##### Table of Contents









UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Washington, DC 20549


Form 10-K


|           |  |                                                                                             
|---------- |  | --------------------------------------------------------------------------------------------
|(Mark One) |  |                                                                                             
|þ          |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1933    
|          
|           |  | For the fiscal year ended December 31, 2005                                                 
|          
|or        
|          
|o          |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
|          
|           |  | For the transition period
    from           to                                             

Commission file number 1-32599


Williams Partners L.P.


(Exact name of Registrant as Specified in Its Charter)


|                                                                   |  |                                      
|------------------------------------------------------------------ |  | -------------------------------------
|Delaware                                                           |  | 20-2485124                           
|(State or Other Jurisdiction of
    Incorporation or Organization) |  | (IRS Employer
    Identification No.)
|One Williams Center, Tulsa, Oklahoma                               |  | 74172-0172                           
|(Address of Principal Executive Offices)                           |  | (Zip Code)                           

918-573-2000


(Registrants Telephone Number, Including Area Code)


Securities registered pursuant to Section 12(b) of the
Act:


|                    |  |                                          
|------------------- |  | -----------------------------------------
|Title of Each Class |  | Name of Each Exchange on Which Registered
|                    |  |                                          
|Common Units        |  | New York Stock Exchange                  

Securities registered pursuant to Section 12(g) of the
Act:


None


(Title of Class)


o þ


o þ


þ o


S-K 10-K 10-K. þ


12b-2


o o þ


12b-2 o þ






DOCUMENTS INCORPORATED BY REFERENCE


None










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##### 










WILLIAMS PARTNERS L.P.


FORM 10-K


TABLE OF CONTENTS


|                                                         |  |                                                                                                                                                                  |  |      |     | 
|-------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---- | --- | 
|                                                         |  |                                                                                                                                                                  |  | Page |    
|                                                         |  |                                                                                                                                                                  |  |      |    
|PART I                                                  
|Items 1 and 2.                                           |  | Business and Properties                                                                                                                                          |  |      | 1   | 
|                                                         |  | Website Access to Reports and Other
    Information                                                                                                              |  |      | 1   | 
|                                                         |  | General                                                                                                                                                          |  |      | 1   | 
|                                                         |  | Recent Events                                                                                                                                                    |  |      | 2   | 
|                                                         |  | Financial Information About Segments                                                                                                                             |  |      | 3   | 
|                                                         |  | Narrative Description of Businesses                                                                                                                              |  |      | 3   | 
|                                                         |  | The Discovery Assets                                                                                                                                             |  |      | 3   | 
|                                                         |  | The Carbonate Trend Pipeline                                                                                                                                     |  |      | 7   | 
|                                                         |  | The Conway Assets                                                                                                                                                |  |      | 8   | 
|                                                         |  | Safety and Maintenance                                                                                                                                           |  |      | 12  | 
|                                                         |  | FERC Regulation                                                                                                                                                  |  |      | 13  | 
|                                                         |  | Environmental Regulation                                                                                                                                         |  |      | 15  | 
|                                                         |  | Title to Properties and Rights-of-Way                                                                                                                            |  |      | 18  | 
|                                                         |  | Employees                                                                                                                                                        |  |      | 19  | 
|                                                         |  | Financial Information about Geographic
    Areas                                                                                                                 |  |      | 19  | 
|Item 1A.                                                 |  | Risk Factors                                                                                                                                                     |  |      | 19  | 
|                                                         |  | Forward Looking Statements and Cautionary
    Statement for Purposes of the Safe Harbor Provisions
    of the Private Securities Litigation Reform Act of 1995 |  |      | 36  | 
|Item 1B.                                                 |  | Unresolved Staff Comments                                                                                                                                        |  |      | 37  | 
|Item 3.                                                  |  | Legal Proceedings                                                                                                                                                |  |      | 37  | 
|Item 4.                                                  |  | Submission of Matters to a Vote of Security
    Holders                                                                                                          |  |      | 38  | 
|                                                        
|PART II                                                 
|Item 5.                                                  |  | Market for Registrants Common Equity,
    Related Stockholder Matters and Issuer Purchases of Equity
    Securities                                             |  |      | 38  | 
|Item 6.                                                  |  | Selected Financial and Operational Data                                                                                                                          |  |      | 40  | 
|Item 7.                                                  |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                                                                        |  |      | 41  | 
|Item 7A.                                                 |  | Quantitative and Qualitative Disclosures
    About Market Risk                                                                                                   |  |      | 65  | 
|Item 8.                                                  |  | Financial Statements and Supplementary
    Data                                                                                                                  |  |      | 66  | 
|Item 9.                                                  |  | Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure                                                                         |  |      | 88  | 
|Item 9A.                                                 |  | Controls and Procedures                                                                                                                                          |  |      | 88  | 
|Item 9B.                                                 |  | Other Information                                                                                                                                                |  |      | 88  | 
|                                                        
|PART III                                                
|Item 10.                                                 |  | Directors and Executive Officers of the
    Registrant                                                                                                           |  |      | 88  | 
|Item 11.                                                 |  | Executive Compensation                                                                                                                                           |  |      | 95  | 
|Item 12.                                                 |  | Security Ownership of Certain Beneficial
    Owners and Management                                                                                               |  |      | 97  | 
|Item 13.                                                 |  | Certain Relationships and Related
    Transactions                                                                                                               |  |      | 100 | 
|Item 14.                                                 |  | Principal Accountant Fees and Services                                                                                                                           |  |      | 105 | 
|                                                        
|PART IV                                                 
|Item 15.                                                 |  | Exhibits and Financial Statement
    Schedules                                                                                                                   |  |      | 105 | 
|Consent of Independent Registered Public Accounting Firm
|Power of Attorney                                       
|Certification of Chief Executive Officer                
|Certification of Chief Financial Officer                
|Section 1350 Certification of CEO and CFO               
|Pre-Approval Policy                                     
|Financial Statements                                    





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##### Table of Contents



DEFINITIONS






| |                                                                                                                                                                                                                                        
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Barrel: One barrel of petroleum products equals 42
    U.S. gallons.                                                                                                                                                                   
|
| | bpd: Barrels per day.                                                                                                                                                                                                                  
|
| | British Thermal Units (Btu): When used in terms of
    volumes, Btu is used to refer to the amount of natural gas
    required to raise the temperature of one pound of water by one
    degree Fahrenheit at one atmospheric pressure.
|
| | ¢/ MMBtu: Cents per one million Btus.                                                                                                                                                                                                  
|
| | Fractionation: The process by which a mixed stream of
    natural gas liquids is separated into its constituent products.                                                                                                              
|
| | MMBtu: One million Btus.                                                                                                                                                                                                               
|
| | MMBtu/d: One million Btus per day.                                                                                                                                                                                                     
|
| | MMcf: One million cubic feet of natural gas.                                                                                                                                                                                           
|
| | MMcf/d: One million cubic feet of natural gas per day.                                                                                                                                                                                 
|
| | NGLs: Natural gas liquids.                                                                                                                                                                                                             
|
| | Recompletions: After the initial completion of a well,
    the action and techniques of reentering the well and redoing or
    repairing the original completion to restore the wells
    productivity.                               
|
| | Throughput: The volume of product transported or passing
    through a pipeline, plant, terminal or other facility.                                                                                                                    
|
| | Workover: Operations on a completed production well to
    clean, repair and maintain the well for the purposes of
    increasing or restoring production.                                                                             



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##### Table of Contents



WILLIAMS PARTNERS L.P.


FORM 10-K





PART I





Items 1 and 2.     Business
and Properties







WEBSITE ACCESS TO REPORTS AND OTHER INFORMATION


10-K, 10-Q, 8-K time-to 1-800-SEC-0330. http://www.sec.gov.


http://www.williamslp.com 10-K, 10-Q, 8-K







GENERAL






1



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##### Table of Contents







| |   |                                                                                                                                                                                                                                                                              
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a 40 percent interest in Discovery, which owns an
    integrated natural gas gathering and transportation pipeline
    system extending from offshore in the Gulf of Mexico to a
    natural gas processing facility and a natural gas liquids
    fractionator in Louisiana;
|
| |  | the Carbonate Trend natural gas gathering pipeline off the coast
    of Alabama; and                                                                                                                                                                                         
|
| |  | three integrated natural gas liquids storage facilities and a
    50 percent interest in a natural gas liquids fractionator
    near Conway, Kansas.                                                                                                                         



Initial Public Offering and Concurrent Transactions







RECENT EVENTS


Discovery Open Season




Potential Acquisition Candidate Identified




2



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##### Table of Contents






FINANCIAL INFORMATION ABOUT SEGMENTS







NARRATIVE DESCRIPTION OF BUSINESS







Gathering and Processing  The Discovery Assets




| |        
| | -------
| | General





| |   |                                                                                                                                                                                                                                                                                                
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | a 273-mile natural gas
    gathering and transportation pipeline system, located primarily
    off the coast of Louisiana in the Gulf of Mexico, with a
    capacity, certified by the U.S. Federal Energy Regulatory
    Commission (FERC), of approximately 600 MMcf/d
    on its mainline;
|
| |  | a cryogenic natural gas processing plant in Larose, Louisiana
    with a capacity of approximately 600 MMcf/d;                                                                                                                                                                                 
|
| |  | a fractionator in Paradis, Louisiana with a current capacity of
    approximately 32,000 bpd (which can be expanded to
    42,000 bpd); and                                                                                                                                                    
|
| |  | two onshore liquids pipelines, including a
    22-mile mixed NGL
    pipeline connecting the gas processing plant to the fractionator
    and a 10-mile
    condensate pipeline connecting the gas processing plant to a
    third party oil gathering facility.                               



35-mile




| |                                      
| | -------------------------------------
| | Discovery Natural Gas Pipeline System

Transportation and Gathering Natural Gas Pipeline. 105-mile, 30-inch 20-inch




3



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##### Table of Contents



20-inch


Shallow Water/ Onshore Gathering.




| |   |                                                                                                                                                                                                                                                                                                                               
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 90 miles of offshore laterals with pipeline diameters
    ranging from 12 inches to 20 inches with connections
    to the mainline. These shallow water laterals are located in
    water depths ranging from approximately 50 to 360 feet. Of
    the 90 miles of shallow water laterals, 60 miles are
    regulated by FERC;
|
| |  | a fixed-leg shelf production handling facility installed along
    the mainline at Grand Isle 115. The platform facility allows for
    the injection of condensate into the pipeline and is equipped
    with a production handling facility; and                                                                            
|
| |  | a five-mile onshore gathering lateral with
    20-inch diameter pipe
    that extends from a production area north of the Larose gas
    processing plant directly to the plant. This lateral is not
    regulated by FERC.                                                                                                   



Deepwater Gathering.




| |                            
| | ---------------------------
| | Larose Gas Processing Plant





ten-mile


4



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| |                               
| | ------------------------------
| | Paradis Fractionation Facility







| |                     
| | --------------------
| | Discovery Management





| |                                  
| | ---------------------------------
| | Discovery Customers and Contracts

Customers.


Contracts.




5



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##### Table of Contents









| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Fee-based. Under fee-based contracts, Discovery receives
    revenue based on the volume of natural gas processed and the
    per-unit fee charged.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| |  | Percent-of-liquids.
    Under
    percent-of-liquids gas
    processing contracts, Discovery (1) processes natural gas
    for customers, (2) delivers to customers an agreed upon
    percentage of the NGLs extracted in processing and
    (3) retains a portion of the extracted NGLs. Discovery
    generates revenue from the sale of these retained NGLs to third
    parties at market prices. Some of Discoverys
    percent-of-liquids
    contracts have a bypass option. Under contracts with
    a bypass option, if customers elect not to process their natural
    gas due to unfavorable processing economics, Discovery retains a
    portion of the customers natural gas in lieu of NGLs as a
    fee. Discovery may choose to process gas that a customer has
    elected to bypass, but then must deliver natural gas with an
    equivalent Btu content to the customer.





| |            
| | -----------
| | Competition





| |           
| | ----------
| | Gas Supply

35-mile


6



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Gathering and Processing  The Carbonate Trend
Pipeline




| |        
| | -------
| | General

12-inch










| |                                        
| | ---------------------------------------
| | Carbonate Trend Customers and Contracts

Customers.


Contracts.


7



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##### Table of Contents





| |            
| | -----------
| | Competition





| |           
| | ----------
| | Gas Supply






NGL Services  The Conway Assets




| |        
| | -------
| | General





| |   |                                              
| | - | ---------------------------------------------
| |  | three integrated NGL storage facilities; and 
|
| |  | a 50 percent interest in an NGL fractionator.



| |                      
| | ---------------------
| | Conway Storage Assets

General.




Conway West.


Conway East.


8



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Mitchell.




| |                        
| | -----------------------
| | Customers and Contracts

Customers.


Contracts.










| |            
| | -----------
| | Competition





9



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| |                                       
| | --------------------------------------
| | NGL Sources and Transportation Options







| |                                  
| | ---------------------------------
| | The Conway Fractionation Facility

General.










| |                        
| | -----------------------
| | Customers and Contracts

Customers.


Contracts.


10



---



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year-to


month-to






| |            
| | -----------
| | Competition







| |                  
| | -----------------
| | Mixed NGL Sources





| |                           
| | --------------------------
| | NGL Transportation Options



11



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Safety and Maintenance




30-inch 18-inch








right-to


12



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FERC Regulation




| |        
| | -------
| | General





105-mile


|                         |  |                                    
|------------------------ |  | -----------------------------------
|Discovery Asset          |  | Maximum FERC Rate                  
|                         |  |                                    
|Mainline                 |  | $0.1569/MMBtu through January 2008;
|                         |  | $0.08 thereafter                   
|FERC-regulated laterals  |  | $0.039/MMBtu                       
|Market expansion project |  | $0.08/MMBtu                        



13



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##### Table of Contents









| |   |                                                                                          
| | - | -----------------------------------------------------------------------------------------
| |  | the overall cost of service, including operating costs and
    overhead;                 
|
| |  | the allocation of overhead and other administrative and general
    expenses to the rate;
|
| |  | the appropriate capital structure to be utilized in calculating
    rates;               
|
| |  | the appropriate rate of return on equity;                                                
|
| |  | the cost of debt;                                                                        
|
| |  | the rate base, including the proper starting rate base;                                  
|
| |  | the throughput underlying the rate; and                                                  
|
| |  | the proper allowance for federal and state income taxes.                                 

BP West Coast Products, LLC v.
FERC Lakehead Lakehead cost-of BP West Coast case-by-case BP West Coast








| |   |                                                                                                                                              
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------
| |  | required pipelines to implement imbalance management services;                                                                               
|
| |  | restricted the ability of pipelines to impose penalties for
    imbalances, overruns and non-compliance with operational flow
    orders; and
|
| |  | implemented a number of new pipeline reporting requirements.                                                                                 



14



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| |                 
| | ----------------
| | Processing Plant






Environmental Regulation




| |        
| | -------
| | General





15



---



##### Table of Contents











| |              
| | -------------
| | Air Emissions





| |                               
| | ------------------------------
| | Hazardous Substances and Waste



16



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##### Table of Contents









| |      
| | -----
| | Water





| |                                                
| | -----------------------------------------------
| | Hazardous Materials Transportation Requirements





| |                                                            
| | -----------------------------------------------------------
| | Kansas Department of Health and Environment
    Obligations



17



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on-site









Title to Properties and
Rights-of-Way


rights-of


18



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right-of right-of right-of





Employees







FINANCIAL INFORMATION ABOUT GEOGRAPHIC AREAS







Item 1A.     Risk
Factors




Risks Inherent in Our Business




| |                                                                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We may not have sufficient cash from operations to enable
    us to pay the minimum quarterly distribution following
    establishment of cash reserves and payment of fees and expenses,
    including payments to our general partner.





| |   |                                                                                                                  
| | - | -----------------------------------------------------------------------------------------------------------------
| |  | the prices we obtain for our services;                                                                           
|
| |  | the prices of, level of production of, and demand for, natural
    gas and NGLs;                                 
|
| |  | the volumes of natural gas we gather, transport and process and
    the volumes of NGLs we fractionate and store;
|
| |  | the level of our operating costs, including payments to our
    general partner; and                             
|
| |  | prevailing economic conditions.                                                                                  





| |   |                                                                                                       
| | - | ------------------------------------------------------------------------------------------------------
| |  | the level of capital expenditures we make;                                                            
|
| |  | the restrictions contained in our and Williams debt
    agreements and our debt service requirements;

19



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| |   |                                                                                             
| | - | --------------------------------------------------------------------------------------------
| |  | the cost of acquisitions, if any;                                                           
|
| |  | fluctuations in our working capital needs;                                                  
|
| |  | our ability to borrow for working capital or other purposes;                                
|
| |  | the amount, if any, of cash reserves established by our general
    partner;                
|
| |  | the amount of cash that Discovery distributes to us; and                                    
|
| |  | reimbursement payments to us by, and credits from, Williams
    under the omnibus agreement.





| |                                                                                                                                                                                                                                                                                                                                                                          
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Because of the natural decline in production from existing
    wells, the success of our gathering and transportation
    businesses depends on our ability to obtain new sources of
    natural gas supply, which is dependent on factors beyond our
    control. Any decrease in supplies of natural gas could adversely
    affect our business and operating results.



35-mile




20



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##### Table of Contents





| |                                                                                                      
| | -----------------------------------------------------------------------------------------------------
| | Lower natural gas and oil prices could adversely affect
    our fractionation and storage businesses.







| |   |                                                                              
| | - | -----------------------------------------------------------------------------
| |  | worldwide economic conditions;                                               
|
| |  | weather conditions and seasonal trends;                                      
|
| |  | the levels of domestic production and consumer demand;                       
|
| |  | the availability of imported natural gas and NGLs;                           
|
| |  | the availability of transportation systems with adequate
    capacity;       
|
| |  | the price and availability of alternative fuels;                             
|
| |  | the effect of energy conservation measures;                                  
|
| |  | the nature and extent of governmental regulation and
    taxation; and       
|
| |  | the anticipated future prices of natural gas, NGLs and other
    commodities.



| |                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our processing, fractionation and storage businesses could
    be affected by any decrease in NGL prices or a change in NGL
    prices relative to the price of natural gas.

percent-of






| |                                                                                                                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We depend on certain key customers and producers for a
    significant portion of our revenues and supply of natural gas
    and NGLs. The loss of any of these key customers or producers
    could result in a decline in our revenues and cash available to
    pay distributions.



