Exhibit 99.1

DATE: July 30, 2014

MEDIA CONTACT:	INVESTOR CONTACTS:
Tom Droege 918) 573-4034	John Porter (918) 573-0797	Sharna Reingold (918) 573-2078

Williams Partners Reports Second-Quarter 2014 Financial Results

• Distributable Cash Flow (DCF) From Partnership’s Operations Is $504 Million, Up 30% vs. Year-Ago

• Adjusted Segment Profit + DD&A is $719 Million, Up 16% vs. Year-Ago

• 2Q 2014 Net Income Is $232 Million or $0.11 per Common Unit

• Geismar Rebuild & Expansion Substantially Complete; Safety-System Upgrades Pushing Startup to 4Q 2014, Lowering 2014 Financial Guidance as a Result

• Continue to Expect More Than 68% Growth in DCF for 2016 vs. 2013

• Partnership Reaffirms Guidance for LP per Unit Distribution Growth of Approximately 6% Annually at Mid-Point 2014, 2015 and 4.5% at Mid-Point 2016, While Growing Cash Distribution Coverage

• Williams Partners’ Conflicts Committee Evaluating Proposed Merger with Access Midstream Partners

Summary Financial Information	2Q					YTD
Amounts in millions, except per-unit and coverage ratio amounts. All income amounts attributable to Williams Partners L.P.	2014		2013			2014			2013
(Unaudited)
Distributable cash flow (DCF) (1)	$	504	$	407		$	1,109		$	932
Less: Pre-partnership DCF (2)		—		(20	)		(23	)		(48	)
DCF attributable to partnership operations	$	504	$	387		$	1,086		$	884
Cash distribution coverage ratio (1)		.87x		.79x			.95x			.92x
Adjusted segment profit + DD&A (1)	$	719	$	619		$	1,490		$	1,303
Net income	$	232	$	271		$	584		$	615
Net income per common L.P. unit	$	0.11	$	0.31		$	0.47		$	0.81

(1) Distributable Cash Flow, Cash Distribution Coverage Ratio and Adjusted Segment Profit + DD&A are non-GAAP measures. Reconciliations to the most relevant measures included in GAAP are attached to this news release.

(2) This amount represents DCF from the Canadian asset dropdown (acquired February 2014) for periods prior to acquisition by the partnership.

TULSA, Okla. – Williams Partners L.P. (NYSE: WPZ) today announced $504 million in distributable cash flow (DCF) attributable to partnership operations in second-quarter 2014, compared with $387 million in DCF attributable to partnership operations in second-quarter 2013.

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The $117 million increase in DCF for the quarter was driven by $46 million, or 7 percent, growth in fee-based revenues compared with second-quarter 2013, as well as $52 million in higher Geismar results. The Geismar plant remained off-line for the quarter; however, assumed business interruption insurance proceeds for the second quarter totaled $138 million and were included in the calculation of DCF. Additionally, second-quarter 2014 DCF was favorably affected by $23 million in DCF from the Canadian asset dropdown in 2014.

The partnership reported year-to-date DCF of $1.086 billion, compared with $884 million year-to-date 2013. The $202 million increase in year-to-date DCF was driven by $109 million, or 8 percent, growth in fee-based revenues compared with year-to-date 2013, as well as $113 million in higher Geismar results, which include the favorable impacts of assumed business interruption insurance.

For second-quarter 2014, Williams Partners generated $719 million in adjusted segment profit + DD&A, compared with $619 million in second-quarter 2013. The $100 million increase in second-quarter adjusted segment profit + DD&A was driven primarily by the same factors that drove the favorable increase in DCF detailed above.

Year-to-date adjusted segment profit + DD&A was $1.490 billion, compared with $1.303 billion year-to-date 2013. The $187 million increase in year-to-date adjusted segment profit + DD&A was driven primarily by the same factors that drove the favorable increase in year-to-date DCF detailed above.

Williams Partners reported unaudited second-quarter 2014 net income attributable to controlling interests of $232 million, or $0.11 per common limited-partner unit, compared with net income of $271 million, or $0.31 per common limited-partner unit for second-quarter 2013. Prior-period results throughout this release have been recast to include the results of the Canadian asset dropdown in February 2014.

The decrease in second-quarter net income was primarily due to the ongoing effects of the June 13, 2013 Geismar incident, which resulted in $90 million lower olefin margins partially offset by the receipt of $50 million of related insurance recoveries. Additionally, the 2014 period was unfavorably affected by $23 million lower natural gas liquids (NGL) margins and $21 million in higher net interest expense. These unfavorable effects were partially offset by a $46 million, or 7 percent, increase in fee-based revenues in second-quarter 2014 compared with the year-ago period.

Year-to-date through June 30, Williams Partners reported net income of $584 million, or $0.47 per common limited-partner unit, compared with $615 million, or $0.81 per common limited-partner unit, for the first half of 2013.

For the first half of 2014, fee-based revenues were up $109 million, or 8 percent, compared with the first half of 2013. However, the increase in fee-based revenues was more than offset by $61 million, or 23 percent, lower NGL margins and $26 million lower Geismar results including insurance. Additionally, the 2014 period was unfavorably affected by $31 million higher net interest expense and $28 million higher depreciation primarily associated with ongoing growth in our Northeast G&P segment.

Williams Partners recently announced that it increased its quarterly cash distribution to unitholders to $0.9165 per unit, a 6.3 percent increase over the prior year amount.

CEO Perspective

Alan Armstrong, chief executive officer of Williams Partners’ general partner, made the following comments:

“We’re pleased to report a 30 percent increase in DCF driven by continued growth in our fee-based business and the benefit of the Canadian asset dropdown to Williams Partners earlier this year.

“While we’ve enjoyed strong growth in our fee-based revenues, we expect to see even more growth in the next half of the year as we bring into service two large, deepwater projects, Gulfstar One and Keathley Canyon. We’re also seeing tailwinds building behind our strategy to grow cash flow by building large-scale, fee-based infrastructure that connects the best supplies to the best markets in North America.

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“Consistent with our strategy, we’ve contracted and added to guidance two additional Transco expansions to our roster of projects under construction or in regulatory review while we continue to evaluate a robust level of both new business and acquisition activity.

“The rebuild and expansion of our Geismar olefins plant is substantially complete, but due to more time required to modify existing safety systems we now expect full production and ethylene sales by fourth-quarter 2014. While the delayed startup of the expanded plant is disappointing, the safety of our employees comes first.”

