Exhibit

EXHIBIT 99.2






	Non-GAAP Reconciliations,
	Financial Highlights, and Operating Statistics

	(UNAUDITED)

	Final

	March 31, 2018



Williams Partners L.P.
Reconciliation of Non-GAAP Measures
(UNAUDITED)
	2017															2018
(Dollars in millions, except coverage ratios)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr

Williams Partners L.P.
Reconciliation of "Net Income (Loss)" to "Modified EBITDA", Non-GAAP "Adjusted EBITDA" and "Distributable cash flow"

Net income (loss)	$	660		$	348		$	284		$	(317	)	$	975		$	384
Provision (benefit) for income taxes	3			1			(1		)	3			6			—
Interest expense	214			205			202			201			822			209
Equity (earnings) losses	(107		)	(125		)	(115		)	(87		)	(434		)	(82		)
Other investing (income) loss - net	(271		)	(2		)	(4		)	(4		)	(281		)	(4		)
Proportional Modified EBITDA of equity-method investments	194			215			202			184			795			169
Depreciation and amortization expenses	433			423			424			420			1,700			423
Accretion expense associated with asset retirement obligations for nonregulated operations	6			11			8			8			33			8
Modified EBITDA	1,132			1,076			1,000			408			3,616			1,107
Adjustments
Estimated minimum volume commitments	15			15			18			(48		)	—			—
Severance and related costs	9			4			5			4			22			—
Settlement charge from pension early payout program	—			—			—			35			35			—
Regulatory charges resulting from Tax Reform	—			—			—			713			713			4
Share of regulatory charges resulting from Tax Reform for equity-method investments	—			—			—			11			11			2
ACMP Merger and transition costs	—			4			3			4			11			—
Constitution Pipeline project development costs	2			6			4			4			16			2
Share of impairment at equity-method investment	—			—			1			—			1			—
Geismar Incident adjustment	(9		)	2			8			(1		)	—			—
Gain on sale of Geismar Interest	—			—			(1,095		)	—			(1,095		)	—
Impairment of certain assets	—			—			1,142			9			1,151			—
Ad valorem obligation timing adjustment	—			—			7			—			7			—
Organizational realignment-related costs	4			6			6			2			18			—
(Gain) loss related to Canada disposition	(3		)	(1		)	4			4			4			—
(Gain) loss on asset retirement	—			—			(5		)	5			—			—
Gains from contract settlements and terminations	(13		)	(2		)	—			—			(15		)	—
Accrual for loss contingency	9			—			—			—			9			—
(Gain) loss on early retirement of debt	(30		)	—			3			—			(27		)	7
Gain on sale of RGP Splitter	—			(12		)	—			—			(12		)	—
Expenses associated with Financial Repositioning	—			2			—			—			2			—
Expenses associated with strategic asset monetizations	1			4			—			—			5			—
Total EBITDA adjustments	(15		)	28			101			742			856			15
Adjusted EBITDA	1,117			1,104			1,101			1,150			4,472			1,122

Maintenance capital expenditures ⁽¹⁾	(53		)	(100		)	(136		)	(154		)	(443		)	(100		)
Interest expense - net ⁽²⁾	(224		)	(216		)	(207		)	(208		)	(855		)	(212		)
Cash taxes	(5		)	(1		)	(4		)	(2		)	(12		)	(1		)
Income attributable to noncontrolling interests ⁽³⁾	(27		)	(32		)	(27		)	(27		)	(113		)	(25		)
WPZ restricted stock unit non-cash compensation	2			1			1			1			5			—
Amortization of deferred revenue associated with certain 2016 contract restructurings ⁽⁴⁾	(58		)	(58		)	(59		)	(58		)	(233		)	—
Distributable cash flow attributable to Partnership Operations	752			698			669			702			2,821			784

Total cash distributed ⁽⁵⁾	$	567		$	574		$	574		$	574		$	2,289		$	588

Coverage ratios:
Distributable cash flow attributable to partnership operations divided by Total cash distributed	1.33			1.22			1.17			1.22			1.23			1.33
Net income (loss) divided by Total cash distributed	1.16			0.61			0.49			(0.55		)	0.43			0.65