21



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| |                                                                                                                                                                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | If third-party pipelines and other facilities
    interconnected to our pipelines and facilities become
    unavailable to transport natural gas and NGLs or to treat
    natural gas, our revenues and cash available to pay
    distributions could be adversely affected.









| |                                                                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Williams revolving credit facility and
    Williams public indentures contain financial and operating
    restrictions that may limit our access to credit. In addition,
    our ability to obtain credit in the future will be affected by
    Williams credit ratings.





22



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| |                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------
| | Discovery is not prohibited from incurring indebtedness,
    which may affect our ability to make distributions to
    unitholders.





| |                                                                                                                                                                                                                  
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We do not own all of the interests in the Conway
    fractionator and in Discovery, which could adversely affect our
    ability to respond to operate and control these assets in a
    manner beneficial to us.





| |                                                                         
| | ------------------------------------------------------------------------
| | Discovery may reduce its cash distributions to us in some
    situations

majority-in




23



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| |                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We do not operate all of our assets. This reliance on
    others to operate our assets and to provide other services could
    adversely affect our business and operating results.







| |                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------
| | Our industry is highly competitive, and increased
    competitive pressure could adversely affect our business and
    operating results.











| |                                                                                                                                                                                                                           
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our results of storage and fractionation operations are
    dependent upon the demand for propane and other NGLs. A
    substantial decrease in this demand could adversely affect our
    business and operating results.



24



---



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| |                                                                 
| | ----------------------------------------------------------------
| | We may not be able to grow or effectively manage our
    growth.





| |   |                                                                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | identify businesses engaged in managing, operating or owning
    pipeline, processing, fractionation and storage assets, or other
    midstream assets for acquisitions, joint ventures and
    construction projects;
|
| |  | control costs associated with acquisitions, joint ventures or
    construction projects;                                                                                                                              
|
| |  | consummate acquisitions or joint ventures and complete
    construction projects, including Discoverys Tahiti lateral
    expansion project;                                                                         
|
| |  | integrate any acquired or constructed business or assets
    successfully with our existing operations and into our operating
    and financial systems and controls;                                                 
|
| |  | hire, train and retain qualified personnel to manage and operate
    our growing business; and                                                                                                                        
|
| |  | obtain required financing for our existing and new operations.                                                                                                                                                        





25



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| |                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Discoverys interstate tariff rates are subject to
    review and possible adjustment by federal regulators, which
    could have a material adverse effect on our business and
    operating results. Moreover, because Discovery is a
    non-corporate entity, it may be disadvantaged in calculating its
    cost of service for
    rate-making
    purposes.





BP West Coast Products, LLC v. FERC Lakehead Lakehead cost-of BP West Coast cost-of case-by-case BP West Coast cost-of-service. cost-of


26



---



##### Table of Contents





| |                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------
| | Our operations are subject to operational hazards and
    unforeseen interruptions for which we may not be adequately
    insured.





| |   |                                                                                                                        
| | - | -----------------------------------------------------------------------------------------------------------------------
| |  | hurricanes, tornadoes, floods, fires, extreme weather conditions
    and other natural disasters and acts of terrorism;
|
| |  | damages to pipelines and pipeline blockages;                                                                           
|
| |  | leakage of natural gas (including sour gas), NGLs, brine or
    industrial chemicals;                                  
|
| |  | collapse of NGL storage caverns;                                                                                       
|
| |  | operator error;                                                                                                        
|
| |  | pollution;                                                                                                             
|
| |  | fires, explosions and blowouts;                                                                                        
|
| |  | risks related to truck and rail loading and unloading; and                                                             
|
| |  | risks related to operating in a marine environment.                                                                    









| |                                                                                                
| | -----------------------------------------------------------------------------------------------
| | Pipeline integrity programs and repairs may impose
    significant costs and liabilities on us.





| |   |                                                                                                                 
| | - | ----------------------------------------------------------------------------------------------------------------
| |  | perform ongoing assessments of pipeline integrity;                                                              
|
| |  | identify and characterize applicable threats to pipeline
    segments that could impact a high consequence area;

27



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| |   |                                                    
| | - | ---------------------------------------------------
| |  | improve data collection, integration and analysis; 
|
| |  | repair and remediate the pipeline as necessary; and
|
| |  | implement preventive and mitigating actions.       







| |                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------
| | We do not own all of the land on which our pipelines and
    facilities are located, which could disrupt our
    operations.

right-of




| |                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our operations are subject to governmental laws and
    regulations relating to the protection of the environment, which
    may expose us to significant costs and liabilities.





| |   |                                                                                                                                                                                                                                                                                                                                                                                   
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the Federal Clean Air Act and analogous state laws, which impose
    obligations related to air emissions;                                                                                                                                                                                                                                                                        
|
| |  | the Federal Water Pollution Control Act of 1972, as renamed and
    amended as the Clean Water Act, or CWA, and analogous state
    laws, which regulate discharge of wastewaters from our
    facilities to state and federal waters;                                                                                                                                            
|
| |  | the federal Comprehensive Environmental Response, Compensation,
    and Liability Act, also known as CERCLA or the Superfund law,
    and analogous state laws that regulate the cleanup of hazardous
    substances that may have been released at properties currently
    or previously owned or operated by us or locations to which we
    have sent wastes for disposal; and
|
| |  | the federal Resource Conservation and Recovery Act, also known
    as RCRA, and analogous state laws that impose requirements for
    the handling and discharge of solid and hazardous waste from our
    facilities.                                                                                                                                                            

28



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| |                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------
| | Potential changes in accounting standards might cause us
    to revise our financial results and disclosure in the
    future.



29



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| |                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Terrorist attacks have resulted in increased costs, and
    attacks directed at our facilities or those of our suppliers and
    customers could disrupt our operations.







| |                                                                                                                                            
| | -------------------------------------------------------------------------------------------------------------------------------------------
| | We are exposed to the credit risk of our customers and our
    credit risk management may not be adequate to protect against
    such risk.



Risks Inherent in an Investment in Us




| |                                                                                                                                                                                                    
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our general partner and its affiliates have conflicts of
    interest and limited fiduciary duties, which may permit them to
    favor their own interests to the detriment of our
    unitholders.





| |   |                                                                                                                                                                                                                                                      
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | neither our partnership agreement nor any other agreement
    requires Williams or its affiliates to pursue a business
    strategy that favors us;                                                                                                  
|
| |  | our general partner is allowed to take into account the
    interests of parties other than us, such as Williams, in
    resolving conflicts of interest, which has the effect of
    limiting its fiduciary duty to our unitholders;                
|
| |  | Williams and its affiliates may engage in competition with us;                                                                                                                                                                                       
|
| |  | our general partner has limited its liability and reduced its
    fiduciary duties, and has also restricted the remedies available
    to our unitholders for actions that, without the limitations,
    might constitute breaches of fiduciary duty;

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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | our general partner determines the amount and timing of our cash
    reserves, asset purchases and sales, capital expenditures,
    borrowings and issuances of additional partnership securities,
    each of which can affect the amount of cash that is distributed
    to our unitholders;                                                                                                                                               
|
| |  | our general partner determines the amount and timing of any
    capital expenditures, as well as whether a capital expenditure
    is a maintenance capital expenditure, which reduces operating
    surplus, or an expansion capital expenditure, which does not,
    which determination can affect the amount of cash that is
    distributed to our unitholders and the ability of the
    subordinated units to convert to common units;
|
| |  | in some instances, our general partner may cause us to borrow
    funds in order to permit the payment of cash distributions, even
    if the purpose or effect of the borrowing is to make a
    distribution on the subordinated units, to make incentive
    distributions or to accelerate the expiration of the
    subordination period;                                                                                               
|
| |  | our general partner determines which costs incurred by it and
    its affiliates are reimbursable by us;                                                                                                                                                                                                                                                                                                                                     
|
| |  | our partnership agreement does not restrict our general partner
    from causing us to pay it or its affiliates for any services
    rendered to us or entering into additional contractual
    arrangements with any of these entities on our behalf;                                                                                                                                                                                       
|
| |  | our general partner intends to limit its liability regarding our
    contractual and other obligations;                                                                                                                                                                                                                                                                                                                                      
|
| |  | our general partner may exercise its limited right to call and
    purchase common units if it and its affiliates own more than
    80 percent of the common units;                                                                                                                                                                                                                                                                          
|
| |  | our general partner controls the enforcement of obligations owed
    to us by it and its affiliates; and                                                                                                                                                                                                                                                                                                                                     
|
| |  | our general partner decides whether to retain separate counsel,
    accountants or others to perform services for us.                                                                                                                                                                                                                                                                                                                        





| |                                                                                                                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our partnership agreement limits our general
    partners fiduciary duties to unitholders and restricts the
    remedies available to unitholders for actions taken by our
    general partner that might otherwise constitute breaches of
    fiduciary duty.





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | permits our general partner to make a number of decisions in its
    individual capacity, as opposed to in its capacity as our
    general partner. This entitles our general partner to consider
    only the interests and factors that it desires, and it has no
    duty or obligation to give any consideration to any interest of,
    or factors affecting, us, our affiliates or any limited partner.
    Examples include the exercise of its limited call right, its
    voting rights with respect to the units it owns, its
    registration rights and its determination whether or not to
    consent to any merger or consolidation of the partnership;                                                              
|
| |  | provides that our general partner will not have any liability to
    us or our unitholders for decisions made in its capacity as a
    general partner so long as it acted in good faith, meaning it
    believed the decision was in the best interests of our
    partnership;                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| |  | provides that resolutions of conflicts of interest not approved
    by the conflicts committee of the board of directors of our
    general partner and not involving a vote of unitholders must be
    on terms no less favorable to us than those generally being
    provided to or available from unrelated third parties or be
    fair and reasonable to us, as determined by our
    general partner in good faith, and that, in determining whether
    a transaction or resolution is fair and reasonable,
    our general partner may consider the totality of the
    relationships between the parties involved, including other
    transactions that may be particularly advantageous or beneficial
    to us; and
|
| |  | provides that our general partner, its affiliates and their
    officers and directors will not be liable for monetary damages
    to us or our limited partners for any acts or omissions unless
    there has been a final                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

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| |  |                                                                                                                                                                                                               
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | and non-appealable judgment entered by a court of competent
    jurisdiction determining that our general partner or those other
    persons acted in bad faith or engaged in fraud or willful
    misconduct.





| |                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------
| | Even if unitholders are dissatisfied, they cannot
    currently remove our general partner without its consent.



2 3






| |                                                                                                       
| | ------------------------------------------------------------------------------------------------------
| | The control of our general partner may be transferred to a
    third party without unitholder consent.





| |                                                                                           
| | ------------------------------------------------------------------------------------------
| | Increases in interest rates may cause the market price of
    our common units to decline.



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| |                                                                                                                             
| | ----------------------------------------------------------------------------------------------------------------------------
| | We may issue additional common units without unitholder
    approval, which would dilute unitholder ownership
    interests.





| |   |                                                                                                                                                                                                                                    
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | our unitholders proportionate ownership interest in us
    will decrease;                                                                                                                                                         
|
| |  | the amount of cash available to pay distributions on each unit
    may decrease;                                                                                                                                                   
|
| |  | because a lower percentage of total outstanding units will be
    subordinated units, the risk that a shortfall in the payment of
    the minimum quarterly distribution will be borne by our common
    unitholders will increase;
|
| |  | the relative voting strength of each previously outstanding unit
    may be diminished; and                                                                                                                                        
|
| |  | the market price of the common units may decline.                                                                                                                                                                                  



| |                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------
| | Williams and its affiliates may compete directly with us
    and have no obligation to present business opportunities to
    us.





| |                                                                                                                                              
| | ---------------------------------------------------------------------------------------------------------------------------------------------
| | Our general partner has a limited call right that may
    require unitholders to sell their common units at an undesirable
    time or price.





| |                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------
| | Our partnership agreement restricts the voting rights of
    unitholders owning 20 percent or more of our common
    units.



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| |                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------
| | Cost reimbursements due our general partner and its
    affiliates will reduce cash available to pay distributions to
    unitholders.





| |                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Unitholders may not have limited liability if a court
    finds that unitholder action constitutes control of our
    business. Unitholders may also have liability to repay
    distributions.





| |                                                                                                                                        
| | ---------------------------------------------------------------------------------------------------------------------------------------
| | Common units held by affiliates of Williams eligible for
    future sale may have adverse effects on the price of our common
    units.



Tax Risks




| |                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Our tax treatment depends on our status as a partnership
    for federal income tax purposes, as well as our not being
    subject to entity-level taxation by states. If the IRS were to
    treat us as a corporation or if we were to become subject to
    entity-level taxation for state tax purposes, then our cash
    available to pay distributions to unitholders would be
    substantially reduced.







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| |                                                                                                                                                                                                                              
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | A successful IRS contest of the federal income tax
    positions we take may adversely impact the market for our common
    units, and the costs of any contest will be borne by our
    unitholders and our general partner.





| |                                                                                                                                                 
| | ------------------------------------------------------------------------------------------------------------------------------------------------
| | Unitholders may be required to pay taxes on their share of
    our income even if unitholders do not receive any cash
    distributions from us.





| |                                                                                                  
| | -------------------------------------------------------------------------------------------------
| | The tax gain or loss on the disposition of our common
    units could be different than expected.





| |                                                                                                                                                     
| | ----------------------------------------------------------------------------------------------------------------------------------------------------
| | Tax-exempt entities and foreign persons face unique tax
    issues from owning common units that may result in adverse tax
    consequences to them.

non-U.S. non-U.S. non-U.S.




| |                                                                                                                                                                                                                           
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | We will treat each purchaser of units as having the same
    tax benefits without regard to the units purchased. The IRS may
    challenge this treatment, which could adversely affect the value
    of the common units.



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| |                                                                                                                                                 
| | ------------------------------------------------------------------------------------------------------------------------------------------------
| | Unitholders will likely be subject to state and local
    taxes and return filing requirements as a result of investing in
    our common units.





| |                                                                                                                                                                           
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The sale or exchange of 50 percent or more of our
    capital and profits interests will result in the termination of
    our partnership for federal income tax purposes.

12-month





FORWARD LOOKING STATEMENTS AND CAUTIONARY STATEMENT


FOR PURPOSES OF THE SAFE HARBOR PROVISIONS OF


THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995










| |   |                                                                                                                                                                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | We may not have sufficient cash from operations to enable us to
    pay the minimum distribution following establishment of cash
    reserves and payment of fees and expenses, including payments to
    our general partner.                                                                                                                      
|
| |  | Because of the natural decline in production from existing
    wells, the success of our gathering business depends on our
    ability to obtain new sources of natural gas supply, which is
    dependent on factors beyond our control. Any decrease in
    supplies of natural gas could adversely affect our business and
    operating results.

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| |   |                                                                                                                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Our processing, fractionation and storage businesses could be
    affected by any decrease in the price of natural gas liquids or
    a change in the price of natural gas liquids relative to the
    price of natural gas.                                                                        
|
| |  | Williams revolving credit facility and Williams
    public indentures contain financial and operating restrictions
    that may limit our access to credit. In addition, our ability to
    obtain credit in the future will be affected by Williams
    credit ratings.                         
|
| |  | Our general partner and its affiliates have conflicts of
    interest and limited fiduciary duties, which may permit them to
    favor their own interests to the detriment of our unitholders.                                                                                                     
|
| |  | Even if unitholders are dissatisfied, they cannot currently
    remove our general partner without its consent.                                                                                                                                                                                     
|
| |  | Unitholders may be required to pay taxes on their share of our
    income even if they do not receive any cash distributions from
    us.                                                                                                                                                           
|
| |  | Our operations are subject to operational hazards and unforeseen
    interruptions for which we may or may not be adequately insured.                                                                                                                                                               
|
| |  | Lower natural gas and oil prices could adversely affect our
    fractionation and storage businesses.                                                                                                                                                                                               
|
| |  | We depend on certain key customers and producers for a
    significant portion of our revenues and supply of natural gas
    and natural gas liquids. The loss of any of these key customers
    or producers could result in a decline in our revenues and cash
    available to pay distributions.
|
| |  | If third-party pipelines and other facilities interconnected to
    our pipelines and facilities become unavailable to transport
    natural gas and natural gas liquids or to treat natural gas, our
    revenues and cash available to pay distributions could be
    adversely affected.         






Item 1B.     Unresolved
Staff Comments









|        |                  
|------- | -----------------
|Item 3. | Legal Proceedings



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|        |                                                    
|------- | ---------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security Holders






PART II







|        |                                                                                                                     
|------- | --------------------------------------------------------------------------------------------------------------------
|Item 5. | Market for Registrants Common Equity, Related
    Stockholder Matters and Issuer Purchases of Equity
    Securities

Market Information, Holders and Distributions




|        |  |      |       |  |     |   |       |                 |  |   |        |    
|------- |  | ---- | ----- |  | --- | - | ----- | --------------- |  | - | ------ | ---
|        |  | 2005 |      
|        |  |      |      
|Quarter |  | High |       |  | Low |   |       | Distribution(2) | 
|        |  |      |       |  |     |   |       |                 | 
|3rd(1)  |  | $    | 32.75 |  |     | $ | 24.89 |                 |  | $ | 0.1484 | (3)
|4th     |  | $    | 34.46 |  |     | $ | 29.75 |                 |  | $ | 0.35   |    






|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | For the period from August 23, 2005 through
    September 30, 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   
|(2) | Represents cash distributions attributable to the quarter and
    declared and paid or to be paid within 45 days after
    quarter end. We paid cash distributions to our general partner
    with respect to its two percent general partner interest that
    totaled $42,400 for the period from August 23, 2005 through
    September 30, 2005. We declared cash distributions to our
    general partner with respect to its two percent general partner
    interest that totaled $142,400 for the period from
    August 23, 2005 through December 31, 2005.
|   
|(3) | The distribution for the third quarter of 2005 represents a
    proration of the minimum quarterly distribution per common and
    subordinated unit for the period from August 23, 2005, the
    date of the closing of our initial public offering of common
    units, through September 30, 2005.                                                                                                                                                                                                                                                              

Distributions of Available Cash






| |   |                                                                            
| | - | ---------------------------------------------------------------------------
| |  | less the amount of cash reserves established by our general
    partner to:



| |   |                                                                                                                                                  
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------
| |  | provide for the proper conduct of our business (including
    reserves for future capital expenditures and for our anticipated
    credit needs);
|
| |  | comply with applicable law, any of our debt instruments or other
    agreements; or                                                              
|
| |  | provide funds for distribution to our unitholders and to our
    general partner for any one or more of the next four quarters;                  



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | plus all cash on hand on the date of determination of available
    cash for the quarter resulting from working capital borrowings
    made after the end of the quarter for which the determination is
    being made. Working capital borrowings are generally borrowings
    that will be made under our working capital facility with
    Williams and in all cases are used solely for working capital
    purposes or to pay distributions to partners.

