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Williams Cos 2Q Profit Up 23% On Performance

DOW JONES NEWSWIRES Williams Cos.'s (WMB) second-quarter earnings rose 23% as the natural-gas transporter and exporter reported strength across its segments, while Williams Partners LP's (WPZ) profit also rose. Williams Cos. again raised its earnings guidance for the full year, this time boosting its May target by five cents to a midpoint of $1.60 a share. It cited better margins. Wednesday, Chief Executive Alan Armstrong said Williams Cos. had strong performances across its businesses. The company lately had reported better bottom lines thanks to higher commodity process and stronger margins for olefins, manmade compounds used in products like plastic bags, textiles and detergents. The previous quarter's strength in the Midstream Canada & Olefins and Williams Partners segments was offset by lower results at the exploration and production division. Williams Partners is the holder of gathering and gas-transport assets. Williams Cos. posted a second-quarter profit of $227 million, or 38 cents a share, from $185 million, or 31 cent a share, a year earlier. Excluding items like charges from restructuring Williams Partners, earnings from continuing operations rose to 39 cents a share from 28 cents. Analysts surveyed by Thomson Reuters expected 39 cents a share. The company doesn't provide revenue figures in its press releases detailing quarterly results. Separately, Williams Partners, which holds gas-transportation and gathering assets, posted a profit of $338 million, or 91 cents a unit, from a prior-year profit of $240 million, or 66 cents a unit. Analysts most recently expected 87 cents. Williams Cos. is in the midst of a bidding war over Texas pipeline company Southern Union Co. (SUG) with Energy Transfer Equity LP (ETE). In July, Williams raised its bid to about $5.6 billion in cash, topping the $5.1 billion cash-and-stock proposal from Energy Transfer. The victor of their duel will become the country's biggest natural-gas pipeline company. Williams is also in the process of splitting its exploration and production business from its infrastructure business into two separate, publicly traded companies. Shares in Williams Cos. closed Wednesday at $30.06 and units in Williams Partners closed at $54.02 and weren't active after hours. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Southern Union (SUG)
DateTimeHeadline
02/15/201217:41:12Energy Transfer Partners 4Q Profit Slips 8.9%; ETE Net Up 13%
01/09/201210:52:24Energy Transfer Partners to Issue $2 Billion in US Debt Markets...
12/09/201114:41:41Southern Union Shareholders Approve Energy Transfer Equity Deal
10/28/201118:27:19Williams Takes Another Look At Southern Union Assets - Filing
10/17/201117:54:08Natural Gas Pipelines Deals May Touch Off More M&A Activity
10/12/201118:58:34Energy Transfer Rejects Williams Request For Southern Assets
08/17/201111:04:48Southern Union Spurns Williams Takeover Offer Of $44 A Share
08/16/201117:38:46Williams Affirms $44/Share Offer For Southern Union
08/15/201120:35:49WSJ: Big Investment Funds Mixed On Approach To Bank Investments...
08/15/201118:51:36Harbinger Reports More Energy And Gadgets But No NY Times Stake
08/15/201118:19:04Icahn Reports New Stakes In Vector Group, El Paso - Filing
08/09/201111:14:47Williams CEO: Evaluating All Options In Bid War For Rival Southern...
08/03/201116:58:26Williams Cos 2Q Profit Up 23% On Performance
07/19/201113:32:54Energy Transfer, Southern Union Reach New $5.7 Billion Deal
07/14/201110:01:36Williams CEO: Hope To Make Southern Union Merger Agreement By...
07/14/201108:59:47Williams Cos Raises Bid For Southern Union To About $5.6 Billion
07/14/201108:59:34INSIDE TRACK: Energy Transfer Equity Chairman Buys Up More Units
07/05/201115:17:37MARKET SNAPSHOT: U.S. Stocks Retreat After Best Week In Two Years
07/05/201107:25:14CORRECT: Energy Transfer Revises Deal To Buy Southern Union With...
07/05/201107:07:01Energy Transfer Revises Deal To Buy Southern Union With Sweetened...

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