Business Wire News

Williams Reports Fourth-Quarter and Full-Year 2020 Financial Results

TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) today announced its unaudited financial results for the three and 12 months ended December 31, 2020.


Full-year 2020 results validate strength of natural gas strategy in the face of significant headwinds; results exceed pre-COVID-19 guidance midpoints in key metrics

  • Net income of $208 million, or $0.17 per diluted share (EPS), which includes net non-cash impairment impact of ($1.107 billion), or ($0.91) per diluted share
  • Adjusted EPS of $1.10 per diluted share - up 11% from 2019
  • Cash flow from operations (CFFO) of $3.496 billion – down approximately $200 million from 2019 primarily due to the Transco rate case refund impact
  • Available funds from operations (AFFO) of $3.638 billion increased by 1% over 2019
  • Adjusted EBITDA of $5.105 billion - up $90 million or 2%
  • DCF of $3.356 billion - up $59 million or 2% over 2019
  • Record gathering volumes of 13.2 Bcf/d; record contracted transmission capacity of 22.2 Bcf/d
  • Debt-to-Adjusted EBITDA at quarter end: 4.35x, favorable to guidance
  • Expect strong natural gas market fundamentals to drive continued growth in 2021

4Q 2020 results demonstrate stability despite ongoing external volatility

  • Net income of $115 million, or $0.09 per diluted share, which includes net non-cash impairment impact of ($245 million), or ($0.20) per diluted share
  • Adjusted EPS of $0.31 per diluted share - up 29% vs. 4Q '19
  • CFFO of $1.114 billion - up $123 million or 12% over 4Q '19
  • AFFO of $983 million - up 2% over 4Q '19
  • Adjusted EBITDA of $1.336 billion - up $52 million or 4% over 4Q '19
  • DCF of $926 million - up $98 million or 12% over 4Q '19
  • Dividend coverage ratio is 1.91x

CEO Perspective

Alan Armstrong, president and chief executive officer, made the following comments:

Williams established all-time record results in 2020, demonstrating how durable our business can be against multiple headwinds faced by our industry including the COVID-19 pandemic, major customer bankruptcies and a highly active hurricane season, among other factors. We surpassed guidance midpoints in our key financial metrics and generated free cash flow, driven by strong operations with records for both gathered volumes and contracted transmission capacity. Looking ahead to 2021, we believe our continued operating efficiencies combined with a focus on safety performance and environmental stewardship positions Williams to generate long-term sustainable value. Our business strategy is centered on the economic and environmental benefits of natural gas and its ability to accelerate emissions reductions in a pragmatic and cost-effective way. In addition to implementing aggressive and actionable plans to reduce our own emissions by 2030, we are pursuing a broader clean energy strategy that leverages our best-in-class pipeline transportation and storage systems to integrate solar, renewable natural gas, hydrogen and other emerging opportunities.

Over the past year, our employees have truly demonstrated our safety-driven culture by taking care to protect themselves and others during the pandemic while at the same time efficiently completing projects that deliver clean, affordable energy to key markets ahead of schedule. I am incredibly proud of the around-the-clock work of our employees and their unwavering focus on running one of the nation’s largest energy infrastructure networks with the high level of dependability that consumers have come to expect – reliability that was particularly evident on our gas transmission systems during the severe cold weather event that gripped much of the country last week. Our production supplies in the Northeast and along the Gulf Coast as well as our network of interconnections with other pipelines and strategic storage reserves ensured we were able to meet our commitments and deliver scheduled supplies with no issue. The resiliency of our natural gas network allows us to meet energy demand in the most cost-effective, reliable way possible and demonstrates the importance of natural gas in our country’s energy mix.”

 

Williams Summary Financial Information

4Q

 

Full Year

Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders.