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|                               |  |                                     |                             |                                 |             |  |    |                 |  |  |    |  
|------------------------------ |  | ----------------------------------- | --------------------------- | ------------------------------- | ----------- |  | -- | --------------- |  |  | -- | -
|                               |  |                                     |                             | Marginal Percentage Interest in |            
|                               |  |                                     |                             | Distributions                   |            
|                               |  | Total Quarterly Distribution Target |                             |                                 |             | 
|                               |  | Amount                              |                             |                                 | Unitholders |  |    | General Partner | 
|                               |  |                                     |                             |                                 |             |  |    |                 | 
|Minimum Quarterly Distribution |  |                                     | $0.35                       |                                 |             |  | 98 | %               |  |  | 2  | %
|First Target Distribution      |  |                                     | up to $0.4025               |                                 |             |  | 98 | %               |  |  | 2  | %
|Second Target Distribution     |  |                                     | above $0.4025 up to $0.4375 |                                 |             |  | 85 | %               |  |  | 15 | %
|Third Target distribution      |  |                                     | above $0.4375 up to $0.5250 |                                 |             |  | 75 | %               |  |  | 25 | %
|Thereafter                     |  |                                     | Above $0.5250               |                                 |             |  | 50 | %               |  |  | 50 | %

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|        |                                        
|------- | ---------------------------------------
|Item 6. | Selected Financial and Operational Data





|                                                                                                          |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |         |     |  |   |         |     | 
|--------------------------------------------------------------------------------------------------------- | ----------------- | ----------------------------------------------- | ------- | ---- | ---- | - | ------- | ---- |  | - | ------- | --- |  | ---- | ------- | --- |  | - | ------- | --- | 
|                                                                                                          |                   | Year Ended December 31,                         |        
|                                                                                                          |                   |                                                 |        
|                                                                                                          |                   | 2005                                            |         |      | 2004 |   |         | 2003 |  |   | 2002    |     |  | 2001 |        
|                                                                                                          |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |        
|                                                                                                          |                   | (Dollars in thousands, except per unit amounts) |        
|Statement of Income Data:                                                                                 |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |         |     |  |   |         |    
|Revenues                                                                                                  |                   | $                                               | 51,769  |      |      | $ | 40,976  |      |  | $ | 28,294  |     |  | $    | 25,725  |     |  | $ | 29,164  |    
|Costs and expenses                                                                                        |                   |                                                 | 46,568  |      |      |   | 32,935  |      |  |   | 21,250  |     |  |      | 16,542  |     |  |   | 23,692  |    
|                                                                                                          |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |        
|Operating income                                                                                          |                   |                                                 | 5,201   |      |      |   | 8,041   |      |  |   | 7,044   |     |  |      | 9,183   |     |  |   | 5,472   |    
|Equity earnings (loss)  Discovery                                                                        |                   |                                                 | 8,331   |      |      |   | 4,495   |      |  |   | 3,447   |     |  |      | 2,026   |     |  |   | (13,401 | )  
|Impairment of investment in Discovery                                                                     |                   |                                                 |        |      |      |   | (13,484 | )(a) |  |   |        |     |  |      |        |     |  |   |        |    
|Interest expense                                                                                          |                   |                                                 | (8,238  | )    |      |   | (12,476 | )    |  |   | (4,176  | )   |  |      | (3,414  | )   |  |   | (4,173  | )  
|Interest income                                                                                           |                   |                                                 | 165     |      |      |   |        |      |  |   |        |     |  |      |        |     |  |   |        |    
|                                                                                                          |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |        
|Income (loss) before cumulative effect of change in accounting
    principle                              |                   | $                                               | 5,459   |      |      | $ | (13,424 | )    |  | $ | 6,315   |     |  | $    | 7,795   |     |  | $ | (12,102 | )  
|                                                                                                          |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |        
|Net income (loss)(b)                                                                                      |                   | $                                               | 4,831   |      |      | $ | (13,424 | )    |  | $ | 5,216   |     |  | $    | 7,795   |     |  | $ | (12,102 | )  
|                                                                                                          |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |        
|Income (loss) before cumulative effect of change in accounting
    principle per limited partner unit:(d) |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |         |     |  |   |         |    
|                                                                                                          | Common unit       |                                                 | $       | 0.49 |      |   |         | N/A  |  |   |         | N/A |  |      |         | N/A |  |   |         | N/A | 
|                                                                                                          | Subordinated unit |                                                 | $       | 0.49 |      |   |         | N/A  |  |   |         | N/A |  |      |         | N/A |  |   |         | N/A | 
|Net income (loss) per limited partner unit:(d)                                                            |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |         |     |  |   |         |    
|                                                                                                          | Common unit       |                                                 | $       | 0.44 |      |   |         | N/A  |  |   |         | N/A |  |      |         | N/A |  |   |         | N/A | 
|                                                                                                          | Subordinated unit |                                                 | $       | 0.44 |      |   |         | N/A  |  |   |         | N/A |  |      |         | N/A |  |   |         | N/A | 
|Balance Sheet Data (at period end):                                                                       |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |         |     |  |   |         |    
|Total assets                                                                                              |                   | $                                               | 240,941 |      |      | $ | 219,361 |      |  | $ | 230,150 | (c) |  | $    | 125,069 |     |  | $ | 122,239 |    
|Property, plant and equipment, net                                                                        |                   |                                                 | 67,931  |      |      |   | 67,793  |      |  |   | 69,695  |     |  |      | 72,062  |     |  |   | 75,269  |    
|Investment in Discovery                                                                                   |                   |                                                 | 150,260 |      |      |   | 147,281 | (a)  |  |   | 156,269 | (c) |  |      | 49,323  |     |  |   | 44,499  |    
|Advances from affiliate                                                                                   |                   |                                                 |        |      |      |   | 186,024 |      |  |   | 187,193 | (c) |  |      | 90,996  |     |  |   | 95,535  |    
|Partners capital                                                                                         |                   |                                                 | 221,655 |      |      |   | 16,668  |      |  |   | 30,092  |     |  |      | 22,914  |     |  |   | 15,236  |    
|Cash Flow Data:                                                                                           |                   |                                                 |         |      |      |   |         |      |  |   |         |     |  |      |         |     |  |   |         |    
|Cash distributions declared per unit                                                                      |                   | $                                               | 0.1484  |      |      |   | N/A     |      |  |   | N/A     |     |  |      | N/A     |     |  |   | N/A     |    
|Cash distributions paid per unit                                                                          |                   | $                                               | 0.1484  |      |      |   | N/A     |      |  |   | N/A     |     |  |      | N/A     |     |  |   | N/A     |    

40



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|                                    |                                              |                                                 |   |         |      |  |   |         |  |  |      |         |  |      |   |         |  |  |   |         | 
|----------------------------------- | -------------------------------------------- | ----------------------------------------------- | - | ------- | ---- |  | - | ------- |  |  | ---- | ------- |  | ---- | - | ------- |  |  | - | ------- | 
|                                    |                                              | Year Ended December 31,                         |  
|                                    |                                              |                                                 |  
|                                    |                                              | 2005                                            |   |         | 2004 |  |   | 2003    |  |  | 2002 |         |  | 2001 |  
|                                    |                                              |                                                 |   |         |      |  |   |         |  |  |      |         |  |      |  
|                                    |                                              | (Dollars in thousands, except per unit amounts) |  
|Operating Information:              |                                              |                                                 |   |         |      |  |   |         |  |  |      |         |  |      |   |         |  |  |   |        
|Williams Partners L.P.:             |                                              |                                                 |   |         |      |  |   |         |  |  |      |         |  |      |   |         |  |  |   |        
|                                    | Conway storage revenues                      |                                                 | $ | 20,290  |      |  | $ | 15,318  |  |  | $    | 11,649  |  |      | $ | 10,854  |  |  | $ | 11,134  | 
|                                    | Conway fractionation volumes (bpd)  our 50% |                                                 |   | 39,965  |      |  |   | 39,062  |  |  |      | 34,989  |  |      |   | 38,234  |  |  |   | 40,713  | 
|                                    | Carbonate Trend gathered volumes (MMBtu/d)   |                                                 |   | 35,605  |      |  |   | 49,981  |  |  |      | 67,638  |  |      |   | 57,060  |  |  |   | 55,746  | 
|Discovery Producer Services  100%: |                                              |                                                 |   |         |      |  |   |         |  |  |      |         |  |      |   |         |  |  |   |        
|                                    | Gathered volumes (MMBtu/d)                   |                                                 |   | 345,098 |      |  |   | 348,142 |  |  |      | 378,745 |  |      |   | 425,388 |  |  |   | 226,820 | 
|                                    | Gross processing margin (¢/ MMbtu)           |                                                 |   | 19¢     |      |  |   | 17¢     |  |  |      | 17¢     |  |      |   | 12¢     |  |  |   | N/A     | 






|    |  |                                                                                                                                                                                                                                                                                                                                          
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | The $13.5 million impairment of our equity investment in
    Discovery in 2004 reduced the investment balance. See
    Note 6 of the Notes to Consolidated Financial Statements.                                                                                                                                                         
|   
|(b) |  | Our operations are treated as a partnership with each member
    being separately taxed on its ratable share of our taxable
    income. Therefore, we have excluded income tax expense from this
    financial information.                                                                                                              
|   
|(c) |  | In December 2003, we made a $101.6 million capital
    contribution to Discovery, which Discovery subsequently used to
    repay maturing debt. We funded this contribution with an advance
    from Williams. Prior to the closing of our initial public
    offering, Williams forgave the entire advances from affiliates
    balance.
|   
|(d) |  | The period of August 23, 2005 through December 31,
    2005.                                                                                                                                                                                                                                                                             






|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 7. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
    CONDITION AND RESULTS OF OPERATIONS



| |                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Please read the following discussion of our financial
    condition and results of operations in conjunction with the
    consolidated financial statements and related notes included in
    Item 8 of this annual report.

General






| |   |                                                                                                                                                                                                                     
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | distribute $58.8 million to affiliates of Williams in part
    to reimburse Williams for capital expenditures relating to the
    assets contributed to us, including a gas purchase contract
    contributed to us;
|
| |  | provide $24.4 million to make a capital contribution to
    Discovery to fund an escrow account required in connection with
    the Tahiti pipeline lateral expansion project;                                      
|
| |  | provide $12.7 million of additional working
    capital; and                                                                                                                                                        
|
| |  | pay $4.3 million of expenses associated with our IPO and
    related formation transactions.                                                                                                                        





41



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Overview






| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Gathering and Processing. Our Gathering and Processing
    segment includes (1) our 40 percent ownership interest
    in Discovery and (2) the Carbonate Trend gathering pipeline
    off the coast of Alabama. Discovery owns an integrated natural
    gas gathering and transportation pipeline system extending from
    offshore in the Gulf of Mexico to a natural gas processing
    facility and an NGL fractionator in Louisiana. These assets
    generate revenues by providing natural gas gathering,
    transporting and processing services and integrated NGL
    fractionating services to customers under a range of contractual
    arrangements. Although Discovery includes fractionation
    operations, which would normally fall within the NGL Services
    segment, it is primarily engaged in gathering and processing and
    is managed as such.
|
| |  | NGL Services. Our NGL Services segment includes three
    integrated NGL storage facilities and a 50 percent
    undivided interest in a fractionator near Conway, Kansas. These
    assets generate revenues by providing stand-alone NGL
    fractionation and storage services using various fee-based
    contractual arrangements where we receive a fee or fees based on
    actual or contracted volumetric measures.                                                                                                                                                                                                                                                                                                                                                                                                                                                 

Executive Summary




Recent Events


35-mile




42



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Potential Acquisition Candidate Identified




How We Evaluate Our Operations






| |   |                                    
| | - | -----------------------------------
| |  | pipeline throughput volumes;       
|
| |  | gross processing margins;          
|
| |  | fractionation volumes;             
|
| |  | storage revenues; and              
|
| |  | operating and maintenance expenses.

Pipeline Throughput Volumes.


43



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Gross Processing Margins.




| |   |                                                                                                      
| | - | -----------------------------------------------------------------------------------------------------
| |  | the rates stipulated under fee-based contracts multiplied by the
    actual MMBtu volumes;           
|
| |  | sales of NGL volumes received under
    percent-of-liquids
    contracts for Discoverys account; and
|
| |  | sales of natural gas volumes that are in excess of operational
    needs.                            





Fractionation Volumes.


Storage Revenues.


Operating and Maintenance Expenses.




44



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Our Operations




| |                                 
| | --------------------------------
| | Gathering and Processing Segment





| |                                       
| | --------------------------------------
| | Gathering and Transportation Contracts







45



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| |                                       
| | --------------------------------------
| | Processing and Fractionation Contracts

Fee-based contracts. percent-of




Percent-of percent-of percent-of


percent-of






46



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##### Table of Contents







| |                                    
| | -----------------------------------
| | Operation and Contract Optimization











| |                     
| | --------------------
| | NGL Services Segment





| |                        
| | -----------------------
| | Fractionation Contracts



47



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month-to




| |                  
| | -----------------
| | Storage Contracts











| |                            
| | ---------------------------
| | Operating Supply Management





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Critical Accounting Policies and Estimates






| |                                                
| | -----------------------------------------------
| | Impairment of Long-Lived Assets and Investments







| |   |                                                                                                                                 
| | - | --------------------------------------------------------------------------------------------------------------------------------
| |  | estimated future volumes and rates;                                                                                             
|
| |  | the net present value of the expected future cash flows;                                                                        
|
| |  | potential proceeds from a sale to an existing MLP based on an
    acquirers estimated distribution and earnings
    impact; and
|
| |  | expected proceeds from our planned initial public offering.                                                                     





| |                                            
| | -------------------------------------------
| | Accounting for Asset Retirement Obligations





| |                                      
| | -------------------------------------
| | Environmental Remediation Liabilities



49



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Results of Operations




| |                      
| | ---------------------
| | Consolidated Overview



|                                                                             |                                    |                        |        |          |         |  |      |      |          |   |         |        |   |      |      |     |   |   |        |        |  
|---------------------------------------------------------------------------- | ---------------------------------- | ---------------------- | ------ | -------- | ------- |  | ---- | ---- | -------- | - | ------- | ------ | - | ---- | ---- | --- | - | - | ------ | ------ | -
|                                                                             |                                    |                        |        | % Change |         |  |      |      | % Change |   |         |       
|                                                                             |                                    |                        |        | from     |         |  |      |      | from     |   |         |       
|                                                                             |                                    | 2005                   |        |          | 2004(1) |  |      | 2004 |          |   | 2003(1) |        |   | 2003 |     
|                                                                             |                                    |                        |        |          |         |  |      |      |          |   |         |        |   |      |     
|                                                                             |                                    | (Dollars in thousands) |       
|Revenues                                                                     |                                    | $                      | 51,769 |          |         |  | +26  | %    |          | $ | 40,976  |        |   |      | +45  | %   |   | $ | 28,294 |       
|Costs and expenses:                                                          |                                    |                        |        |          |         |  |      |      |          |   |         |        |   |      |      |     |   |   |        |       
|                                                                             | Operating and maintenance expense  |                        |        | 25,111   |         |  |      | -30  | %        |   |         | 19,376 |   |      |      | -39 | % |   |        | 13,960 |  
|                                                                             | Product cost                       |                        |        | 11,821   |         |  |      | -78  | %        |   |         | 6,635  |   |      |      | NM  |   |   |        | 1,263  |  
|                                                                             | Depreciation and accretion         |                        |        | 3,619    |         |  |      | +2   | %        |   |         | 3,686  |   |      |      | +1  | % |   |        | 3,707  |  
|                                                                             | General and administrative expense |                        |        | 5,323    |         |  |      | -104 | %        |   |         | 2,613  |   |      |      | -44 | % |   |        | 1,813  |  
|                                                                             | Taxes other than income            |                        |        | 700      |         |  |      | +2   | %        |   |         | 716    |   |      |      | -12 | % |   |        | 640    |  
|                                                                             | Other, net                         |                        |        | (6       | )       |  |      | -93  | %        |   |         | (91    | ) |      |      | -32 | % |   |        | (133   | )
|                                                                             |                                    |                        |        |          |         |  |      |      |          |   |         |        |   |      |     
|Total costs and expenses                                                     |                                    |                        | 46,568 |          |         |  | -41  | %    |          |   | 32,935  |        |   |      | -55  | %   |   |   | 21,250 |       
|                                                                             |                                    |                        |        |          |         |  |      |      |          |   |         |        |   |      |     
|Operating income                                                             |                                    |                        | 5,201  |          |         |  | -35  | %    |          |   | 8,041   |        |   |      | +14  | %   |   |   | 7,044  |       
|Equity earnings  Discovery                                                  |                                    |                        | 8,331  |          |         |  | +85  | %    |          |   | 4,495   |        |   |      | +30  | %   |   |   | 3,447  |       
|Impairment of investment in Discovery                                        |                                    |                        |       |          |         |  | +100 | %    |          |   | (13,484 | )      |   |      | NM   |     |   |   |       |       
|Interest expense                                                             |                                    |                        | (8,238 | )        |         |  | +34  | %    |          |   | (12,476 | )      |   |      | -199 | %   |   |   | (4,176 | )     
|Interest income                                                              |                                    |                        | 165    |          |         |  | +100 | %    |          |   |        |        |   |      | -    | %   |   |   |       |       
|                                                                             |                                    |                        |        |          |         |  |      |      |          |   |         |        |   |      |     
|Income (loss) before cumulative effect of change in accounting
    principle |                                    |                        | 5,459  |          |         |  | +141 | %    |          |   | (13,424 | )      |   |      | NM   |     |   |   | 6,315  |       
|Cumulative effect of change in accounting principle                          |                                    |                        | (628   | )        |         |  | NM   |      |          |   |        |        |   |      | +100 | %   |   |   | (1,099 | )     
|                                                                             |                                    |                        |        |          |         |  |      |      |          |   |         |        |   |      |     
|Net income (loss)                                                            |                                    | $                      | 4,831  |          |         |  | +136 | %    |          | $ | (13,424 | )      |   |      | NM   |     |   | $ | 5,216  |       
|                                                                             |                                    |                        |        |          |         |  |      |      |          |   |         |        |   |      |     






|    |                                                                                                                                                                                                
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | + = Favorable Change; - = Unfavorable Change; NM = A
    percentage calculation is not meaningful due to change in signs,
    a zero-value denominator or a percentage change greater than 200.



| |              
| | -------------
| | 2005 vs. 2004





50



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| |              
| | -------------
| | 2004 vs. 2003













