99250--2/27/2008--TRANSCONTINENTAL_GAS_PIPE_LINE

related topics

{operation, natural, condition}

{regulation, change, law}

{cost, regulation, environmental}

{gas, price, oil}

{capital, credit, financial}

{financial, litigation, operation}

{system, service, information}

{debt, indebtedness, cash}

{acquisition, growth, future}

{tax, income, asset}

{interest, director, officer}

{competitive, industry, competition}

Risks Inherent to our Industry and Business Decreases in the volume of natural gas contracted or transported through our pipeline system for any of the reasons described below will adversely affect our business. Expiration of firm transportation agreements. Decreases in natural gas production. Decreases in demand for natural gas. Our gathering and transporting activities involve numerous risks that might result in accidents and other operating risks and hazards. Costs of environmental liabilities and complying with existing and future environmental regulations could exceed our current expectations. Risks Related to Strategy and Financing Our debt agreements impose restrictions on us that may adversely affect our ability to operate our business. A downgrade of our credit ratings could impact our costs of doing business in certain ways and maintaining current credit ratings is within the control of independent third parties. Williams can exercise substantial control over our dividend policy and our business and operations and may do so in a manner that is adverse to our interests. The financial condition and liquidity of Williams affects our access to capital, our credit standing and our financial condition. We are exposed to the credit risk of our customers in the ordinary course of our business. Risks Related to Regulations that Affect our Industry Our gas sales, transmission, and storage operations are subject to government regulations and rate proceedings that could have an adverse impact on our results of operations. The outcome of pending rate cases to set the rates we can charge customers on our pipeline might result in rates that lower our return on the capital that we have invested in our pipeline. Legal and regulatory proceedings and investigations relating to the energy industry and capital markets have adversely affected our business and may continue to do so. Risks Related to Accounting Standards Potential changes in accounting standards might cause us to revise our financial results and disclosures in the future, which might change the way analysts measure our business or financial performance. Risks Related to Employees, Outsourcing of Non-Core Support Activities, and Technology Institutional knowledge residing with current employees nearing retirement eligibility might not be adequately preserved. Failure of or the disruptions to our outsourcing relationships might negatively impact our ability to conduct our business. Risks Related to Weather, other Natural Phenomena and Business Disruption Our assets and operations can be affected by weather and other natural phenomena. Our current pipeline infrastructure is aging and may adversely affect our ability to conduct our business.

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99250--2/27/2008--TRANSCONTINENTAL_GAS_PIPE_LINE_CORP