MOSCOW (MRC) -- Williams Companies Inc. reported third-quarter 2014 net income attributable to Williams of USD1.678 billion or USD2.22 per share, compared with net income of USD141 million, or USD0.20 per share for third-quarter 2013, said Nasdaq.
The USD1.537 billion increase in net income during third-quarter 2014 was primarily the result of a USD2.522 billion pre-tax non-cash re-measurement gain related to the consolidation of its previous equity-method investment in Access Midstream Partners as of July 1, 2014.
Adjusted income from continuing operations for third-quarter 2014 was USD110 million, or USd0.15 per share, compared with USD130 million, or USD0.19 per share for third-quarter 2013. Analysts polled by Thomson Reuters expected the company to report earnings of USD0.19 per share for the quarter. Analysts' estimates typically exclude special items.
The decrease in adjusted income for the quarter was driven by USD86 million higher net interest expense, including interest associated with debt at Access Midstream Partners, and USD28 million lower NGL margins, partially offset by the segment results of our now consolidated Access Midstream Partners business and growth in Williams Partners' fee-based revenues.
The company expects dramatically higher results for Williams Partners in the fourth quarter and 2015.
As MRC wrote before, Williams Olefins in August 2014 restated its ethylene force majeure allocation, reducing its August sales allocation from 25% to 0%. In mid-June 2013, Williams Olefins declared force majeure on ethylene supplies out of its Geismar, Louisiana, olefins complex that was impacted by an explosion and fire.
Williams is one of North America"s largest natural gas gatherers and processors. Williams also has a growing midstream business in Canada focused on processing oil sands off-gas into NGLs and olefins. It also has a domestic olefins business that provides customers in the petrochemical industry with a full suite of products and services.
MRC