Williams CEO: 'Natural Gas Businesses to Continue Creating Significant Value'

Search Blogs that Mention this News Release
Click this link to view linked Bookmarking Services
Click this link to view linked Blogging Services
Williams CEO: 'Natural Gas Businesses to Continue Creating Significant Value'
  Chairman, President, CEO Steve Malcolm Addresses Shareholders at Annual
                                  Meeting

    TULSA, Okla., May 15 /PRNewswire-FirstCall/ -- At today's annual
meeting of shareholders, Williams Chairman, President and Chief Executive
Officer Steve Malcolm discussed the company's recent accomplishments and
its future.

    "Williams' business strategy is sound and it's creating value," Malcolm
said. "Williams' shareholders last year enjoyed a 39-percent total return
on their investment in Williams."

    He attributed the company's success to a number of key accomplishments,
including:



    -- increasing natural gas production by 20 percent in 2007
    -- increasing proved reserves by 12 percent and achieving a reserves
       replacement rate greater than 200 percent during 2007
    -- capturing value of higher natural gas liquid margins in the midstream
       business
    -- establishing new, higher rates on both the Northwest Pipeline and
       Transco systems
    -- completing $652 million of a $1 billion stock repurchase program
       through the first quarter of 2008
    -- completing more than $800 million in drop-down transactions to its
       midstream-focused master limited partnership during 2007 and
       establishing a gas pipeline-focused MLP in early 2008
    -- selling the company's former power business
    -- achieving investment-grade credit ratings

    Malcolm said the company's success provides a solid foundation for
future value growth.

    "During 2008 and beyond, we will continue to increase production,
expand our midstream capacity and provide greater deliverability into
growing markets with our interstate pipelines.

    "We expect our portfolio of natural gas businesses to continue creating
significant value for the foreseeable future," Malcolm said.

    During the annual meeting, shareholders re-elected current directors
Malcolm, Juanita H. Hinshaw, Frank T. MacInnis and Janice D. Stoney; and
elected Joseph R. Cleveland.

    Shareholders also approved the appointment of Ernst & Young LLP as the
company's independent registered public accounting firm for 2008.

    About Williams (NYSE: WMB)

    Williams, through its subsidiaries, finds, produces, gathers, processes
and transports natural gas. Williams' operations are concentrated in the
Pacific Northwest, Rocky Mountains, Gulf Coast, and Eastern Seaboard. More
information is available at http://www.williams.com. Go to
http://www.b2i.us/irpass.asp?BzID=630&to=ea&s=0 to join our e-mail list.



     Contact: Jeff Pounds
              Williams (media relations)
              (918) 573-3332

              Richard George
              Williams (investor relations)
              (918) 573-3679

    Portions of this document may constitute "forward-looking statements"
as defined by federal law. Although the company believes any such
statements are based on reasonable assumptions, there is no assurance that
actual outcomes will not be materially different. Any such statements are
made in reliance on the "safe harbor" protections provided under the
Private Securities Reform Act of 1995. Additional information about issues
that could lead to material changes in performance is contained in the
company's annual reports filed with the Securities and Exchange Commission.
SOURCE Williams
http://www.williams.com
CONTACT:
media relations, Jeff Pounds +1-918-573-3332,
or investor relations, Richard George, +1-918-573-3679, both of
Williams