Profile: Williams Partners LP (WPZ)

Williams Partners L.P. focuses on natural gas transportation; gathering, treating, and processing; storage; natural gas liquid (NGL) fractionation, and oil transportation. As of December 31, 2011, The Williams Companies, Inc. (Williams) owned 70% limited partnership interest in the Company and all of its 2% general partner interest. Williams is an energy infrastructure company. The Company operates in two segments: Gas Pipeline, and Midstream Gas & Liquids. Its Gas Pipeline segment includes its interstate natural gas pipelines and pipeline joint venture investments. Its Midstream Gas & Liquids segment includes its natural gas gathering, treating and processing business and consists of wholly owned and partially owned subsidiaries. In May 2011, the Company acquired from Williams an additional 24.5% interest in Gulfstream Natural Gas System, L.L.C. (Gulfstream). On February 17, 2012, the Company acquired 100% interest in certain entities from Delphi Midstream Partners, LLC. In April 2012, the Company completed the acquisition of Caiman Energy’s wholly owned subsidiary, Caiman Eastern Midstream, LLC. In November 2012, Williams Partners LP acquired Williams Companies Inc's approximately 83% interest in the Geismar olefins production facility, as well as Williams’ refinery-grade propylene splitter and pipelines in the Gulf region.

Gas Pipeline

The Company owns and operates a combined total of approximately 13,700 miles of pipelines with a total annual throughput of approximately 3,000 trillion british thermal units (TBtu) of natural gas and peak-day delivery capacity of approximately 13 million dekatherms (MMdth) of natural gas. Gas Pipeline consists primarily of Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline GP (Northwest Pipeline). As of December 31, 2011, Gas Pipeline held interests in joint venture interstate and intrastate natural gas pipeline systems, including a 49% interest in Gulfstream. Transco is an interstate natural gas transmission company that owns and operates a 9,800-mile natural gas pipeline system extending from Texas, Louisiana, Mississippi and the offshore Gulf of Mexico through Alabama, Georgia, South Carolina, North Carolina, Virginia, Maryland, Pennsylvania and New Jersey to the New York City metropolitan area. The system serves customers in Texas and 11 southeast and Atlantic seaboard states, including metropolitan areas in Georgia, North Carolina, Washington, D.C., New York, New Jersey and Pennsylvania.

At December 31, 2011, Transco’s system had a delivery capacity of approximately 5.6 MMdth of natural gas per day from its production areas to its primary markets, including delivery capacity from the mainline to locations on its Mobile Bay Lateral. Transco’s system includes 45 compressor stations, four underground storage fields, and a liquefied natural gas (LNG) storage facility. Transco’s natural gas transportation customers are public utilities and municipalities that provide service to residential, commercial, industrial and electric generation end users. Shippers on Transco’s system include public utilities, municipalities, intrastate pipelines, direct industrial users, electrical generators, gas marketers and producers. Additionally, Transco offers storage services and transportation services under short-term agreements.

Transco has natural gas storage capacity in four underground storage fields located on or near its pipeline system or market areas and operates two of these storage fields. Transco also has storage capacity in an LNG storage facility that it owns and operates. At December 31, 2011, its customers had stored in its facilities approximately 164 billion cubic feet of natural gas. As of December 31, 2011, the wholly owned subsidiaries of Transco operated and held a 35% interest in Pine Needle LNG Company, LLC, a LNG storage facility with four billion cubic feet of storage capacity. During the year ended December 31, 2011, the projects completed included Mobile Bay South II, 85 North, Mid-South, Mid-Atlantic Connector, Northeast Supply Link, Rockaway Delivery Lateral and Northeast Connector.

Northwest Pipeline is an interstate natural gas transmission company that owns and operates a natural gas pipeline system extending from the San Juan basin in northwestern New Mexico and southwestern Colorado through Colorado, Utah, Wyoming, Idaho, Oregon, and Washington to a point on the Canadian border near Sumas, Washington. Northwest Pipeline provides services for markets in California, Arizona, New Mexico, Colorado, Utah, Nevada, Wyoming, Idaho, Oregon, and Washington directly or indirectly through interconnections with other pipelines. Northwest Pipeline transports and stores natural gas for a range of customers, including local natural gas distribution companies, municipal utilities, direct industrial users, electric power generators and natural gas marketers and producers.

