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EXHIBIT 99
NEWS RELEASE
NYSE:WMB
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Date: Nov. 16, 2000
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Contact: Jim Gipson Rick Rodekohr Richard George
Williams (media inquiries) Williams (investor inquiries) Williams (investor inquiries)
(918) 573-2111 (918) 573-2087 (918) 573-3679
[email protected] [email protected] [email protected]
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WILLIAMS BOARD APPROVES CONTINUED PATH TO SPIN-OFF WILLIAMS COMMUNICATIONS
TULSA, Okla. -- Williams (NYSE:WMB) announced today that its board of
directors authorized management to continue to pursue a tax free spinoff of the
company's communications business to Williams' shareholders.
Assuming market conditions and other factors continue to support
today's action, the board would expect to vote during the first part of next
year to set a record date, the ratio of a share of Williams Communications
(NYSE:WCG) stock that will be issued for each share of Williams stock and to
direct the distribution of WCG shares.
"This important step continues a process that we believe remains in the
best long-term interest of our shareholders," said Keith E. Bailey, chairman,
president and chief executive officer of Williams. "Our energy and
communications businesses have tremendous opportunities before them. Creating
the most effective and efficient access to capital will help fuel that growth,
and we believe that can best be achieved by creating two independent
businesses."
Once the spinoff is completed, Williams Communications, currently
about 85 percent owned by Williams, would become an independent, publicly traded
company.
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ABOUT WILLIAMS
Williams, through its subsidiaries, connects businesses to energy and
communications. The company delivers innovative, reliable products and services
through its extensive networks of energy-distributing pipelines and high-speed
fiber-optic cables. Williams information is available at www.williams.com.
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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.
