                                                       Low                                               Base                                               High                                                                                        Low                                               Base                                               High                                                                                        Low                                               Base                                               High
                                                                                                  ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ----------------------------------------------                                             ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ----------------------------------------------                                             ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                        
Net income from continuing operations                                                                                $    380                                                              $    385                                                              $    390                                                                                   $    495                                                              $    505                                                              $    515                                                                                   $    645                                                              $    660                                                              $    675
Add: Net interest expense                                                                                                  53                                                                    53                                                                    53                                                                                         58                                                                    58                                                                    58                                                                                         61                                                                    61                                                                    61
Add: Depreciation & amortization (DD&A)                                                                                   206                                                                   206                                                                   206                                                                                        226                                                                   226                                                                   226                                                                                        236                                                                   236                                                                   236
Other                                                                                                   26           26           26                                                   21           21           21                                                   13           13           13  
                                                                                                  -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------                                           -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------                                           -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Adjusted EBITDA from Equity Investments                                        $    665                        $    670                        $    675                          $    800                        $    810                        $    820                          $    955                        $    970                        $    985  
------------------------------------------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                                                                                                                                              
------------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------- --------------------------------------------------------------------- --------------------------------------------------------------------- -------------------------------------------------
                                                                                                                                                                                              2015                                                                                                                                                                                                                                   2016                                                                                                                                                                                                                                   2017
                                                                                                  ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                     ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                     ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2) Adjustments:                                                                                                          Low                                               Base                                               High                                                                                        Low                                               Base                                               High                                                                                        Low                                               Base                                               High
                                                                                                  ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ----------------------------------------------                                             ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ----------------------------------------------                                             ----------------------------------------------   -------------------- ----------------------------------------------   -------------------- ----------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
Geismar incident adjustment for insurance and timing                                                                 $   (150 )                                                            $   (150 )                                                            $   (150 )                                                                                        -                                                                     -                                                                     -                                                                                          -                                                                     -                                                                     -
ACMP acquisition-related expenses                                                                       35           35           35                                                    -            -            -                                                    -            -            -  
                                                                                                  -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------                                           -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------                                           -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
Total Adjustments                                                              $   (115 )                                         $   (115 )                                         $   (115 )                               -            -            -              -            -            -  
------------------------------------------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ------ --------------------
                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
WPZ Distributable Cash Flow and Cash Distribution Coverage Ratio
                                                                                                                       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                 2015                                                                                                                                                                                                                      2016                                                                                                                                                                                              2017
                                                                                                         -----------------------------------------------------------------------------------------------------------------------------------------------------------------------                                                       ---------------------------------------------------------------------------------------------------------------------------------------------------------------                                                       -------------------------------------------------------------------------------------------------------------------------
           Dollars in millions, except per L.P. unit                                                                    Low                                Base                                High                                                                      Low                             Base                             High                                                                     Low                            Base                            High
--------------------------------------------------------------                                           -----------------------------   -------------------- -------------------- -----------------------------   -------------------- -------------------- -----------------------------                                             ---------------------------   -------------------- -------------------- --------------------------   -------------------- -------------------- --------------------------                                             ---------------------------   -------------------- ---------------------------   -------------------- ---------------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Adjusted EBITDA (1)                                                                                                         $ 4,300                                                                   $ 4,465                                                                   $ 4,630                                                                   $  5,120                                                                $ 5,315                                                                $ 5,510                                                                $  5,750                                           $  5,965                                           $  6,180
Less: Maintenance Capex (2)                                                                                                    (430 )                                                                    (430 )                                                                    (430 )                                                                     (440 )                                                                 (440 )                                                                 (440 )                                                                  (440 )                                             (440 )                                             (440 )
Less: Interest Expense (cash portion) (3)                                                                                      (885 )                                                                    (885 )                                                                    (885 )                                                                   (1,000 )                                                                 (995 )                                                                 (990 )                                                                (1,110 )                                           (1,100 )                                           (1,090 )
