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RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc.

Williams Companies, Inc. · Mar 5, 2013 · 52 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 1
    Raymond James Institutional Investors Conference Don Chappel, Chief Financial Officer March 5, 2013 2013 The Williams Companies, Inc. All rights reserved.
  2. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 2
    Natural gas infrastructure supercycle Long-term, low natural-gas-to-crude ratio driving infrastructure supercycle Vast need for new infrastructure and large-scale service providers like Williams Power Industry Generation…
  3. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 3
    Diverse, large-scale positions drive high-value business 5 Raymond James Institutional Investors Conference 3/5/13 2013 The Williams Companies, Inc. All rights reserved.
  4. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 4
    Rewarding investors now and expanding our businesses to create continuing value growth, resilience Strong cash-dividend and cash-distribution guidance through 2014 Annual growth 20% at Williams (WMB), 9% at Williams Partners (WPZ)…
  5. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 5
    Illustrating the strength of Geismars natural ethane hedge for WPZ in 2013 600 Ethane Frac Spread* Ethylene Crack Spread** For 2013 88MM* unfavorable difference in total gross 500 margin between zero and 50 cent ethane frac spread…
  6. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 6
    Growing fee-based business supports dividend growth even as NGL margin declines millions 2011 2012 2013 2014 4,000 Gross margin 3,500 Gross margin 3,000 Gross Gross margin margin1 2,500 Adjusted Segment Profit2 + DD&A2…
  7. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 7
    In-guidance projects bring large-scale infrastructure to the Marcellus and Utica WPZ Marcellus & Utica Shale Overview Susquehanna Supply Hub 2015* 3 Bcf/d takeaway capacity Laurel Mountain Midstream 2014* CHANGE MAP 900 MMcf/d…
  8. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 8
    Williams strategic advantages in the oil sands Only company in the Barrels from world extracting and Expected NGL / Olefins volume (Mbbl/d) potential expansions and new upgraders fractionating olefin/NGL 200 (Voyageur, CNRL…
  9. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 9
    Strategic, large-scale, primarily fee-based cash flows coming in service Project Description and Capex in Millions* Expected Remaining Time to In-Service Date (Excludes ACMP Projects) WPZ - Utica JV (Blue Racer Midstream) WPZ -…
  10. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 10
    ACMP ownership interest expect rapid growth in business and cash distributions, including IDRs WMB owns 50% of Access GP and 24% of LP Units Source: Access Midstream Partners February 2013 Investor Presentation 12 Raymond…
  11. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 11
    Strong, clear dividend growth and excess cash flow guidance Cash dividends per share growth Illustrative excess cash flow 20102014 CAGR of 37%* available & coverage ratio* (midpoint of guidance) (upside & cushion for risk)…
  12. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 12
    Williams and Williams Partners premier energy infrastructure investments Natural gas infrastructure supercycle Large-scale positions, strong competitive advantages Deep, diverse, long-range growth opportunities provide…
  13. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 13
    WMB Williams Non-GAAP Appendix NGL & Petchem Reconciliations Services 2013 The Williams Companies, Inc. All rights reserved.
  14. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 14
    Williams Partners L.P. 2013 The Williams Companies, Inc. All rights reserved.