2020

2019

 

2020

2019

 

 

 

 

 

 

GAAP Measures

 

 

 

 

 

Net Income

$115

 

$138

 

 

$208

 

$862

 

Net Income Per Share

$0.09

 

$0.11

 

 

$0.17

 

$0.71

 

Cash Flow From Operations (1)

$1,114

 

$991

 

 

$3,496

 

$3,693

 

 

 

 

 

 

 

Non-GAAP Measures (2)

 

 

 

 

 

Adjusted EBITDA

$1,336

 

$1,284

 

 

$5,105

 

$5,015

 

Adjusted Income

$382

 

$293

 

 

$1,333

 

$1,200

 

Adjusted Income Per Share

$0.31

 

$0.24

 

 

$1.10

 

$0.99

 

Distributable Cash Flow

$926

 

$828

 

 

$3,356

 

$3,297

 

Available Funds from Operations

$983

 

$962

 

 

$3,638

 

$3,611

 

Dividend Coverage Ratio (DCF basis)

1.91

x

1.80

x

 

1.73

x

1.79

x

 

 

 

 

 

 

Other

 

 

 

 

 

Debt-to-Adjusted EBITDA at Quarter End (3)

4.35

x

4.39

x

 

 

 

Capital Investments (4) (5)

$423

 

$408

 

 

$1,485

 

$2,476

 

 

(1) Decline due primarily to working capital changes of approximately $284 million of rate refunds related to settlement of Transco's general rate case paid in July net of approximately $95 million collected from January through June 2020.

(2) Schedules reconciling Adjusted Income, Adjusted EBITDA, Distributable Cash Flow, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.

(3) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.

(4) YTD 2019 excludes $728 million (net of cash acquired) for the purchase of the remaining 38% of UEOM as this amount was provided for at the close of the Northeast JV by our JV partner, CPPIB, in June 2019.

(5) Capital Investments includes increases to property, plant, and equipment, purchases of businesses, net of cash acquired, and purchases of and contributions to equity-method investments.

GAAP Measures

  • Fourth-quarter 2020 net income from continuing operations attributable to Williams declined slightly compared to the prior year as the benefits of significantly lower operating and administrative costs from cost-savings initiatives and a change in an employee benefit policy, and higher service revenues were more than offset by higher net impairment charges.
  • Improved service revenues reflect growth from Transco and Northwest Pipeline expansion projects and the benefit of certain minimum volume commitment (MVC) revenue in the West, partially offset by lower non-cash deferred revenue recognition at Gulfstar One and the impact of 2020 hurricane-related shut-ins in the Gulf of Mexico. The higher net impairment charges include the 2020 impairments of the Northeast Supply Enhancement project and our investment in Rocky Mountain Midstream, partially offset by the 2019 impairment of the Constitution Pipeline project, net of amounts attributable to noncontrolling interests in that project.
  • Full-year 2020 net income similarly benefited from significantly lower operating and administrative costs, including the absence of prior year severance charges and the benefit of a change in an employee benefit policy, while service revenues declined slightly as growth from our Northeast JV and pipeline expansion projects and the benefit of certain MVCs was more than offset by decreases in non-cash deferred revenue recognition at Gulfstar One and in the Barnett Shale, as well as the expiration of a Barnett Shale MVC in 2019.
  • The year-over-year change was also significantly impacted by net impairment charges, reflecting 2020 impairments related to equity-method investments, goodwill, and certain assets which resulted in a total $1.54 billion pre-tax charge, of which $65 million was attributable to noncontrolling interests. The 2019 period included similar impairment charges totaling $650 million, of which $209 million was attributable to noncontrolling interests, along with a $122 million gain on the sale of our Jackalope investment. The provision for income taxes changed favorably by $256 million primarily due to the change in pre-tax earnings.
  • Cash flow from operations for the fourth quarter of 2020 increased as compared to the same period of 2019 primarily due to net favorable changes in net working capital. The decrease for the full-year period was primarily due to working capital changes involving $284 million of rate refunds related to the settlement of Transco’s general rate case paid in July, net of approximately $95 million of that amount collected from January through June 2020.

