Williams Energy Partners L.P. increases cash distribution

TULSA, Okla., Jan. 23, 2002 — The board of directors for the general partner of Williams Energy Partners L.P. has declared a quarterly distribution of 59 cents per common and subordinated unit for the period Oct. 1 through Dec. 31, 2001, marking a 2.2 percent increase over the third-quarter distribution of 57.75 cents per unit.

The fourth-quarter distribution, which equates to $2.36 per unit on an annualized basis, will be paid Feb. 14, 2002, to unitholders of record at the close of business on Feb. 1, 2002.

Don Wellendorf, chief financial officer, remarked, “We have increased our cash distribution every quarter since our initial public offering in the first quarter 2001. The added distributions represent a total increase of more than 12 percent over the 52.5 cents per unit minimum established in our February 2001 prospectus.”

The partnership plans to announce fourth-quarter earnings before the market opens on Monday, Jan. 28.

About Williams Energy Partners L.P.

Williams Energy Partners L.P. was formed to own, operate and acquire a diversified portfolio of energy assets. The partnership is engaged principally in the storage, transportation and distribution of refined petroleum products and ammonia. The general partner is a unit of Williams, which specializes in a broad array of energy-related services, including energy marketing and trading and natural gas pipeline transportation.
More information is available at http://www.williams.com/.

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