(1) Includes proportionate share of maintenance capital expenditures of equity investments.
(2) Includes proportionate share of interest expense of equity investments.
(3) Excludes allocable share of certain EBITDA adjustments.
(4) Beginning first quarter 2018, as a result of the extended deferred revenue amortization period under the new GAAP revenue standard, we have discontinued the adjustment associated with these 2016 contract restructuring payments. The adjustment would have been $32 million for the first quarter of 2018.
(5) Cash distributions for the first quarter of 2017 have been decreased by $6 million to reflect the amount paid by WMB to WPZ pursuant to the January 2017 Common Unit Purchase Agreement.



Williams Partners L.P.
Reconciliation of “Modified EBITDA” to Non-GAAP “Adjusted EBITDA”
(UNAUDITED)
	2017															2018
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr

Modified EBITDA:
Northeast G&P	$	226		$	247		$	115		$	231		$	819		$	250
Atlantic-Gulf	450			454			430			(96		)	1,238			451
West	385			356			(615		)	286			412			413
NGL & Petchem Services	51			30			1,084			(4		)	1,161			—
Other	20			(11		)	(14		)	(9		)	(14		)	(7		)
Total Modified EBITDA	$	1,132		$	1,076		$	1,000		$	408		$	3,616		$	1,107

Adjustments:
Northeast G&P
Severance and related costs	$	—		$	—		$	—		$	—		$	—		$	—
Share of impairment at equity-method investments	—			—			1			—			1			—
ACMP Merger and transition costs	—			—			—			—			—			—
Impairment of certain assets	—			—			121			—			121			—
Ad valorem obligation timing adjustment	—			—			7			—			7			—
Settlement charge from pension early payout program	—			—			—			7			7			—
Organizational realignment-related costs	1			1			2			—			4			—
Total Northeast G&P adjustments	1			1			131			7			140			—
Atlantic-Gulf
Potential rate refunds associated with rate case litigation	—			—			—			—			—			—
Severance and related costs	—			—			—			—			—			—
Constitution Pipeline project development costs	2			6			4			4			16			2
Settlement charge from pension early payout program	—			—			—			15			15			—
Regulatory charges resulting from Tax Reform	—			—			—			493			493			11
Share of regulatory charges resulting from Tax Reform for equity-method investments	—			—			—			11			11			2
Organizational realignment-related costs	1			2			2			1			6			—
(Gain) loss on asset retirement	—			—			(5		)	5			—			—
Total Atlantic-Gulf adjustments	3			8			1			529			541			15
West
Estimated minimum volume commitments	15			15			18			(48		)	—			—
Severance and related costs	—			—			—			—			—			—
ACMP Merger and transition costs	—			—			—			—			—			—
Impairment of certain assets	—			—			1,021			9			1,030			—
Settlement charge from pension early payout program	—			—			—			13			13			—
Regulatory charge associated with Tax Reform	—			—			—			220			220			(7		)
Organizational realignment-related costs	2			3			2			1			8			—
Gains from contract settlements and terminations	(13		)	(2		)	—			—			(15		)	—
Total West adjustments	4			16			1,041			195			1,256			(7		)
NGL & Petchem Services
Impairment of certain assets	—			—			—			—			—			—
(Gain) loss related to Canada disposition	(3		)	(1		)	4			4			4			—
Severance and related costs	—			—			—			—			—			—
Expenses associated with strategic asset monetizations	1			4			—			—			5			—
Geismar Incident adjustments	(9		)	2			8			(1		)	—			—
Gain on sale of Geismar Interest	—			—			(1,095		)	—			(1,095		)	—
Gain on sale of RGP Splitter	—			(12		)	—			—			(12		)	—
Accrual for loss contingency	9			—			—			—			9			—
Total NGL & Petchem Services adjustments	(2		)	(7		)	(1,083		)	3			(1,089		)	—
Other
Severance and related costs	9			4			5			4			22			—
ACMP Merger and transition costs	—			4			3			4			11			—
Expenses associated with Financial Repositioning	—			2			—			—			2			—
(Gain) loss on early retirement of debt	(30		)	—			3			—			(27		)	7
Total Other adjustments	(21		)	10			11			8			8			7