Non-GAAP Measures

  • Adjusted EBITDA for the quarter improved over the prior year as increased service revenues from pipeline expansion projects, higher Northeast G&P JV EBITDA, and lower operating and administrative costs were partially offset by lower non-cash deferred revenue recognition at Gulfstar One and the impact of 2020 hurricane-related shut-ins in the Gulf of Mexico.
  • Full-year Adjusted EBITDA improved driven by lower operating and administrative costs and higher contributions from our Northeast G&P investments, partially offset by the previously described slight decline in service revenues and lower commodity margins.
  • Changes in Adjusted Income for the quarter and full-year periods were similarly driven by the changes in Adjusted EBITDA.
  • The increase in fourth quarter 2020 DCF compared to the prior year is driven by the increase in adjusted EBITDA and an income tax refund received. The increase in full-year DCF is also driven by higher adjusted EBITDA, as well as lower maintenance capital, partially offset by increased distributions to noncontrolling interests driven by our Northeast JV.

Business Segment Results & Form 10-K

Williams' operations are comprised of the following reportable segments: Transmission & Gulf of Mexico, Northeast G&P, West and Other. For more information, see the company's 2020 Form 10-K.

 

 

Quarter-To-Date

 

Full Year

Amounts in millions

Modified EBITDA

 

Adjusted EBITDA

 

Modified EBITDA

 

Adjusted EBITDA

4Q 2020

4Q 2019

Change

 

4Q 2020

4Q 2019

Change

 

2020

2019

Change

 

2020

2019

Change

Transmission & Gulf of Mexico

$486

 

$284

 

$202

 

 

$644

 

$643

 

$1

 

 

$2,379

 

$2,175

 

$204

 

 

$2,552

 

$2,587

 

($35

)

Northeast G&P

363

 

367

 

(4

)

 

406

 

377

 

29

 

 

1,489

 

1,314

 

175

 

 

1,535

 

1,341

 

194

 

West

283

 

239

 

44

 

 

277

 

263

 

14

 

 

998

 

952

 

46

 

 

990

 

1,064

 

(74

)

Other

(23

)

5

 

(28

)

 

9

 

1

 

8

 

 

(15

)

6

 

(21

)

 

28

 

23

 

5

 

Totals

$1,109

 

$895

 

$214

 

 

$1,336

 

$1,284

 

$52

 

 

$4,851

 

$4,447

 

$404

 

 

$5,105

 

$5,015

 

$90

 

 

Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release.

Transmission & Gulf of Mexico

  • Fourth-quarter 2020 Modified and Adjusted EBITDA benefited from lower operating and administrative costs, partially offset by decreased service revenues from lower non-cash deferred revenue amortization at Gulfstar One and the impact of 2020 hurricane-related shut-ins, partially offset by Transco expansion projects placed in service.
  • Full-year Modified and Adjusted EBITDA also benefited from lower operating and administrative costs, partially offset by similar decreases in service revenues.
  • Modified EBITDA for the comparative periods benefited from the absence of both 2019 severance charges and the 2019 impairment of the Constitution Pipeline project, partially offset by the 2020 impairment of the Northeast Supply Enhancement project. Both comparative periods reflect the reversal of previously capitalized costs, while 2020 also benefited from a change in employee benefit policy. These items have been excluded from Adjusted EBITDA.

Northeast G&P

  • Fourth-quarter 2020 Modified and Adjusted EBITDA reflect lower operating and administrative costs and higher contributions from equity-method investments. Full-year 2020 Modified and Adjusted EBITDA also reflect lower operating and administrative costs and higher contributions from equity-method investments, as well as increased service revenues associated with higher volumes. The full-year revenue comparison also benefited from the additional ownership in Utica East Ohio Midstream following the March 2019 acquisition and contribution to our Northeast JV.
  • Modified EBITDA for both periods includes our share of impairments at equity-method investees and the benefit of a 2020 change in employee benefit policy, while the full-year comparison reflects the absence of 2019 severance charges. These items are all excluded from Adjusted EBITDA.
  • Excluding Blue Racer volumes for fourth-quarter 2020 operating stats, Northeast G&P gross gathering volumes for fourth-quarter 2020, including 100% of operated equity-method investments, increased by 7% over the same period in 2019 and gross processing plant inlet volumes for fourth-quarter 2020 increased by 9% over the same period in 2019.

