WMB has gas processing plants near the gulf of Mexico. These plants suffered hurricane damage and has not been receiving gas until repairs are complete. WMB estimates its Midstream Gas Processing segment's third-quarter 2008 profit will be reduced by $45 million to $65 million.
WMB posted a 1st quarter profit almost four times higher than in 2007. Drivers include high natural gas prices and increased production levels, coupled with continued gain on the sale of non core assets. Willams 1st quarter profit of $0.57 a share beat street estimates of $0.51 a share. See: http://www.reuters.com/article/CHMMFG/idUSN0129621720080501