Total Adjustments	$	(15	)	$	28		$	101		$	742		$	856		$	15

Adjusted EBITDA:
Northeast G&P	$	227		$	248		$	246		$	238		$	959		$	250
Atlantic-Gulf	453			462			431			433			1,779			466
West	389			372			426			481			1,668			406
NGL & Petchem Services	49			23			1			(1		)	72			—
Other	(1		)	(1		)	(3		)	(1		)	(6		)	—
Total Adjusted EBITDA	$	1,117		$	1,104		$	1,101		$	1,150		$	4,472		$	1,122



Williams Partners L.P.
Consolidated Statement of Income (Loss)
(UNAUDITED)
	2017															2018
(Dollars in millions, except per-unit amounts)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr

Revenues:
Service revenues	$	1,256		$	1,277		$	1,304		$	1,455		$	5,292		$	1,346
Service revenues - commodity consideration ⁽²⁾	—			—			—			—			—			101
Product sales	727			642			581			768			2,718			636
Total revenues	1,983			1,919			1,885			2,223			8,010			2,083
Costs and expenses:
Product costs	579			537			504			680			2,300			613
Processing commodity expenses ⁽²⁾	—			—			—			—			—			35
Operating and maintenance expenses	361			384			396			421			1,562			351
Depreciation and amortization expenses	433			423			424			420			1,700			423
Selling, general, and administrative expenses	156			154			140			160			610			138
Impairment of certain assets	1			2			1,142			11			1,156			—
Gain on sale of Geismar Interest	—			—			(1,095		)	—			(1,095		)	—
Regulatory charges resulting from Tax Reform	—			—			—			674			674			—
Other (income) expense - net	3			7			22			38			70			31
Total costs and expenses	1,533			1,507			1,533			2,404			6,977			1,591
Operating income (loss)	450			412			352			(181		)	1,033			492
Equity earnings (losses)	107			125			115			87			434			82
Other investing income (loss) - net	271			2			4			4			281			4
Interest incurred	(221		)	(214		)	(210		)	(210		)	(855		)	(218		)
Interest capitalized	7			9			8			9			33			9
Other income (expense) - net	49			15			14			(23		)	55			15
Income (loss) before income taxes	663			349			283			(314		)	981			384
Provision (benefit) for income taxes	3			1			(1		)	3			6			—
Net income (loss)	660			348			284			(317		)	975			384
Less: Net income attributable to noncontrolling interests	26			28			25			25			104			24
Net income (loss) attributable to controlling interests	$	634		$	320		$	259		$	(342	)	$	871		$	360

Allocation of net income (loss) for calculation of earnings per common unit:
Net income (loss) attributable to controlling interests	$	634		$	320		$	259		$	(342	)	$	871		$	360
Allocation of net income (loss) to Class B units ⁽¹⁾	11			6			4			(6		)	15			7
Allocation of net income (loss) to common units ⁽¹⁾	$	623		$	314		$	255		$	(336	)	$	856		$	353

Diluted earnings (loss) per common unit:
Net income (loss) per common unit ⁽¹⁾	$	0.68		$	0.33		$	0.27		$	(0.35	)	$	0.90		$	0.37
Weighted average number of common units outstanding (thousands)	920,250			955,986			956,365			956,558			947,485			957,336

Cash distributions per common unit	$	0.600		$	0.600		$	0.600		$	0.600		$	2.400		$	0.614

(1) The sum for the quarters may not equal the total for the year due to timing of unit issuances.
(2) Line items are new in conjunction with the implementation of Accounting Standard Codification Topic 606, "Revenue from Contracts with Customers" (ASC 606).