West

  • The changes in fourth-quarter 2020 Modified and Adjusted EBITDA reflect higher service revenues associated with certain MVCs and higher rates partially offset by lower volumes, as well as reduced operating and administrative costs. The changes in full-year 2020 Modified and Adjusted EBITDA reflect decreases in non-cash deferred revenue recognition in the Barnett Shale, as well as the expiration of the Barnett Shale MVC in 2019, partially offset by lower operating and administrative costs. The benefit of higher MVCs was more than offset by the impact of lower volumes.
  • Modified EBITDA for the quarter and full-year period also benefited from the absence of prior year impairment charges, as well as the benefit of a change in employee benefit policy. The full-year comparison also reflects the absence of prior-year severance charges. All of these items are excluded from Adjusted EBITDA.

2021 Financial Guidance

The company expects 2021 Adjusted EBITDA between $5.05 billion and $5.35 billion. The company also expects 2021 growth capex between $1 billion to $1.2 billion and leverage ratio of 4.25x, providing visibility to the company’s 4.20x leverage metric objective. Importantly, Williams also anticipates it will generate positive free cash flow (after capex and dividends), allowing it to retain financial flexibility.

Williams' Fourth-Quarter 2020 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow

Williams' fourth-quarter 2020 earnings presentation will be posted at www.williams.com. The company’s fourth-quarter 2020 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Feb. 23, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: http://www.directeventreg.com/registration/event/5346299

A webcast link to the conference call is available at www.williams.com. A replay of the webcast will be available on the website for at least 90 days following the event.

About Williams

Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. www.williams.com

 

The Williams Companies, Inc.

Consolidated Statement of Operations

 

 

 

Year Ended December 31,

 

 

2020

 

2019

 

2018

 

(Millions, except per-share amounts)

Revenues:

 

 

 

 

 

 

Service revenues

 

$

5,924

 

 

$

5,933

 

 

$

5,502

 

Service revenues – commodity consideration

 

129

 

 

203

 

 

400

 

Product sales

 

1,666

 

 

2,065

 

 

2,784

 

Total revenues

 

7,719

 

 

8,201

 

 

8,686

 

Costs and expenses:

 

 

 

 

 

 

Product costs

 

1,545

 

 

1,961

 

 

2,707

 

Processing commodity expenses

 

68

 

 

105

 

 

137

 

Operating and maintenance expenses

 

1,326

 

 

1,468

 

 

1,507

 

Depreciation and amortization expenses

 

1,721

 

 

1,714

 

 

1,725

 

Selling, general, and administrative expenses

 

466

 

 

558

 

 

569

 

Impairment of certain assets

 

182

 

 

464

 

 

1,915

 

Impairment of goodwill

 

187

 

 

 

 

 

Gain on sale of certain assets and businesses

 

 

 

2

 

 

(692

)

Other (income) expense – net

 

22

 

 

8

 

 

50

 

Total costs and expenses

 

5,517

 

 

6,280

 

 

7,918

 

Operating income (loss)

 

2,202

 

 

1,921

 

 

768

 

Equity earnings (losses)

 

328

 

 

375

 

 

396

 

Impairment of equity-method investments

 

(1,046

)

 

(186

)

 

(32

)

Other investing income (loss) – net

 

8

 

 

107

 

 

219

 

Interest incurred

 

(1,192

)

 

(1,218

)

 

(1,160

)

Interest capitalized

 

20

 

 

32

 

 

48

 

Other income (expense) – net

 

(43

)

 

33

 

 

92

 

Income (loss) from continuing operations before income taxes

 

277

 

 

1,064

 

 

331

 

Less: Provision (benefit) for income taxes

 

79

 

 

335

 

 

138

 

Income (loss) from continuing operations

 

198

 

 

729

 

 

193

 

Income (loss) from discontinued operations

 

 

 

(15

)

 

 

Net income (loss)

 

198

 

 

714

 

 

193

 

Less: Net income (loss) attributable to noncontrolling interests

 

