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Actionable news in WMB: WILLIAMS COMPANIES Inc,

Williams Cuts Dividend to Prop Up Pipeline Subsidiary

Williams Companies (NYSE: WMB) reported second-quarter 2016 results after markets closed Monday afternoon. The pipeline operator reported a diluted net loss of $0.54 per share on adjusted EBITDA of $1.07 billion. In the same period a year ago the company reported earnings per share (EPS) of $0.15 and adjusted EBITDA of $1.02 billion.

Williams Partners LP (NYSE: WPZ) also reported second-quarter 2016 results after markets closed Monday afternoon. For the quarter, the company posted quarterly a diluted loss per common unit of $0.49 and adjusted EBITDA of $1.07 billion. In the same period a year ago, the company reported EPS of $0.14 on adjusted EBITDA of $1.01 billion.

Williams’ net loss in the quarter was due primarily to a $747 million non-cash pre-tax impairment charge associated with Canadian assets held for sale. Williams Partners took a $341 million charge for the same reason.

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