Williams Partners L.P.
Northeast G&P
(UNAUDITED)
	2017															2018
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr

Revenues:
Service revenues:
Nonregulated gathering and processing fee-based revenue	$	182		$	183		$	182		$	191		$	738		$	189
Other fee revenues	40			38			36			38			152			44
Nonregulated commodity consideration ⁽¹⁾	—			—			—			—			—			4
Product sales:
NGL sales from gas processing	4			4			2			4			14			4
Marketing sales	64			48			59			106			277			89
Tracked revenues ⁽¹⁾	—			—			—			—			—			5
	290			273			279			339			1,181			335
Intrasegment eliminations	(5		)	(4		)	(4		)	(5		)	(18		)	(5		)
Total revenues	285			269			275			334			1,163			330

Segment costs and expenses:
NGL cost of goods sold	4			1			2			1			8			4
Marketing cost of goods sold	65			48			59			106			278			90
Processing commodity expenses ⁽¹⁾	—			—			—			—			—			2
Operating and administrative costs	91			92			103			113			399			90
Other segment costs and expenses	—			1			(1		)	5			5			2
Impairment of certain assets	1			1			121			1			124			—
Tracked costs ⁽¹⁾	—			—			—			—			—			5
Intrasegment eliminations	(5		)	(4		)	(4		)	(5		)	(18		)	(5		)
Total segment costs and expenses	156			139			280			221			796			188

Proportional Modified EBITDA of equity-method investments	97			117			120			118			452			108
Modified EBITDA	226			247			115			231			819			250
Adjustments	1			1			131			7			140			—
Adjusted EBITDA	$	227		$	248		$	246		$	238		$	959		$	250
NGL margin	$	—		$	3		$	—		$	3		$	6		$	2

Statistics for Operated Assets

Gathering and Processing
Gathering volumes (Bcf per day) - Consolidated ⁽²⁾	3.32			3.28			3.28			3.37			3.31			3.38
Gathering volumes (Bcf per day) - Non-consolidated ⁽³⁾	3.55			3.58			3.48			3.61			3.55			3.82
Plant inlet natural gas volumes (Bcf per day) ⁽²⁾	0.39			0.40			0.45			0.50			0.43			0.49

Ethane equity sales (Mbbls/d)	2			2			2			1			2			1
Non-ethane equity sales (Mbbls/d)	1			1			1			1			1			1
NGL equity sales (Mbbls/d)	3			3			3			2			3			2

Ethane production (Mbbls/d)	17			22			17			22			20			23
Non-ethane production (Mbbls/d)	15			17			19			22			18			21
NGL production (Mbbls/d)	32			39			36			44			38			44

(1) Line items are new in conjunction with the implementation of ASC 606.
(2) Includes gathering volumes associated with Susquehanna Supply Hub, Ohio Valley Midstream, and Utica Supply Hub, all of which are consolidated.
(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership; and the Bradford Supply Hub and a portion of the Marcellus South Supply Hub within the Appalachia Midstream Services partnership. Volumes handled by Blue Racer Midstream (gathering and processing) and UEOM (processing only), which we do not operate, are not included.



Williams Partners L.P.
Atlantic-Gulf
(UNAUDITED)
	2017															2018
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr

Revenues:
Service revenues:
Nonregulated gathering & processing fee-based revenue	$	127		$	136		$	133		$	132		$	528		$	137
Regulated transportation revenue	354			358			381			408			1,501			413
Other fee revenues	54			42			38			39			173			41
Nonregulated commodity consideration⁽¹⁾	—			—			—			—			—			15
Product sales:
NGL sales from gas processing	27			16			13			14			70			15
Marketing sales	90			75			66			81			312			45
Other sales	1			—			1			—			2			2
Tracked revenues	36			52			47			44			179			58
	689			679			679			718			2,765			726
Intrasegment eliminations	(19		)	(7		)	(9		)	(7		)	(42		)	(9		)
Total revenues	670			672			670			711			2,723			717
Segment costs and expenses:
NGL cost of goods sold	13			7			6			3			29			15
Marketing cost of goods sold	88			75			65			80			308			45
Processing commodity expenses ⁽¹⁾	—			—			—			—			—			5
Operating and administrative costs	174			173			197			228			772			184
Other segment costs and expenses	—			(2		)	(2		)	14			10			—
Regulatory charges resulting from Tax Reform	—			—			—			493			493			11
Tracked costs	36			52			47			44			179			58
Intrasegment eliminations	(19		)	(7		)	(9		)	(7		)	(42		)	(9		)
Total segment costs and expenses	292			298			304			855			1,749			309
Proportional Modified EBITDA of equity-method investments	72			80			64			48			264			43
Modified EBITDA	450			454			430			(96		)	1,238			451
Adjustments	3			8			1			529			541			15
Adjusted EBITDA	$	453		$	462		$	431		$	433		$	1,779		$	466
NGL Margins	$	14		$	9		$	7		$	11		$	41		$	10

