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/FIRST AND FINAL ADD -- SF005A -- THE WILLIAMS COS./

/FIRST AND FINAL ADD -- SF005A -- THE WILLIAMS COS./
 THE WILLIAMS COS.
 Financial Highlights
 (UNAUDITED)
 (Dollars in millions, except per-share amounts)
 Three months ended Six months ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues $546.4 $448.0 $1,129.6 $1,055.6
 Income before
 extraordinary
 credit 6.2 14.0 45.7 56.8
 Extraordinary
 credit 9.9 - 9.9 -
 Net income 16.1 14.0 55.6 56.8
 Earnings per
 common and
 common-equivalent
 share:Income
 before
 extraordinary
 credit $ .05 $ .26 $ .90 $ 1.22
 Extraordinary
 credit $ .22 - .22 -
 Net income $ .27 .26 1.12 1.22
 Average shares
 (thousands) 44,447 41,713
 THE WILLIAMS COS.
 Consolidated Statement of Income
 (Unaudited)
 (Millions, except per-share amounts)
 Three months ended Six month ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues:
 Williams Western
 Group $106.4 $92.1 $219.8 $215.0
 Williams Natural
 Gas Co. 47.8 52.2 190.7 245.5
 Williams Energy
 Co. 155.5 116.7 288.4 262.5
 Williams Pipe
 Line Co. 64.3 38.3 96.0 72.2
 WilTel 180.0 154.0 360.2 283.0
 Intercompany
 eliminations (7.6) (5.3) (25.5) (22.6)
 Total revenues 546.4 448.0 1,129.6 1,055.6
 Profit-center costs and expenses:
 Costs and
 operating
 expenses 430.8 336.5 858.7 777.3
 Selling, general
 and administrative
 expense 80.5 64.0 155.9 122.9
 Other income --
 net (.8) (1.8) (4.7) (2.1)
 Total profit
 center costs
 and expense 510.5 398.7 1,009.9 898.1
 Operating profit:
 Williams
 Western Group 35.3 23.7 70.0 59.2
 Williams
 Natural Gas
 Co. (5.1) (3.1) 26.3 42.3
 Williams Energy
 Co. .1 3.5 1.6 8.6
 Williams Pipe
 Line Co. 10.0 6.8 17.6 13.8
 Williams
 Telecommunications
 Group Inc. (4.4) 18.4 4.2 33.6
 Total operating
 profit 35.9 49.3 119.7 157.5
 General corporate
 expenses (6.2) (6.2) (14.2) (13.2)
 Interest
 accrued (36.8) (38.6) (77.7) (78.9)
 Interest
 capitalized 1.6 1.3 2.9 2.5
 Investing income 12.2 16.5 16.7 24.7
 Gain from sale
 of land - - 14.6 -
 Other income
 (expense) -- net .4 (3.1) (1.2) (5.6)
 Income before
 income taxes 7.1 19.2 60.8 87.0
 Provision for
 income taxes .9 5.2 15.1 30.2
 Income before
 extraordinary
 credit 6.2 14.0 45.7 56.8
 Extraordinary
 credit (Note 1) 9.9 - 9.9 -
 Net income 16.1 14.0 55.6 56.8
 Preferred stock
 dividends 2.9 2.9 5.8 5.8
 Income
 applicable to
 common stock $ 13.2 $ 11.1 $ 49.8 $ 51.0
 Earnings per
 common and
 common-equivalent share:
 Income before
 extraordinary
 credit $ .05 $ .26 $ .90 $ 1.22
 Extraordinary
 credit .22 - .22 -
 Net income $ .27 $ .26 $ 1.12 $ 1.22
 Note 1 to consolidated statement of income: The extraordinary credit results from the early extinguishment of debt of subsidiaries.
 Note 2: Operating profit may vary substantially by quarter. Williams Western Group and Williams Natural Gas Co. historically have experienced their greatest profitability in the first and fourth quarters.
 THE WILLIAMS COS.
 Operating Statistics
 Three months ended Six Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Williams Western
 Group
 Natural gas sales
 (TBtu) 3.8 4.5 9.2 19.5
 Transportation
 volumes (TBtu) 133.7 132.4 282.1 283.2
 Gathering
 volumes (TBtu) 110.2 65.1 206.2 139.8
 Third-party
 processing
 volumes (TBtu) 101.5 52.3 189.2 114.8
 Williams Natural
 Gas Co.
 Natural gas
 sales (TBtu) 6.4 7.9 36.2 53.6
 Transportation
 volumes (TBtu) 71.0 68.5 156.7 153.8
 Gathering volumes
 (TBtu) 42.5 43.3 83.7 80.3
 Williams Energy
 Co.
 Natural gas sales
 (TBtu):
 On-system 42.0 41.0 84.8 84.3
 Off-system 55.9 39.6 100.9 81.3
 Transportation
 volumes (TBtu) 14.3 21.2 31.8 43.3
 Williams Pipe
 Line Co.
 Shipment
 (million barrels)38.4 37.9 77.3 76.4
 Barrel miles
 (billions) 11.5 12.5 22.1 23.6
 WilTel
 Revenues (millions):
 Network
 service $ 112.9 $ 94.6 $ 226.2 $ 184.5
 Communications
 systems 62.9 56.8 126.7 93.0
 Other 4.2 2.6 7.3 5.5
 Total $ 180.0 $ 154.0 $ 360.2 $ 283.0
 Billable
 circuits at
 June 30: 16,073 13,837
 Billable calls
 (millions) 55.5 20.3 111.0 37.9
 (Note: Quarterly volumes may vary substantially and are not necessarily indicative of the entire year.
 -0- 7/27/92 AA SF005
 /CONTACT: Jim Gipson of The Williams Cos., 918-588-2111/
 (WMB) CO: The Williams Cos. ST: Oklahoma IN: OIL SU: ERN


RM -- SF005A -- 3684 07/27/92 17:00 EDT
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