Williams Cos. (WMB +1.8%) and Williams Partners (WPZ +3.1%) bounce back after saying they do not expect yesterday's FERC policy changes to affect previous guidance for cash dividends and distributions and related growth rates.
"The FERC’s revised policy will only impact cost of service rate calculations on a prospective basis," the companies say. "Negotiated rates will make up ~50% of Transco’s revenue by year-end and would not be impacted by this ruling. Northwest Pipeline settled its rate case with shippers in 2017, with new rates becoming effective in 2018. Finally, Gulfstream Natural Gas System’s rates with its customers, which are all negotiated rates, would not be impacted by this ruling."
WMB - the S&P 500's biggest loser yesterday with a 10.8% shellacking - also notes that it owns ~74% of WPZ, and is an income tax paying entity.