Business Segment Performance

Williams Partners	2Q - 2014								2Q - 2013
Amounts in millions (loss)	Segment Profit		Adj.**		Adj. Segment Profit*		Adj. Segment Profit + DD&A*		Segment Profit		Adj.**			Adj. Segment Profit*		Adj. Segment Profit + DD&A*
Northeast G&P	$	15	$	17	$	32	$	72	$	12	$	0		$	12	$	44
Atlantic-Gulf		168		0		168		259		152		(5	)		147		234
West		152		6		158		218		162		0			162		220
NGL & Petchem Services		58		96		154		170		101		6			107		121
Total	$	393	$	119	$	512	$	719	$	427	$	1		$	428	$	619
	YTD - 2014								YTD - 2013
	Segment Profit		Adj.**		Adj. Segment Profit*		Adj. Segment Profit + DD&A*		Segment Profit		Adj.**			Adj. Segment Profit*		Adj. Segment Profit + DD&A*
Northeast G&P	$	21	$	23	$	44	$	123	$	3	$	0		$	3	$	64
Atlantic-Gulf		333		0		333		518		311		(11	)		300		480
West		317		6		323		441		348		0			348		467
NGL & Petchem Services		225		150		375		408		259		6			265		292
Total	$	896	$	179	$	1,075	$	1,490	$	921	($	5	)	$	916	$	1,303

* Schedules reconciling segment profit to adjusted segment profit and adjusted segment profit + DD&A are attached to this news release.

** Adjustments for second-quarter and year-to-date 2014 periods consist primarily of assumed business interruption insurance related to the Geismar plant. Second quarter assumes $138 million of business interruption insurance offset by actual insurance recoveries of $50 million. Year-to-date assumes $311 million of business interruption insurance offset by actual insurance recoveries of $175 million.

Northeast G&P

Northeast G&P includes the partnership’s midstream gathering and processing business in the Marcellus and Utica shale regions, including Susquehanna Supply Hub and Ohio Valley Midstream, as well as its 51-percent equity investment in Laurel Mountain Midstream, and its 58-percent equity investment in Caiman Energy II. This segment is in the early stages of developing large-scale energy infrastructure solutions for the Marcellus and Utica shale regions.

Northeast G&P reported adjusted segment profit + DD&A of $72 million for second-quarter 2014, compared with $44 million in second-quarter 2013. Year-to-date through June 30, Northeast G&P reported adjusted segment profit + DD&A of $123 million, compared with $64 million for the first half of 2013.

The second-quarter 2014 results include $29 million in higher fee-based revenues driven by 33 percent higher average daily gathered volumes versus second-quarter 2013. Adjustments to reported segment profit include the removal of a $17 million non-cash impairment of equipment held for sale. The year-to-date results were driven primarily by the same factors that drove the quarterly results.

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Atlantic-Gulf

Atlantic-Gulf includes the Transco interstate gas pipeline and a 41-percent consolidated interest in the Constitution interstate gas pipeline development project, which we consolidate. The segment also includes the partnership’s significant natural gas gathering and processing and crude production handling and transportation in the Gulf Coast region. These operations include the partnership’s 51-percent ownership interest in the Gulfstar development project, as well as its 50-percent interest in Gulfstream and a 60-percent interest in Discovery.

Atlantic-Gulf reported adjusted segment profit + DD&A of $259 million for second-quarter 2014, compared with $234 million for second-quarter 2013. Year-to-date through June 30, Atlantic-Gulf reported adjusted segment profit + DD&A of $518 million, compared with $480 million for the first half of 2013.

Adjusted segment profit + DD&A for the second quarter and year-to-date 2014 increased primarily due to higher transportation fee revenues associated with expansion projects. In addition, the year-to-date increases include new transportation rates effective in March 2013 for Transco and lower operating expense.

West

West includes the partnership’s Northwest Pipeline interstate gas pipeline system, as well as gathering, processing and treating operations in Wyoming, the Piceance Basin and the Four Corners area.

West reported second-quarter 2014 adjusted segment profit + DD&A of $218 million, compared with $220 million for second-quarter 2013. Year-to-date through June 30, West reported adjusted segment profit + DD&A of $441 million, compared with $467 million for the first half of 2013.

The lower adjusted segment profit + DD&A during the year-to-date period was due to lower NGL margins, primarily driven by the expiration of a natural gas contract in September 2013, partially offset by lower operating expenses.

NGL & Petchem Services

NGL & Petchem Services includes an 83.3 percent interest in an olefins production facility in Geismar, La., along with a refinery grade propylene splitter and pipelines in the Gulf Coast region. Following the completion in February 2014 of the dropdown of Williams’ Canadian operations, this segment now includes midstream operations in Alberta, Canada, including an oil sands offgas processing plant near Fort McMurray, 260 miles of NGL and olefins pipelines and an NGL/olefins fractionation facility and butylene/butane splitter facility at Redwater. This segment also includes the partnership’s energy commodities marketing business, an NGL fractionator and storage facilities near Conway, Kan. and a 50-percent interest in Overland Pass Pipeline.

NGL & Petchem Services reported second-quarter 2014 adjusted segment profit + DD&A of $170 million, compared with $121 million for second-quarter 2013. Year-to-date through June 30, NGL & Petchem reported adjusted segment profit + DD&A of $408 million, compared with $292 million for the first half of 2013. Prior period results have been recast to include the results of the assets acquired in the Canadian asset dropdown in February 2014.

The increase in second-quarter adjusted segment profit + DD&A was primarily due to $52 million higher Geismar results. The Geismar plant remained off-line for the quarter; however, assumed business interruption insurance proceeds for the second quarter totaled $138 million and were included in the calculation of adjusted segment profit + DD&A. The year-to-date increase was also driven by $113 million in higher Geismar results, including assumed business interruption insurance proceeds of $311 million.

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Guidance

Williams Partners is lowering its earnings and cash flow guidance and revising its capital spending guidance for 2014 as a result of delays in Geismar’s expected in-service date. Consolidated earnings, cash flow and capital expenditures guidance for 2015 and 2016 are unchanged.