51



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Results of operations  Gathering and Processing




|                                      |                                           |                |       |       |      |   |         |       |  |   |       |       | 
|------------------------------------- | ----------------------------------------- | -------------- | ----- | ----- | ---- | - | ------- | ----- |  | - | ----- | ----- | 
|                                      |                                           | 2005           |       |       | 2004 |   |         | 2003  | 
|                                      |                                           |                |       |       |      |   |         |       | 
|                                      |                                           | (In thousands) |      
|Segment revenues                      |                                           | $              | 3,515 |       |      | $ | 4,833   |       |  | $ | 5,513 |      
|Costs and expenses:                   |                                           |                |       |       |      |   |         |       |  |   |       |      
|                                      | Operating and maintenance expense         |                |       | 714   |      |   |         | 572   |  |   |       | 379   | 
|                                      | Depreciation                              |                |       | 1,200 |      |   |         | 1,200 |  |   |       | 1,200 | 
|                                      | General and administrative expense-direct |                |       | 2     |      |   |         |      |  |   |       |      | 
|                                      |                                           |                |       |       |      |   |         |       | 
|Total costs and expenses              |                                           |                | 1,916 |       |      |   | 1,772   |       |  |   | 1,579 |      
|                                      |                                           |                |       |       |      |   |         |       | 
|Segment operating income              |                                           |                | 1,599 |       |      |   | 3,061   |       |  |   | 3,934 |      
|Equity earnings  Discovery           |                                           |                | 8,331 |       |      |   | 4,495   |       |  |   | 3,447 |      
|Impairment of investment in Discovery |                                           |                |      |       |      |   | (13,484 | )     |  |   |      |      
|                                      |                                           |                |       |       |      |   |         |       | 
|Segment profit (loss)                 |                                           | $              | 9,930 |       |      | $ | (5,928  | )     |  | $ | 7,381 |      
|                                      |                                           |                |       |       |      |   |         |       | 



| |                
| | ---------------
| | Carbonate Trend



| |              
| | -------------
| | 2005 vs. 2004











| |              
| | -------------
| | 2004 vs. 2003





52



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| |          
| | ---------
| | Discovery



|                                                                          |                                     |                |         |        |      |   |        |        |   |   |         |        | 
|------------------------------------------------------------------------- | ----------------------------------- | -------------- | ------- | ------ | ---- | - | ------ | ------ | - | - | ------- | ------ | 
|                                                                          |                                     | 2005           |         |        | 2004 |   |        | 2003   |  
|                                                                          |                                     |                |         |        |      |   |        |        |  
|                                                                          |                                     | (In thousands) |        
|Revenues                                                                  |                                     | $              | 122,745 |        |      | $ | 99,876 |        |   | $ | 103,178 |       
|Costs and expenses, including interest:                                   |                                     |                |         |        |      |   |        |        |   |   |         |       
|                                                                          | Product cost and shrink replacement |                |         | 64,467 |      |   |        | 45,355 |   |   |         | 42,914 | 
|                                                                          | Operating and maintenance expense   |                |         | 10,165 |      |   |        | 17,854 |   |   |         | 15,829 | 
|                                                                          | General and administrative expense  |                |         | 2,053  |      |   |        | 1,424  |   |   |         | 1,400  | 
|                                                                          | Depreciation and accretion          |                |         | 24,794 |      |   |        | 22,795 |   |   |         | 22,875 | 
|                                                                          | Interest expense (income)           |                |         | (1,685 | )    |   |        | (550   | ) |   |         | 9,611  | 
|                                                                          | Other expenses, net                 |                |         | 2,123  |      |   |        | 1,328  |   |   |         | 1,501  | 
|                                                                          |                                     |                |         |        |      |   |        |        |  
|Total costs and expenses                                                  |                                     |                | 101,917 |        |      |   | 88,206 |        |   |   | 94,130  |       
|                                                                          |                                     |                |         |        |      |   |        |        |  
|Net income before cumulative effect of change in accounting
    principle |                                     | $              | 20,828  |        |      | $ | 11,670 |        |   | $ | 9,048   |       
|                                                                          |                                     |                |         |        |      |   |        |        |  
|Williams Partners 40% interest                                           |                                     | $              | 8,331   |        |      | $ | 4,668  |        |   | $ | 3,619   |       
|Capitalized interest amortization                                         |                                     |                |        |        |      |   | (173   | )      |   |   | (172    | )     
|                                                                          |                                     |                |         |        |      |   |        |        |  
|Equity earnings per our Consolidated Statement of Operations              |                                     | $              | 8,331   |        |      | $ | 4,495  |        |   | $ | 3,447   |       
|                                                                          |                                     |                |         |        |      |   |        |        |  



| |              
| | -------------
| | 2005 vs. 2004





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Product sales increased $31.6 million for the NGL sales
    related to third-party processing customers election to
    have Discovery market their NGLs for a fee under an option in
    their contracts. These sales were offset by higher associated
    product costs of $31.6 million discussed below.                                                                                                                                   
|
| |  | Processing and fractionation revenues increased
    $6.8 million including $3.9 million in additional
    volumes related to the TGP and TETCO open seasons discussed
    previously, $2.9 million related to an increase in the
    fractionation rate for increased natural gas fuel cost pass
    through, and other increases related to new volumes from the
    Front Runner prospect that came on line in the first quarter of
    2005.
|
| |  | Gathering revenues increased $2.1 million due primarily to
    a $1.4 million deficiency payment received in 2005 related
    to a volume shortfall under a transportation contract,
    $0.4 million related to an increase in volumes and
    $0.3 million related to a 25 percent higher average
    gathering rate associated with new volumes from the Front Runner
    prospect.                                                         





| |   |                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Product sales decreased $4.9 million as a result of lower
    sales of excess fuel and shrink replacement gas in 2005. During
    the first half of 2004 increased natural gas prices made it more
    economical for Discoverys customers to bypass the
    processing plant rather than process the gas, leaving Discovery
    with higher levels of excess fuel and replacement gas in 2004
    than 2005.

53



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| |   |                                                                                                                                                                                                                                                                        
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Product sales also decreased approximately $16.0 million as
    a result of 36 percent lower NGL sales volumes following
    Hurricanes Katrina and Rita, partially offset by a
    $5.0 million increase associated with a 17 percent
    higher average sales prices.
|
| |  | Transportation revenues decreased $0.6 million due
    primarily to lower condensate transportation volumes. Higher
    average natural gas transportation volumes were partially offset
    by a lower average natural gas transmission rate.                         
|
| |  | Other revenues declined $1.1 million due largely to lower
    platform rental fees.                                                                                                                                                                                    





| |   |                                                                                                                                     
| | - | ------------------------------------------------------------------------------------------------------------------------------------
| |  | $31.6 million increased purchase costs for the two
    processing customers who elected to have Discovery market their
    NGLs; and
|
| |  | $3.4 million resulting from higher average per-unit natural
    gas prices.                                                         





| |   |                                                                                         
| | - | ----------------------------------------------------------------------------------------
| |  | $11.0 million lower costs related to reduced processing
    activity in 2005; and       
|
| |  | $4.9 million lower cost associated with sales of excess
    fuel and shrink natural gas.















| |              
| | -------------
| | 2004 vs. 2003





| |   |                                                                                                                                                                                                                      
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Increasing gas prices during some months of 2003 made it more
    economical for Discoverys customers to bypass the
    processing plant rather than to process the gas, leaving
    Discovery with higher levels of

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| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | excess fuel and shrink replacement gas in 2003 than 2004. This
    excess natural gas was sold in the market in 2003, which
    resulted in $5.1 million of lower revenues in 2004.                                                                                                                                                                                                                                                                                                                 
|
| |  | Transportation volumes declined 6 percent due to production
    declines and a temporary interruption of service because of an
    accidental influx of seawater in a lateral while putting in
    place a subsea connection to a wellhead. These lower volumes
    resulted in a decrease in fee-based revenues, including
    $2.7 million from gathering and transportation,
    $2.2 million from fee-based processing and
    $0.2 million from fractionation, for a total of
    $5.1 million.
|
| |  | Other revenues decreased $1.5 million due to a
    $0.9 million decrease in offshore platform production
    handling fees related to lower natural gas production volumes
    and $0.8 million received in connection with the resolution
    of a condensate measurement and ownership allocation issue in
    2003.                                                                                                                                                                              
|
| |  | NGL sales increased $8.5 million due to a 26 percent
    increase in average sales prices, which were slightly offset by
    a 2 percent decrease in sales volumes.                                                                                                                                                                                                                                                                                                                                 









| |                 
| | ----------------
| | Outlook for 2006







| |   |                                                                                                                                                                                                                                                                                                                      
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | In 2006, recompletions and workovers may not offset production
    declines from the wells currently connected to the Carbonate
    Trend pipeline.                                                                                                                                                                  
|
| |  | We anticipate continued throughput from the TGP and TETCO open
    season volumes through the first quarter of 2006. Discovery is
    discussing retaining some of this gas on a long-term basis and
    will compete with several other plants in the area for this
    business.                                   
|
| |  | We anticipate lower gathered volumes from Discoverys
    pre-hurricane sources throughout 2006. The 2005 hurricanes
    caused a significant disruption in our customers normal
    operations including critical recompletion and drilling activity
    necessary to sustain and improve their production levels. 
|
| |  | With the current oil and natural gas price environment, drilling
    activity across the shelf and the deepwater of the Gulf of
    Mexico has been robust. However, the availability of specialized
    rigs necessary to drill in the deepwater areas, such as those in
    and around Discoverys gathering areas,

55



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| |   |                                                                                                                                                                                                                                                                                                                
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | limits producers ability to bring identified reserves to
    market quickly. This will prolong the timeframe over which these
    reserves will be developed. We expect Discovery to be successful
    in competing for a portion of these new volumes.                                                       
|
| |  | Late in the first quarter of 2006, Discovery expects to connect
    a new well in ATPs Gomez prospect, with an estimated
    initial volume of 35,000 MMBtu/d. Capital to connect this
    new well will be provided by others. This initial flow date was
    delayed due to the hurricane repair activities.

Results of operations  NGL Services




|                         |                                             |                |        |        |      |   |        |        |  |   |        |        | 
|------------------------ | ------------------------------------------- | -------------- | ------ | ------ | ---- | - | ------ | ------ |  | - | ------ | ------ | 
|                         |                                             | 2005           |        |        | 2004 |   |        | 2003   | 
|                         |                                             |                |        |        |      |   |        |        | 
|                         |                                             | (In thousands) |       
|Segment revenues         |                                             | $              | 48,254 |        |      | $ | 36,143 |        |  | $ | 22,781 |       
|Costs and expenses:      |                                             |                |        |        |      |   |        |        |  |   |        |       
|                         | Operating and maintenance expense           |                |        | 24,397 |      |   |        | 18,804 |  |   |        | 13,581 | 
|                         | Product cost                                |                |        | 11,821 |      |   |        | 6,635  |  |   |        | 1,263  | 
|                         | Depreciation and accretion                  |                |        | 2,419  |      |   |        | 2,486  |  |   |        | 2,507  | 
|                         | General and administrative expense  direct |                |        | 1,068  |      |   |        | 535    |  |   |        | 421    | 
|                         | Other, net                                  |                |        | 694    |      |   |        | 625    |  |   |        | 507    | 
|                         |                                             |                |        |        |      |   |        |        | 
|Total costs and expenses |                                             |                | 40,399 |        |      |   | 29,085 |        |  |   | 18,279 |       
|                         |                                             |                |        |        |      |   |        |        | 
|Segment profit           |                                             | $              | 7,855  |        |      | $ | 7,058  |        |  | $ | 4,502  |       
|                         |                                             |                |        |        |      |   |        |        | 



| |              
| | -------------
| | 2005 vs. 2004





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Product sales were $5.0 million higher due primarily to the
    sale of surplus propane volumes created through our product
    optimization activities. This increase was partially offset by
    the related increase in Product cost.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| |  | Storage revenues increased $5.0 million due primarily to
    higher average per-unit storage rates for 2005 and higher
    storage volumes from additional short-term storage leases caused
    by the reduced demand for propane due to unusually warm
    temperatures in the early winter months of 2005 and an overall
    increase in butane and storage volumes. The published rate for
    one-year storage contracts increased 67 percent on
    April 1, 2004, primarily reflecting the pass through to
    customers of increased costs to comply with KDHE regulations.
    The storage volumes in the remaining quarters of 2004 initially
    declined due to these higher storage rates. During 2005, the
    volumes returned to more normal levels.
|
| |  | Fractionation revenues increased $1.7 million due primarily
    to a 17 percent increase in the average fractionation rate
    related to the pass through to customers of increased fuel and
    power costs and 4 percent higher volumes in 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| |  | Other revenues increased $0.4 million due to increased
    railcar loadings in 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

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|                                        |                                    |                |        |        |      |   |        |       |   |   |        |       |  
|--------------------------------------- | ---------------------------------- | -------------- | ------ | ------ | ---- | - | ------ | ----- | - | - | ------ | ----- | -
|                                        |                                    | 2005           |        |        | 2004 |   |        | 2003  |  
|                                        |                                    |                |        |        |      |   |        |       |  
|                                        |                                    | (In thousands) |       
|Operating and maintenance expense:      |                                    |                |        |        |      |   |        |       |   |   |        |      
|                                        | Salaries and benefits              |                | $      | 2,773  |      |   | $      | 2,740 |   |   | $      | 2,762 |  
|                                        | Outside services and other         |                |        | 7,458  |      |   |        | 8,240 |   |   |        | 3,843 |  
|                                        | Fuel and power                     |                |        | 12,538 |      |   |        | 8,565 |   |   |        | 7,608 |  
|                                        | Product imbalance expense (income) |                |        | 1,628  |      |   |        | (741  | ) |   |        | (632  | )
|                                        |                                    |                |        |        |      |   |        |       |  
|Total operating and maintenance expense |                                    | $              | 24,397 |        |      | $ | 18,804 |       |   | $ | 13,581 |      
|                                        |                                    |                |        |        |      |   |        |       |  



| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Outside services and other decreased $0.8 million due to
    fewer storage cavern workovers in 2005 as compared to 2004. Also
    our estimated asset retirement obligation for the storage
    caverns was adjusted in 2005, reducing our operating expense by
    $0.5 million.                                                                                                                                                                                          
|
| |  | Fuel and power costs increased $4.0 million due primarily
    to a 33 percent increase in the average per-unit price for
    natural gas, which we are generally able to pass through to our
    customers. Fuel and Power cost also includes $2.0 million
    for the amortization of a natural gas purchase contract
    contributed to us by Williams at the closing of our IPO. Please
    read, Our Operations  NGL Services
    Segment  Fractionation Contracts.
|
| |  | Product imbalance expense increased $2.4 million due
    primarily to $3.0 million larger product imbalance
    valuation adjustments and $0.6 million other product
    losses, partially offset by a $1.2 million increase in
    product optimization gains due to a significantly higher spread
    between propane and ethane prices in 2005.                                                                                                                         









| |              
| | -------------
| | 2004 vs. 2003





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Product sales were $6.9 million higher primarily due to the
    sale of surplus propane volumes created through our product
    optimization activities. Prior to 2003, the sale and purchase
    activities and related inventory associated with product
    optimization were conducted by another wholly owned subsidiary
    of Williams that was sold in 2002. We made no sales of surplus
    propane until 2004 as we transitioned to conducting these
    activities and accumulated inventory.
|
| |  | Storage revenues increased $3.7 million due to higher
    average per-unit storage rates, slightly offset by lower
    contracted storage volumes. The published rate for one-year
    storage contracts increased 67 percent on April 1,
    2004 and primarily reflects the pass through of increased costs
    to comply with KDHE regulations.                                                                                                                                                      
|
| |  | During 2004 we began offering product upgrading services for
    normal butane at our fractionator. This service contributed
    $1.7 million of fee revenues in 2004.                                                                                                                                                                                                                                                                                                                                  

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| |   |                                                                                                                                             
| | - | --------------------------------------------------------------------------------------------------------------------------------------------
| |  | Outside services and other expenses increased $4.4 million
    due to new storage cavern workover activity related to KDHE
    requirements.
|
| |  | Fuel expense increased $1.0 million due to an
    18 percent increase in the average price of natural gas.                                  





| |                 
| | ----------------
| | Outlook for 2006







Financial Condition and Liquidity




| |                 
| | ----------------
| | Outlook for 2006







| |   |                                                                              
| | - | -----------------------------------------------------------------------------
| |  | Cash generated from operations;                                              
|
| |  | Cash distributions from Discovery;                                           
|
| |  | Capital contributions from Williams pursuant to an omnibus
    agreement; and
|
| |  | Credit facilities, as needed.                                                





| |   |                                                                            
| | - | ---------------------------------------------------------------------------
| |  | Maintenance capital expenditures for our Conway assets;                    
|
| |  | Capital contributions to Discovery for its capital expenditure
    program;

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| |   |                                                       
| | - | ------------------------------------------------------
| |  | Working capital attributable to deferred revenues; and
|
| |  | Minimum quarterly distributions to our unitholders.   



| |          
| | ---------
| | Discovery







| |                                    
| | -----------------------------------
| | Capital Contributions from Williams





| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Indemnification of environmental and related expenditures for a
    period of three years (for certain of those expenditures) up to
    $14 million, which includes between $3.4 million and
    $4.6 million for the restoration activities due to the
    partial erosion of the Carbonate Trend pipeline overburden by
    Hurricane Ivan, approximately $3.1 million for capital
    expenditures related to KDHE-related cavern compliance at our
    Conway storage facilities, and approximately $1.0 million
    for our 40 percent share of Discoverys costs for
    marshland restoration and repair or replacement of Paradis
    emission-control flare.
|
| |  | An annual credit for general and administrative expenses of
    $3.9 million in 2005 ($1.4 million pro-rated for the
    portion of the year from August 23 to December 31),
    $3.2 million in 2006, $2.4 million in 2007,
    $1.6 million in 2008 and $0.8 million in 2009.                                                                                                                                                                                                                                                                                                                                                                                       
|
| |  | Up to $3.4 million to fund our 40 percent share of the
    expected total cost of Discoverys Tahiti pipeline lateral
    expansion project in excess of the $24.4 million we
    contributed during September 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                  



| |                  
| | -----------------
| | Credit Facilities





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12-month




| |                     
| | --------------------
| | Capital Requirements





| |   |                                                                                                                                                                                                                                            
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Maintenance capital expenditures, which are capital expenditures
    made to replace partially or fully depreciated assets in order
    to maintain the existing operating capacity of our assets and to
    extend their useful lives; and
|
| |  | Expansion capital expenditures such as those to acquire
    additional assets to grow our business, to expand and upgrade
    plant or pipeline capacity and to construct new plants,
    pipelines and storage facilities.                