Less: Cash Taxes                                                                                                                 (5 )                                                                      (5 )                                                                      (5 )                                                                      (10 )                                                                  (10 )                                                                  (10 )                                                                   (10 )                                              (10 )                                              (10 )
Less: Noncontrolling Interests                                                                              (135 )           (135 )           (135 )                                                  (195 )        (195 )        (195 )                                               (230 )       (230 )       (230 )
                                                                                                         -------------------- ----- ---- -------------------- -------------------- -------------------- ----- ---- -------------------- -------------------- -------------------- ----- ----                                           -------------------- ------ - -------------------- -------------------- -------------------- ----- - -------------------- -------------------- -------------------- ----- -                                           -------------------- ------ - -------------------- -------------------- ------ - -------------------- -------------------- ------ -
Distributable Cash Flow Attributable to Partnership Operations                                                              $ 2,845                                                                   $ 3,010                                                                   $ 3,175                                                                   $  3,475                                                                $ 3,675                                                                $ 3,875                                                                $  3,960                                           $  4,185                                           $  4,410
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Cash Distributions (accrued)                                                                                                $ 3,010                                                                   $ 3,005                                                                   $ 2,995                                                                   $  3,380                                                                $ 3,440                                                                $ 3,515                                                                $  3,770                                           $  3,925                                           $  4,090
  --- per L.P. Unit                                                                                                         $  3.40                                                                   $  3.40                                                                   $  3.40                                                                   $   3.64                                                                $  3.71                                                                $  3.78                                                                $   3.89                                           $   4.04                                           $   4.19
  --- Annual growth rate                                                                                                                                                                                                                                                                                                                                         7 %                                                                    9 %                                                                   11 %                                                                     7 %                                                9 %                                               11 %
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
Cash Distribution Coverage Ratio                                                                                                   0.95x                                                                     1.00x                                                                     1.06x                                                                   1.03x                                                                  1.07x                                                                  1.10x                                                                   1.05x                                              1.07x                                              1.08x
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

Notes: (1) A more detailed schedule reconciling this non-GAAP measure is provided in this presentation. (2) Includes proportionate share of maintenance capex of equity investments. (3) Includes proportionate share of interest expense of equity investments.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Pre-merger Williams Partners L.P.
Reconciliation of Non-GAAP Measures
(UNAUDITED)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                 2013                                                                                                                                                                                                                                                                                                                                                                                                                       2014
                                                                                                                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(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 Non-GAAP "Distributable cash flow" to GAAP "Net
income"
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Net income                                                                                                                                                                                                    $            344                                                              $            272                                                              $            285                                                              $            218                                                              $          1,119                                                                                   $            352                                                              $            234                                                              $            218                                                              $            300                                                              $          1,104
Income attributable to noncontrolling interests                                                                                                                                                                 --                                                                --                                                                --                                                                            (3 )                                                                          (3 )                                                                                   --                                                                            (2 )                                                                          (1 )                                                                          (7 )                                                                         (10 )
Depreciation and amortization                                                                                                                                                                                              196                                                                           191                                                                           201                                                                           203                                                                           791                                                                                                208                                                                           207                                                                           209                                                                           231                                                                           855
Non-cash amortization of debt issuance costs included in interest                                                                                                                                                            3                                                                             4                                                                             4                                                                             3                                                                            14                                                                                                  4                                                                             3                                                                             4                                                                             4                                                                            15
expense
Equity earnings from investments                                                                                                                                                                                           (18 )                                                                         (35 )                                                                         (31 )                                                                         (20 )                                                                        (104 )                                                                                              (23 )                                                                         (32 )                                                                         (36 )                                                                         (41 )                                                                        (132 )
Allocated reorganization-related costs                                                                                                                                                                                       2                                                                --                                                                --                                                                --                                                                             2                                                                                     --                                                                --                                                                --                                                                --                                                                --
Impairment of certain materials and equipment                                                                                                                                                                   --                                                                --                                                                --                                                                --                                                                --                                                                                     --                                                                            17                                                                --                                                                            23                                                                            40
Loss related to Geismar Incident                                                                                                                                                                                --                                                                             6                                                                             4                                                                             4                                                                            14                                                                                     --                                                                --                                                                             5                                                                             5                                                                            10