Williams Partners is reaffirming its guidance for cash distribution per limited partner unit growth of 6 percent (at mid-point) in each of 2014 and 2015; and 4.5 percent (at mid-point) in 2016. Williams Partners continues to expect DCF to increase more than 68 percent for 2016 versus 2013. Several key drivers and assumptions are embedded in this estimate. The largest risks to achieving this growth in 2014 are:

a. The timely producer startup of the Gulfstar One project and Discovery’s Keathley Canyon project.

b. The completion and commissioning of new facilities in the Marcellus producing region along with expected volume growth.

c. Natural gas and natural gas liquids prices that drive assumed NGL margins and drilling activities, as well as olefins prices and margins.

d. Recovery of assumed business interruption insurance proceeds relating to the Geismar plant outage in 2014.

e. Geismar restart and ethylene sales commencing in the fourth-quarter 2014.

The Geismar rebuild and expansion projects are now substantially complete and the start-up process is planned to be initiated in September following the installation of certain safety equipment. Williams Partners is taking these extra precautions to enhance the safety of our people and the public. Williams Partners is targeting first ethylene production and sales in October; however, start-up issues could cause delays. As a result, financial guidance now includes a range of outcomes for first ethylene production and sales ranging from mid-October to the end of December 2014. The delay from the previous expectation of ethylene sales resulted from the recent decision to install certain safety-related equipment and to provide additional contingency associated with the startup process. The Geismar rebuild project capital is expected to increase by approximately $20 million as a result of the safety modifications.

Williams Partners has $500 million of combined business interruption and property damage insurance related to the Geismar incident (subject to deductibles and other limitations). Risks associated with the expected full recovery of $500 million in insurance proceeds related to the Geismar incident could result in full-year 2014 distributable cash flow that is below the guidance range. In the second quarter, the insurers paid $50 million of the most recent claim-payment request of $200 million and the total insurance receipts to-date are $225 million. The insurers continue to evaluate Williams Partners’ claims and have recently raised questions around key assumptions involving our business-interruption claim. As a result, the insurers have elected to make a partial payment pending further assessment of these issues. Williams Partners continues to work with insurers in support of all claims, as submitted, and is vigorously pursuing collection of the remaining $275 million of the insurance limits.

The assumed expanded plant restart date and repair cost estimate are subject to various uncertainties and risks that could cause the actual results to be materially different from these assumptions. The assumed property damage and business interruption insurance proceeds are also subject to various uncertainties and risks that could cause the actual results to be materially different from these assumptions.

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The partnership’s current guidance for DCF, earnings and capital expenditures are displayed in the following table:

Williams Partners Guidance (1)	2014						2015						2016
Amounts are in millions except coverage ratio.	Low		Mid		High		Low		Mid		High		Low		Mid		High
DCF attributable to partnership ops. (2)	$	1,800	$	1,950	$	2,100	$	2,605	$	2,785	$	2,965	$	2,800	$	3,085	$	3,370
Total Cash Distribution (3)	$	2,340	$	2,370	$	2,400	$	2,632	$	2,714	$	2,796	$	2,868	$	2,950	$	3,032
Cash Distribution Coverage Ratio (2)		.77x		.82x		.88x		.99x		1.03x		1.06x		.98x		1.05x		1.11x
Adjusted Segment Profit (2):	$	1,860	$	2,010	$	2,160	$	2,610	$	2,830	$	3,050	$	2,925	$	3,225	$	3,525
Adjusted Segment Profit + DD&A (2):	$	2,745	$	2,920	$	3,095	$	3,620	$	3,865	$	4,110	$	4,030	$	4,355	$	4,680
Capital Expenditures:
Maintenance	$	305	$	340	$	375	$	295	$	325	$	355	$	300	$	330	$	360
Growth		3,140		3,390		3,640		1,900		2,125		2,350		1,750		1,950		2,150
Total Capital Expenditures	$	3,445	$	3,730	$	4,015	$	2,195	$	2,450	$	2,705	$	2,050	$	2,280	$	2,510

(1) Commodity price assumptions that are used to develop the above are included in our quarterly data book that is available at www.williamslp.com

(2) Distributable Cash Flow, Cash Distribution Coverage Ratio, Adjusted Segment Profit and Adjusted Segment Profit + DD&A are non-GAAP measures. Reconciliations to the most relevant measures included in GAAP are attached to this news release.

(3) The cash distributions in guidance are on an accrual basis and reflect an approximate annual growth rate in limited partner distributions of 5 percent to 7 percent annually in 2014 and 2015, and 3 percent to 6 percent in 2016.

Second-Quarter 2014 Materials to be Posted Shortly, Q&A Webcast Scheduled for Tomorrow

Williams Partners’ second-quarter 2014 financial results will be posted shortly at www.williamslp.com. The information will include the data book and analyst package.

Williams Partners and Williams will host a joint Q&A live webcast on Thursday, July 31, at 9:30 a.m. EDT. A limited number of phone lines will be available at (800) 479-9001. International callers should dial (719) 325-2199. A link to the webcast, as well as replays of the webcast in both streaming and downloadable podcast formats, will be available for two weeks following the event at www.williams.com and www.williamslp.com.

Form 10-Q

The partnership plans to file its second-quarter 2014 Form 10-Q with the Securities and Exchange Commission this week. Once filed, the document will be available on both the SEC and Williams Partners websites.

Definitions of Non-GAAP Financial Measures

This press release includes certain financial measures – distributable cash flow, cash distribution coverage ratio, adjusted segment profit and adjusted segment profit + DD&A – that are non-GAAP financial measures as defined under the rules of the SEC.

For Williams Partners L.P., adjusted segment profit excludes items of income or loss that we characterize as unrepresentative of our ongoing operations and may include assumed business interruption insurance related to the Geismar plant. Adjusted segment profit + DD&A is adjusted to add back depreciation and amortization expense. Management believes these measures provide investors meaningful insight into Williams Partners L.P.‘s results from ongoing operations.

For Williams Partners L.P. we define distributable cash flow as net income plus depreciation and amortization and cash distributions from our equity investments less our earnings from our equity investments, distributions to noncontrolling interests and maintenance capital expenditures. We also adjust for reimbursements under omnibus agreements with Williams and certain other items.

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For Williams Partners L.P. we also calculate the ratio of distributable cash flow to the total cash distributed (cash distribution coverage ratio). This measure reflects the amount of distributable cash flow relative to our cash distribution. We have also provided this ratio calculated using the most directly comparable GAAP measure, net income.

