Williams Cos. Inc., Tulsa, Okla., (NYSE: WMB) reports its initial earnings and capex guidance for 2010 and 2011. The company is also updating its full-year 2009 guidance.
Williams chairman, president and chief executive Steve Malcolm says, “Our outlook for 2010-11 demonstrates the earnings power of our natural gas businesses. We are forecasting sharply higher profitability over the next two years based on our expectations for energy commodity prices, which are consistent with recent forward market prices/”
Malcolm says the company looks to make earnings at previous levels despite reduced prices.
“By 2011 we expect to be approaching the record-level earnings and value creation we achieved during 2008, even though price assumptions are well below 2008 levels.”
The increase in the lower end of the 2009 earnings guidance range reflects improvements in the E&P and midstream results for the remainder of the year. The slight increase in 2009 capex guidance reflects the addition of $275 million associated with the recently announced acquisition of additional properties in the Piceance Basin.
Williams, through its subsidiaries, finds, produces, gathers, processes and transports natural gas. Williams' operations are concentrated in the Pacific Northwest, Rocky Mountains, Gulf Coast and Eastern Seaboard.
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