Statistics for Operated Assets
Gathering, Processing and Crude Oil Transportation
Gathering volumes (Bcf per day) - Consolidated ⁽²⁾	0.32			0.29			0.31			0.30			0.31			0.30
Gathering volumes (Bcf per day) - Non-consolidated ⁽³⁾	0.55			0.54			0.39			0.28			0.44			0.15
Plant inlet natural gas volumes (Bcf per day) - Consolidated ⁽²⁾	0.56			0.57			0.52			0.54			0.55			0.54
Plant inlet natural gas volumes (Bcf per day) - Non-consolidated ⁽³⁾	0.54			0.53			0.39			0.27			0.43			0.24
Crude transportation volumes (Mbbls/d)	131			135			137			136			134			142
Consolidated ⁽²⁾
Ethane margin ($/gallon)	$	.02		$	.03		$	.04		$	.09		$	.04		$	.03
Non-ethane margin ($/gallon)	$	.42		$	.36		$	.53		$	.72		$	.47		$	.66
NGL margin ($/gallon)	$	.26		$	.23		$	.26		$	.46		$	.28		$	.40
Ethane equity sales (Mbbls/d)	6			4			4			2			4			3
Non-ethane equity sales (Mbbls/d)	9			6			3			3			5			4
NGL equity sales (Mbbls/d)	15			10			7			5			9			7
Ethane production (Mbbls/d)	14			14			13			14			14			12
Non-ethane production (Mbbls/d)	20			19			18			19			19			19
NGL production (Mbbls/d)	34			33			31			33			33			31
Non-consolidated ⁽³⁾
NGL equity sales (Mbbls/d)	5			4			5			4			5			2
NGL production (Mbbls/d)	21			22			22			19			21			18
Transcontinental Gas Pipe Line
Throughput (Tbtu)	939.1			887.6			938.5			1,017.5			3,782.7			1,099.9
Avg. daily transportation volumes (Tbtu)	10.4			9.8			10.2			11.1			10.4			12.2
Avg. daily firm reserved capacity (Tbtu)	12.8			13.2			14.1			14.9			13.8			15.4

(1) Line items are new in conjunction with the implementation of ASC 606.
(2) Excludes volumes associated with equity-method investments that are not consolidated in our results.
(3) Includes 100% of the volumes associated with operated equity-method investments.



Williams Partners L.P.
West
(UNAUDITED)
	2017															2018
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr

Revenues:
Service revenues:
Nonregulated gathering & processing fee-based revenue	$	364		$	382		$	398		$	500		$	1,644		$	386
Regulated transportation revenue	117			112			113			118			460			109
Other fee revenues	43			38			39			44			164			43
Nonregulated commodity consideration ⁽¹⁾	—			—			—			—			—			82
Product sales:
NGL sales from gas processing	64			61			68			82			275			85
Olefin sales	1			—			—			—			1			—
Marketing sales	506			490			561			708			2,265			583
Other sales	6			8			12			23			49			14
Tracked revenues	—			1			—			1			2			16
	1,101			1,092			1,191			1,476			4,860			1,318
Intrasegment eliminations	(127		)	(130		)	(162		)	(182		)	(601		)	(175		)
Total revenues	974			962			1,029			1,294			4,259			1,143
Segment costs and expenses:
NGL cost of goods sold	27			31			31			32			121			85
Marketing cost of goods sold	505			498			550			701			2,254			583
Other cost of goods sold	5			4			12			20			41			10
Processing commodity expenses ⁽¹⁾	—			—			—			—			—			30
Operating and administrative costs	216			222			210			223			871			201
Other segment costs and expenses	(12		)	(2		)	(1		)	1			(14		)	5
Impairment of certain assets	—			1			1,021			10			1,032			—
Regulatory charges resulting from Tax Reform	—			—			—			220			220			(7		)
Tracked costs	—			—			1			1			2			16
Intrasegment eliminations	(127		)	(130		)	(162		)	(182		)	(601		)	(175		)
Total segment costs and expenses	614			624			1,662			1,026			3,926			748
Proportional Modified EBITDA of equity-method investments	25			18			18			18			79			18
Modified EBITDA	385			356			(615		)	286			412			413
Adjustments	4			16			1,041			195			1,256			(7		)
Adjusted EBITDA	$	389		$	372		$	426		$	481		$	1,668		$	406
NGL margin	$	37		$	30		$	37		$	50		$	154		$	52

Statistics for Operated Assets
Gathering and Processing
Gathering volumes (Bcf per day)	4.23			4.40			4.62			4.86			4.53			4.58
Plant inlet natural gas volumes (Bcf per day)	1.99			2.00			2.11			2.17			2.07			2.16

Ethane equity sales (Mbbls/d)	3			11			11			12			9			19
Non-ethane equity sales (Mbbls/d)	20			20			20			21			20			20
NGL equity sales (Mbbls/d)	23			31			31			33			29			39
Ethane margin ($/gallon)	$	.04		$	.00		$	.02		$	.02		$	.02		$	.01
Non-ethane margin ($/gallon)	$	.49		$	.40		$	.45		$	.61		$	.49		$	.69
NGL margin ($/gallon)	$	.43		$	.26		$	.30		$	.39		$	.34		$	.35
Ethane production (Mbbls/d)	8			18			19			26			18			31
Non-ethane production (Mbbls/d)	55			57			62			63			59			62
NGL production (Mbbls/d)	63			75			81			89			77			93
Northwest Pipeline LLC
Throughput (Tbtu)	219.0			165.4			156.4			209.1			749.9			226.1
Avg. daily transportation volumes (Tbtu)	2.4			1.8			1.7			2.3			2.1			2.5
Avg. daily firm reserved capacity (Tbtu)	3.0			3.0			3.0			3.0			3.0			3.0
Overland Pass Pipeline Company LLC (equity investment) - 100%
NGL Transportation volumes (Mbbls)	18,338			20,558			21,015			21,425			81,336			21,263
(1) Line items are new in conjunction with the implementation of ASC 606.



Williams Partners L.P.
NGL & Petchem Services
(UNAUDITED)
	2017															2018
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr

Revenues:
Service revenue:
Nonregulated gathering & processing fee-based revenue	$	—		$	—		$	—		$	—		$	—		$	—
Other fee-based revenues	3			4			—			—			7			—
Nonregulated commodity consideration ⁽¹⁾	—			—			—			—			—			—
Product sales:
NGL sales from gas processing	—			—			—			—			—			—
Olefin sales	160			145			6			—			311			—
Marketing sales	56			38			3			—			97			—
Other sales	—			—			—			—			—			—
	219			187			9			—			415			—
Intrasegment eliminations	(17		)	(26		)	—			—			(43		)	—
Total revenues	202			161			9			—			372			—

Segment costs and expenses:
NGL cost of goods sold	—			—			—			—			—			—
Olefins cost of goods sold	89			93			4			—			186			—
Marketing cost of goods sold	52			40			3			—			95			—
Other cost of goods sold	—			—			—			—			—			—
Processing commodity expenses ⁽¹⁾	—			—			—			—			—			—
Operating and administrative costs	30			37			2			—			69			—
Other segment costs and expenses	(3		)	(13		)	11			4			(1		)	—
Impairment of certain assets	—			—			—			—			—			—
Gain on sale of Geismar Interest	—			—			(1,095		)	—			(1,095		)	—
Intrasegment eliminations	(17		)	(26		)	—			—			(43		)	—
Total segment costs and expenses	151			131			(1,075		)	4			(789		)	—
Modified EBITDA	51			30			1,084			(4		)	1,161			—
Adjustments	(2		)	(7		)	(1,083		)	3			(1,089		)	—
Adjusted EBITDA	$	49		$	23		$	1		$	(1	)	$	72		$	—

Statistics for Operated Assets

Petrochemical Services
Geismar ethylene sales volumes (million lbs)	266			300			—			—			566			—
Geismar ethylene margin ($/lb) ⁽²⁾	$	.19		$	.13		$	—		$	—		$	.16		$	—

(1) Line items are new in conjunction with the implementation of ASC 606.
(2) Ethylene margin and ethylene margin per pound are calculated using financial results determined in accordance with GAAP, which include realized ethylene sales prices and ethylene COGS. Realized sales and COGS per unit metrics may vary from publicly quoted market indices or spot prices due to various factors, including, but not limited to, basis differentials, transportation costs, contract provisions, and inventory accounting methods. The Geismar operations were sold in July 2017.