Geismar Incident adjustment for insurance and timing                                                                                                                                                            --                                                                --                                                                           (35 )                                                                         118                                                                            83                                                                                                 54                                                                            96                                                                --                                                                           (71 )                                                                          79
Contingency (gain) loss, net of legal costs                                                                                                                                                                     --                                                                --                                                                             9                                                                            16                                                                            25                                                                                     --                                                                --                                                                --                                                                          (143 )                                                                        (143 )
Reimbursements from Williams under omnibus agreements                                                                                                                                                                        4                                                                             4                                                                             2                                                                             3                                                                            13                                                                                                  3                                                                             4                                                                             1                                                                             3                                                                            11
Loss related to Opal incident                                                                                                                                                                                   --                                                                --                                                                --                                                                --                                                                --                                                                                     --                                                                             6                                                                --                                                                             2                                                                             8
Plymouth incident adjustment                                                                                                                                                                                    --                                                                --                                                                --                                                                --                                                                --                                                                                     --                                                                             3                                                                             3                                                                             6                                                                            12
Canadian income tax                                                                                                                                                                                             --                                                                --                                                                --                                                                --                                                                --                                                                                     --                                                                             4                                                                             8                                                                            28                                                                            40
Income related to partial acreage dedication release                                                                                                                                                            --                                                                --                                                                --                                                                --                                                                --                                                                                     --                                                                --                                                                           (12 )                                                              --                                                                           (12 )
Maintenance capital expenditures                                                                                                                                                                        (44 )                                   (76 )                                   (79 )                                   (59 )                                  (258 )                                                                           (36 )                                   (90 )                                  (103 )                                  (126 )                                  (355 )
                                                                                                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Distributable cash flow excluding equity investments                                                                                                                                                                       487                                                                           366                                                                           360                                                                           483                                                                         1,696                                                                                                562                                                                           450                                                                           296                                                                           214                                                                         1,522
Plus: Equity investments cash distributions to Williams Partners L.P.                                                                                                                                    38                   41                   34                   41                  154                                                           43                   54                   71                   52                  220  
                                                                                                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Distributable cash flow                                                                                                                                                                                                    525                                                                           407                                                                           394                                                                           524                                                                         1,850                                                                                                605                                                                           504                                                                           367                                                                           266                                                                         1,742
Less: Pre-partnership distributable cash flow                                                                                                                                                            28                   20                   16                   15                   79                                                           23       --       --       --                   23  
                                                                                                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Distributable cash flow attributable to partnership operations                                                                                                                                                $            497                        $            387                        $            378                        $            509                        $          1,771                                                                $            582                        $            504                        $            367                        $            266                        $          1,719  
                                                                                                                                                                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Total cash distributed                                                                                                                                                                                        $            473                                                              $            489                                                              $            442                                                              $            556                                                              $          1,960                                                                                   $            566                                                              $            577                                                              $            587                                                              $ --                                                              $          1,730
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Coverage ratios:
Distributable cash flow attributable to partnership operations                                                                                                                                         1.05                 0.79                 0.86                 0.92                 0.90                                                         1.03                 0.87                 0.63                                                           NA                                                         NA
divided by Total cash distributed
                                                                                                                                                                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ======================================================   ==================== ======================================================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
Net income divided by Total cash distributed                                                                                                                                                           0.73                 0.56                 0.64                 0.39                 0.57                                                         0.62                 0.41                 0.37                                                           NA                                                         NA
                                                                                                                                                                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ======================================================   ==================== ======================================================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Pre-merger Williams Partners L.P.