| |                                                  
| | -------------------------------------------------
| | Working Capital Attributable to Deferred Revenues



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| |                                  
| | ---------------------------------
| | Cash Distributions to Unitholders





| |                                   
| | ----------------------------------
| | Results of Operations  Cash Flows



| |                       
| | ----------------------
| | Williams Partners L.P.

|                                                 |  |                |         |   |      |   |        |      |  |   |          |  
|------------------------------------------------ |  | -------------- | ------- | - | ---- | - | ------ | ---- |  | - | -------- | -
|                                                 |  | 2005           |         |   | 2004 |   |        | 2003 | 
|                                                 |  |                |         |   |      |   |        |      | 
|                                                 |  | (In thousands) |        
|Net cash provided by operating activities        |  | $              | 1,893   |   |      | $ | 2,703  |      |  | $ | 6,644    |  
|Net cash used by investing activities            |  |                | (28,088 | ) |      |   | (1,534 | )    |  |   | (102,810 | )
|Net cash provided (used) by financing activities |  |                | 33,034  |   |      |   | (1,169 | )    |  |   | 96,166   |  





| |   |                                                                                                                                                                  
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | $2.8 million related to trade accounts receivable at
    August 22, 2005 that were not included in the contribution
    of net assets to us;                     
|
| |  | $2.3 million related to decreases in the Conway product
    imbalance liability largely resulting from settlement activity
    in the fourth quarter of 2005; and
|
| |  | $1.0 million lower operating income, adjusted for non-cash
    expenses.                                                                                         





| |   |                                                                                                                                   
| | - | ----------------------------------------------------------------------------------------------------------------------------------
| |  | $4.2 million in lower interest expense due to the
    forgiveness by Williams of advances to us at the closing of our
    IPO; and
|
| |  | a $1.3 million increase in distributed earnings from
    Discovery.                                                               







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| |                        
| | -----------------------
| | Discovery  100 percent

|                                          |  |                |         |   |      |   |         |      |  |   |         |  
|----------------------------------------- |  | -------------- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | -
|                                          |  | 2005           |         |   | 2004 |   |         | 2003 | 
|                                          |  |                |         |   |      |   |         |      | 
|                                          |  | (In thousands) |        
|Net cash provided by operating activities |  | $              | 30,814  |   |      | $ | 35,623  |      |  | $ | 44,025  |  
|Net cash used by investing activities     |  |                | (65,997 | ) |      |   | (39,115 | )    |  |   | (12,073 | )
|Net cash provided by financing activities |  |                | 1,339   |   |      |   |        |      |  |   | 409     |  









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| |                        
| | -----------------------
| | Contractual Obligations



|                             |       |      |       |       |           |   |       |           |  |   |       |     |  |       |     |     |  |   |       |       | 
|---------------------------- | ----- | ---- | ----- | ----- | --------- | - | ----- | --------- |  | - | ----- | --- |  | ----- | --- | --- |  | - | ----- | ----- | 
|                             |       | 2006 |       |       | 2007-2008 |   |       | 2009-2010 |  |   | 2011+ |     |  | Total |    
|                             |       |      |       |       |           |   |       |           |  |   |       |     |  |       |    
|Notes payable/long-term debt |       | $    |      |       |           | $ |      |           |  | $ |      |     |  | $     |    |     |  | $ |      |      
|Capital leases               |       |      |      |       |           |   |      |           |  |   |      |     |  |       |    |     |  |   |      |      
|Operating leases             |       |      | 30    |       |           |   | 55    |           |  |   | 10    |     |  |       |    |     |  |   | 95    |      
|Purchase obligations         |       |      | 5,135 |       |           |   | 2,928 |           |  |   | 240   |     |  |       | 120 | (a) |  |   | 8,423 |      
|Other long term liabilities  |       |      |      |       |           |   |      |           |  |   |      |     |  |       |    |     |  |   |      |      
|                             |       |      |       |       |           |   |       |           |  |   |       |     |  |       |    
|                             | Total |      | $     | 5,165 |           |   | $     | 2,983     |  |   | $     | 250 |  |       | $   | 120 |  |   | $     | 8,518 | 
|                             |       |      |       |       |           |   |       |           |  |   |       |     |  |       |    






|    |  |                                                                                                                                                        
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Year 2011 represents one year of payments associated with an
    operating agreement whose term is tied to the life of the
    underlying gas reserves.



|                             |       |      |        |        |           |   |        |           |  |   |       |       |  |       |       |       |  |   |        |        | 
|---------------------------- | ----- | ---- | ------ | ------ | --------- | - | ------ | --------- |  | - | ----- | ----- |  | ----- | ----- | ----- |  | - | ------ | ------ | 
|                             |       | 2006 |        |        | 2007-2008 |   |        | 2009-2010 |  |   | 2011+ |       |  | Total |      
|                             |       |      |        |        |           |   |        |           |  |   |       |       |  |       |      
|Notes payable/long-term debt |       | $    |       |        |           | $ |       |           |  | $ |      |       |  | $     |      |       |  | $ |       |       
|Capital leases               |       |      |       |        |           |   |       |           |  |   |      |       |  |       |      |       |  |   |       |       
|Operating leases             |       |      | 854    |        |           |   | 1,712  |           |  |   | 1,716 |       |  |       | 4,109 |       |  |   | 8,391  |       
|Purchase obligations(a)      |       |      | 30,807 |        |           |   | 23,488 |           |  |   |      |       |  |       |      |       |  |   | 54,295 |       
|Other long-term liabilities  |       |      |       |        |           |   |       |           |  |   |      |       |  |       |      |       |  |   |       |       
|                             |       |      |        |        |           |   |        |           |  |   |       |       |  |       |      
|                             | Total |      | $      | 31,661 |           |   | $      | 25,200    |  |   | $     | 1,716 |  |       | $     | 4,109 |  |   | $      | 62,686 | 
|                             |       |      |        |        |           |   |        |           |  |   |       |       |  |       |      






|    |  |                                                                                                                                                                                                                                                                                                                                                        
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | With the exception of $3.4 million of 2006 outstanding
    purchase orders, all other amounts are Tahiti-related
    expenditures that will be funded from the amounts escrowed for
    this project in September 2005 and capital contributions from
    members including us. Please read Financial Condition and
    Liquidity  Outlook for 2006.

Effects of Inflation




Regulatory Matters




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Environmental










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|         |                                                               
|-------- | --------------------------------------------------------------
|Item 7A. | Quantitative and Qualitative Disclosures About Market
    Risk



Commodity Price Risk




Interest Rate Risk




|                       |  |                   |         |  |       |   |         | 
|---------------------- |  | ----------------- | ------- |  | ----- | - | ------- | 
|                       |  | December 31, 2004 |        
|                       |  |                   |        
|                       |  | Carrying          |         |  | Fair  |  
|                       |  | Value             |         |  | Value |  
|                       |  |                   |         |  |       |  
|                       |  | ($ in thousands)  |        
|Advances from Williams |  | $                 | 186,024 |  |       | $ | 186,024 | 



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|        |                                            
|------- | -------------------------------------------
|Item 8. | Financial Statements and Supplementary Data

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM












Accounting for Asset Retirement
Obligations Accounting for Conditional Asset Retirement Obligations.




| |                      
| | ---------------------
| | /s/ Ernst & Young LLP





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WILLIAMS PARTNERS L.P.


CONSOLIDATED BALANCE SHEETS


|                                                   |                                                                           |                         |         |         |         |   |         |        |        | 
|-------------------------------------------------- | ------------------------------------------------------------------------- | ----------------------- | ------- | ------- | ------- | - | ------- | ------ | ------ | 
|                                                   |                                                                           | December 31,            |        
|                                                   |                                                                           |                         |        
|                                                   |                                                                           | 2005                    |         |         | 2004    |  
|                                                   |                                                                           |                         |         |         |         |  
|                                                   |                                                                           | (In thousands)          |        
|ASSETS                                            
|Current assets:                                    |                                                                           |                         |         |         |         |   |         |       
|                                                   | Cash and cash equivalents                                                 |                         | $       | 6,839   |         |   | $       |       |       
|                                                   | Accounts receivable:                                                      |                         |         |         |         |   |         |        |       
|                                                   |                                                                           | Trade                   |         |         | 1,840   |   |         |        | 2,150  | 
|                                                   |                                                                           | Other                   |         |         | 2,104   |   |         |        | 1,388  | 
|                                                   | Product imbalance                                                         |                         |         | 760     |         |   |         |       |       
|                                                   | Gas purchase contract  affiliate                                         |                         |         | 5,320   |         |   |         |       |       
|                                                   | Prepaid expenses                                                          |                         |         | 1,133   |         |   |         | 749    |       
|                                                   |                                                                           |                         |         |         |         |  
|                                                   | Total current assets                                                      |                         |         | 17,996  |         |   |         | 4,287  |       
|Investment in Discovery Producer Services          |                                                                           |                         | 150,260 |         |         |   | 147,281 |       
|Property, plant and equipment, net                 |                                                                           |                         | 67,931  |         |         |   | 67,793  |       
|Gas purchase contract  noncurrent 
    affiliate |                                                                           |                         | 4,754   |         |         |   |        |       
|                                                   |                                                                           |                         |         |         |         |  
|Total assets                                       |                                                                           | $                       | 240,941 |         |         | $ | 219,361 |       
|                                                   |                                                                           |                         |         |         |         |  
|                                                  
|LIABILITIES AND PARTNERS CAPITAL                 
|Current liabilities:                               |                                                                           |                         |         |         |         |   |         |       
|                                                   | Accounts payable:                                                         |                         |         |         |         |   |         |        |       
|                                                   |                                                                           | Trade                   |         | $       | 3,906   |   |         | $      | 2,480  | 
|                                                   |                                                                           | Affiliate               |         |         | 4,729   |   |         |        | 1,980  | 
|                                                   | Product imbalance                                                         |                         |         |        |         |   |         | 1,071  |       
|                                                   | Deferred revenue                                                          |                         |         | 3,552   |         |   |         | 3,305  |       
|                                                   | Accrued liabilities                                                       |                         |         | 2,373   |         |   |         | 3,924  |       
|                                                   |                                                                           |                         |         |         |         |  
|                                                   | Total current liabilities                                                 |                         |         | 14,560  |         |   |         | 12,760 |       
|Advances from affiliate                            |                                                                           |                         |        |         |         |   | 186,024 |       
|Environmental remediation liabilities              |                                                                           |                         | 3,964   |         |         |   | 3,909   |       
|Other noncurrent liabilities                       |                                                                           |                         | 762     |         |         |   |        |       
|Commitments and contingent liabilities (Note 13)   |                                                                           |                         |         |         |         |   |         |       
|Partners capital:                                 |                                                                           |                         |         |         |         |   |         |       
|                                                   | Predecessor partners equity                                              |                         |         |        |         |   |         | 16,668 |       
|                                                   | Common unitholders (7,006,146 outstanding at December 31,
    2005)       |                         |         | 108,526 |         |   |         |       |       
|                                                   | Subordinated unitholders (7,000,000 outstanding at
    December 31, 2005) |                         |         | 108,491 |         |   |         |       |       
|                                                   | General partner                                                           |                         |         | 4,638   |         |   |         |       |       
|                                                   |                                                                           |                         |         |         |         |  
|                                                   |                                                                           | Total partners capital |         |         | 221,655 |   |         |        | 16,668 | 
|                                                   |                                                                           |                         |         |         |         |  
|Total liabilities and partners capital            |                                                                           | $                       | 240,941 |         |         | $ | 219,361 |       
|                                                   |                                                                           |                         |         |         |         |  



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WILLIAMS PARTNERS L.P.


CONSOLIDATED STATEMENTS OF OPERATIONS


|                                                                             |                                                                             |                         |        |           |        |   |         |         |        |   |        |        |       | 
|---------------------------------------------------------------------------- | --------------------------------------------------------------------------- | ----------------------- | ------ | --------- | ------ | - | ------- | ------- | ------ | - | ------ | ------ | ----- | 
|                                                                             |                                                                             | Year Ended December 31, |       
|                                                                             |                                                                             |                         |       
|                                                                             |                                                                             | 2005                    |        |           | 2004   |   |         | 2003    |       
|                                                                             |                                                                             |                         |        |           |        |   |         |         |       
|                                                                             |                                                                             | (In thousands)          |       
|Revenues:                                                                    |                                                                             |                         |        |           |        |   |         |         |        |   |        |       
|                                                                             | Storage:                                                                    |                         |        |           |        |   |         |         |        |   |        |        |      
|                                                                             |                                                                             | Affiliate               |        | $         |       |   |         | $       |       |   |        | $      | 2,426 | 
|                                                                             |                                                                             | Third-party             |        |           | 20,290 |   |         |         | 15,318 |   |        |        | 9,223 | 
|                                                                             | Fractionation                                                               |                         |        | 10,770    |        |   |         | 9,070   |        |   |        | 8,221  |      
|                                                                             | Gathering                                                                   |                         |        | 3,063     |        |   |         | 3,883   |        |   |        | 5,513  |      
|                                                                             | Product sales:                                                              |                         |        |           |        |   |         |         |        |   |        |        |      
|                                                                             |                                                                             | Affiliate               |        |           | 13,400 |   |         |         | 506    |   |        |        |      | 
|                                                                             |                                                                             | Third-party             |        |           | 63     |   |         |         | 7,947  |   |        |        | 1,263 | 
|                                                                             | Other                                                                       |                         |        | 4,183     |        |   |         | 4,252   |        |   |        | 1,648  |      
|                                                                             |                                                                             |                         |        |           |        |   |         |         |       
|Total revenues                                                               |                                                                             |                         | 51,769 |           |        |   | 40,976  |         |        |   | 28,294 |       
|Costs and expenses:                                                          |                                                                             |                         |        |           |        |   |         |         |        |   |        |       
|                                                                             | Operating and maintenance expense:                                          |                         |        |           |        |   |         |         |        |   |        |        |      
|                                                                             |                                                                             | Affiliate               |        |           | 13,378 |   |         |         | 9,986  |   |        |        | 8,789 | 
|                                                                             |                                                                             | Third-party             |        |           | 11,733 |   |         |         | 9,390  |   |        |        | 5,171 | 
|                                                                             | Product cost                                                                |                         |        | 11,821    |        |   |         | 6,635   |        |   |        | 1,263  |      
|                                                                             | Depreciation and accretion                                                  |                         |        | 3,619     |        |   |         | 3,686   |        |   |        | 3,707  |      
|                                                                             | General and administrative expense:                                         |                         |        |           |        |   |         |         |        |   |        |        |      
|                                                                             |                                                                             | Affiliate               |        |           | 4,186  |   |         |         | 2,534  |   |        |        | 1,738 | 
|                                                                             |                                                                             | Third-party             |        |           | 1,137  |   |         |         | 79     |   |        |        | 75    | 
|                                                                             | Taxes other than income                                                     |                         |        | 700       |        |   |         | 716     |        |   |        | 640    |      
|                                                                             | Other  net                                                                 |                         |        | (6        | )      |   |         | (91     | )      |   |        | (133   | )    
|                                                                             |                                                                             |                         |        |           |        |   |         |         |       
|Total costs and expenses                                                     |                                                                             |                         | 46,568 |           |        |   | 32,935  |         |        |   | 21,250 |       
|                                                                             |                                                                             |                         |        |           |        |   |         |         |       
|                                                                             | Operating income                                                            |                         |        | 5,201     |        |   |         | 8,041   |        |   |        | 7,044  |      
|Equity earnings  Discovery Producer Services                                |                                                                             |                         | 8,331  |           |        |   | 4,495   |         |        |   | 3,447  |       
|Impairment of investment in Discovery Producer Services                      |                                                                             |                         |       |           |        |   | (13,484 | )       |        |   |       |       
|Interest expense:                                                            |                                                                             |                         |        |           |        |   |         |         |        |   |        |       
|                                                                             | Affiliate                                                                   |                         |        | (7,461    | )      |   |         | (11,980 | )      |   |        | (4,176 | )    
|                                                                             | Third-party                                                                 |                         |        | (777      | )      |   |         | (496    | )      |   |        |       |      
|Interest income                                                              |                                                                             |                         | 165    |           |        |   |        |         |        |   |       |       
|                                                                             |                                                                             |                         |        |           |        |   |         |         |       
|Income (loss) before cumulative effect of change in accounting
    principle |                                                                             |                         | 5,459  |           |        |   | (13,424 | )       |        |   | 6,315  |       
|Cumulative effect of change in accounting principle                          |                                                                             |                         | (628   | )         |        |   |        |         |        |   | (1,099 | )     
|                                                                             |                                                                             |                         |        |           |        |   |         |         |       
|Net income (loss)                                                            |                                                                             | $                       | 4,831  |           |        | $ | (13,424 | )       |        | $ | 5,216  |       
|                                                                             |                                                                             |                         |        |           |        |   |         |         |       
|Allocation of net income:                                                    |                                                                             |                         |        |           |        |   |         |         |        |   |        |       
|                                                                             | Net income                                                                  |                         | $      | 4,831     |        |   |         |         |        |   |        |        |      
|                                                                             | Net loss applicable to the period through August 22, 2005                   |                         |        | (103      | )      |   |         |         |        |   |        |        |      
|                                                                             |                                                                             |                         |        |           |        |   |         |         |       
|                                                                             | Net income applicable to the period August 23 through
    December 31, 2005 |                         |        | 4,934     |        |   |         |         |        |   |        |        |      
|                                                                             | Allocation of net loss to general partner                                   |                         |        | (1,273    | )      |   |         |         |        |   |        |        |      
|                                                                             |                                                                             |                         |        |           |        |   |         |         |       
|                                                                             | Allocation of net income to limited partners                                |                         | $      | 6,207     |        |   |         |         |        |   |        |        |      
|                                                                             |                                                                             |                         |        |           |        |   |         |         |       
|Basic and diluted net income per limited partner unit:                       |                                                                             |                         |        |           |        |   |         |         |        |   |        |       
|                                                                             | Income before cumulative effect of change in accounting
    principle:      |                         |        |           |        |   |         |         |        |   |        |        |      
|                                                                             |                                                                             | Common units            |        | $         | 0.49   |   |         |         |        |   |        |        |       | 
|                                                                             |                                                                             | Subordinated units      |        | $         | 0.49   |   |         |         |        |   |        |        |       | 
|                                                                             | Cumulative effect of change in accounting principle:                        |                         |        |           |        |   |         |         |        |   |        |        |      
|                                                                             |                                                                             | Common units            |        | $         | (0.05  | ) |         |         |        |   |        |        |       | 
|                                                                             |                                                                             | Subordinated units      |        | $         | (0.05  | ) |         |         |        |   |        |        |       | 
|                                                                             | Net income:                                                                 |                         |        |           |        |   |         |         |        |   |        |        |      
|                                                                             |                                                                             | Common units            |        | $         | 0.44   |   |         |         |        |   |        |        |       | 
|                                                                             |                                                                             | Subordinated units      |        | $         | 0.44   |   |         |         |        |   |        |        |       | 
|Weighted average number of units outstanding:                                |                                                                             |                         |        |           |        |   |         |         |        |   |        |       
|                                                                             | Common units                                                                |                         |        | 7,001,366 |        |   |         |         |        |   |        |        |      
|                                                                             | Subordinated units                                                          |                         |        | 7,000,000 |        |   |         |         |        |   |        |        |      



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WILLIAMS PARTNERS L.P.


