By Tess Stynes 
 

Williams Cos.' (WMB) third-quarter earnings fell 7.1% and affiliate Williams Partners LP's (WPZ) third-quarter earnings dropped 3.8% on lower olefin margins that resulted from lost production at Williams Partners' Geismar olefins plant.

Williams gathers and transports natural gas, and owns most of its namesake master limited partnership, Williams Partners.

The company has been investing to take advantage of production opportunities in the Marcellus and Utica shale plays, including a project unveiled in March to develop a pipeline in the region with Boardwalk Pipeline Partners L.P. (BWP). More recently Williams and Boardwalk Pipeline reached a joint venture agreement to develop a liquefied petroleum gas export facility in the Lake Charles, La. area. If completed the terminal would support the export of propane and butane, which are among the component products of natural-gas liquids.

Williams reported a profit of $141 million, or 20 cents a share, down from $155 million, or 25 cents a share, a year earlier. Adjusted earnings from continuing operations were 19 cents.

Analysts polled by Thomson Reuters recently expected per-share profit of 16 cents.

Williams Partners reported a profit of $279 million, or 52 cents a unit, down from $290 million, or 38 cents a unit, a year earlier. Analysts polled by Thomson Reuters recently expected per-unit profit of 28 cents.

Fee based revenue increased 9.3% to $720 million. The company estimated that downtime at the olefins plans lowered results by roughly $79 million.

Williams shares were up 25 cents at $37.20 in recent after-hours trading. Williams Partners' units were up 18 cents at $52.99 after hours.

Write to Tess Stynes at tess.stynes@wsj.com

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