Steve Malcolm Quotations

Reducing our common stock dividend is one of a series of prudent and realistic steps we have taken and are taking to address our current business environment, ... ...The right path for our company during this period of deteriorating market liquidity and continued credit concerns is to strengthen our finances and limit our exposure to the marketing and risk management business.

Recognizing there is a certain risk in achieving our plan, however, some of the agencies may adopt a 'wait and see' attitude before giving full recognition to all that we intend to accomplish,

We must take these steps so that our company can reach its long-term growth potential,

We closely monitored the evolving market and made every effort to participate in a way that was fair and legal, ... Williams does not have and it never has had strategies to engage in illegal or improper market behavior. In fact, Williams prohibited its traders from selling power outside California for resale into California for the purpose of evading the state's price caps even though we did not conclude that the activity was illegal.

We're truly opportunity-rich in all of our business units.

These actions will ensure that Williams retains adequate liquidity and appropriate debt and equity levels to support an investment-grade credit rating -- no matter the amount of our ultimate Williams Communications exposure, ... We also commit that the steps we are taking will offset any reduction in stockholders' equity created by losses resulting from recognizing these obligations.

This is decidedly attractive to Williams, ... It will add immediate cash, strengthen our balance sheet and allow us to continue to share in the profitability of the pipeline because of our general and limited partner interests in Williams Energy Partners.

The company's top priorities have been to improve our financial position and resolve regulatory issues facing the company,