Newspaper article THE JOURNAL RECORD

Williams Reports Profit for Year, Quarter

Newspaper article THE JOURNAL RECORD

Williams Reports Profit for Year, Quarter

Article excerpt


From Staff, Wire Reports

TULSA - A 46.6 percent increase in net income to $77 million, or $1.58 per share, was reported Monday for 1990 by The Williams Companies Inc. of Tulsa.

The net income for the quarter was up from $52.5 million, or $1.17 a share, in 1989. Revenues for 1990 totaled $1.8 billion, up 6.1 percent from $1.7 billion.

For the fourth quarter of 1990, Williams reported net income of $52.2 million, or $1.19 per share, up 123.1 percent from $23.4 million, or 53 cents per share, for the fourth quarter of 1989. Revenues for the quarter totaled $542 million, up 0.6 percent from $538.8 million.

``This past year's results offer strong evidence of our company's improving earnings capacity, especially in light of unusual events during 1990 that took a $64 million bite out of the operating profit of one of our susidiaries,'' said Chairman and Chief Executive Officer Joseph H. Williams.

Williams Natural Gas Co. and two other pipeline companies agreed to a $432 million settlement in October of an antitrust lawsuit brought by utilities in Kansas and Missouri.

The utilities charged that Amoco Production Co., Oxy USA, Inc. and Williams profited illegally as natural gas prices soared in the early 1980s.

Williams Natural Gas, which operates a 9,800-mile natural gas pipeline system, had an operating loss of $10.6 million in 1990, compared to an operating profit of $46.4 million in 1989.

The company said the lawsuit, warm weather during the heating season and additional accruals for the cost of gas contract reformations took $64 million from the operating profit. …

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