As of December 31, 2011, Northwest Pipeline owned a one-third interest in the Jackson Prairie underground storage facility in Washington and contracts with a third party for storage service in the Clay basin underground field in Utah. Northwest Pipeline also owns and operates an LNG storage facility in Washington. Gulfstream is a natural gas pipeline system extending from the Mobile Bay area in Alabama to markets in Florida. As of December 31, 2011, the Company owned, through a subsidiary, a 49% interest in Gulfstream, while Williams owned 1% interest through a subsidiary. As of December 31, 2011, Spectra Energy Corporation, through its subsidiary, and Spectra Energy Partners, LP, owned the other 50% interest in Gulfstream.

Midstream Gas & Liquids

The Company’s Midstream Gas & Liquids segment (Midstream) is a natural gas gatherer and processor. It has primary service areas concentrated in basins in Colorado, New Mexico, Wyoming, the Gulf of Mexico and Pennsylvania. The primary businesses are natural gas gathering, treating, and processing; NGL fractionation, storage and transportation, and oil transportation. Its processing plants extract the NGLs in addition to removing water vapor, carbon dioxide and other contaminants. NGL products include Ethane, primarily used in the petrochemical industry as a feedstock for ethylene production; Propane, used for heating, fuel and as a petrochemical feedstock in the production of ethylene and propylene, and normal butane, iso-butane and natural gasoline, primarily used by the refining industry as blending stocks for motor gasoline or as a petrochemical feedstock.

The Company owns and operates gas gathering, processing and treating assets within the states of Wyoming, Colorado, New Mexico and in Pennsylvania. It also owns and operates gas gathering and processing assets and pipelines primarily within the onshore, offshore shelf, and deepwater areas in and around the Gulf Coast states of Texas, Louisiana, Mississippi, and Alabama. In addition it owns and operates several natural gas treating facilities in New Mexico, Colorado, Texas, and Louisiana. At its Milagro treating facility, it also uses gas-driven turbines to produce approximately 60 mega-watts per day of electricity, which it primarily sells into the local electrical grid. In addition to its natural gas assets, it owns and operates four deepwater crude oil pipelines and own production platforms serving the deepwater in the Gulf of Mexico. In addition to its gathering and processing operations, it markets NGL products to a range of users in the energy and petrochemical industries.

The Company owns interests in and/or operates NGL fractionation and storage assets. It also owns approximately 20 million barrels of NGL storage capacity in central Kansas near Conway. The Company owns approximately 115 miles of pipelines in the Houston Shipping Channel area, which transports a variety of products, including ethane, propane and other products used in the petrochemical industry. As of December 31, 2011, the Company owned a 14.6% equity interest in Aux Sable Liquid Products L.P. (Aux Sable) and its Channahon, Illinois gas processing and NGL fractionation facility near Chicago. As of December 31, 2011, the Company owned 60% interest in and operate the facilities of Discovery. Discovery’s assets include 600 million cubic feet per day (MMcf/d) cryogenic natural gas processing plant near Larose, Louisiana, 32 thousand barrels per day (Mbbls/d) NGL fractionator plant near Paradis, Louisiana, and an offshore natural gas gathering and transportation system in the Gulf of Mexico. As of December 31, 2011, the Company owned a 51% interest in a joint venture, Laurel Mountain Midstream, LLC (Laurel Mountain), in the Marcellus Shale located in western Pennsylvania. Laurel Mountain’s assets, which it operates, include a gathering system of nearly 1,400 miles of pipeline with a capacity of approximately 230 MMcf/d. As of December 31, 2011, the Company operated and owned 50% interest in Overland Pass Pipeline Company LLC (OPPL).