Williams Energy Partners Raises Cash Distribution for Eighth Consecutive Quarter

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 75 cents per unit for the period Jan. 1 through March 31, 2003.

The first-quarter distribution represents a 3.4 percent increase over the fourth-quarter 2002 distribution of 72.5 cents per unit and a 22.4 percent increase over the distribution associated with the first quarter of 2002.

The latest distribution, which equates to $3 per unit on an annualized basis, will be paid May 15, 2003, to unitholders of record at the close of business on May 5, 2003.

“We are pleased to provide the eighth consecutive distribution increase to our unitholders for a total increase of approximately 43 percent since our initial public offering in early 2001,” said John Chandler, chief financial officer. “The strong performance of our Williams Pipe Line system coupled with our optimism for the partnership’s future performance provides management confidence that we can continue to meet our goal of providing distribution growth of at least 10 percent per year.”

The partnership plans to announce first-quarter earnings before the market opens on Monday, April 28. An investor conference call is scheduled at 1:30 p.m. Eastern the same day. To participate, dial (800) 289-0468 and provide code 656940. International callers should dial (913) 981-5517 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. is a publicly traded partnership formed to own, operate and acquire a diversified portfolio of energy assets. The partnership primarily transports, stores and distributes refined petroleum products and ammonia.


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.  


Contact Information:

Paula Farrell Williams Energy Partners Investor Relations 918-573-9233  
Susie Hereden Williams Energy Partners Media Relations 918-573-2278  

Contact Information:

Paula Farrell Investor Relations 918-574-7650 paula.farrell@magellanlp.com