(13

)

 

(136

)

 

348

 

Net income (loss) attributable to The Williams Companies, Inc

 

211

 

 

850

 

 

(155

)

Less: Preferred stock dividends

 

3

 

 

3

 

 

1

 

Net income (loss) available to common stockholders

 

$

208

 

 

$

847

 

 

$

(156

)

Amounts attributable to The Williams Companies, Inc. available to common stockholders:

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

208

 

 

$

862

 

 

$

(156

)

Income (loss) from discontinued operations

 

 

 

(15

)

 

 

Net income (loss)

 

$

208

 

 

$

847

 

 

$

(156

)

Basic earnings (loss) per common share:

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

.17

 

 

$

.71

 

 

$

(.16

)

Income (loss) from discontinued operations

 

 

 

(.01

)

 

 

Net income (loss)

 

$

.17

 

 

$

.70

 

 

$

(.16

)

Weighted-average shares (thousands)

 

1,213,631

 

 

1,212,037

 

 

973,626

 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

.17

 

 

$

.71

 

 

$

(.16

)

Income (loss) from discontinued operations

 

 

 

(.01

)

 

 

Net income (loss)

 

$

.17

 

 

$

.70

 

 

$

(.16

)

Weighted-average shares (thousands)

 

1,215,165

 

 

1,214,011

 

 

973,626

 

 

The Williams Companies, Inc.

Consolidated Balance Sheet

 

 

 

December 31,

 

 

2020

 

2019

 

 

(Millions, except per-share amounts)

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

142

 

 

$

289

 

Trade accounts and other receivables

 

1,000

 

 

1,002

 

Allowance for doubtful accounts

 

(1

)

 

(6

)

Trade accounts and other receivables - net

 

999

 

 

996

 

Inventories

 

136

 

 

125

 

Other current assets and deferred charges

 

152

 

 

170

 

Total current assets

 

1,429

 

 

1,580

 

 

 

 

 

 

Investments

 

5,159

 

 

6,235

 

Property, plant, and equipment – net

 

28,929

 

 

29,200

 

Intangible assets – net of accumulated amortization

 

7,444

 

 

7,959

 

Regulatory assets, deferred charges, and other

 

1,204

 

 

1,066

 

Total assets

 

$

44,165

 

 

$

46,040

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

482

 

 

$

552

 

Accrued liabilities

 

944

 

 

1,276

 

Long-term debt due within one year

 

893

 

 

2,140

 

Total current liabilities

 

2,319

 

 

3,968

 

 

 

 

 

 

Long-term debt

 

21,451

 

 

20,148

 

Deferred income tax liabilities

 

1,923

 

 

1,782

 

Regulatory liabilities, deferred income, and other

 

3,889

 

 

3,778

 

Contingent liabilities and commitments

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

Stockholders’ equity:

 

 

 

 

Preferred stock

 

35

 

 

35

 

Common stock ($1 par value; 1,470 million shares authorized at December 31, 2020 and December 31, 2019; 1,248 million shares issued at December 31, 2020 and 1,247 million shares issued at December 31, 2019)

 

1,248

 

 

1,247

 

Capital in excess of par value

 

24,371

 

 

24,323

 

Retained deficit

 

(12,748

)

 

(11,002

)

Accumulated other comprehensive income (loss)

 

(96

)

 

(199

)

Treasury stock, at cost (35 million shares of common stock)

 

(1,041

)

 

(1,041

)

Total stockholders’ equity

 

11,769

 

 

13,363

 

Noncontrolling interests in consolidated subsidiaries

 

2,814

 

 

3,001

 

Total equity

 

14,583

 

 

16,364

 

Total liabilities and equity

 

$

44,165

 

 

$

46,040

 

 

The Williams Companies, Inc.

