Williams Cos. profit off 7%, Williams Partners down 3.8%


Williams Cos. (WMB) Q3 earnings fell 7.1% and affiliate Williams Partners' (WPZ) Q3 earnings slipped 3.8% on lower olefin margins resulting from lost production at its Geismar olefins plant.

Fee-based revenue rose 9.3% to $720M; the company estimated that downtime at the olefins plans lowered results by ~$79M.

WMB had previously agreed to waive up to $200M of incentive distribution rights due to it from WPZ to boost the partnership's cash coverage for 2013, thus WPZ's Q3 cash distributions to WMB are being reduced by $90M of waived incentive distribution rights and the balance of $110M remains available.

WMB +0.6% AH.

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