Williams Partners, a natural gas storage company, has reported net income of $29.4 million for the third quarter of 2007, compared to net income of $45.4 million for the same period the previous year.
The company reported net income of $69.4 million, or $1.41 per common unit for the nine months, compared with $119.7 million and $1.19 per common unit for the same time frame last year.
Distributable cash flow for limited-partner unitholders totaled $28.5 million for the third quarter of 2007, compared with $13.5 million for the same period in 2006. The key measure of distributable cash flow per weighted-average limited partner unit was 72 cents in the third quarter 2007, compared with 62 cents for the third quarter 2006, an increase of 16%.
The increase in distributable cash flow for the quarter is due to the growth of the partnership through its 2006 acquisition of Four Corners and the partnership’s steady financial performance.
The distributable cash flow for limited-partner unitholders totaled $77 million for the nine months, compared with $26.7 million for 2006. Also during the first nine months of 2007, distributable cash flow per weighted-average limited partner unit was $1.96, compared with $1.53 for 2006, an increase of 28%.
Alan Armstrong, COO of the general partner of Williams Partners, said: Our growing portfolio of assets continues to deliver steady performance. We’ve increased cash distributions to unitholders for seven consecutive quarters, distributable cash flow per unit is up nearly 30% year to date, and our distribution coverage ratio continues to be strong. Gathering volumes at Four Corners are responding positively to our well-connect program, discovery continues to capture new business and Conway’s storage revenues and distributable cash flow continues to increase.