Williams Reports $18.2M Loss in 2Q

Thursday, August 5th 2004, 11:09 am
By: News On 6

TULSA, Okla. (AP) _ Williams Cos. on Thursday reported a loss of $18.2 million for the second quarter after recording a profit a year ago, blaming the swing on the costs of retiring billions of dollars of debt before its maturity.

The Tulsa-based natural gas company said it lost 3 cents per share in the quarter that ended June 30, compared to earnings of $269.7 million, or 46 cents per share, a year ago.

Revenues fell to $3 billion from $3.6 billion a year earlier, Williams said.

Also, Williams executives announced they are looking into forming a limited partnership, with Williams as general partner, to house some assets and to be a vehicle for future acquisitions.

Also Thursday, Williams announced a tender offer to repurchase another $800 million in outstanding senior notes that mature in 2010, after it retired $1.5 billion in bonds in the second quarter.