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 72.5 cents per unit for the period Oct. 1 through Dec. 31, 2002.
The fourth-quarter distribution represents a 3.6 percent increase over the third-quarter 2002 distribution of 70 cents per unit and a 22.9 percent increase over the distribution associated with the fourth-quarter of 2001.
The latest distribution, which equates to $2.90 per unit on an annualized basis, will be paid Feb. 14, 2003, to unitholders of record at the close of business on Jan. 31, 2003.
“The partnership’s assets continue to perform solidly and the earnings generated from Williams Pipe Line continue to exceed the expectations we set when we acquired the asset,” said John Chandler, chief financial officer. “We are pleased to provide the seventh consecutive distribution increase to our unitholders for a total increase of 38.1 percent since our initial public offering in early 2001.”
The partnership plans to announce fourth-quarter earnings before the market opens on Monday, Jan. 27. An investor conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 479-9001 and provide code 739873. International callers should dial (719) 457-2618 and provide the same code. A webcast also will be available at www.williamsenergypartners.com/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 subsidiary of Williams, which moves, manages and markets a variety of energy products, including natural gas, liquid hydrocarbons, petroleum and electricity.
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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 filings with the Securities and Exchange Commission.
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