Reconciliation of GAAP "Segment Profit (Loss)" to Non-GAAP
"Adjusted Segment Profit (Loss)" and "Adjusted Segment Profit (Loss)
+ DD&A"
(UNAUDITED)
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                                                                                                 2013                                                                                                                                                                                                                                                                                                                                                                                                  2014
                                                                                                           ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(Dollars in millions)                                                                         1st Qtr                                                    2nd Qtr                                                    3rd Qtr                                                    4th Qtr                                                     Year                                                                                    1st Qtr                               2nd Qtr                                         3rd Qtr                                                    4th Qtr                                                     Year
---------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ---------------------------------------------------------                                          -------------------------------------------------------- -------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ---------------------------------------------------------
                                                                                                                                                                                                                                                                                                                                                                                   
---------------------------------------------------------------- -------------------- -------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- -------------------- -------------------------------------------------------- -------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ---------------------------------------------------------
Segment profit (loss):
Northeast G&P                                                                                                                 $             (9 )                                                            $             12                                                              $             (1 )                                                            $            (26 )                                                            $            (24 )                                                                                 $              6                                         $             15                                         $             35                                                              $            156                                                              $            212
Atlantic-Gulf                                                                                                                              159                                                                           152                                                                           137                                                                           166                                                                           614                                                                                                165                                                      168                                                      162                                                                           140                                                                           635
West                                                                                                                                       186                                                                           162                                                                           207                                                                           186                                                                           741                                                                                                165                                                      152                                                      175                                                                           139                                                                           631
NGL & Petchem Services                                                                                                  158                  101                   68                   19                  346                                                          167                 58                  1                   39                  265  
                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total segment profit (loss)                                                                                                $            494                        $            427                        $            411                        $            345                        $          1,677                                                                $            503                      $            393                      $            373                        $            474                        $          1,743  
                                                                                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================                                           ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Segment adjustments:
   Northeast G&P
----------------------------------------------------------------
   Share of impairments at equity method investee                                                                             $ --                                                              $ --                                                              $ --                                                              $              7                                                              $              7                                                                                   $ --                                         $ --                                         $ --                                                              $ --                                                              $ --
   Contingency (gain) loss, net of legal costs                                                                                  --                                                                --                                                                             9                                                                            16                                                                            25                                                                                     --                                           --                                           --                                                                          (143 )                                                                        (143 )
   Loss related to compressor station fire                                                                                      --                                                                --                                                                --                                                                --                                                                --                                                                                                  6                                           --                                           --                                                                --                                                                             6
   Net gain related to partial acreage dedication release                                                                       --                                                                --                                                                --                                                                --                                                                --                                                                                     --                                           --                                                      (12 )                                                              --                                                                           (12 )
   Impairment of certain materials and equipment                                                             --       --       --       --       --                                               --                 17     --                   13                   30  
                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
      Total Northeast G&P adjustments                                                                                           --                                                                --                                                                             9                                                                            23                                                                            32                                                                                                  6                                                       17                                                      (12 )                                                                        (130 )                                                                        (119 )
   Atlantic-Gulf
----------------------------------------------------------------
   Impairment of certain equipment                                                                                              --                                                                --                                                                --                                                                --                                                                --                                                                                     --                                           --                                           --                                                                            10                                                                            10
   Litigation settlement gain                                                                                                               (6 )                                                              --                                                                --                                                                --                                                                            (6 )                                                                                   --                                           --                                           --                                                                --                                                                --
   Net loss (recovery) related to Eminence storage facility leak                                             --                   (5 )                                     5                   (2 )                                    (2 )                                                                --     --     --       --       --  
                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
      Total Atlantic-Gulf adjustments                                                                                                       (6 )                                                                          (5 )                                                                           5                                                                            (2 )                                                                          (8 )                                                                                   --                                           --                                           --                                                                            10                                                                            10
   West
----------------------------------------------------------------
   Loss related to Opal incident                                                                             --       --       --       --       --                                               --                  6     --                    2                    8  
                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
      Total West adjustments                                                                                                    --                                                                --                                                                --                                                                --                                                                --                                                                                     --                                                        6                                           --                                                                             2                                                                             8
   NGL & Petchem Services
----------------------------------------------------------------
   Loss related to Geismar Incident                                                                                             --                                                                             6                                                                             4                                                                             4                                                                            14                                                                                     --                                           --                                                        5                                                                             5                                                                            10