This press release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the Partnership’s assets and the cash that the business is generating. Neither adjusted segment profit, adjusted segment profit + DD&A nor distributable cash flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

About Williams Partners L.P. (NYSE: WPZ)

Williams Partners L.P. is a leading diversified master limited partnership focused on natural gas transportation; gathering, treating, and processing; storage; natural gas liquid (NGL) fractionation; and oil transportation. The partnership owns interests in three major interstate natural gas pipelines that, combined, deliver 14 percent of the natural gas consumed in the United States. The partnership’s gathering and processing assets include large-scale operations in the U.S. Rocky Mountains, both onshore and offshore along the Gulf of Mexico, and Canada. Williams (NYSE: WMB) owns approximately 66 percent of Williams Partners, including the general-partner interest. More information is available at www.williamslp.com, where the partnership routinely posts important information.

Certain matters contained in this document include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcome of regulatory proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the private Securities Litigation Reform Act of 1995.

All statements, other than statements of historical facts, included in this document that address activities, events or developments that we expect, believe or anticipate will exist or may occur in the future are forward-looking statements. Forward-looking statements can be identified by various forms of words such as “anticipates,” “believes,” “seeks,” “could,” “may,” “should,” “continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “proposed,” “goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in service date,” or other similar expressions. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management and include, among others, statements regarding:

• The levels of cash distributions to unitholders;

• Amounts and nature of future capital expenditures;

• Expansion and growth of our business and operations;

• Financial condition and liquidity;

• Business strategy;

• Cash flow from operations or results of operations;

• Seasonality of certain business components;

• Natural gas, natural gas liquids and olefins prices, supply and demand;

• Demand for our services; and

• The proposed merger of Access Midstream Partners, L.P. (ACMP) and us (the Proposed Merger).

Forward-looking statements are based on numerous assumptions, uncertainties and risks that could cause future events or results to be materially different from those stated or implied in this document. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:

• The structure, terms, timing and approval of the Proposed Merger, as to be negotiated by each of our and ACMP’s conflicts committees;

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• Whether we have sufficient cash from operations to enable us to pay current and expected levels of cash distributions, if any, following establishment of cash reserves and payment of fees and expenses, including payments to our general partner;

• Availability of supplies, market demand and volatility of prices;

• Inflation, interest rates, fluctuation in foreign exchange rates, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);

• The strength and financial resources of our competitors and the effects of competition;

• Whether we are able to successfully identify, evaluate and execute investment opportunities;

• Our ability to acquire new businesses and assets and successfully integrate those operations and assets into our existing businesses, as well as successfully expand facilities;

• Development of alternative energy sources;

• The impact of operational and development hazards and unforeseen interruptions;

• Our ability to recover expected insurance proceeds related to the Geismar plant;

• Costs of, changes in, or the results of laws, government regulations (including safety and environmental regulations), environmental liabilities, litigation and rate proceedings;

• Our allocated costs for defined benefit pension plans and other postretirement benefit plans sponsored by our affiliates;

• Changes in maintenance and construction costs;

• Changes in the current geopolitical situation;

• Our exposure to the credit risks of customers and counterparties;

• Risks related to financing, including restrictions stemming from our debt agreements, future changes in our credit ratings and the availability and cost of capital;

• The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;

• Risks associated with weather and natural phenomena, including climate conditions;

• Acts of terrorism, including cybersecurity threats and related disruptions; and

• Additional risks described in our filings with the Securities and Exchange Commission (SEC).

Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to and do not intend to update the above list or to announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.

In addition to causing our actual results to differ, the factors listed above may cause our intentions to change from those statements of intention set forth in this announcement. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.

Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2013, and Part II, Item 1A. Risk Factors of our Forms 10-Q.

# # #

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Financial Highlights and Operating Statistics

(UNAUDITED)

Final

June 30, 2014

Reconciliation of Non-GAAP Measures

(UNAUDITED)

This press release includes certain financial measures, adjusted segment profit (loss), adjusted segment profit (loss) + DD&A, distributable cash flow, and cash distribution coverage ratio that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission.

For Williams Partners L.P., adjusted segment profit (loss) excludes items of income or loss that we characterize as unrepresentative of our ongoing operations and may include assumed business interruption insurance related to the Geismar plant. Adjusted segment profit (loss) + DD&A is further adjusted to add back depreciation and amortization expense. Management believes these measures provide investors meaningful insight into Williams Partners L.P.’s results from ongoing operations.

For Williams Partners L.P., we define distributable cash flow as net income plus depreciation and amortization and cash distributions from our equity investments less our earnings from equity investments, income attributable to noncontrolling interests and maintenance capital expenditures. We also adjust for reimbursements under omnibus agreements with Williams and certain other adjustments. Total distributable cash flow is reduced by any amounts associated with operations which occurred prior to our ownership of the underlying assets to arrive at distributable cash flow attributable to partnership operations.

For Williams Partners L.P., we also calculate the ratio of distributable cash flow attributable to partnership operations to the total cash distributed (cash distribution coverage ratio). This measure reflects the amount of distributable cash flow relative to our cash distribution. We have also provided this ratio calculated using the most directly comparable GAAP measure, net income.

This press release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the Partnership’s assets and the cash that the business is generating. Neither adjusted segment profit (loss), adjusted segment profit (loss) + DD&A, nor distributable cash flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

