WILLIAMS COMPANIES INC
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
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NWP
| Year Ended December 31, | |||||
|---|---|---|---|---|---|
| 2024 · $ Changefrom2023* · % Changefrom2023* · 2023 | |||||
| (Millions) | |||||
| Revenues: | |||||
| Natural gas transportation service revenues | $416 | $+1 | —% | $415 | |
| Natural gas storage service revenues | 15 | — | —% | 15 | |
| Other service revenues | 13 | +3 | +30% | 10 | |
| Total revenues | 444 | 440 | |||
| Costs and expenses: | |||||
| Operating and maintenance expenses | 95 | -7 | -8% | 88 | |
| Selling, general, and administrative expenses | 51 | — | —% | 51 | |
| Depreciation and amortization expenses | 111 | — | —% | 111 | |
| Taxes, other than income taxes | 14 | -2 | -17% | 12 | |
| Other (income) expense - net | (18) | +2 | +13% | (16) | |
| Total costs and expenses | 253 | 246 | |||
| Operating income (loss) | 191 | -3 | -2% | 194 | |
| Interest expense | (28) | — | —% | (28) | |
| Allowance for equity and borrowed funds used during construction (AFUDC) | 10 | +6 | +150% | 4 | |
| Other income (expense) – net | 7 | -3 | -30% | 10 | |
| Net income (loss) | $180 | $— | —% | $180 | |
Variances due to changes in natural gas prices and transportation volumes have little impact on revenues, because under our rate design methodology, the majority of overall cost of service is recovered through firm capacity reservation charges in our transportation rates.
Revenues increased primarily due to:
A $1 million increase in Natural gas transportation service revenues primarily due to an additional billing day in the leap year;
A $3 million increase in Other service revenues from higher park and loan services.
Operating and maintenance expenses increased due to higher labor costs, electricity expenses, and higher contract services related to pipeline maintenance inspection activities.
Allowance for equity and borrowed funds used during construction (AFUDC) increased due to increased capital expenditures in 2024.
Other income (expense) – net decreased due to lower interest income earned on NWP’s advances to affiliates, which had a reduced balance in 2024.
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