EXHIBIT 99



                                                                 (WILLIAMS LOGO)

NEW RELEASE

NYSE: WMB
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DATE:             June 4, 2003


               WILLIAMS FINALIZING $800 MILLION FINANCING PACKAGE
     New Facility Designed to Replace Existing Financing, Release Assets As
                                 Credit Backing

         TULSA, Okla. - Williams (NYSE:WMB) announced today that it is
finalizing a new $800 million credit facility primarily for the purpose of
issuing letters of credit. The company expects to complete the credit agreement
by mid-June.

         The new financing package would replace an existing $1.1 billion credit
line entered into last summer that was comprised of a $700 million secured
revolving facility and a $400 million letter of credit facility.

         The majority of the company's midstream gas and liquids assets back the
current agreement that is being replaced by the new two-year,
cash-collateralized $800 million agreement. The new agreement releases the
midstream assets as credit backing. Cash collateral would be posted only to the
extent that letters of credit are issued under the facility.

         Citigroup Global Markets Inc. and Banc of America Securities LLC are
joint lead arrangers and joint book runners for the new credit facility.

ABOUT WILLIAMS (NYSE:WMB)

Williams, through its subsidiaries, primarily finds, produces, gathers,
processes and transports natural gas. Williams' gas wells, pipelines and
midstream facilities are concentrated in the Northwest, Rocky Mountains, Gulf
Coast and Eastern Seaboard. More information is available at www.williams.com.


CONTACT:            Kelly Swan
                    Williams (media relations)
                    (918) 573-6932

                    Courtney Baugher
                    Williams (investor relations)
                    (918) 573-5768


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Portions of this document may constitute "forward-looking statements" as defined
by federal law. Although the company believes any such statements are based on
reasonable assumptions, there is no assurance that actual outcomes will not be
materially different. Any such statements are made in reliance on the "safe
harbor" protections provided under the Private Securities Reform Act of 1995.
Additional information about issues that could lead to material changes in
performance is contained in the company's annual reports filed with the
Securities and Exchange Commission.