WMB » Topics » Investments

These excerpts taken from the WMB 10-K filed Feb 25, 2009.
Investments
 
                 
    December 31,  
    2008     2007  
    (Millions)  
 
Equity method:
               
Gulfstream Natural Gas System, L.L.C. — 50%
  $ 525     $ 439  
Discovery Producer Services, L.L.C. — 60%*
    184       215  
Petrolera Entre Lomas S.A. — 40.8%
    73       65  
ACCROVEN — 49.3%
    69       62  
Other
    96       95  
                 
      947       876  
Cost method
    24       25  
                 
    $ 971     $ 901  
                 
 
 
* Our consolidated subsidiary, Williams Partners L.P., owns 60 percent. However, we continue to account for this investment under the equity method due to the voting provisions of Discovery’s limited liability company, which provide the other member of Discovery significant participatory rights such that we do not control the investment.
 
Differences between the carrying value of our equity investments and the underlying equity in the net assets of the investees is primarily related to impairments previously recognized.
 
Dividends and distributions, including those presented below, received from companies accounted for by the equity method were $167 million in 2008 and $118 million in 2007. These transactions reduced the carrying value of our investments. These dividends and distributions primarily included:
 
                 
    2008     2007  
    (Millions)  
 
Gulfstream Natural Gas System, L.L.C. 
  $ 58     $ 34  
Discovery Producer Services, L.L.C. 
    56       36  
Aux Sable Liquid Products L.P. 
    28       22  
Petrolera Entre Lomas S.A. 
    7       12  
 
In addition, we contributed $90 million in 2008 and $38 million in 2007 to Gulfstream Natural Gas System, L.L.C. (Gulfstream).
 
Investments


 












































































































































































                 

 

 

December 31,

 

 

 

2008

 

 

2007

 

 

 

(Millions)

 
 


Equity method:


 

 

 

 

 

 

 

 


Gulfstream Natural Gas System, L.L.C. — 50%


 

$

525

 

 

$

439

 


Discovery Producer Services, L.L.C. — 60%*


 

 

184

 

 

 

215

 


Petrolera Entre Lomas S.A. — 40.8%


 

 

73

 

 

 

65

 


ACCROVEN — 49.3%


 

 

69

 

 

 

62

 


Other


 

 

96

 

 

 

95

 

 

 

 

 

 

 

 

 

 

 

 

 

947

 

 

 

876

 


Cost method


 

 

24

 

 

 

25

 

 

 

 

 

 

 

 

 

 

 

 

$

971

 

 

$

901

 

 

 

 

 

 

 

 

 

 






 




 



















*

Our consolidated subsidiary, Williams Partners L.P., owns
60 percent. However, we continue to account for this
investment under the equity method due to the voting provisions
of Discovery’s limited liability company, which provide the
other member of Discovery significant participatory rights such
that we do not control the investment.


 



Differences between the carrying value of our equity investments
and the underlying equity in the net assets of the investees is
primarily related to impairments previously recognized.


 



Dividends and distributions, including those presented below,
received from companies accounted for by the equity method were
$167 million in 2008 and $118 million in 2007. These
transactions reduced the carrying value of our investments.
These dividends and distributions primarily included:


 














































































                 

 

 

2008

 

 

2007

 

 

 

(Millions)

 
 


Gulfstream Natural Gas System, L.L.C. 


 

$

58

 

 

$

34

 


Discovery Producer Services, L.L.C. 


 

 

56

 

 

 

36

 


Aux Sable Liquid Products L.P. 


 

 

28

 

 

 

22

 


Petrolera Entre Lomas S.A. 


 

 

7

 

 

 

12

 






 



In addition, we contributed $90 million in 2008 and
$38 million in 2007 to Gulfstream Natural Gas System,
L.L.C. (Gulfstream).


 




These excerpts taken from the WMB 10-K filed Feb 26, 2008.
Investments
 
Investments at December 31, 2007 and 2006, are as follows:
 
                 
    2007     2006  
    (Millions)  
 
Equity method:
               
Gulfstream Natural Gas System, L.L.C. — 50%
  $ 439     $ 387  
Discovery Producer Services, L.L.C. — 60%*
    215       221  
Petrolera Entre Lomas S.A. — 40.8%
    65       59  
ACCROVEN — 49.3%
    62       57  
Other
    95       90  
                 
      876       814  
Cost method
    25       52  
                 
    $ 901     $ 866  
                 
 
 
* We own 60 percent indirectly through Williams Partners L.P., of which we own approximately 23.6 percent. We continue to account for this investment under the equity method due to the voting provisions of Discovery’s limited liability company which provide the other member of Discovery significant participatory rights such that we do not control the investment.