  15. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 15
    Williams Partners L.P. (WPZ) Price assumptions and financial impacts 2012 2013 Guidance 2014 Guidance Actual Low Midpoint High Low Midpoint High Crude Oil - WTI 94.21 75.00 90.00 105.00 75.00 90.00 105.00 Natural Gas - Henry Hub…
  16. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 16
    Williams Partners L.P. (WPZ) 1 Adjusted segment profit + DD&A guidance 2013 2014 Dollars in millions, except per-share amounts Guidance Guidance Adjusted Segment Profit: Midstream 900 - 1,275 1,525 - 2,025 1,225 - 1,575…
  17. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 17
    Williams Partners L.P. (WPZ) Capital expenditures1 guidance 2013 2014 Dollars in millions, except per-share Guidance Guidance Maintenance Capex: Midstream 90 - 110 60 - 80 60 - 80 80 - 100 Gas Pipeline 225 - 275 290 - 340…
  18. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 18
    Williams Partners L.P. (WPZ) Visibility to diversity of growth Growth investment spending by supply and market areas 20132014 20132017 4.85.5 billion 9 billion 18 billion In guidance In guidance In guidance Under negotiation…
  19. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 19
    Williams Partners L.P. (WPZ) Expect fee-based revenues to increase to 77% of business by 2014 WPZ total gross margin1 2011 Actual 2014 Forecast 3.8 billion 4.8 billion Blues = Fee-based Greens = Commodity 5% 13% WPZ - Gas…
  20. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 20
    Sharply lower ethane, propane price assumptions Natural Gas Henry Hub Ethane / MMBtu / gallon 4.50 High 0.80 Midpoint 0.70 4.00 3Q Guidance Midpoint 0.60 3Q Guidance 3.50 Low Midpoint 0.50 High 3.00 Midpoint 0.40 2.50 0.30…
  21. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 21
    WPZ Midstream Illustrating the strength of Geismars natural ethane hedge for WPZ in 2014 1000 Ethane Frac Spread* Ethylene Crack Spread** For 2014 130MM 900 favorable difference in total gross margin 800 between zero and 50…
  22. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 22
    WPZ Midstream Geismar plant expected to benefit from higher ethylene prices 100% 80% 60% 40% 20% 0% February 2012 December 2012 February 2013 December 2013 Spot-based sales Collared ethylene sales Ethane…
  23. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 23
    WPZ Midstream Pro forma combined Midstream domestic net volume position 4Q12 WPZ Midstream WPZ Geismar Olefins 75 300 MBbl/d C2 200 100 17 MM Lbs C3+ 34 C3= MBbl/d 261 MM Lbs C2= - WPZ Equity NGL Sales C3 Geismar…
  24. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 24
    WPZ Midstream Building scale in the Marcellus and Utica through strategic investments Steady and significant Expected gathering volume fee-based volume growth growth and upside capacity 1,600 5.5 Excludes Marcellus/Utica 5.0…
  25. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 25
    WPZ Midstream Ohio Valley Midstream provides large-scale presence in liquids-rich area Extensive acreage, gathering and processing under contract Long-term contracts: 236M acres dedicated 7 producers Processing of gathered…
  26. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 26
    WPZ Midstream Caiman Energy II/Blue Racer Midstream JV interest enhances presence in Utica Shale Focus on counties in eastern Ohio and northwestern Pennsylvania covering the Utica Shale Blue Racer Midstream will be developed…
  27. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 27
    WPZ Midstream Blue Racer Midstream JV A Strong Combination of Assets & Relationships Williams Partners EnCap Flatrock Management Highstar Capital Midstream Investors 47.5% 35.6% 11.9% 4.0% Caiman II Dominion 50%…
  28. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 28
    Williams Corporate Corporate NGL & Petchem Services 2013 The Williams Companies, Inc. All rights reserved.
  29. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 29
    Corporate Combined Williams/WPZ NGL & Petchem Services New fee-based business focused on optimizing connectivity, market access for petchems and NGL growth Pipeline, NGL supply fractionation, Distribution Consuming/ growth…
  30. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 30
    Corporate Solid segment profit + DD&A growth Adjusted segment profit1 + DD&A (midpoint of guidance, dollars in millions) 2011 2012 2013 2014 2011 2012 2013 2014 4,500 500 Equity Method +36% Investments 4,000 450 Increase 400…
  31. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 31
    Corporate Expect fee-based revenues to increase to 74% of business by 2014 WMB total gross margin1 2011 Actual 2014 Forecast 4.0 billion 5.1 billion Blues = Fee-based Greens = Commodity 0% 1% 5% WPZ - Gas Pipeline 5%…
  32. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 32
    Corporate Visibility to diversity of growth Growth investment spending by supply and market areas 20132014 20132017 5.6 6.8 billion 12 billion 20 billion In guidance In guidance In guidance Under negotiation Under…
  33. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 33
    Corporate Price assumptions and financial impacts 2012 2013 Guidance 2014 Guidance Actual Low Midpoint High Low Midpoint High Crude Oil - WTI 94.21 75.00 90.00 105.00 75.00 90.00 105.00 Natural Gas - Henry Hub 2.75 3.00 3.50…