	2013															2014
(Dollars in millions, except coverage ratios)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			Year
Williams Partners L.P.
Reconciliation of Non-GAAP “Distributable cash flow” to  GAAP “Net income”
Net income	$	344		$	272		$	289		$	218		$	1,123		$	352		$	234		$	586
Income attributable to noncontrolling interests		—			—			—			(3	)		(3	)		—			(2	)		(2	)
Depreciation and amortization		196			191			201			203			791			208			207			415
Non-cash amortization of debt issuance costs included in interest expense		3			4			4			3			14			4			3			7
Equity earnings from investments		(18	)		(35	)		(31	)		(20	)		(104	)		(23	)		(32	)		(55	)
Allocated reorganization-related costs		2			—			—			—			2			—			—			—
Impairment of certain equipment held for sale		—			—			—			—			—			—			17			17
Loss related to Geismar Incident		—			6			4			4			14			—			—			—
Geismar Incident adjustment for insurance and timing		—			—			(35	)		118			83			54			96			150
Contingency loss		—			—			9			16			25			—			—			—
Reimbursements from Williams under omnibus agreements		4			4			2			3			13			3			4			7
Loss related to Opal incident		—			—			—			—			—			—			6			6
Plymouth incident adjustment		—			—			—			—			—			—			3			3
Canadian income tax		—			—			—			—			—			—			4			4
Maintenance capital expenditures		(44	)		(76	)		(79	)		(59	)		(258	)		(36	)		(90	)		(126	)
Distributable cash flow excluding equity investments		487			366			364			483			1,700			562			450			1,012
Plus: Equity investments cash distributions to Williams Partners L.P.		38			41			34			41			154			43			54			97
Distributable cash flow		525			407			398			524			1,854			605			504			1,109
Less: Pre-partnership distributable cash flow		28			20			20			15			83			23			—			23
Distributable cash flow attributable to partnership operations	$	497		$	387		$	378		$	509		$	1,771		$	582		$	504		$	1,086
Total cash distributed	$	473		$	489		$	442		$	556		$	1,960		$	566		$	577		$	1,143
Coverage ratios:
Distributable cash flow attributable to partnership operations divided by Total cash distributed		1.05			0.79			0.86			0.92			0.90			1.03			0.87			0.95
Net income divided by Total cash distributed		0.73			0.56			0.65			0.39			0.57			0.62			0.41			0.51

1

Reconciliation of GAAP “Segment Profit (Loss)” to Non-GAAP “Adjusted Segment Profit (Loss)” and “Adjusted Segment Profit (Loss) + DD&A”

(UNAUDITED)

	2013															2014
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr		2nd Qtr		Year
Segment profit (loss):
Northeast G&P	$	(9	)	$	12		$	(1	)	$	(26	)	$	(24	)	$	6	$	15	$	21
Atlantic-Gulf		159			152			137			166			614			165		168		333
West		186			162			207			186			741			165		152		317
NGL & Petchem Services		158			101			68			19			346			167		58		225
Total segment profit (loss)	$	494		$	427		$	411		$	345		$	1,677		$	503	$	393	$	896
Segment adjustments:
Northeast G&P
Share of impairments at equity method investee	$	—		$	—		$	—		$	7		$	7		$	—	$	—	$	—
Contingency loss		—			—			9			16			25			—		—		—
Loss related to compressor station fire		—			—			—			—			—			6		—		6
Impairment of certain equipment held for sale		—			—			—			—			—			—		17		17
Total Northeast G&P adjustments		—			—			9			23			32			6		17		23
Atlantic-Gulf
Litigation settlement gain		(6	)		—			—			—			(6	)		—		—		—
Net loss (recovery) related to Eminence storage facility leak		—			(5	)		5			(2	)		(2	)		—		—		—
Total Atlantic-Gulf adjustments		(6	)		(5	)		5			(2	)		(8	)		—		—		—
West
Loss related to Opal incident		—			—			—			—			—			—		6		6
Total West adjustments		—			—			—			—			—			—		6		6
NGL & Petchem Services
Loss related to Geismar Incident		—			6			4			4			14			—		—		—
Geismar Incident adjustment for insurance and timing		—			—			(35	)		118			83			54		96		150
Total NGL & Petchem Services adjustments		—			6			(31	)		122			97			54		96		150
Total segment adjustments	$	(6	)	$	1		$	(17	)	$	143		$	121		$	60	$	119	$	179
Adjusted segment profit (loss):
Northeast G&P	$	(9	)	$	12		$	8		$	(3	)	$	8		$	12	$	32	$	44
Atlantic-Gulf		153			147			142			164			606			165		168		333
West		186			162			207			186			741			165		158		323
NGL & Petchem Services		158			107			37			141			443			221		154		375
Total adjusted segment profit (loss)	$	488		$	428		$	394		$	488		$	1,798		$	563	$	512	$	1,075
Depreciation and amortization (DD&A):
Northeast G&P	$	29		$	32		$	33		$	38		$	132		$	39	$	40	$	79
Atlantic-Gulf		93			87			92			91			363			94		91		185
West		61			58			58			59			236			58		60		118
NGL & Petchem Services		13			14			18			15			60			17		16		33
Total depreciation and amortization	$	196		$	191		$	201		$	203		$	791		$	208	$	207	$	415
Adjusted segment profit (loss) + DD&A:
Northeast G&P	$	20		$	44		$	41		$	35		$	140		$	51	$	72	$	123
Atlantic-Gulf		246			234			234			255			969			259		259		518
West		247			220			265			245			977			223		218		441
NGL & Petchem Services		171			121			55			156			503			238		170		408
Total adjusted segment profit (loss) + DD&A	$	684		$	619		$	595		$	691		$	2,589		$	771	$	719	$	1,490

Note: Segment profit (loss) includes equity earnings (losses) and income (loss) from investments reported in other income (expense) - net below operating income in the Consolidated Statement of Comprehensive Income. Equity earnings (losses) result from investments accounted for under the equity method. Income (loss) from investments results from the management of certain equity investments.

2

Consolidated Statement of Income

(UNAUDITED)

