Williams increases energy marketing and trading visibility

By the OGJ Online Staff

HOUSTON, Sept. 21, 2001 — Energy marketing and trading will become Williams Cos. Inc.'s third major business group, Steven J. Malcolm, president of Williams said Friday.

The marketing and trading unit has been a part of Williams's energy services group. The new unit joins the energy services and gas pipeline business segments. Malcolm said other potential organization changes will be announced later.

Bill Hobbs, currently the head of the marketing and trading business, will become CEO of that unit, and Phil Wright will succeed Malcolm as CEO of the energy services business. Malcolm said energy services will now include midstream gas and liquids, petroleum services, exploration and production, and international operations.

He said the reorganization reflects energy marketing and trading's role as a "prominent driver is Williams's growth plan" and will give the investment community a better view of energy marketing and trading's contribution.

In the second quarter of this year, energy marketing and trading, which provides energy commodities marketing and trading and price risk management services, reported profits of $273.2 million, compared to $272.6 million for the same period last year.

The Tulsa, Okla. company said a quarterly comparison of results reflected about $20 million of increased segment profit from natural gas and electric power services over the second quarter of last year, including a $26 million guarantee loss accrual resulting from the decision to discontinue certain third-party lending services.

Offsetting this increase was lower segment profit from natural gas liquids, crude oil, and refined products trading activities, the company reported.

Earlier this year, Williams opened a European energy marketing and trading desk in London. The expanded operation is geared toward energy risk management and structured transactions, such as power tolling agreements, as well as commodity trading to the European market, Williams said.

The company transacts more than $75 billion annually in energy and energy-related products in both the physical and financial markets.

Sponsored by FLSmidth
Related Articles

S. Africa court dismisses Westinghouse nuclear generator replacement dispute

A South African court dismissed a filing from Westinghouse Electric Co. asking to reopen bidding for a nuclear power generator replacement project.

IAEA urges India to tighten nuclear safety regulations

The International Atomic Energy Agency (IAEA) is pressing India to tighten its nuclear safety regulations more by making its nuclear power watchdog independent and allowing more outside inspections.

Follow Power Engineering on Twitter
Latest News

Chinese investors possibly interested in Areva’s business

Three Chinese organizations have expressed interest in different parts of Areva’s business as...

Areva to supply nuclear spent fuel storage units to power plant

Areva TN was awarded a contract by Exelon Nuclear (NYSE: EXC) to supply used fuel storage mod...

EIA: Natural gas, renewables to meet increased electricity demand

Natural gas and renewable energy generating sources are expected to meet all of the increase ...

Edison International to offer, demonstrate Tesla energy storage battery

Hours after Tesla Energy released its home energy storage battery solution, Edison Internatio...

Entergy Arkansas sees too many known unknowns to file a resource plan this year

Citing uncertainties in areas ranging from clean-air compliance for coal-fired capacity and a...

Dominion reports that Brunswick County combined-cycle plant is 60% complete

Dominion (NYSE:D) has recently been developing a lot of new generating capacity, especially n...

Wolf Creek reactor trips following refueling outage

The Wolf Creek nuclear power plant in Kansas shut down as workers were ramping up the reactor.

Bruce Power picks consulting firm for nuclear project management

VA Business Solutions, an independent consulting group, was picked to provide improvement in ...
Power Engineering Current Issue
Volume 119, Issue 3
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015

Power Industry Wire News

Magnum Hunter Resources Schedules First Quarter 2015 Financial and Operating Results Conference Call

Magnum Hunter Resources Schedules First Quarter 2015 Financial and Operating Results Co...

Emerald Oil Reports First Quarter 2015 Financial and Operational Results; Re-Determined Borrowing Base and Amendment to Credit Facility

Emerald Oil Reports First Quarter 2015 Financial and Operational Results; Re-Determined...

Audubon Engineering Solutions to Present at the 2015 Offshore Technology Conference

Audubon Engineering Solutions to Present at the 2015 Offshore Technology Conference

Ideal Power Inc. Announces First Quarter 2015 Results

Ideal Power Inc. Announces First Quarter 2015 Results

Worthington Introduces Large Diameter CNG Cylinder

Worthington Introduces Large Diameter CNG Cylinder

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>