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EXHIBIT 99
NEWS RELEASE [WILLIAMS LOGO]
NYSE:WMB
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Date: July 24, 2000
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 OKs PRELIMINARY STEPS TO SEPARATE ENERGY,
COMMUNICATIONS BUSINESSES
TULSA, OKLA. -- The board of directors of Williams (NYSE:WMB) on Sunday
authorized management to pursue a course of action that, if successful and
approved by the board, would lead to a complete separation of the company's
energy and communications businesses.
Keith E. Bailey, chairman, president and chief executive officer, said
that while the specific course of action has not been determined, it is
envisioned the process would take no more than 18 months. He said any change
from the current ownership structure would be contingent upon a number of
factors, including ensuring favorable tax treatment for Williams' shareholders.
"We believe these steps are the best way to ensure that both our energy
and communications businesses have the efficient and effective access to the
capital necessary to pursue the substantial growth opportunities that each
enjoys," he said. "Obviously, the ability to do that is consistent with the best
long-term interest of our shareholders."
Last October, Williams sold a portion of Williams Communications (NYSE:
WCG) in public and private equity offerings. Williams retains ownership of
approximately 85 percent of Williams Communications.
Bailey said the company would not immediately have further comment on
this issue beyond the information contained in this news release.
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.