96


Table of Contents

 
THE WILLIAMS COMPANIES, INC.
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 
 
Differences between the carrying value of our equity investments and the underlying equity in the net assets of the investees is primarily related to impairments previously recognized.
 
Dividends and distributions, including those presented below, received from companies accounted for by the equity method were $118 million in 2007 and $116 million in 2006. These transactions reduced the carrying value of our investments. These dividends and distributions primarily included:
 
                 
    2007     2006  
    (Millions)  
 
Discovery Producer Services, L.L.C. 
  $ 36     $ 27  
Gulfstream Natural Gas System L.L.C. 
    34       42  
Aux Sable Liquid Products L.P. 
    22       13  
Petrolera Entre Lomas S.A. 
    12       14  
 
In addition in 2007, we contributed $38 million to Gulfstream Natural Gas System L.L.C. (Gulfstream).
 
Investments


 



Investments at December 31, 2007 and 2006, are as
follows:


 






































































































































































                 

 

 

2007

 

 

2006

 

 

 

(Millions)

 
 


Equity method:


 

 

 

 

 

 

 

 


Gulfstream Natural Gas System, L.L.C. — 50%


 

$

439

 

 

$

387

 


Discovery Producer Services, L.L.C. — 60%*


 

 

215

 

 

 

221

 


Petrolera Entre Lomas S.A. — 40.8%


 

 

65

 

 

 

59

 


ACCROVEN — 49.3%


 

 

62

 

 

 

57

 


Other


 

 

95

 

 

 

90

 

 

 

 

 

 

 

 

 

 

 

 

 

876

 

 

 

814

 


Cost method


 

 

25

 

 

 

52

 

 

 

 

 

 

 

 

 

 

 

 

$

901

 

 

$

866

 

 

 

 

 

 

 

 

 

 






 




 



















*

We own 60 percent indirectly through Williams Partners
L.P., of which we own approximately 23.6 percent. We
continue to account for this investment under the equity method
due to the voting provisions of Discovery’s limited
liability company which provide the other member of Discovery
significant participatory rights such that we do not control the
investment.





96





Table of Contents





 




THE
WILLIAMS COMPANIES, INC.




 




NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)


 


 



Differences between the carrying value of our equity investments
and the underlying equity in the net assets of the investees is
primarily related to impairments previously recognized.


 



Dividends and distributions, including those presented below,
received from companies accounted for by the equity method were
$118 million in 2007 and $116 million in 2006. These
transactions reduced the carrying value of our investments.
These dividends and distributions primarily included:


 














































































                 

 

 

2007

 

 

2006

 

 

 

(Millions)

 
 


Discovery Producer Services, L.L.C. 


 

$

36

 

 

$

27

 


Gulfstream Natural Gas System L.L.C. 


 

 

34

 

 

 

42

 


Aux Sable Liquid Products L.P. 


 

 

22

 

 

 

13

 


Petrolera Entre Lomas S.A. 


 

 

12

 

 

 

14

 






 



In addition in 2007, we contributed $38 million to
Gulfstream Natural Gas System L.L.C. (Gulfstream).


 




This excerpt taken from the WMB 10-K filed Feb 28, 2007.
Investments
 
Investments at December 31, 2006 and 2005, are as follows:
 
                 
    2006     2005  
    (Millions)  
 
Equity method
               
Gulfstream Natural Gas System, L.L.C. — 50%
  $ 387.5     $ 395.4  
Discovery Producer Services, L.L.C. — 60%*
    221.2       227.9  
Petrolera Entre Lomas S.A. — 40.8%
    58.8       51.9  
ACCROVEN — 49.3%
    57.4       60.0  
Other
    89.5       95.9  
                 
      814.4       831.1  
Cost method
    51.6       56.7  
                 
    $ 866.0     $ 887.8  
                 
 
 
We own 20% directly and 40% indirectly through Williams Partners L.P., of which we own approximately 22.5%.
 
The difference between the carrying value of our equity investments and the underlying equity in the net assets of the investees is primarily related to impairments previously recognized.
 
Dividends and distributions, including those discussed below, received from companies accounted for by the equity method were $115.6 million in 2006 and $447.4 million in 2005. These transactions reduced the carrying value of our investments.
 
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