	2013 *															2014
(Dollars in millions, except per-unit amounts)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			Year
Revenues:
Service revenues	$	702		$	717		$	731		$	764		$	2,914		$	763		$	763		$	1,526
Product sales		1,104			1,046			887			884			3,921			930			853			1,783
Total revenues		1,806			1,763			1,618			1,648			6,835			1,693			1,616			3,309
Costs and expenses:
Product costs		790			801			710			726			3,027			769			724			1,493
Operating and maintenance expenses		257			289			265			269			1,080			248			251			499
Depreciation and amortization expenses		196			191			201			203			791			208			207			415
Selling, general, and administrative expenses		130			131			130			128			519			130			132			262
Net insurance recoveries—Geismar Incident		—			—			(50	)		10			(40	)		(119	)		(42	)		(161	)
Other (income) expense—net		1			4			21			25			51			17			27			44
Total costs and expenses		1,374			1,416			1,277			1,361			5,428			1,253			1,299			2,552
Equity earnings (losses)		18			35			31			20			104			23			32			55
Income (loss) from investments		(1	)		(1	)		(1	)		—			(3	)		—			—			—
General corporate expenses		45			46			40			38			169			40			44			84
Total segment profit		494			427			411			345			1,677			503			393			896
Reclass equity earnings (losses)		(18	)		(35	)		(31	)		(20	)		(104	)		(23	)		(32	)		(55	)
Income (loss) from investments		1			1			1			—			3			—			—			—
Reclass general corporate expenses		(45	)		(46	)		(40	)		(38	)		(169	)		(40	)		(44	)		(84	)
Operating income		432			347			341			287			1,407			440			317			757
Equity earnings (losses)		18			35			31			20			104			23			32			55
Interest incurred		(118	)		(118	)		(119	)		(122	)		(477	)		(131	)		(142	)		(273	)
Interest capitalized		22			22			24			22			90			25			25			50
Other income (expense)—net		5			7			7			6			25			3			7			10
Income before income taxes		359			293			284			213			1,149			360			239			599
Provision (benefit) for income taxes		15			21			(1	)		(5	)		30			8			5			13
Net income		344			272			285			218			1,119			352			234			586
Less: Net income attributable to noncontrolling interests		—			1			1			1			3			—			2			2
Net income attributable to controlling interests		344			271			284			217			1,116			352			232			584
Allocation of net income for calculation of earnings per common unit:
Net income attributable to controlling interests		344			271			284			217			1,116			352			232			584
Allocation of net income to general partner		142			141			60			162			505			180			167			347
Allocation of net income to Class D units		—			—			—			—			—			14			18			32
Allocation of net income to common units		202			130			224			55			611			158			47			205
Net income per common unit	$	0.50		$	0.31		$	0.52		$	0.12		$	1.45		$	0.36		$	0.11		$	0.47
Weighted-average number of common units outstanding (thousands)		401,969			413,901			428,682			438,626			420,916			438,626			438,626			438,626
Cash distributions per common unit	$	0.8475		$	0.8625		$	0.8775		$	0.8925		$	3.480		$	0.9045		$	0.9165		$	1.8210

* Recast due to the dropdown of the Canadian operations to Williams Partners in the first quarter of 2014.

Note: The sum of net income per common unit for the quarters may not equal the total income per common unit for the year due to changes in the weighted-average number of common units outstanding.

3

Northeast G&P

(UNAUDITED)

	2013														2014
(Dollars in millions)	1st Qtr			2nd Qtr		3rd Qtr			4th Qtr			Year			1st Qtr		2nd Qtr		Year
Revenues:
Fee revenues:
Gathering & processing	$	59		$	69	$	84		$	90		$	302		$	90	$	93	$	183
Production handling and transportation		1			3		2			4			10			3		2		5
Other fee revenues		3			6		8			6			23			6		12		18
Commodity-based revenues:
NGL sales from gas processing		1			—		3			2			6			2		2		4
Marketing sales		19			34		45			62			160			58		35		93
Other sales		—			1		(1	)		—			—			—		—		—
		83			113		141			164			501			159		144		303
Intrasegment eliminations		—			—		(1	)		1			—			—		—		—
Total revenues		83			113		140			165			501			159		144		303
Segment costs and expenses:
NGL cost of goods sold		—			—		(1	)		—			(1	)		1		—		1
Marketing cost of goods sold		20			33		46			62			161			57		37		94
Depreciation and amortization		29			32		33			38			132			39		40		79
Other segment costs and expenses		40			43		66			77			226			57		62		119
Intrasegment eliminations		—			—		(1	)		1			—			—		—		—
Total segment costs and expenses		89			108		143			178			518			154		139		293
Equity earnings (losses)		(3	)		7		2			(13	)		(7	)		1		10		11
Reported segment profit (loss)		(9	)		12		(1	)		(26	)		(24	)		6		15		21
Adjustments		—			—		9			23			32			6		17		23
Adjusted segment profit (loss)	$	(9	)	$	12	$	8		$	(3	)	$	8		$	12	$	32	$	44
Operating statistics
Gathering and Processing*
Gathering volumes (Tbtu)		127			142		157			180			606			179		189		368
Plant inlet natural gas volumes (Tbtu)		18			25		28			34			105			29		27		56
Non-ethane equity sales (million gallons)		1			1		3			2			7			2		1		3
NGL equity sales (million gallons)		1			1		3			2			7			2		1		3
Ethane production (million gallons)		—			1		1			1			3			1		1		2
Non-ethane production (million gallons)		21			32		39			44			136			38		37		75
NGL production (million gallons)		21			33		40			45			139			39		38		77
Laurel Mountain Midstream LLC (equity investment) - 100%
Gathering volumes (Tbtu)		27			29		32			36			124			34		36		70

* Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes.

4

Atlantic-Gulf

(UNAUDITED)

	2013														2014
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr		4th Qtr			Year			1st Qtr		2nd Qtr		Year
Revenues:
Fee-based revenues:
Gathering & processing	$	19		$	19		$	15	$	17		$	70		$	16	$	21	$	37
Production handling and transportation		283			282			282		302			1,149			307		293		600
Other fee revenues		29			29			30		30			118			30		29		59
Commodity-based revenues:
NGL sales from gas processing		28			26			22		27			103			20		25		45
Marketing sales		176			186			167		175			704			171		162		333
Other sales		1			—			—		2			3			1		1		2
Tracked revenues:		52			59			46		43			200			53		40		93
		588			601			562		596			2,347			598		571		1,169
Intrasegment eliminations		1			1			1		(1	)		2			2		2		4
Total revenues		589			602			563		595			2,349			600		573		1,173
Segment costs and expenses:
NGL cost of goods sold		6			7			5		6			24			6		5		11
Marketing cost of goods sold		176			186			167		175			704			171		162		333
Depreciation and amortization expenses		93			87			92		91			363			94		91		185
Other segment costs and expenses		118			130			132		134			514			124		121		245
Tracked costs		52			59			46		43			200			53		40		93
Intrasegment eliminations		1			1			1		(1	)		2			2		2		4
Total segment costs and expenses		446			470			443		448			1,807			450		421		871
Equity earnings (losses)		16			20			17		19			72			15		16		31
Reported segment profit		159			152			137		166			614			165		168		333
Adjustments		(6	)		(5	)		5		(2	)		(8	)		—		—		—
Adjusted segment profit	$	153		$	147		$	142	$	164		$	606		$	165	$	168	$	333
Operating statistics
Gathering and Processing*
Gathering volumes (Tbtu)		39			36			31		31			137			28		31		59
Plant inlet natural gas volumes (Tbtu)		76			78			55		61			270			60		72		132
Ethane equity sales (million gallons)		8			6			7		7			28			2		6		8
Non-ethane equity sales (million gallons)		20			20			16		18			74			12		18		30
NGL equity sales (million gallons)		28			26			23		25			102			14		24		38
Ethane margin ($/gallon)	$	.16		$	.21		$	.11	$	.08		$	.14		$	.46	$	.23	$	.28
Non-ethane margin ($/gallon)	$	1.03		$	.89		$	1.03	$	1.09		$	1.01		$	1.10	$	1.04	$	1.06
NGL margin ($/gallon)	$	.79		$	.73		$	.75	$	.81		$	.77		$	1.02	$	.82	$	.89
Ethane production (million gallons)		61			61			42		47			211			45		57		102
Non-ethane production (million gallons)		85			91			68		73			317			71		87		158
NGL production (million gallons)		146			152			110		120			528			116		144		260
Discovery Producer Services LLC (equity investment) - 100%
NGL equity sales (million gallons)		19			18			6		6			49			10		10		20
NGL production (million gallons)		63			64			45		46			218			47		54		101
Transcontinental Gas Pipe Line
Throughput (Tbtu)		845.6			713.1			756.8		837.5			3,153.0			949.2		796.8		1,746.0
Avg. daily transportation volumes (Tbtu)		9.4			7.8			8.2		9.1			8.6			10.5		8.8		9.6
Avg. daily firm reserved capacity (Tbtu)		9.3			8.9			8.8		9.3			9.1			9.6		9.4		9.5

* Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes.

5

West

(UNAUDITED)

	2013															2014
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr		2nd Qtr			Year
Revenues:
Fee-based revenues:
Gathering & processing	$	134		$	141		$	143		$	144		$	562		$	132	$	141		$	273
Production handling and transportation		116			110			114			118			458			116		112			228
Other fee revenues		9			9			8			7			33			8		8			16
Commodity-based revenues:
NGL sales from gas processing		142			137			151			128			558			103		95			198
Marketing sales		46			46			55			34			181			30		28			58
Other sales		10			7			8			8			33			12		9			21
Tracked revenues		—			1			—			1			2			—		1			1
		457			451			479			440			1,827			401		394			795
Intrasegment eliminations		—			—			(1	)		—			(1	)		—		(1	)		(1	)
Total revenues		457			451			478			440			1,826			401		393			794
Segment costs and expenses:
NGL cost of goods sold		44			51			54			40			189			38		35			73
Marketing cost of goods sold		46			46			55			33			180			30		27			57
Other cost of goods sold		4			2			2			3			11			4		6			10
Depreciation and amortization expenses		61			58			58			59			236			58		60			118
Other segment costs and expenses		116			131			103			118			468			106		113			219
Tracked costs		—			1			—			1			2			—		1			1
Intrasegment eliminations		—			—			(1	)		—			(1	)		—		(1	)		(1	)
Total segment costs and expenses		271			289			271			254			1,085			236		241			477
Reported segment profit		186			162			207			186			741			165		152			317
Adjustments		—			—			—			—			—			—		6			6
Adjusted segment profit	$	186		$	162		$	207		$	186		$	741		$	165	$	158		$	323
Operating statistics
Gathering and Processing
Gathering volumes (Tbtu)		240			250			254			244			988			229		230			459
Plant inlet natural gas volumes (Tbtu)		295			305			310			264			1,174			249		246			495
Ethane equity sales (million gallons)		15			37			51			12			115			4		5			9
Non-ethane equity sales (million gallons)		102			106			110			89			407			69		71			140
NGL equity sales (million gallons)		117			143			161			101			522			73		76			149
Ethane margin ($/gallon)	$	(0.03	)	$	(0.01	)	$	(0.02	)	$	(0.001	)	$	(0.02	)	$	0.12	$	0.22		$	0.17
Non-ethane margin ($/gallon)	$	0.96		$	0.81		$	0.89		$	0.99		$	0.91		$	0.94	$	0.84		$	0.89
NGL margin ($/gallon)	$	0.83		$	0.60		$	0.61		$	0.86		$	0.71		$	0.89	$	0.80		$	0.84
Ethane production (million gallons)		98			124			139			89			450			60		86			146
Non-ethane production (million gallons)		262			281			294			246			1,083			233		232			465
NGL production (million gallons)		360			405			433			335			1,533			293		318			611
Northwest Pipeline LLC
Throughput (Tbtu)		201.0			136.9			168.6			210.4			716.9			192.4		141.3			333.7
Avg. daily transportation volumes (Tbtu)		2.2			1.5			1.8			2.3			2.0			2.1		1.6			1.8
Avg. daily firm reserved capacity (Tbtu)		3.0			3.0			3.0			3.0			3.0			3.0		3.0			3.0

6

NGL & Petchem Services

(UNAUDITED)

	2013															2014
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr			2nd Qtr			Year
Revenues:
Fee-based revenues:
Production handling and transportation	$	6		$	6		$	6		$	5		$	23		$	7		$	7		$	14
Other fee-based revenues		26			31			29			31			117			33			33			66
Commodity-based revenues:
NGL sales from gas processing		37			24			22			28			111			54			32			86
Olefin sales		269			228			67			29			593			79			96			175
Marketing sales		684			673			645			644			2,646			698			680			1,378
Other sales		15			11			11			9			46			11			11			22
		1,037			973			780			746			3,536			882			859			1,741
Intrasegment eliminations		(79	)		(80	)		(56	)		(54	)		(269	)		(77	)		(76	)		(153	)
Total revenues		958			893			724			692			3,267			805			783			1,588
Segment costs and expenses:
NGL cost of goods sold		14			12			9			12			47			28			20			48
Olefins cost of goods sold		119			111			44			17			291			51			69			120
Marketing cost of goods sold		679			678			630			638			2,625			684			681			1,365
Other cost of goods sold		13			10			10			7			40			12			10			22
Depreciation and amortization expenses		13			14			18			15			60			17			16			33
Net insurance recoveries—Geismar Incident		—			6			(45	)		13			(26	)		(119	)		(42	)		(161	)
Other segment costs and expenses		46			49			58			39			192			49			53			102
Intrasegment eliminations		(79	)		(80	)		(56	)		(54	)		(269	)		(77	)		(76	)		(153	)
Total segment costs and expenses		805			800			668			687			2,960			645			731			1,376
Equity earnings (losses)		5			8			12			14			39			7			6			13
Reported segment profit		158			101			68			19			346			167			58			225
Adjustments		—			6			(31	)		122			97			54			96			150
Adjusted segment profit	$	158		$	107		$	37		$	141		$	443		$	221		$	154		$	375
Operating statistics
Ethane equity sales (million gallons)		—			—			—			3			3			27			28			55
Non-ethane equity sales (million gallons)		40			29			25			26			120			30			18			48
NGL equity sales (million gallons)		40			29			25			29			123			57			46			103
Ethane production (million gallons)		—			—			—			7			7			29			29			58
Non-ethane production (million gallons)		36			35			24			18			113			30			28			58
NGL production (million gallons)		36			35			24			25			120			59			57			116
Petrochemical Services
Geismar ethylene sales volumes (million lbs)		246			211			10			—			467			—			—			—
Geismar ethylene margin ($/lb)	$	0.37		$	0.33		$	0.05		$	—		$	0.34		$	—		$	—		$	—
Canadian propylene sales volumes (millions lbs)		35			36			27			20			118			32			34			66
Canadian alky feedstock sales volumes (million gallons)		9			10			7			5			31			7			7			14
Overland Pass Pipeline Company LLC (equity investment)—100%
NGL Transportation volumes (Mbbls)		7,402			11,151			13,174			11,463			43,190			8,612			8,926			17,538

