By the OGJ Online Staff
HOUSTON, July 31 -- Williams, Tulsa, said all its energy businesses performed within expectations for the quarter, yielding second quarter net income of $339.5 million on revenue of $2.8 billion.
For the same quarter in 2000, Williams and its subsidiaries reported net income of $351.8 million on revenue of $2.3 billion.
It said the second-quarter sale of convenience stores improved earnings by 9¢/share to 69¢/share on a diluted basis. For second quarter 2000, Williams reported diluted earnings per share of 63¢.
Keith E. Bailey, chairman, president and CEO of Williams, said, "The list of accomplishments includes progress toward closing the Barrett Resources Corp. acquisition, the ahead-of-schedule expansion of our western US natural gas transportation system, and starting construction on a major project to bring new supplies of natural gas to Florida. We also continued building our first deepwater natural gas gathering project in the Gulf of Mexico."
Williams said its gas pipeline segment reported second-quarter segment profit of $207 million, compared with $215.2 million for the same period a year ago. Current results were improved by a $27.5 million gain on the sale of a part of the company's investment in Northern Border Partners LP and a $15.1 million reduction of a liability associated with regulatory cost recovery. Results for the 2000 second quarter included $64 million from rate refund liability reductions.
Energy Services reported segment profit of $524.8 million, compared with $413.5 million during the same period a year ago. The segment includes energy marketing and trading; midstream gas and liquids, including gathering and processing; petroleum services, including refining, travel centers, petroleum products transportation and services; exploration and production; and the international business unit.