TULSA, Okla. — The board of directors for the general partner of Williams Energy Partners L.P. (NYSE:WEG) has declared a quarterly cash distribution of 67.5 cents per common and subordinated unit for the period April 1 through June 30, 2002. This represents a 10 percent increase over the first-quarter 2002 distribution of 61.25 cents per unit.
The second-quarter distribution, which equates to $2.70 per unit on an annualized basis, will be paid Aug. 14, 2002, to unitholders of record at the close of business on Aug. 5, 2002.
"Our cash distributions are up 29 percent since our initial public offering last year," said Don Wellendorf, president and chief executive officer. "This distribution increase reflects our confidence in the future of Williams Energy Partners despite the current turmoil in the energy industry. Our businesses are performing well, including the recent acquisition of Williams Pipe Line, which we expect to be more than 50 cents accretive to annual cash flow per unit over time."
The partnership plans to announce second-quarter earnings before the market opens on Monday, July 29. An investor conference call is scheduled at 2 p.m. Eastern the same day. To participate, dial (800) 289-0468 and provide code 553688. International callers should dial (913) 981-5517 and provide the same code. A webcast will also be available at www.williams.com/investors/weg/calendar.jsp.
About Williams Energy Partners L.P.
Williams Energy Partners L.P. was formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products and ammonia. The general partner of WEG is a unit of Williams (NYSE:WMB), which specializes in a broad array of energy-related services, including energy marketing and risk management and natural gas pipeline transportation.
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Portions of this document may constitute "forward-looking statements" as defined by federal law. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Examples of such uncertainties and risk factors include, but are not limited to, changes in the price for crude oil, changes in demand for refined petroleum products, adverse developments affecting our ammonia pipeline customers, changes in federal government policies affecting farm subsidies, changes to cost estimates relating to specific acquisitions, changes in economic and industry conditions and changes in regulatory requirements (including changes in environmental requirements). These and other factors are set forth in the Partnership's Form 10-K for the year 2001 filed with the Securities and Exchange Commission.
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