7

Capital Expenditures and Investments

(UNAUDITED)

	2013														2014
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr		Year			1st Qtr			2nd Qtr		Year
Capital expenditures:
Northeast G&P	$	307		$	298		$	338		$	407	$	1,350		$	359		$	291	$	650
Atlantic-Gulf		174			276			290			247		987			180			412		592
West		63			58			55			35		211			22			27		49
NGL & Petchem Services		157			158			244			201		760			161			211		372
Other		2			1			1			4		8			2			2		4
Total*	$	703		$	791		$	928		$	894	$	3,316		$	724		$	943	$	1,667
Purchase of businesses:
NGL & Petchem Services**	$	(25	)	$	—		$	—		$	—	$	(25	)	$	25		$	31	$	56
Purchase of investments:
Northeast G&P	$	72		$	37		$	123		$	1	$	233		$	163		$	6	$	169
Atlantic-Gulf		15			50			35			93		193			51			9		60
NGL & Petchem Services		6			2			4			1		13			1			1		2
Total	$	93		$	89		$	162		$	95	$	439		$	215		$	16	$	231
Summary:
Northeast G&P	$	379		$	335		$	461		$	408	$	1,583		$	522		$	297	$	819
Atlantic-Gulf		189			326			325			340		1,180			231			421		652
West		63			58			55			35		211			22			27		49
NGL & Petchem Services		138			160			248			202		748			187			243		430
Other		2			1			1			4		8			2			2		4
Total	$	771		$	880		$	1,090		$	989	$	3,730		$	964		$	990	$	1,954
Capital expenditures incurred and purchase of investments:
Increases to property, plant, and equipment	$	716		$	824		$	968		$	825	$	3,333		$	769		$	867	$	1,636
Purchase of businesses		(25	)		—			—			—		(25	)		25			31		56
Purchase of investments		93			89			162			95		439			215			16		231
Total	$	784		$	913		$	1,130		$	920	$	3,747		$	1,009		$	914	$	1,923
*Increases to property, plant, and equipment	$	716		$	824		$	968		$	825	$	3,333		$	769		$	867	$	1,636
Changes in related accounts payable and accrued liabilities		(13	)		(33	)		(40	)		69		(17	)		(45	)		76		31
Capital expenditures	$	703		$	791		$	928		$	894	$	3,316		$	724		$	943	$	1,667

** The first quarter of 2013 relates to a working capital adjustment associated with the acquisition of the olefins business from a subsidiary of Williams and the first quarter of 2014 relates to the acquisition of certain Canadian operations from a subsidiary of Williams.

8

Williams Partners L.P.

	2014 Guidance			2015 Guidance
(Dollars in millions, except coverage ratios)	Midpoint			Midpoint
Reconciliation of Non-GAAP “Distributable Cash Flow” to GAAP “Net income”
Net income	$	1,566		$	2,035
Depreciation and amortization		910			1,035
Maintenance capital expenditures		(340	)		(325	)
Attributable to noncontrolling interests		(35	)		(105	)
Geismar Incident adjustment for insurance and timing		(115	)		—
Other / Rounding		(13	)		145
Distributable cash flow		1,973			2,785
Less: Pre-partnership distributable cash flow		23			—
Distributable cash flow attributable to partnership operations	$	1,950		$	2,785
Total cash to be distributed	$	2,370		$	2,714
Coverage ratios:
Distributable cash flow attributable to partnership operations divided by Total cash to be distributed		0.82			1.03
Net income divided by Total cash to be distributed		0.66			0.75
Reconciliation of Non-GAAP “Adjusted Segment Profit” and “Adjusted Segment Profit + DD&A” to GAAP “Segment Profit”
Segment profit:
Northeast G&P	$	308		$	355
Atlantic-Gulf		630			965
West		614			595
NGL & Petchem Services		1,015			915
Unallocated Revisions		(335	)		0
Total segment profit	$	2,232		$	2,830
Adjustments:
Northeast G&P - loss related to compressor station fire	$	6		$	—
Northeast G&P - impairment of certain equipment held for sale		17			—
Northeast G&P - other		(136	)
Atlantic-Gulf		—			—
West - loss related to Opal incident		6			—
NGL & Petchem Services - Geismar Incident adjustment for insurance and timing		(115	)		—
Total adjustments	$	(222	)	$	—
Adjusted segment profit:
Northeast G&P	$	195		$	355
Atlantic-Gulf		630			965
West		620			595
NGL & Petchem Services		900			915
Unallocated Revisions		(335	)		—
Total adjusted segment profit	$	2,010		$	2,830
Depreciation and amortization (DD&A):
Northeast G&P	$	170		$	210
Atlantic-Gulf		430			495
West		235			235
NGL & Petchem Services		75			95
Total depreciation and amortization	$	910		$	1,035
Adjusted segment profit + DD&A:
Northeast G&P	$	365		$	565
Atlantic-Gulf		1,060			1,460
West		855			830
NGL & Petchem Services		975			1,010
Unallocated Revisions		(335	)		—
Total adjusted segment profit + DD&A	$	2,920		$	3,865

9