Williams Partners L.P. (WPZ, Financial) filed Quarterly Report for the period ended 2010-09-30.
Williams Partners L.p. has a market cap of $12.06 billion; its shares were traded at around $43.75 with a P/E ratio of 13.1 and P/S ratio of 25.6. The dividend yield of Williams Partners L.p. stocks is 6.2%. Williams Partners L.p. had an annual average earning growth of 22.6% over the past 5 years.WPZ is in the portfolios of Jean-Marie Eveillard of First Eagle Investment Management, LLC.
In July 2010, we notified our partner in the Overland Pass Pipeline Company LLC (OPPL) of our election to exercise our option to purchase an additional ownership interest, which provides us with a 50 percent ownership interest in OPPL, for approximately $424 million. This transaction was completed on September 9, 2010, and funded primarily with proceeds from our credit facility. (See Results of Operations Segments, Midstream Gas & Liquids.) Additionally, during September 2010, we completed an equity offering resulting in net proceeds of $380 million, which was used to reduce the borrowing on the credit facility. (See Note 5 of Notes to Consolidated Financial Statements.)
Equity earnings increased primarily due to a $13 million increase from Discovery Producer Services LLC (Discovery) and an $8 million increase from Aux Sable Liquid Products LP (Aux Sable) at Midstream.
Costs and operating expenses increased $19 million, or 9 percent, primarily due to $18 million higher transportation imbalance settlements (offset in segment revenues).
Segment revenues decreased primarily due to an $18 million decrease in other service revenues associated with reduced customer usage of our temporary natural gas loan and storage services and $14 million lower transportation imbalance settlements (offset in costs and operating expenses). These decreases are partially offset by a $13 million increase in transportation revenues primarily due to expansion projects placed into service in 2009 and 2010 by Transco and a $9 million sale of base gas from an abandoned storage field (offset in costs and operating expenses).
Costs and operating expenses increased $3 million, reflecting a $9 million increase associated with the cost of selling base gas from an abandoned storage field (offset in segment revenues) and higher depreciation expense of $5 million. Offsetting these increases is reduced transportation imbalance settlements of $14 million (offset in segment revenues).
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Williams Partners L.p. has a market cap of $12.06 billion; its shares were traded at around $43.75 with a P/E ratio of 13.1 and P/S ratio of 25.6. The dividend yield of Williams Partners L.p. stocks is 6.2%. Williams Partners L.p. had an annual average earning growth of 22.6% over the past 5 years.WPZ is in the portfolios of Jean-Marie Eveillard of First Eagle Investment Management, LLC.
Highlight of Business Operations:
In connection with the Dropdown, we entered into a new $1.75 billion senior unsecured revolving three-year credit facility (Credit Facility) with Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline, as co-borrowers with borrowing sublimits of $400 million each, and Citibank, N.A., as administrative agent, and other lenders named therein. The Credit Facility replaced our previous $450 million senior unsecured credit agreement. At the closing of the Dropdown, we borrowed $250 million under the Credit Facility to repay the term loan outstanding under our previously existing credit facility. As of September 30, 2010, no loans are outstanding under the Credit Facility.In July 2010, we notified our partner in the Overland Pass Pipeline Company LLC (OPPL) of our election to exercise our option to purchase an additional ownership interest, which provides us with a 50 percent ownership interest in OPPL, for approximately $424 million. This transaction was completed on September 9, 2010, and funded primarily with proceeds from our credit facility. (See Results of Operations Segments, Midstream Gas & Liquids.) Additionally, during September 2010, we completed an equity offering resulting in net proceeds of $380 million, which was used to reduce the borrowing on the credit facility. (See Note 5 of Notes to Consolidated Financial Statements.)
Equity earnings increased primarily due to a $13 million increase from Discovery Producer Services LLC (Discovery) and an $8 million increase from Aux Sable Liquid Products LP (Aux Sable) at Midstream.
Costs and operating expenses increased $19 million, or 9 percent, primarily due to $18 million higher transportation imbalance settlements (offset in segment revenues).
Segment revenues decreased primarily due to an $18 million decrease in other service revenues associated with reduced customer usage of our temporary natural gas loan and storage services and $14 million lower transportation imbalance settlements (offset in costs and operating expenses). These decreases are partially offset by a $13 million increase in transportation revenues primarily due to expansion projects placed into service in 2009 and 2010 by Transco and a $9 million sale of base gas from an abandoned storage field (offset in costs and operating expenses).
Costs and operating expenses increased $3 million, reflecting a $9 million increase associated with the cost of selling base gas from an abandoned storage field (offset in segment revenues) and higher depreciation expense of $5 million. Offsetting these increases is reduced transportation imbalance settlements of $14 million (offset in segment revenues).
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