Quarterly Financial Data (unaudited)

    Summarized quarterly financial data are as follows (millions, except per-share amounts). Revenues and costs and operating expenses for the six months ended June 30, 1995, have been reclassified to report natural gas sales net of related gas purchase costs.
    First Second Third Fourth
    1995 Quarter Quarter Quarter Quarter
    Revenues $642.40 $663.90 $712.40 $837.00
    Costs and operating expenses 351.1 400.1 438.9 510.6
    Net income 1,088.90 83.3 68.5 77.5
    Primary earnings per common
    and common-equivalent share 11.57 0.79 0.58 0.7
    Fully diluted earnings per common
    and common-equivalent share 11.55 0.78 0.58 0.69
    1994
    Revenues $386.60 $419.90 $467.30 $477.30
    Costs and operating expenses 248.5 274 335.4 329.8
    Income before extraordinary loss 52.8 74 55.6 76.5
    Net income 52.8 62.9 55.6 75.4
    Primary earnings per common and
    common-equivalent share:
    Income before extraordinary loss 0.48 0.69 0.51 0.77
    Net income 0.48 0.58 0.51 0.76
    Fully diluted earnings per common
    and common-equivalent share:
    Income before extraordinary loss 0.48 69 0.51 0.77
    Net income 0.48 0.58 0.51 0.76

    The sum of earnings per share for the four quarters may not equal the total earnings per share for the year due to changes in the average number of common shares outstanding.

    First-quarter 1995 net income includes the after-tax gain of $1 billion on the sale of Williams' network services operations (see Note 3 of Notes to Consolidated Financial Statements). The second quarter of 1995 includes a $16 million after-tax gain from the sale of Williams' 15 percent interest in Texasgulf Inc. (see Note 5 of Notes to Consolidated Financial Statements) and an $8 million income tax benefit resulting from settlements with taxing authorities. Northwest Pipeline's third-quarter 1995 operating profit includes the approximate $11 million net favorable effect of two reserve accrual adjustments. In third-quarter 1995, Williams Field Services Group recorded $20 million of income from the favorable resolution of contingency issues involving previously regulated gathering and processing assets, partially offset by an $8 million accrual for a future minimum price natural gas purchase commitment. Second-quarter 1994 includes a $23 million gain from the sale of assets (see Note 6 of Notes to Consolidated Financial Statements).

    Selected comparative fourth-quarter data are as follows (millions, except per-share amounts). Certain 1994 amounts have been restated as described in Note 1 of Notes to Consolidated Financial Statements.
    1995 1994
    Operating profit (loss):
    Williams Interstate Natural Gas Systems:
    Northwest Pipeline $25.10 $22.70
    Williams Natural Gas 15.5 15.1
    Transcontinental Gas Pipe Line 47.4 -
    Texas Gas Transmission 28.6 -
    Williams Field Services Group 43.2 40.4
    Williams Energy Services 0.3 -3.9
    Williams Pipe Line 19.3 11.9
    WilTel 7.2 6.7
    WilTech Group 0.8 -4.5
    Other -0.2 -
    Total operating profit 187.2 88.4
    General corporate expenses -12.1 -7
    Interest expense - net -69.7 -39.1
    Investing income 12.7 10.8
    Write-off of project costs -41.4 -
    Other income (expense) - net 5.2 -2.5
    Income from continuing operations
    before income taxes 81.9 50.6
    Provision for income taxes 17.5 16.4
    Income from continuing operations 64.4 34.2
    Income from discontinued operations 13.1 42.3
    Income before extraordinary loss 77.5 76.5
    Extraordinary loss - -1.1
    Net income $77.50 $75.40
    Primary earnings per common and
    common-equivalent share $0.70 $0.76
    Fully diluted earnings per common and
    common-equivalent share $0.69 $0.76

    Williams Energy Services' fourth-quarter 1995 operating profit includes loss accruals of approximately $6 million, primarily related to contract disputes. In fourth-quarter 1995, the development of a commercial coal gasification venture in south-central Wyoming was canceled, resulting in a $41.4 million pre-tax charge (see Note 6 of Notes to Consolidated Financial Statements). Fourth-quarter 1995 income from discontinued operations reflects the after-tax effect of the reversal of accruals established at the time of the sale of the network services operations (see Note 3 of Notes to Consolidated Financial Statements).

    In fourth-quarter 1994, Williams Natural Gas recorded a $7 million reversal of excess contract-reformation accruals. Williams Pipe Line's fourth-quarter 1994 operating profit includes $5 million in costs for evaluating and determining whether to build an oil refinery. Fourth-quarter 1994 discontinued operations includes favorable adjustments of approximately $15 million relating to bad debt recoveries and accrual reversals.



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