   Geismar Incident adjustment for insurance and timing                                                      --       --                  (35 )                                   118                   83                                                           54                 96     --                  (71 )                                    79  
                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
      Total NGL & Petchem Services adjustments                                                                                  --                                                                             6                                                                           (31 )                                                                         122                                                                            97                                                                                                 54                                                       96                                                        5                                                                           (66 )                                                                          89
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                           ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ---------------------------------------------------------                                          -------------------------------------------------------- -------------------------------------------------------- ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- ---------------------------------------------------------
   Total segment adjustments                                                                                                  $             (6 )                                         $              1                        $            (17 )                                         $            143                        $            121                                                                $             60                      $            119                      $             (7 )                                         $           (184 )                                         $            (12 )
                                                                                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================                                           ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Adjusted segment profit (loss):
Northeast G&P                                                                                                                 $             (9 )                                                            $             12                                                              $              8                                                              $             (3 )                                                            $              8                                                                                   $             12                                         $             32                                         $             23                                                              $             26                                                              $             93
Atlantic-Gulf                                                                                                                              153                                                                           147                                                                           142                                                                           164                                                                           606                                                                                                165                                                      168                                                      162                                                                           150                                                                           645
West                                                                                                                                       186                                                                           162                                                                           207                                                                           186                                                                           741                                                                                                165                                                      158                                                      175                                                                           141                                                                           639
NGL & Petchem Services                                                                                                  158                  107                   37                  141                  443                                                          221                154                  6                  (27 )                                   354  
                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total adjusted segment profit (loss)                                                                                       $            488                        $            428                        $            394                        $            488                        $          1,798                                                                $            563                      $            512                      $            366                        $            290                        $          1,731  
                                                                                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================                                           ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Depreciation and amortization (DD&A):
Northeast G&P                                                                                                                 $             29                                                              $             32                                                              $             33                                                              $             38                                                              $            132                                                                                   $             39                                         $             40                                         $             41                                                              $             50                                                              $            170
Atlantic-Gulf                                                                                                                               93                                                                            87                                                                            92                                                                            91                                                                           363                                                                                                 94                                                       91                                                       91                                                                           103                                                                           379
West                                                                                                                                        61                                                                            58                                                                            58                                                                            59                                                                           236                                                                                                 58                                                       60                                                       60                                                                            61                                                                           239
NGL & Petchem Services                                                                                                   13                   14                   18                   15                   60                                                           17                 16                 17                   17                   67  
                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total depreciation and amortization                                                                                        $            196                        $            191                        $            201                        $            203                        $            791                                                                $            208                      $            207                      $            209                        $            231                        $            855  
                                                                                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================                                           ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
Adjusted segment profit (loss) + DD&A:
Northeast G&P                                                                                                                 $             20                                                              $             44                                                              $             41                                                              $             35                                                              $            140                                                                                   $             51                                         $             72                                         $             64                                                              $             76                                                              $            263
Atlantic-Gulf                                                                                                                              246                                                                           234                                                                           234                                                                           255                                                                           969                                                                                                259                                                      259                                                      253                                                                           253                                                                         1,024
West                                                                                                                                       247                                                                           220                                                                           265                                                                           245                                                                           977                                                                                                223                                                      218                                                      235                                                                           202                                                                           878
NGL & Petchem Services                                                                                                  171                  121                   55                  156                  503                                                          238                170                 23                  (10 )                                   421  
                                                                                                           -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------                                           -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- -------------------- -------------------- -------------------- -------------- --------------------
   Total adjusted segment profit (loss) + DD&A                                                                                $            684                        $            619                        $            595                        $            691                        $          2,589                                                                $            771                      $            719                      $            575                        $            521                        $          2,586  
                                                                                                           ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================                                           ==================== ============== ==================== ==================== ============== ==================== ==================== ============== ==================== ==================== ==================== ============== ==================== ==================== ==================== ============== ====================
       
Note:                      Segment profit (loss) includes equity earnings (losses) and income
                           (loss) from investments reported in other income (expense) - net
                           below operating income in the Consolidated Statement of
                           Comprehensive Income. Equity earnings (losses) result from
                           investments accounted for under the equity method. Income (loss)
                           from investments results from the management of certain equity
                           investments.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150218006423r1&sid=cmtx6&distro=nx&lang=en

SOURCE: Williams Partners L.P.

Williams Partners L.P. 
Media Contact: 
Tom Droege, 918-573-4034 
or 
Investor Contacts: 
John Porter, 918-573-0797 
or 
Brett Krieg, 918-573-4614


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