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Williams Partners defines distributable cash flow per limited partner unit as distributable cash flow, as defined in the following paragraph, attributable to partnership operations plus the cash distributed by Discovery. This press release includes certain financial measures, Recurring Segment Profit, Distributable Cash Flow and Distributable Cash Flow per Limited Partner Unit that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission. Discovery Producer Services Reconciliation of Non-GAAP “Distributable Cash Flow” to GAAP “Net income” Net income $6,551 $6,460 $13,168 $26,179 Depreciation and accretion 6,483 6,508 6,243 19,234 Maintenance capital expenditures (429) (595) (1,560) (2,584) Distributable Cash Flow - 100% $12,605 $12,373 $17,851 $42,829 Distributable Cash Flow - our 60% interest $7,563 $7,424 $10,711 $25,697 * Because Four Corners and the additional 20% interest in Discovery were affiliates of Williams at the time of these acquisitions, the transactions were between entities under common control, and have been accounted for at historical cost. Segment Profit & Operating Statistics (UNAUDITED) 2006* (Thousands) 1st Qtr 2nd Qtr 3rd Qtr Y-T-D Gathering and Processing - West Segment revenues $115,672 $127,794 $132,603 $376,069 Product cost 38,277 41,800 41,821 121,898 Operating and maintenance expense 29,095 34,525 29,950 93,570 Depreciation, amortization and accretion 9,814 9,952 10,035 29,801 Direct general and administrative expenses 3,400 2,361 2,838 8,599 Other, net (1,567) 1,919 2,260 2,612 Segment profit $36,653 $37,237 $45,699 $119,589 Gathering and Processing - Gulf Segment revenues $733 $676 $632 $2,041 Operating and maintenance expense 242 231 399 872 Depreciation and accretion 300 300 300 900 Direct general and administrative expenses 2 7 - 9 Segment operating income (loss) 189 138 (67) 260 Equity earnings 5,671 3,521 6,083 15,275 Segment profit $5,860 $3,659 $6,016 $15,535 NGL Services Segment revenues $16,330 $12,716 $13,347 $42,393 Operating and maintenance expense 7,449 6,812 7,220 21,481 Product cost 5,723 2,919 2,880 11,522 Depreciation and accretion 600 600 609 1,809 Direct general and administrative expenses 301 235 279 815 Other, net 207 166 182 555 Segment profit $2,050 $1,984 $2,177 $6,211 2007 (Thousands) 1st Qtr 2nd Qtr 3rd Qtr Y-T-D Gathering and Processing - West Segment revenues $120,428 $125,047 $134,035 $379,510 Product cost 39,675 42,313 45,791 127,779 Operating and maintenance expense 33,097 29,487 34,267 96,851 Depreciation, amortization and accretion 12,175 10,203 8,564 30,942 Direct general and administrative expenses 1,821 1,797 1,839 5,457 Other, net 2,384 2,624 2,414 7,422 Segment profit $31,276 $38,623 $41,160 $111,059 Gathering and Processing - Gulf Segment revenues $561 $459 $521 $1,541 Operating and maintenance expense 550 361 443 1,354 Depreciation and accretion 304 303 304 911 Direct general and administrative expenses - - - - Segment operating income (loss) (293) (205) (226) (724) Equity earnings 3,931 3,875 7,902 15,708 Segment profit $3,638 $3,670 $7,676 $14,984 NGL Services Segment revenues $12,826 $13,763 $15,020 $41,609 Operating and maintenance expense 8,866 4,395 5,824 19,085 Product cost 2,520 2,364 3,058 7,942 Depreciation and accretion 699 728 1,477 2,904 Direct general and administrative expenses 498 470 510 1,478 Other, net 190 200 194 584 Segment profit $53 $5,606 $3,957 $9,616 * Because Four Corners and the additional 20% interest in Discovery were affiliates of Williams at the time of these acquisitions, the transactions were between entities under common control, and have been accounted for at historical cost. Find Out More

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