Williams Partners L.P.
Capital Expenditures and Investments
(UNAUDITED)
	2017															2018
(Dollars in millions)	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year			1st Qtr

Capital expenditures:
Northeast G&P	$	58		$	81		$	173		$	101		$	413		$	114
Atlantic-Gulf	388			398			371			508			1,665			764
West	57			58			94			76			285			69
NGL & Petchem Services	6			1			(1		)	—			6			—
Other	—			2			1			2			5			1
Total ⁽¹⁾	$	509		$	540		$	638		$	687		$	2,374		$	948

Purchases of investments:
Northeast G&P	$	20		$	26		$	24		$	29		$	99		$	20
Atlantic-Gulf	—			1			—			—			1			1
West	32			—			—			—			32			—
Total	$	52		$	27		$	24		$	29		$	132		$	21

Summary:
Northeast G&P	$	78		$	107		$	197		$	130		$	512		$	134
Atlantic-Gulf	388			399			371			508			1,666			765
West	89			58			94			76			317			69
NGL & Petchem Services	6			1			(1		)	—			6			—
Other	—			2			1			2			5			1
Total	$	561		$	567		$	662		$	716		$	2,506		$	969

Capital expenditures incurred and purchases of investments:
Increases to property, plant, and equipment	$	569		$	586		$	660		$	824		$	2,639		$	925
Purchases of investments	52			27			24			29			132			21
Total	$	621		$	613		$	684		$	853		$	2,771		$	946

⁽¹⁾ Increases to property, plant, and equipment	$	569		$	586		$	660		$	824		$	2,639		$	925
Changes in related accounts payable and accrued liabilities	(60		)	(46		)	(22		)	(137		)	(265		)	23
Capital expenditures	$	509		$	540		$	638		$	687		$	2,374		$	948



Selected Financial Information
(UNAUDITED)
	2017								2018
(Dollars in millions)	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		1st Qtr

Cash and cash equivalents	$	625	$	1,908	$	1,165	$	881	$	1,268

Capital structure:
Debt:
Current	$	—	$	1,951	$	502	$	501	$	501
Noncurrent	$	17,065	$	16,614	$	16,000	$	15,996	$	17,011



WPZ Reconciliation of "Net Income (Loss)" to "Modified EBITDA",
Non-GAAP "Adjusted EBITDA" and "Distributable Cash Flow"
	2018 Guidance Range
(Dollars in billions, except coverage ratios)	Low			Mid			High

Net income (loss)	$	1.500		$	1.600		$	1.700
Provision (benefit) for income taxes				—
Interest expense				0.825
Equity (earnings) losses				(0.325		)
Proportional Modified EBITDA of equity-method investments				0.700
Depreciation and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations				1.750
Modified EBITDA	4.450			4.550			4.650

Total EBITDA adjustments				—
Adjusted EBITDA	4.450			4.550			4.650

Maintenance capital expenditures ⁽¹⁾	(0.550		)	(0.500		)	(0.450		)
Interest expense (cash portion) ⁽²⁾				(0.875		)
Income attributable to noncontrolling interests, cash taxes and other				(0.125		)

Distributable cash flow attributable to Partnership Operations	$	2.900		$	3.050		$	3.200

Total cash distributed	$	2.450		$	2.450		$	2.450

Cash Coverage Ratio (Distributable cash flow attributable to Partnership Operations / Total cash distributed)	1.18		x	1.24		x	1.31		x

(1) Includes proportionate share of maintenance capital expenditures of equity investments.
(2) Includes proportionate share of interest expense of equity investments.