CONSOLIDATED STATEMENT OF PARTNERS CAPITAL


|                                                                                                               |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |   |        |   |       |   |         |         |       |  
|-------------------------------------------------------------------------------------------------------------- | -------------------------------- | ---------------------------------------------------------------------- | ------- | ------- | ---------------- | - | ------- | ------------ | - | ------------- | ------- | - | ----- | --------- | ------ | - | ------- | - | ------ | - | ----- | - | ------- | ------- | ----- | -
|                                                                                                               |                                  |                                                                        |         |         |                  |   |         |              |   | Accumulated   |         |   |      
|                                                                                                               |                                  |                                                                        |         |         |                  |   |         | Other        |   |               |        
|                                                                                                               |                                  | Pre-IPO                                                                |         |         | Limited Partners |   |         |              |   | Comprehensive |         |   | Total |          
|                                                                                                               |                                  | Owners                                                                |         |         |                  |   |         | General      |   |               | Income  |   |       | Partners |       
|                                                                                                               |                                  | Equity                                                                 |         |         | Common           |   |         | Subordinated |   |               | Partner |   |       | (Loss)    |        |   | Capital |  
|                                                                                                               |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |  
|                                                                                                               |                                  | (Dollars in thousands)                                                 |        
|Balance  January 1, 2003                                                                                      |                                  | $                                                                      | 24,876  |         |                  | $ |        |              |   | $             |        |   |       | $         |       |   |         | $ | (1,962 | ) |       | $ | 22,914  |        
|Comprehensive income:                                                                                          |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |   |        |   |       |   |         |        
|                                                                                                               | Net Income  2003                |                                                                        |         | 5,216   |                  |   |         |             |   |               |         |  |       |           |        |  |         |   |        |  |       |   |         | 5,216   |      
|                                                                                                               | Other comprehensive income:      |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |   |        |   |       |   |         |         |      
|                                                                                                               |                                  | Net unrealized losses                                                  |         |         |                 |   |         |              |  |               |         |   |      |           |        |   |        |   |        |   | (116  | ) |         |         | (116  | )
|                                                                                                               |                                  | Net reclassification into earnings of derivative instrument
    losses |         |         |                 |   |         |              |  |               |         |   |      |           |        |   |        |   |        |   | 2,078 |   |         |         | 2,078 |  
|                                                                                                               |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |  
|                                                                                                               | Total other comprehensive income |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |   |        |   |       |   |         | 1,962   |      
|                                                                                                               |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |  
|Total comprehensive income                                                                                     |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |   |        |   |       |   | 7,178   |        
|                                                                                                               |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |  
|Balance  December 31, 2003                                                                                    |                                  |                                                                        | 30,092  |         |                  |   |        |              |   |               |        |   |       |           |       |   |         |   |       |   |       |   | 30,092  |        
|                                                                                                               | Net loss  2004                  |                                                                        |         | (13,424 | )                |   |         |             |   |               |         |  |       |           |        |  |         |   |        |  |       |   |         | (13,424 | )    
|                                                                                                               |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |  
|Balance  December 31, 2004                                                                                    |                                  |                                                                        | 16,668  |         |                  |   |        |              |   |               |        |   |       |           |       |   |         |   |       |   |       |   | 16,668  |        
|Accounts receivable not contributed                                                                            |                                  |                                                                        | (2,640  | )       |                  |   |        |              |   |               |        |   |       |           |       |   |         |   |        |   |       |   | (2,640  | )      
|Net loss attributable to the period through August 22, 2005                                                    |                                  |                                                                        | (103    | )       |                  |   |        |              |   |               |        |   |       |           |       |   |         |   |       |   |       |   | (103    | )      
|                                                                                                               |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |  
|                                                                                                               |                                  |                                                                        | 13,925  |         |                  |   |        |              |   |               |        |   |       |           |       |   |         |   |       |   |       |   | 13,925  |        
|Contribution of net assets of predecessor companies (2,000,000
    common units; 7,000,000 subordinated units) |                                  |                                                                        | (13,925 | )       |                  |   | 10,471  |              |   |               | 106,427 |   |       |           | 4,343  |   |         |   |       |   |       |   | 107,316 |        
|Issuance of units to public (5,000,000 common units)                                                           |                                  |                                                                        |        |         |                  |   | 100,247 |              |   |               |        |   |       |           |       |   |         |   |       |   |       |   | 100,247 |        
|Offering costs                                                                                                 |                                  |                                                                        |        |         |                  |   | (4,291  | )            |   |               |        |   |       |           |       |   |         |   |       |   |       |   | (4,291  | )      
|Net income (loss) attributable to the period August 23,
    2005 through December 31, 2005                     |                                  |                                                                        |        |         |                  |   | 3,104   |              |   |               | 3,103   |   |       |           | (1,273 | ) |         |   |       |   |       |   | 4,934   |        
|Cash distributions ($.1484 per unit)                                                                           |                                  |                                                                        |         |         |                  |   | (1,039  | )            |   |               | (1,039  | ) |       |           | (42    | ) |         |   |       |   |       |   | (2,120  | )      
|Issuance of common units (6,146 common units)                                                                  |                                  |                                                                        |        |         |                  |   | 34      |              |   |               |        |   |       |           |       |   |         |   |       |   |       |   | 34      |        
|Contributions pursuant to the Omnibus Agreement                                                                |                                  |                                                                        |        |         |                  |   |        |              |   |               |        |   |       |           | 1,610  |   |         |   |       |   |       |   | 1,610   |        
|                                                                                                               |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |  
|Balance  December 31, 2005                                                                                    |                                  | $                                                                      |        |         |                  | $ | 108,526 |              |   | $             | 108,491 |   |       | $         | 4,638  |   |         | $ |       |   |       | $ | 221,655 |        
|                                                                                                               |                                  |                                                                        |         |         |                  |   |         |              |   |               |         |   |       |           |        |   |         |  



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WILLIAMS PARTNERS L.P.


CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                               |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |        |        |        |       |          |          |        | 
|---------------------------------------------- | -------------------------------------------------------------------------------- | ------------------------------------------------------------- | ----------------------------------------- | ------------------------------------------------ | ------- | ------- | ------ | ------- | ------ | ------ | ------ | ----- | -------- | -------- | ------ | 
|                                               |                                                                                  | Year Ended December 31,                                       |                                          
|                                               |                                                                                  |                                                               |                                          
|                                               |                                                                                  | 2005                                                          |                                           |                                                  | 2004    |         |        | 2003    |       
|                                               |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |       
|                                               |                                                                                  | (In thousands)                                                |                                          
|OPERATING ACTIVITIES:                          |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |        |        |        |      
|                                               | Net income (loss) before cumulative effect of change in
    accounting principle |                                                               | $                                         | 5,459                                            |         |         | $      | (13,424 | )      |        | $      | 6,315 |         
|                                               | Adjustments to reconcile to cash provided by operations:                         |                                                               |                                           |                                                  |         |         |        |         |        |        |        |       |         
|                                               |                                                                                  | Depreciation and accretion                                    |                                           |                                                  | 3,619   |         |        |         | 3,686  |        |        |       | 3,707    |         
|                                               |                                                                                  | Impairment of investment in Discovery Producer Services       |                                           |                                                  |        |         |        |         | 13,484 |        |        |       |         |         
|                                               |                                                                                  | Amortization of gas purchase contract  affiliate             |                                           |                                                  | 2,033   |         |        |         |       |        |        |       |         |         
|                                               |                                                                                  | Undistributed earnings of Discovery Producer Services         |                                           |                                                  | (7,051  | )       |        |         | (4,495 | )      |        |       | (3,447   | )       
|                                               |                                                                                  | Cash provided (used) by changes in assets and liabilities:    |                                           |                                                  |         |         |        |         |        |        |        |       |          |         
|                                               |                                                                                  |                                                               | Accounts receivable                       |                                                  |         | (3,045  | )      |         |        | 261    |        |       |          | (850     | )     
|                                               |                                                                                  |                                                               | Other current assets                      |                                                  |         | (384    | )      |         |        | (362   | )      |       |          | (187     | )     
|                                               |                                                                                  |                                                               | Accounts payable                          |                                                  |         | 4,215   |        |         |        | 2,711  |        |       |          | (274     | )     
|                                               |                                                                                  |                                                               | Accrued liabilities                       |                                                  |         | (737    | )      |         |        | (417   | )      |       |          | (320     | )     
|                                               |                                                                                  |                                                               | Deferred revenue                          |                                                  |         | 247     |        |         |        | 775    |        |       |          | 1,108    |       
|                                               |                                                                                  | Other, including changes in noncurrent assets and liabilities |                                           |                                                  | (2,463  | )       |        |         | 484    |        |        |       | 592      |         
|                                               |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |       
|                                               |                                                                                  |                                                               | Net cash provided by operating activities |                                                  |         | 1,893   |        |         |        | 2,703  |        |       |          | 6,644    |       
|                                               |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |       
|INVESTING ACTIVITIES:                          |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |        |        |        |      
|                                               |                                                                                  | Capital expenditures                                          |                                           |                                                  | (3,688  | )       |        |         | (1,534 | )      |        |       | (1,167   | )       
|                                               |                                                                                  | Contribution to Discovery Producer Services                   |                                           |                                                  | (24,400 | )       |        |         |       |        |        |       | (101,643 | )       
|                                               |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |       
|                                               |                                                                                  |                                                               | Net cash used by investing activities     |                                                  |         | (28,088 | )      |         |        | (1,534 | )      |       |          | (102,810 | )     
|                                               |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |       
|FINANCING ACTIVITIES:                          |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |        |        |        |      
|                                               |                                                                                  | Proceeds from sale of common units                            |                                           |                                                  | 100,247 |         |        |         |       |        |        |       |         |         
|                                               |                                                                                  | Payment of offering costs                                     |                                           |                                                  | (4,291  | )       |        |         |       |        |        |       |         |         
|                                               |                                                                                  | Distribution to The Williams Companies, Inc.                  |                                           |                                                  | (58,756 | )       |        |         |       |        |        |       |         |         
|                                               |                                                                                  | Changes in advances from affiliates  net                     |                                           |                                                  | (3,656  | )       |        |         | (1,169 | )      |        |       | 96,166   |         
|                                               |                                                                                  | Distributions to unitholders                                  |                                           |                                                  | (2,120  | )       |        |         |       |        |        |       |         |         
|                                               |                                                                                  | Contributions per omnibus agreement                           |                                           |                                                  | 1,610   |         |        |         |       |        |        |       |         |         
|                                               |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |       
|                                               |                                                                                  |                                                               |                                           | Net cash provided (used) by financing activities |         |         | 33,034 |         |        |        | (1,169 | )     |          |          | 96,166 | 
|                                               |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |       
|Increase in cash and cash equivalents          |                                                                                  |                                                               | 6,839                                     |                                                  |         |         |       |         |        |        |       |      
|Cash and cash equivalents at beginning of year |                                                                                  |                                                               |                                          |                                                  |         |         |       |         |        |        |       |      
|                                               |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |       
|Cash and cash equivalents at end of year       |                                                                                  | $                                                             | 6,839                                     |                                                  |         | $       |       |         |        | $      |       |      
|                                               |                                                                                  |                                                               |                                           |                                                  |         |         |        |         |       



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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




|        |             
|------- | ------------
|Note 1. | Organization







| |                                                 
| | ------------------------------------------------
| | Initial Public Offering and Related Transactions





| |   |                                                                                                                                                                                                     
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | distribute $58.8 million to Williams, in part to reimburse
    Williams for capital expenditures relating to the assets
    contributed to us and for a gas purchase contract contributed to
    us;
|
| |  | provide $24.4 million to make a capital contribution to
    Discovery to fund an escrow account required in connection with
    the Tahiti pipeline lateral expansion project;                      
|
| |  | provide $12.7 million of additional working
    capital; and                                                                                                                                        
|
| |  | pay $4.3 million of expenses associated with the IPO and
    related formation transactions.                                                                                                        





|        |                        
|------- | -----------------------
|Note 2. | Description of Business



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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Gathering and Processing. 273-mile 22-mile 10-mile




NGL Services.






|        |                                           
|------- | ------------------------------------------
|Note 3. | Summary of Significant Accounting Policies

Basis of Presentation.


Use of Estimates.






| |   |                                                             
| | - | ------------------------------------------------------------
| |  | impairment assessments of investments and long-lived assets;
|
| |  | loss contingencies;                                         
|
| |  | environmental remediation obligations; and                  
|
| |  | asset retirement obligations.                               



Proportional Accounting for the Conway Fractionator.


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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Cash and Cash Equivalents.


Accounts Receivable.


Investments.


Property, Plant and Equipment.




Revenue Recognition.


Gas purchase contract.


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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Product Imbalances.


Impairment of Long-Lived Assets and Investments.






Income Taxes.


Environmental.


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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Capitalized Interest.


Earnings Per Unit. 03-6,


Recent Accounting Standards.








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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|        |                                           
|------- | ------------------------------------------
|Note 4. | Allocation of Net Income and Distributions



|                                                                        |                                                                           |                                               |        |        |       | 
|----------------------------------------------------------------------- | ------------------------------------------------------------------------- | --------------------------------------------- | ------ | ------ | ----- | 
|Allocation of net income to general partner:                            |                                                                           |                                               |        |       
|                                                                        | Net income for the period August 23, 2005 through
    December 31, 2005   |                                               | $      | 4,934  |      
|                                                                        | Direct charges to general partner:                                        |                                               |        |        |      
|                                                                        |                                                                           | Reimbursable general and administrative costs |        |        | 1,400 | 
|                                                                        |                                                                           |                                               |       
|                                                                        | Income before direct charges to general partner                           |                                               |        | 6,334  |      
|                                                                        | General partners share of net income                                     |                                               |        | 2.0    | %    
|                                                                        |                                                                           |                                               |       
|                                                                        | General partners allocated share of net income before
    direct charges |                                               |        | 127    |      
|                                                                        | Direct charges to general partner                                         |                                               |        | (1,400 | )    
|                                                                        |                                                                           |                                               |       
|Net loss allocated to general partner                                   |                                                                           | $                                             | (1,273 | )     
|                                                                        |                                                                           |                                               |       
|Net income for the period August 23, 2005 through
    December 31, 2005 |                                                                           | $                                             | 4,934  |       
|Net loss allocated to general partner                                   |                                                                           |                                               | (1,273 | )     
|                                                                        |                                                                           |                                               |       
|Net income allocated to limited partners                                |                                                                           | $                                             | 6,207  |       
|                                                                        |                                                                           |                                               |       



39-day






|        |                           
|------- | --------------------------
|Note 5. | Related Party Transactions





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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)












|                                                                                              |                                                        |                |        |        |      |  |       |        |  |  |   |        | 
|--------------------------------------------------------------------------------------------- | ------------------------------------------------------ | -------------- | ------ | ------ | ---- |  | ----- | ------ |  |  | - | ------ | 
|                                                                                              |                                                        | 2005           |        |        | 2004 |  |       | 2003   | 
|                                                                                              |                                                        |                |        |        |      |  |       |        | 
|                                                                                              |                                                        | (In thousands) |       
|General and administrative expenses, including amounts
    subsequently charged to co-owners: |                                                        |                |        |        |      |  |       |        |  |  |   |       
|                                                                                              | Allocated                                              |                | $      | 3,494  |      |  | $     | 2,078  |  |  | $ | 1,392  | 
|                                                                                              | Directly charged                                       |                |        | 992    |      |  |       | 456    |  |  |   | 346    | 
|Operating and maintenance expenses, including amounts
    subsequently charged to co-owners:  |                                                        |                |        |        |      |  |       |        |  |  |   |       
|                                                                                              | Fuel purchases, including amortization of gas contract |                |        | 24,478 |      |  |       | 17,053 |  |  |   | 12,843 | 
|                                                                                              | Salaries and benefits                                  |                |        | 3,514  |      |  |       | 3,473  |  |  |   | 2,105  | 
|NGL purchases                                                                                 |                                                        |                | 15,657 |        |      |  | 1,271 |        |  |  |  |       



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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|        |                                          
|------- | -----------------------------------------
|Note 6. | Investment in Discovery Producer Services













