The cover reflects The Williams Companies' 433 percent total shareholder return for a six-year period that ended on Dec. 31, 1996. By comparison, the Standard & Poor's 500 total return for that period was 165 percent. We are striving to do still better. Our objective is to provide superior, sustainable results to our shareholders. This means providing returns on equity that are in the top 25 percent of comparable businesses - not just once in awhile, but the majority of the time.