Consolidated Statement of Cash Flows

 

 

 

Year Ended December 31,

 

 

2020

 

2019

 

2018

 

 

(Millions)

OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income (loss)

 

$

198

 

 

$

714

 

 

$

193

 

Adjustments to reconcile to net cash provided (used) by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

1,721

 

 

1,714

 

 

1,725

 

Provision (benefit) for deferred income taxes

 

108

 

 

376

 

 

220

 

Equity (earnings) losses

 

(328

)

 

(375

)

 

(396

)

Distributions from unconsolidated affiliates

 

653

 

 

657

 

 

693

 

Gain on disposition of equity-method investments

 

 

 

(122

)

 

 

(Gain) on sale of certain assets and businesses

 

 

 

2

 

 

(692

)

(Gain) loss on deconsolidation of businesses

 

 

 

29

 

 

(203

)

Impairment of goodwill

 

187

 

 

 

 

 

Impairment of equity-method investments

 

1,046

 

 

186

 

 

32

 

Impairment of certain assets

 

182

 

 

464

 

 

1,915

 

Amortization of stock-based awards

 

52

 

 

57

 

 

55

 

Cash provided (used) by changes in current assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

(2

)

 

34

 

 

(36

)

Inventories

 

(11

)

 

5

 

 

(16

)

Other current assets and deferred charges

 

11

 

 

21

 

 

17

 

Accounts payable

 

(7

)

 

(46

)

 

(93

)

Accrued liabilities

 

(309

)

 

153

 

 

23

 

Other, including changes in noncurrent assets and liabilities

 

(5

)

 

(176

)

 

(144

)

Net cash provided (used) by operating activities

 

3,496

 

 

3,693

 

 

3,293

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from long-term debt

 

3,899

 

 

767

 

 

3,926

 

Payments of long-term debt

 

(3,841

)

 

(909

)

 

(3,204

)

Proceeds from issuance of common stock

 

9

 

 

10

 

 

15

 

Proceeds from sale of partial interest in consolidated subsidiary

 

 

 

1,334

 

 

 

Common dividends paid

 

(1,941

)

 

(1,842

)

 

(1,386

)

Dividends and distributions paid to noncontrolling interests

 

(185

)

 

(124

)

 

(591

)

Contributions from noncontrolling interests

 

7

 

 

36

 

 

15

 

Payments for debt issuance costs

 

(20

)

 

 

 

(26

)

Other – net

 

(13

)

 

(17

)

 

(48

)

Net cash provided (used) by financing activities

 

(2,085

)

 

(745

)

 

(1,299

)

INVESTING ACTIVITIES:

 

 

 

 

 

 

Property, plant, and equipment:

 

 

 

 

 

 

Capital expenditures (1)

 

(1,239

)

 

(2,109

)

 

(3,256

)

Dispositions – net

 

(36

)

 

(40

)

 

(7

)

Contributions in aid of construction

 

37

 

 

52

 

 

411

 

Proceeds from sale of businesses, net of cash divested

 

 

 

(2

)

 

1,296

 

Purchases of businesses, net of cash acquired

 

 

 

(728

)

 

 

Proceeds from dispositions of equity-method investments

 

 

 

485

 

 

 

Purchases of and contributions to equity-method investments

 

(325

)

 

(453

)

 

(1,132

)

Other – net

 

5

 

 

(32

)

 

(37

)

Net cash provided (used) by investing activities

 

(1,558

)

 

(2,827

)

 

(2,725

)

Increase (decrease) in cash and cash equivalents

 

(147

)

 

121

 

 

(731

)

Cash and cash equivalents at beginning of year

 

289

 

 

168

 

 

899

 

Cash and cash equivalents at end of year

 

$

142

 

 

$

289

 

 

$

168

 

_________

 

 

 

 

 

 

(1) Increases to property, plant, and equipment

 

$

(1,160

)

 

$

(2,023

)

 

$

(3,021

)

Changes in related accounts payable and accrued liabilities

 

(79

)

 

(86

)

 

(235

)

Capital expenditures

 

$

(1,239

)

 

$

(2,109

)

 

$

(3,256

)


Contacts

MEDIA CONTACT:
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(800) 945-8723

INVESTOR CONTACTS:
Danilo Juvane
(918) 573-5075


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Phone: +1 772.221.7720

 

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