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EXHIBIT 99.(a)
News Release
12/26/00
WILLIAMS EXPECTS FOURTH QUARTER RESULTS TO
SUBSTANTIALLY EXCEED EXPECTATIONS
TULSA-- Citing the continued improved performance within many areas of its
energy businesses, Williams (NYSE:WMB) announced today it expects consolidated
fourth quarter financial results to substantially exceed the current First Call
estimate of 17 cents per share.
More specific earnings guidance is not immediately available. Williams plans to
report year-end and fourth-quarter earnings on Jan. 31.
Keith E. Bailey, chairman, president and chief executive officer of Williams,
said the company elected to make today's disclosure, in part, to address
apparent investor concerns related to publicity surrounding the California
electricity market, which is experiencing short supply and resulting higher
prices.
"The driver of our better-than-expected earnings performance is coming from our
energy businesses, which we expect to substantially exceed current Wall Street
estimates," Bailey said. "The improvement is occurring in many areas of our
energy businesses, but is primarily because of higher trading results. This is
due in large part to price volatility in the forward energy markets that is
occurring throughout the nation."
Much of Williams' California electric energy position has been sold into forward
markets in which that state's utilities, until recently, could not participate.
Consequently, Williams -- which continues to serve California's wholesale energy
markets -- does not expect material creditworthiness issues in the fourth
quarter.
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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
http://www.williams.com.
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.
CONTACT INFORMATION:
Rick Rodekohr (investors)
Jim Gipson (media) 918/573-2087
918/573-2111 [email protected]
[email protected]