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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                              |  |              |         |   |      |   |         |  
|----------------------------- |  | ------------ | ------- | - | ---- | - | ------- | -
|                              |  | December 31, |        
|                              |  |              |        
|                              |  | 2005         |         |   | 2004 |  
|                              |  |              |         |   |      |  
|Current assets                |  | $            | 70,525  |   |      | $ | 67,534  |  
|Non-current restricted cash   |  |              | 44,559  |   |      |   |        |  
|Property, plant and equipment |  |              | 344,743 |   |      |   | 356,385 |  
|Current liabilities           |  |              | (45,070 | ) |      |   | (31,572 | )
|Non-current liabilities       |  |              | (1,121  | ) |      |   | (702    | )
|                              |  |              |         |   |      |  
|Members capital              |  | $            | 413,636 |   |      | $ | 391,645 |  
|                              |  |              |         |   |      |  

|                                                                  |  |                          |         |   |      |   |        |      |  |   |         | 
|----------------------------------------------------------------- |  | ------------------------ | ------- | - | ---- | - | ------ | ---- |  | - | ------- | 
|                                                                  |  | Years Ended December 31, |        
|                                                                  |  |                          |        
|                                                                  |  | 2005                     |         |   | 2004 |   |        | 2003 | 
|                                                                  |  |                          |         |   |      |   |        |      | 
|Revenues                                                          |  | $                        | 122,745 |   |      | $ | 99,876 |      |  | $ | 103,178 | 
|Costs and expenses                                                |  |                          | 102,597 |   |      |   | 88,756 |      |  |   | 84,519  | 
|Interest expense                                                  |  |                          |        |   |      |   |       |      |  |   | 9,611   | 
|Interest income                                                   |  |                          | (1,685  | ) |      |   | (550   | )    |  |   |        | 
|Foreign exchange loss                                             |  |                          | 1,005   |   |      |   |       |      |  |   |        | 
|                                                                  |  |                          |         |   |      |   |        |      | 
|Income before cumulative effect of change in accounting principle |  | $                        | 20,828  |   |      | $ | 11,670 |      |  | $ | 9,048   | 
|                                                                  |  |                          |         |   |      |   |        |      | 
|Net income                                                        |  | $                        | 20,652  |   |      | $ | 11,670 |      |  | $ | 8,781   | 
|                                                                  |  |                          |         |   |      |   |        |      | 



|        |                              
|------- | -----------------------------
|Note 7. | Property, Plant and Equipment



|                                  |                                     |                |        |         |             |   |        |         |  |             | 
|--------------------------------- | ----------------------------------- | -------------- | ------ | ------- | ----------- | - | ------ | ------- |  | ----------- | 
|                                  |                                     | December 31,   |        |         | Estimated  
|                                  |                                     |                |        |         | Depreciable
|                                  |                                     | 2005           |        |         | 2004        |   |        | Lives  
|                                  |                                     |                |        |         |             |   |        |        
|                                  |                                     | (In thousands) |        |         |            
|Land and right of way             |                                     | $              | 2,373  |         |             | $ | 2,373  |         |  |            
|Fractionation plant and equipment |                                     |                | 16,646 |         |             |   | 16,555 |         |  | 30 years   
|Storage plant and equipment       |                                     |                | 65,892 |         |             |   | 63,632 |         |  | 30 years   
|Pipeline plant and equipment      |                                     |                | 23,684 |         |             |   | 23,684 |         |  | 20-30 years
|Construction work in progress     |                                     |                | 1,886  |         |             |   | 566    |         |  |            
|Other                             |                                     |                | 1,492  |         |             |   | 1,490  |         |  | 5-45 years 
|                                  |                                     |                |        |         |             |   |        |        
|                                  | Total property, plant and equipment |                |        | 111,973 |             |   |        | 108,300 |  |             | 
|Accumulated depreciation          |                                     |                | 44,042 |         |             |   | 40,507 |         |  |            
|                                  |                                     |                |        |         |             |   |        |        
|                                  | Net property, plant and equipment   |                | $      | 67,931  |             |   | $      | 67,793  |  |             | 
|                                  |                                     |                |        |         |             |   |        |        



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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)










|                                       |  |                |      |   |      |   |      |  
|-------------------------------------- |  | -------------- | ---- | - | ---- | - | ---- | -
|                                       |  | 2005           |      |   | 2004 |  
|                                       |  |                |      |   |      |  
|                                       |  | (In thousands) |     
|Balance, January 1                     |  | $              | 760  |   |      | $ | 801  |  
|Liabilities incurred during the period |  |                | 91   |   |      |   | 79   |  
|Liabilities settled during the period  |  |                | (204 | ) |      |   | (166 | )
|Accretion expense                      |  |                | 1    |   |      |   | 83   |  
|Estimate revisions                     |  |                | (460 | ) |      |   |     |  
|FIN No. 47 revisions                   |  |                | 574  |   |      |   |     |  
|Gain on settlements                    |  |                |     |   |      |   | (37  | )
|                                       |  |                |      |   |      |  
|Balance, December 31                   |  | $              | 762  |   |      | $ | 760  |  
|                                       |  |                |      |   |      |  



|        |                    
|------- | -------------------
|Note 8. | Accrued Liabilities



|                                              |  |                |       |  |      |   |       | 
|--------------------------------------------- |  | -------------- | ----- |  | ---- | - | ----- | 
|                                              |  | December 31,   |      
|                                              |  |                |      
|                                              |  | 2005           |       |  | 2004 |  
|                                              |  |                |       |  |      |  
|                                              |  | (In thousands) |      
|Environmental remediation  current portion   |  | $              | 1,424 |  |      | $ | 1,633 | 
|Customer volume deficiency payment            |  |                |      |  |      |   | 749   | 
|Asset retirement obligation  current portion |  |                |      |  |      |   | 760   | 
|Employee costs  affiliate                    |  |                | 387   |  |      |   | 317   | 
|Taxes other than income                       |  |                | 375   |  |      |   | 359   | 
|Other                                         |  |                | 187   |  |      |   | 106   | 
|                                              |  |                |       |  |      |  
|                                              |  | $              | 2,373 |  |      | $ | 3,924 | 
|                                              |  |                |       |  |      |  

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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|        |                         
|------- | ------------------------
|Note 9. | Long-Term Incentive Plan







|         |                                                                             
|-------- | ----------------------------------------------------------------------------
|Note 10. | Major Customers, Concentrations of Credit Risk and Financial
    Instruments



| |                
| | ---------------
| | Major customers







| |                              
| | -----------------------------
| | Concentrations of credit risk





|                          |                                        |                |       |       |      |   |       |       | 
|------------------------- | -------------------------------------- | -------------- | ----- | ----- | ---- | - | ----- | ----- | 
|                          |                                        | December 31,   |      
|                          |                                        |                |      
|                          |                                        | 2005           |       |       | 2004 |  
|                          |                                        |                |       |       |      |  
|                          |                                        | (In thousands) |      
|Gathering and Processing: |                                        |                |       |       |      |   |       |      
|                          | Natural gas gathering                  |                | $     | 525   |      |   | $     | 441   | 
|NGL Services:             |                                        |                |       |       |      |   |       |      
|                          | Fractionation services                 |                |       | 532   |      |   |       | 468   | 
|                          | Amounts due from fractionator partners |                |       | 1,834 |      |   |       | 1,381 | 
|                          | Storage                                |                |       | 793   |      |   |       | 1,241 | 
|                          | Other                                  |                |       | 260   |      |   |       | 7     | 
|                          |                                        |                |       |       |      |  
|                          |                                        | $              | 3,944 |       |      | $ | 3,538 |      
|                          |                                        |                |       |       |      |  



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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




| |                      
| | ---------------------
| | Financial Instruments



Cash and cash equivalents.


Advances from affiliates.


|                          |  |                |       |  |       |   |       |          |  |   |         |  |  |   |         | 
|------------------------- |  | -------------- | ----- |  | ----- | - | ----- | -------- |  | - | ------- |  |  | - | ------- | 
|                          |  | 2005           |       |  | 2004  |  
|                          |  |                |       |  |       |  
|                          |  | Carrying       |       |  | Fair  |   |       | Carrying |  |   | Fair    | 
|                          |  | Amount         |       |  | Value |   |       | Amount   |  |   | Value   | 
|                          |  |                |       |  |       |   |       |          |  |   |         | 
|                          |  | (In thousands) |      
|Cash and cash equivalents |  | $              | 6,839 |  |       | $ | 6,839 |          |  |   |        |  |  |   |        | 
|Advances from affiliates  |  |                |      |  |       |   |      |          |  | $ | 186,024 |  |  | $ | 186,024 | 



|         |                                         
|-------- | ----------------------------------------
|Note 11. | Credit Facilities and Leasing Activities



| |                  
| | -----------------
| | Credit Facilities







| |   |                                                                                                                                                                                                                    
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | ratio of debt to net worth no greater than
    (i) 70 percent through December 31, 2005, and
    (ii) 65 percent for the remaining term of the
    agreement;                                                      
|
| |  | ratio of debt to net worth no greater than 55 percent for
    Northwest Pipeline Corporation, a wholly-owned subsidiary of
    Williams, and Transco; and                                                          
|
| |  | ratio of EBITDA to interest, on a rolling four quarter basis, no
    less than (i) 2.0 for any period after March 31, 2005
    through December 31, 2005, and (ii) 2.5 for the
    remaining term of the agreement.



82



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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


12-month




| |                   
| | ------------------
| | Leasing Activities



|     |  |   |    | 
|---- |  | - | -- | 
|2006 |  | $ | 30 | 
|2007 |  |   | 29 | 
|2008 |  |   | 27 | 
|2009 |  |   | 10 | 
|2010 |  |   |   | 
|     |  |   |   
|     |  | $ | 96 | 
|     |  |   |   





|         |                  
|-------- | -----------------
|Note 12. | Partners Capital









| |   |                                                                                                                                                                                                                                                    
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Right to receive distributions of available cash within
    45 days after the end of each quarter.                                                                                                                                                 
|
| |  | No limited partner shall have any management power over our
    business and affairs; the general partner shall conduct, direct
    and manage our activities.                                                                                     
|
| |  | The general partner may be removed if such removal is approved
    by the unitholders holding at least
    662/3 percent
    of the outstanding units voting as a single class, including
    units held by our general partner and its affiliates.
|
| |  | Right to receive information reasonably required for tax
    reporting purposes within 90 days after the close of the
    calendar year.                                                                                                           



|                                                |  |             |    |         |         |  |    |  
|----------------------------------------------- |  | ----------- | -- | ------- | ------- |  | -- | -
|                                                |  |             |    | General |        
|Quarterly Distribution Target Amount (per unit) |  | Unitholders |    |         | Partner | 
|                                                |  |             |    |         |         | 
|Minimum quarterly distribution of $0.35         |  |             | 98 | %       |         |  | 2  | %
|Up to $0.4025                                   |  |             | 98 |         |         |  | 2  |  
|Above $0.4025 up to $0.4375                     |  |             | 85 |         |         |  | 15 |  
|Above $0.4375 up to $0.5250                     |  |             | 75 |         |         |  | 25 |  
|Above $0.5250                                   |  |             | 50 |         |         |  | 50 |  

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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






| |                           
| | --------------------------
| | Other Comprehensive Income





|         |                              
|-------- | -----------------------------
|Note 13. | Commitments and Contingencies

Environmental Matters.






Other.


84



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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|         |                    
|-------- | -------------------
|Note 14. | Segment Disclosures



|                                               |                                      |                       |         |  |          |   |        |       |  |   |         |       |        |  
|---------------------------------------------- | ------------------------------------ | --------------------- | ------- |  | -------- | - | ------ | ----- |  | - | ------- | ----- | ------ | -
|                                               |                                      | Gathering &           |         |  | NGL      |   |        |      
|                                               |                                      | Processing            |         |  | Services |   |        | Total | 
|                                               |                                      |                       |         |  |          |   |        |       | 
|                                               |                                      | (In thousands)        |        
|2005                                           |                                      |                       |         |  |          |   |        |       |  |   |         |      
|Segment revenues                               |                                      | $                     | 3,515   |  |          | $ | 48,254 |       |  | $ | 51,769  |      
|Operating and maintenance expense              |                                      |                       | 714     |  |          |   | 24,397 |       |  |   | 25,111  |      
|Product cost                                   |                                      |                       |        |  |          |   | 11,821 |       |  |   | 11,821  |      
|Depreciation and accretion                     |                                      |                       | 1,200   |  |          |   | 2,419  |       |  |   | 3,619   |      
|Direct general and administrative expenses     |                                      |                       | 2       |  |          |   | 1,068  |       |  |   | 1,070   |      
|Other, net                                     |                                      |                       |        |  |          |   | 694    |       |  |   | 694     |      
|                                               |                                      |                       |         |  |          |   |        |       | 
|Segment operating income                       |                                      |                       | 1,599   |  |          |   | 7,855  |       |  |   | 9,454   |      
|Equity earnings                                |                                      |                       | 8,331   |  |          |   |       |       |  |   | 8,331   |      
|                                               |                                      |                       |         |  |          |   |        |       | 
|Segment profit                                 |                                      | $                     | 9,930   |  |          | $ | 7,855  |       |  | $ | 17,785  |      
|                                               |                                      |                       |         |  |          |   |        |       | 
|Reconciliation to the Statement of Operations: |                                      |                       |         |  |          |   |        |       |  |   |         |      
|                                               | Segment operating income             |                       |         |  |          |   |        |       |  |   | $       | 9,454 |       
|                                               | General and administrative expenses: |                       |         |  |          |   |        |       |  |   |         |       |       
|                                               |                                      | Allocated  affiliate |         |  |          |   |        |       |  |   |         |       | (3,194 | )
|                                               |                                      | Third-party direct    |         |  |          |   |        |       |  |   |         |       | (1,059 | )
|                                               |                                      |                       |         |  |          |   |        |       | 
|                                               | Combined operating income            |                       |         |  |          |   |        |       |  |   | $       | 5,201 |       
|                                               |                                      |                       |         |  |          |   |        |       | 
|Other financial information:                   |                                      |                       |         |  |          |   |        |       |  |   |         |      
|Segment assets                                 |                                      | $                     | 171,009 |  |          | $ | 64,579 |       |  | $ | 235,588 |      
|Other assets and eliminations                  |                                      |                       |         |  |          |   |        |       |  |   | 5,353   |      
|                                               |                                      |                       |         |  |          |   |        |       | 
|Total assets                                   |                                      |                       |         |  |          |   |        |       |  | $ | 240,941 |      
|                                               |                                      |                       |         |  |          |   |        |       | 
|Equity method investments                      |                                      | $                     | 150,260 |  |          | $ |       |       |  | $ | 150,260 |      
|Additions to long-lived assets                 |                                      |                       |        |  |          |   | 3,688  |       |  |   | 3,688   |      

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WILLIAMS PARTNERS L.P.


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


|                                               |                                               |                |         |   |          |   |        |       |  |   |         |        |  
|---------------------------------------------- | --------------------------------------------- | -------------- | ------- | - | -------- | - | ------ | ----- |  | - | ------- | ------ | -
|                                               |                                               | Gathering &    |         |   | NGL      |   |        |      
|                                               |                                               | Processing     |         |   | Services |   |        | Total | 
|                                               |                                               |                |         |   |          |   |        |       | 
|                                               |                                               | (In thousands) |        
|2004                                           |                                               |                |         |   |          |   |        |       |  |   |         |       
|Segment revenues                               |                                               | $              | 4,833   |   |          | $ | 36,143 |       |  | $ | 40,976  |       
|Operating and maintenance expense              |                                               |                | 572     |   |          |   | 18,804 |       |  |   | 19,376  |       
|Product cost                                   |                                               |                |        |   |          |   | 6,635  |       |  |   | 6,635   |       
|Depreciation and accretion                     |                                               |                | 1,200   |   |          |   | 2,486  |       |  |   | 3,686   |       
|Direct general and administrative expenses     |                                               |                |        |   |          |   | 535    |       |  |   | 535     |       
|Other, net                                     |                                               |                |        |   |          |   | 625    |       |  |   | 625     |       
|                                               |                                               |                |         |   |          |   |        |       | 
|Segment operating income                       |                                               |                | 3,061   |   |          |   | 7,058  |       |  |   | 10,119  |       
|Equity earnings                                |                                               |                | 4,495   |   |          |   |       |       |  |   | 4,495   |       
|Impairment of investment                       |                                               |                | (13,484 | ) |          |   |       |       |  |   | (13,484 | )     
|                                               |                                               |                |         |   |          |   |        |       | 
|Segment profit (loss)                          |                                               | $              | (5,928  | ) |          | $ | 7,058  |       |  | $ | 1,130   |       
|                                               |                                               |                |         |   |          |   |        |       | 
|Reconciliation to the Statement of Operations: |                                               |                |         |   |          |   |        |       |  |   |         |       
|                                               | Segment operating income                      |                |         |   |          |   |        |       |  |   | $       | 10,119 |  
|                                               | Allocated general and administrative expenses |                |         |   |          |   |        |       |  |   |         | (2,078 | )
|                                               |                                               |                |         |   |          |   |        |       | 
|                                               | Combined operating income                     |                |         |   |          |   |        |       |  |   | $       | 8,041  |  
|                                               |                                               |                |         |   |          |   |        |       | 
|Other financial information:                   |                                               |                |         |   |          |   |        |       |  |   |         |       
|Total assets                                   |                                               | $              | 166,985 |   |          | $ | 52,376 |       |  | $ | 219,361 |       
|Equity method investments                      |                                               |                | 147,281 |   |          |   |       |       |  |   | 147,281 |       
|Additions to long-lived assets                 |                                               |                |        |   |          |   | 1,622  |       |  |   | 1,622   |       
|2003                                           |                                               |                |         |   |          |   |        |       |  |   |         |       
|Segment revenues                               |                                               | $              | 5,513   |   |          | $ | 22,781 |       |  | $ | 28,294  |       
|Operating and maintenance expense              |                                               |                | 379     |   |          |   | 13,581 |       |  |   | 13,960  |       
|Product cost                                   |                                               |                |        |   |          |   | 1,263  |       |  |   | 1,263   |       
|Depreciation and accretion                     |                                               |                | 1,200   |   |          |   | 2,507  |       |  |   | 3,707   |       
|Direct general and administrative expenses     |                                               |                |        |   |          |   | 421    |       |  |   | 421     |       
|Other, net                                     |                                               |                |        |   |          |   | 507    |       |  |   | 507     |       
|                                               |                                               |                |         |   |          |   |        |       | 
|Segment operating income                       |                                               |                | 3,934   |   |          |   | 4,502  |       |  |   | 8,436   |       
|Equity earnings                                |                                               |                | 3,447   |   |          |   |       |       |  |   | 3,447   |       
|                                               |                                               |                |         |   |          |   |        |       | 
|Segment profit                                 |                                               | $              | 7,381   |   |          | $ | 4,502  |       |  | $ | 11,883  |       
|                                               |                                               |                |         |   |          |   |        |       | 
|Reconciliation to the Statement of Operations: |                                               |                |         |   |          |   |        |       |  |   |         |       
|                                               | Segment operating income                      |                |         |   |          |   |        |       |  |   | $       | 8,436  |  
|                                               | Allocated general and administrative expenses |                |         |   |          |   |        |       |  |   |         | (1,392 | )
|                                               |                                               |                |         |   |          |   |        |       | 
|                                               | Combined operating income                     |                |         |   |          |   |        |       |  |   | $       | 7,044  |  
|                                               |                                               |                |         |   |          |   |        |       | 
|Other financial information:                   |                                               |                |         |   |          |   |        |       |  |   |         |       
|Total assets                                   |                                               | $              | 177,769 |   |          | $ | 52,381 |       |  | $ | 230,150 |       
|Equity method investments                      |                                               |                | 156,269 |   |          |   |       |       |  |   | 156,269 |       
|Additions to long-lived assets                 |                                               |                |        |   |          |   | 1,176  |       |  |   | 1,176   |       

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WILLIAMS PARTNERS L.P.


