TULSA, Okla. -- The board of directors for the general partner of Williams Energy Partners L.P. (NYSE:WEG) has declared a quarterly distribution of 59 cents per common and subordinated unit for the period Oct. 1 through Dec. 31, 2001, marking a 2.2 percent increase over the third-quarter distribution of 57.75 cents per unit.
The fourth-quarter distribution, which equates to $2.36 per unit on an annualized basis, will be paid Feb. 14, 2002, to unitholders of record at the close of business on Feb. 1, 2002.
Don Wellendorf, chief financial officer, remarked, "We have increased our cash distribution every quarter since our initial public offering in the first quarter 2001. The added distributions represent a total increase of more than 12 percent over the 52.5 cents per unit minimum established in our February 2001 prospectus."
The partnership plans to announce fourth-quarter earnings before the market opens on Monday, Jan. 28. An investor conference call is scheduled at 9 a.m. Eastern the same day.
To participate in the earnings discussion, dial (800) 289-0496 and provide code 717011. International callers should dial (913) 981-5519 and provide the same code. A Webcast will also be available at www.williams.com/weg/weg_news.html.
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 is engaged principally in the storage, transportation and distribution of refined petroleum products and ammonia. The general partner is a unit of Williams (NYSE:WMB), which specializes in a broad array of energy-related services, including energy marketing and trading and natural gas pipeline transportation.
###
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 2000 filed with the Securities and Exchange Commission.
Contact Information: