SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 10, 2002
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The Williams Companies, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-4174 73-0569878
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
One Williams Center, Tulsa, Oklahoma 74172
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 918/573-2000
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Not Applicable
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(Former name or former address, if changed since last report)
Item 5. Other Events.
On June 10, 2002, The Williams Companies, Inc. (NYSE:WMB) announced
that while its long-term strategic commitment to providing energy risk
management services remains solid, it is reducing its financial commitment to
that part of its business as a realistic response to the uncertain industry
environment. Recurring Energy Marketing and Trading segment profit for 2002 is
now expected to be $750 million to $1 billion, an estimated $500 million of
which would be in cash. In addition, this business segment is expected to
generate $700 million in free cash flow this year. Previous 2002 recurring
segment-profit guidance for the Energy Marketing and Trading unit was $1.3
billion to $1.6 billion.
Williams announced a new estimate for 2002 recurring earnings per
share of $1.35 to $1.70, compared with previous guidance of $2.15 to $2.30 per
share. Williams also stated today that it expects to produce recurring earnings
per share in the range of 20 cents to 25 cents for the second quarter of this
year.
Item 7. Financial Statements and Exhibits.
Williams files the following exhibit as part of this report:
Exhibit 99.1 Copy of Williams' press release dated June 10, 2002,
publicly announcing the matters reported herein.
Exhibit 99.2 Copy of Williams' press release dated June 10, 2002,
publicly announcing the matters reported herein.
Pursuant to the requirements of the Securities Exchange Act of 1934,
Williams has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE WILLIAMS COMPANIES, INC.
Date: June 12, 2002 /s/ Suzanne H. Costin
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Name: Suzanne H. Costin
Title: Corporate Secretary
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
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99.1 Copy of Williams' press release dated June 10, 2002, publicly
announcing the matters reported herein.
99.2 Copy of Williams' press release dated June 10, 2002, publicly
announcing the matters reported herein.