Williams CEO Addresses Shareholders at Annual Meeting

TULSA, Okla., May 20 /PRNewswire-FirstCall/ -- At today's annual meeting of shareholders, Williams (NYSE: WMB) Chairman, President and Chief Executive Officer Steve Malcolm discussed the company's outlook and strategy for the future, 2009 results, and the importance of natural gas in the country's energy future.

Malcolm stressed the growth opportunities across the company's natural gas businesses and the importance of the $12 billion restructuring with Williams Partners L.P. (NYSE: WPZ) completed earlier this year.  The restructuring involved Williams contributing most of its interstate natural gas pipeline and domestic midstream gathering and processing assets to Williams Partners.

"We firmly believe that this restructuring was the very best course of action we could take to fuel future growth and long-term value creation," Malcolm said.  "In short, all of our businesses should benefit from this transaction – and they already are."

He also discussed the company's strategy and growth opportunities in both established areas, such as the Rocky Mountains, and in emerging areas, such as the Marcellus Shale.

"I am more confident than ever – and I believe you should be, as well – that the strategy of opportunistic but disciplined growth that we've pursued for the past few years will continue to produce the results we all expect from our company," Malcolm said.

Malcolm continued, noting that growth opportunities across all of the company's businesses will multiply as natural gas becomes an even more integral part of the American energy picture.

"There's a growing chorus of voices on all points of the political spectrum who are touting the indisputable advantages of natural gas," Malcolm said.  "Environmentally, natural gas is the cleanest of the fossil fuels. Particularly, as we have unlocked vast new sources, it is a cost-effective energy source. And as we focus on energy security, our domestic supplies are abundant."

The full text of Malcolm's address to shareholders is available at www.williams.com.

The results of the company and shareholder proposals that were described in the company's Proxy Statement filed with the Securities and Exchange Commission on April 8, 2010, will be detailed in an 8-K filing next week.

About Williams (NYSE: WMB)

Williams is an integrated natural gas company focused on exploration and production, midstream gathering and processing, and interstate natural gas transportation primarily in the Rocky Mountains, Gulf Coast, Pacific Northwest, Eastern Seaboard and the Marcellus Shale in Pennsylvania.  Most of the company's interstate gas pipeline and midstream assets are held through its 84-percent ownership interest (including the general-partner interest) in Williams Partners L.P. (NYSE: WPZ), a leading diversified master limited partnership.  More information is available at www.williams.com.   Go to http://www.b2i.us/irpass.asp?BzID=630&to=ea&s=0 to join our e-mail list.

Portions of this document may constitute "forward-looking statements" as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company's annual reports filed with the Securities and Exchange Commission.

SOURCE Williams

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