  34. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 34
    Corporate Dividend illustration and coverage calculation (Midpoint of guidance, dollars in millions except per share amounts) Williams positioned to provide shareholders strong dividend increases 2013 2014 1 Distributions from…
  35. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 35
    Corporate Williams NGL & Petchem Services Adjusted Cash Flow Available (Dollars in millions) Williams NGL & Petchem Services positioned to contribute significantly to dividend growth 2013 Guidance 2014 Guidance Low Midpoint…
  36. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 36
    Corporate 2013-2014 adjusted segment profit1 + DD&A guidance 2013 2014 Dollars in millions Guidance Guidance Williams Partners (WPZ) 2,410 - 2,875 3,210 - 3,800 2,720 - 3,160 3,460 - 3,950 NGL & Petchem Services 75 - 185…
  37. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 37
    Corporate 2013-2014 capital 1 expenditures guidance 2013 2014 Dollars in millions Guidance Guidance Williams Partners (WPZ) 3,550 - 3,950 1,950 - 2,350 3,025 - 3,425 1,700 - 2,100 NGL & Petchem Services 390 - 590 425 -…
  38. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 38
    Corporate Consolidated cash flow and liquidity guidance (Dol l ars i n M i l l i ons) 2013 Gui da nce 2014 Gui da nce Low Midpoint High Low Midpoint High Cash Flow from Continuing Operations 2,075 2,313 2,550 3,025 3,250 3,475…
  39. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 39
    Corporate 2013 consolidating cash flow Williams Partners Williams NGL & Petchem Services, Consoldiated (WPZ) ACMP, Corp. and Other Williams (WMB) (Dollars in Millions) Low Midpt High Low Midpt High Low Midpt High 1 Cash Flow…
  40. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 40
    Corporate 2014 consolidating cash flow Williams Partners Williams NGL & Petchem Services, Consoldiated (WPZ) ACMP, Corp. and Other Williams (WMB) (Dollars in Millions) Low Midpt High Low Midpt High Low Midpt High 1 Cash Flow…
  41. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 41
    Corporate Tax rates 2012 Year-to-Date Provision (benefit) at statutory rate 451 35% Increases (decreases) in taxes resulting from: Impact of nontaxable noncontrolling interests (72) -6% State income taxes (net of federal…
  42. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 42
    Corporate WMB Economic Commodity Exposure for 2013-14 Equity volumes 150,000 Natural Gas NGLs 80,000 Olefins 80,000 100,000 70,000 70,000 50,000 60,000 60,000 0 50,000 50,000 2013 2014 (50,000) 40,000 40,000…
  43. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 43
    Corporate Sensitivities to price changes (millions) NG Ethane Propane C4+ Ethylene Propylene + 0.10/MMBtu (8.7) WPZ 1 + 0.01/gallon 0.9 2.1 2.3 2.9 0.9 Williams NGL & + 0.10/MMBtu (2.9) 2013 Petchem Services2 +…
  44. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 44
    WMB Williams Non-GAAP NGL &Reconciliations WMB Non-GAAP Petchem Reconciliations Services 2013 The Williams Companies, Inc. All rights reserved.
  45. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 45
    WMB Non-GAAP Reconciliations WMB non-GAAP reconciliation schedule Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Adjusted Income (UNAUDITED) 2011 2012 (Dollars in…
  46. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 46
    WMB Non-GAAP Reconciliations WMB non-GAAP reconciliation schedule cont. Adjustments below segment profit (loss) Early debt retirement costs - Corporate - - - 271 271 - - - - - Gulf Liquids litigation contingency interest accrual…
  47. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 47
    WMB Non-GAAP Reconciliations Non-GAAP reconciliation schedule adjusted segment profit (loss) Reconciliation of Segment Profit (Loss) to Adjusted Segment Profit (Loss) (UNAUDITED) 2011* 2012 (Dollars in millions) 1st Qtr 2nd Qtr…
  48. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 48
    WMB Non-GAAP Reconciliations Segment profit guidance reported to adjusted Dollars in millions 2013 Guidance 2014 Guidance Low Midpoint High Low Midpoint High Reported segment profit: Williams Partners (WPZ) 1,625 1,838 2,050…
  49. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 49
    WPZ Williams Non-GAAP NGL & WPZ Non-GAAP Petchem Reconciliations Services Reconciliations 2013 The Williams Companies, Inc. All rights reserved.
  50. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 50
    WPZ Non-GAAP Reconciliations Reconciliation of Non-GAAP distributable cash flow to GAAP net income 2011* 2012 (Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr* 2nd Qtr* 3rd Qtr* 4th Qtr…
  51. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 51
    WPZ Non-GAAP Reconciliations Adjusted segment profit reconciliation 2011* 2012 (Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr* 2nd Qtr* 3rd Qtr* 4th Qtr Year Gas Pipeline 175 152 170 176 673 180 147 155 195…
  52. RAYMOND JAMES INSTITUTIONAL INVESTORS CONFERENCE – Williams Companies, Inc. – slide 52
    WPZ Non-GAAP Reconciliations Segment profit guidance reported to adjusted Dollars in millions 2013 Guidance 2014 Guidance Low Midpoint High Low Midpoint High Reported segment profit: Midstream 900 1,088 1,275 1,525 1,775…

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