QUARTERLY FINANCIAL DATA


(Unaudited)




|                                                                             |                                                                               |                    |        |  |         |   |        |         |    |   |         |   |       |   |        |   |       |  
|---------------------------------------------------------------------------- | ----------------------------------------------------------------------------- | ------------------ | ------ |  | ------- | - | ------ | ------- | -- | - | ------- | - | ----- | - | ------ | - | ----- | -
|                                                                             |                                                                               | First              |        |  | Second  |   |        | Third   |    |   | Fourth  |  
|                                                                             |                                                                               | Quarter            |        |  | Quarter |   |        | Quarter |    |   | Quarter |  
|                                                                             |                                                                               |                    |        |  |         |   |        |         |    |   |         |  
|2005                                                                         |                                                                               |                    |        |  |         |   |        |         |    |   |         |   |       |   |        |  
|Revenues                                                                     |                                                                               | $                  | 11,369 |  |         | $ | 12,176 |         |    | $ | 12,176  |   |       | $ | 16,048 |  
|Costs and operating expenses                                                 |                                                                               |                    | 10,266 |  |         |   | 8,036  |         |    |   | 13,175  |   |       |   | 15,091 |  
|Income (loss) before cumulative effect of change in accounting
    principle |                                                                               |                    | 311    |  |         |   | 1,849  |         |    |   | (2,871  | ) |       |   | 6,170  |  
|Net income (loss)                                                            |                                                                               |                    | 311    |  |         |   | 1,849  |         |    |   | (2,871  | ) |       |   | 5,542  |  
|Basic and diluted net income (loss) per limited partner unit:                |                                                                               |                    |        |  |         |   |        |         |    |   |         |   |       |   |        |  
|                                                                             | Income (loss) before cumulative effect of change in accounting
    principle: |                    |        |  |         |   |        |         |    |   |         |   |       |   |        |   |      
|                                                                             |                                                                               | Common units       |        |  | NA      |   |        |         | NA |   |         | $ | (0.02 | ) |        | $ | 0.51  |  
|                                                                             |                                                                               | Subordinated units |        |  | NA      |   |        |         | NA |   |         | $ | (0.02 | ) |        | $ | 0.51  |  
|                                                                             | Cumulative effect of change in accounting principle:                          |                    |        |  |         |   |        |         |    |   |         |   |       |   |        |   |      
|                                                                             |                                                                               | Common units       |        |  | NA      |   |        |         | NA |   |         | $ |      |   |        | $ | (0.05 | )
|                                                                             |                                                                               | Subordinated units |        |  | NA      |   |        |         | NA |   |         | $ |      |   |        | $ | (0.05 | )
|                                                                             | Net income (loss):                                                            |                    |        |  |         |   |        |         |    |   |         |   |       |   |        |   |      
|                                                                             |                                                                               | Common units       |        |  | NA      |   |        |         | NA |   |         | $ | (0.02 | ) |        | $ | 0.46  |  
|                                                                             |                                                                               | Subordinated units |        |  | NA      |   |        |         | NA |   |         | $ | (0.02 | ) |        | $ | 0.46  |  

|                                                                             |  |         |       |  |         |   |        |         |  |   |         |   |  |   |         |  
|---------------------------------------------------------------------------- |  | ------- | ----- |  | ------- | - | ------ | ------- |  | - | ------- | - |  | - | ------- | -
|                                                                             |  | First   |       |  | Second  |   |        | Third   |  |   | Fourth  |  
|                                                                             |  | Quarter |       |  | Quarter |   |        | Quarter |  |   | Quarter |  
|                                                                             |  |         |       |  |         |   |        |         |  |   |         |  
|2004                                                                         |  |         |       |  |         |   |        |         |  |   |         |   |  |   |         |  
|Revenues                                                                     |  | $       | 7,953 |  |         | $ | 9,043  |         |  | $ | 10,457  |   |  | $ | 13,523  |  
|Costs and operating expenses                                                 |  |         | 5,256 |  |         |   | 8,289  |         |  |   | 8,956   |   |  |   | 10,434  |  
|Income (loss) before cumulative effect of change in accounting
    principle |  |         | 1,569 |  |         |   | (1,125 | )       |  |   | (1,684  | ) |  |   | (12,184 | )
|Net income (loss)                                                            |  |         | 1,569 |  |         |   | (1,125 | )       |  |   | (1,684  | ) |  |   | (12,184 | )



| |   |                                                                                                                                                                                                                                                                                                        
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Net income for fourth-quarter 2005 includes our 40 percent
    share of Discoverys favorable adjustment of
    $10.7 million related to amounts previously deferred for
    net system gains from 2002 through 2004 that were reversed
    following the acceptance in 2005 of a filing with the FERC.
|
| |  | Net loss for third-quarter 2005 includes a $3.4 million
    unfavorable product imbalance adjustments included in NGL
    services.                                                                                                                                                                    
|
| |  | Net loss for fourth-quarter 2004 includes a $13.5 million
    impairment of our investment in Discovery Producer Services (see
    Note 6).                                                                                                                                                            

87



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|        |                                                                                         
|------- | ----------------------------------------------------------------------------------------
|Item 9. | Changes In and Disagreements With Accountants on
    Accounting and Financial Disclosure








|         |                        
|-------- | -----------------------
|Item 9A. | Controls and Procedures

Evaluation of Disclosure Controls and Procedures


13a-15(e)









Item 9B.     Other
Information


8-K





PART III







|         |                                                   
|-------- | --------------------------------------------------
|Item 10. | Directors and Executive Officers of the Registrant







88



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|                  |  |     |    |  |                                        |                                                                        
|----------------- |  | --- | -- |  | -------------------------------------- | -----------------------------------------------------------------------
|Name              |  | Age |    |  | Position with Williams Partners GP LLC
|                  |  |     |    |  |                                       
|Steven J. Malcolm |  |     | 57 |  |                                        | Chairman of the Board and Chief Executive Officer                      
|Donald R. Chappel |  |     | 54 |  |                                        | Chief Financial Officer and Director                                   
|Alan S. Armstrong |  |     | 43 |  |                                        | Chief Operating Officer and Director                                   
|James J. Bender   |  |     | 48 |  |                                        | General Counsel                                                        
|Thomas C. Knudson |  |     | 59 |  |                                        | Director and Member of Audit, Conflicts and Compensation
    Committees
|Bill Z. Parker    |  |     | 58 |  |                                        | Director and Member of Audit, Conflicts and Compensation
    Committees
|Alice M. Peterson |  |     | 53 |  |                                        | Director and Member of Audit, Conflicts and Compensation
    Committees
|Phillip D. Wright |  |     | 50 |  |                                        | Director                                                               



Steven J. Malcolm


Donald R. Chappel


Alan S. Armstrong


89



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James J. Bender


Thomas C. Knudson


Bill Z. Parker


Alice M. Peterson tm start-up


Phillip D. Wright


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Governance Matters






| |                      
| | ---------------------
| | Director Independence







| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | the director, or an immediate family member of the director, has
    received during any twelve-month period within the last three
    years more than $100,000 per year in direct compensation
    from our general partner, us, and any parent or subsidiary in a
    consolidated group with such entities (collectively, the
    Partnership Group), other than board and committee
    fees and pension or other forms of deferred compensation for
    prior service (provided such compensation is not contingent in
    any way on continued service). Neither compensation received by
    a director for former service as an interim chairman or chief
    executive officer or other executive officer nor compensation
    received by an immediate family member for service as an
    employee of the Partnership Group will be considered in
    determining independence under this standard.
|
| |  | the director is a current employee, or has an immediate family
    member who is a current executive officer, of another company
    that has made payments to, or received payments from, the
    Partnership Group for property or services in an amount which,
    in any of the last three fiscal years, exceeds the greater of
    $1 million, or two percent of the other companys
    consolidated gross annual revenues. Contributions to tax exempt
    organizations are not considered payments for
    purposes of this standard.                                                                                                                                                                                                                                                                                                                                                                
|
| |  | the director is, or has been within the last three years, an
    employee of the Partnership Group, or an immediate family member
    is, or has been within the last three years, an executive
    officer, of the Partnership Group. Employment as an interim
    chairman or chief executive officer or other executive officer
    will not disqualify a director from being considered independent
    following that employment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| |  | (i) the director or an immediate family member is a current
    partner of a present or former internal or external auditor for
    the Partnership Group, (ii) the director is a current
    employee of such a firm, (iii) the director has an
    immediate family member who is a current employee of such a firm
    and participates in such firms audit, assurance or tax
    compliance (but not tax planning) practice or (iv) the
    director or an immediately family member was within the last
    three years (but is no longer) a partner or employee of such a
    firm and personally worked on an audit for the Partnership Group
    within that time.                                                                                                                                                                                                                                     
|
| |  | if the director or an immediate family member is, or has been
    within the last three years, employed as an executive officer of
    another company where any of the Partnership Groups
    present executive officers at the same time serves or served on
    that companys compensation committee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

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| |   |                                                                                                                                                                                                                                                                        
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | if the board of directors determines that a discretionary
    contribution made by any member of the Partnership Group to a
    non-profit organization with which a director, or a
    directors spouse, has a relationship, impacts the
    directors independence.





| |                                   
| | ----------------------------------
| | Meeting Attendance and Preparation





| |                                               
| | ----------------------------------------------
| | Executive Sessions of Non-Management Directors





| |                              
| | -----------------------------
| | Communications with Directors

http://www.williamslp.com.






| |                                
| | -------------------------------
| | Williams Partners L.P.         
| | One Williams Center, Suite 4700
| | Tulsa, Oklahoma 74172          
| | Attn: Corporate Secretary      
|
| | Williams Partners L.P.         
| | One Williams Center, Suite 4700
| | Tulsa, Oklahoma 74172          
| | Attn: Presiding Director       
|
| | Email: brian.shore@williams.com

Board Committees




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| |                           
| | --------------------------
| | Board Committee Membership

|                  |  |           |   |  |           |  |   |              |  |  |   | 
|----------------- |  | --------- | - |  | --------- |  | - | ------------ |  |  | - | 
|                  |  | Audit     |   |  | Conflicts |  |   | Compensation | 
|                  |  | Committee |   |  | Committee |  |   | Committee    | 
|                  |  |           |   |  |           |  |   |              | 
|Thomas C. Knudson |  |           | ü |  |           |  | ü |              |  |  |  | 
|Bill Z. Parker    |  |           |  |  |           |  | ü |              |  |  | ü | 
|Alice M. Peterson |  |           | ü |  |           |  |  |              |  |  | ü | 




ü




|  |              
|- | -------------
| | = chairperson



| |                
| | ---------------
| | Audit Committee





| |                       
| | ----------------------
| | Compensation Committee





| |                    
| | -------------------
| | Conflicts Committee



Internet Access to Governance Documents


http://www.williamslp.com


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Section 16(a) Beneficial Ownership Reporting
Compliance




Code of Business Conduct and Ethics


http://www.williamslp.com


REPORT OF THE AUDIT COMMITTEE






| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | reviewed and discussed the audited financial statements in this
    annual report on
    Form 10-K with
    management, including a discussion of the quality, not just the
    acceptability, of the accounting principles, the reasonableness
    of significant judgments and the clarity of disclosures in the
    financial statements;                                                                                                                                  
|
| |  | reviewed with Ernst & Young LLP, the independent
    auditors, who are responsible for expressing an opinion on the
    conformity of those audited financial statements with generally
    accepted accounting principles, their judgments as to the
    quality and acceptability of Williams Partners L.P.s
    accounting principles and such other matters as are required to
    be discussed with the audit committee under generally accepted
    auditing standards;
|
| |  | received the written disclosures and the letter required by
    standard No. 1 of the independence standards board
    (independence discussions with audit committees) provided to the
    audit committee by Ernst & Young LLP;                                                                                                                                                                                                                                             
|
| |  | discussed with Ernst & Young LLP its independence from
    management and Williams Partners L.P. and considered the
    compatibility of the provision of nonaudit services by the
    independent auditors with the auditors independence;                                                                                                                                                                                                                                  
|
| |  | discussed with Ernst & Young LLP the matters required
    to be discussed by statement on auditing standards No. 61
    (communications with audit committees);                                                                                                                                                                                                                                                                                                               
|
| |  | discussed with Williams Partners L.P.s internal auditors
    and Ernst & Young LLP the overall scope and plans for
    their respective audits. The audit committee meets with the
    internal auditors and Ernst & Young LLP, with and
    without management present, to discuss the results of their
    examinations, their                                                                                                                                             

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| |   |                                                                                                                                                                                                                                                                 
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   | evaluations of Williams Partners L.P.s internal controls
    and the overall quality of Williams Partners L.P.s
    financial reporting;                                                                                                                      
|
| |  | based on the foregoing reviews and discussions, recommended to
    the board of directors that the audited financial statements be
    included in the annual report on
    Form 10-K for the
    year ended December 31, 2005, for filing with the
    SEC; and
|
| |  | approved the selection and appointment of Ernst & Young
    LLP to serve as Williams Partners L.P.s independent
    auditors for 2006.                                                                                                                         





| |                            
| | ---------------------------
| |  Bill Z. Parker  chairman
| |  Alice M. Peterson        
| |  Thomas C. Knudson        










|         |                       
|-------- | ----------------------
|Item 11. | Executive Compensation

http://www.sec.gov http://www.williams.com


Employment Agreements




Compensation of Directors




95



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out-of


Long-Term Incentive Plan








| |                                   
| | ----------------------------------
| | Restricted Units and Phantom Units





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| |                                          
| | -----------------------------------------
| | Unit Options and Unit Appreciation Rights





Reimbursement of Expenses of Our General Partner









|         |                                                                                                   
|-------- | --------------------------------------------------------------------------------------------------
|Item 12. | Security Ownership of Certain Beneficial Owners and
    Management and Related Stockholder Matters





| |   |                                                                                             
| | - | --------------------------------------------------------------------------------------------
| |  | each person known by us to be a beneficial owner of more than
    five percent of the units;
|
| |  | each of the directors of our general partner;                                               
|
| |  | each of the named executive officers of our general
    partner; and                        
|
| |  | all directors and executive officers of our general partner as a
    group.                 



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|                                                                |  |              |           |               |              |  |      |              |  |  |               |  |  |               |       |   |  |  |      |  
|--------------------------------------------------------------- |  | ------------ | --------- | ------------- | ------------ |  | ---- | ------------ |  |  | ------------- |  |  | ------------- | ----- | - |  |  | ---- | -
|                                                                |  |              |           | Percentage of |              |  |      |              |  |  |              
|                                                                |  | Common       |           |               | Common       |  |      | Subordinated |  |  | Percentage of |  |  | Percentage of |      
|                                                                |  | Units        |           |               | Units        |  |      | Units        |  |  | Subordinated  |  |  | Total Units   |      
|                                                                |  | Beneficially |           |               | Beneficially |  |      | Beneficially |  |  | Beneficially  |  |  | Beneficially  |      
|Name of Beneficial Owner                                        |  | Owned        |           |               | Owned        |  |      | Owned        |  |  | Owned         |  |  | Owned         |      
|                                                                |  |              |           |               |              |  |      |              |  |  |               |  |  |               |      
|The Williams Companies, Inc.(a)                                 |  |              | 1,250,000 |               |              |  | 17.9 | %            |  |  | 7,000,000     |  |  |               | 100.0 | % |  |  | 58.9 | %
|Williams Energy Services, LLC                                   |  |              | 821,761   |               |              |  | 11.7 |              |  |  | 4,601,861     |  |  |               | 65.7  |   |  |  | 38.7 |  
|Williams Energy, L.L.C.                                         |  |              | 447,308   |               |              |  | 6.4  |              |  |  | 2,504,925     |  |  |               | 35.8  |   |  |  | 23.0 |  
|Williams Discovery Pipeline LLC                                 |  |              | 215,980   |               |              |  | 3.1  |              |  |  | 1,209,486     |  |  |               | 17.3  |   |  |  | 10.2 |  
|Williams Partners Holdings LLC                                  |  |              | 428,239   |               |              |  | 6.1  |              |  |  | 2,398,139     |  |  |               | 34.2  |   |  |  | 20.2 |  
|MAPCO Inc.(a)                                                   |  |              | 447,308   |               |              |  | 6.4  |              |  |  | 2,504,925     |  |  |               | 35.8  |   |  |  | 23.0 |  
|Fiduciary Asset Management, L.L.C.(b)                           |  |              | 632,465   |               |              |  | 9.0  |              |  |  |              |  |  |               |      |   |  |  | 4.5  |  
|Alan S. Armstrong                                               |  |              | 10,000    |               |              |  | *    |              |  |  |              |  |  |               |      |   |  |  | *    |  
|James J. Bender                                                 |  |              | 2,000     |               |              |  | *    |              |  |  |              |  |  |               |      |   |  |  | *    |  
|Donald R. Chappel                                               |  |              | 10,000    |               |              |  | *    |              |  |  |              |  |  |               |      |   |  |  | *    |  
|Steven J. Malcolm(c)                                            |  |              | 25,100    |               |              |  | *    |              |  |  |              |  |  |               |      |   |  |  | *    |  
|Bill Z. Parker(d)                                               |  |              | 7,326     |               |              |  | *    |              |  |  |              |  |  |               |      |   |  |  | *    |  
|Alice M. Peterson(d)                                            |  |              | 2,326     |               |              |  | *    |              |  |  |              |  |  |               |      |   |  |  | *    |  
|Thomas C. Knudson(d)                                            |  |              | 1,494     |               |              |  | *    |              |  |  |              |  |  |               |      |   |  |  | *    |  
|Phillip D. Wright                                               |  |              | 2,000     |               |              |  | *    |              |  |  |              |  |  |               |      |   |  |  | *    |  
|All directors and executive officers as a group (eight persons) |  |              | 60,246    |               |              |  | *    |              |  |  |              |  |  |               |      |   |  |  | *    |  






| |   |                       
| | - | ----------------------
| | * | Less than one percent.



|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | As noted in the Schedule 13D filed with the SEC on
    September 2, 2005, The Williams Companies, Inc. is the
    ultimate parent company of Williams Energy Services, LLC,
    Williams Energy, L.L.C., Williams Discovery Pipeline LLC and
    Williams Partners Holdings LLC and may, therefore, be deemed to
    beneficially own the units held by Williams Energy Services,
    LLC, Williams Energy, L.L.C., Williams Discovery Pipeline LLC
    and Williams Partners Holdings LLC. The Williams Companies,
    Inc.s common stock is listed on the New York Stock
    Exchange under the symbol WMB. The Williams
    Companies, Inc. files information with or furnishes information
    to, the Securities and Exchange Commission pursuant to the
    information requirements of the Securities Exchange Act of 1934
    (the Act). Williams Energy Services, LLC is the
    record owner of 158,473 common units and 887,450 subordinated
    units and, as the sole stockholder of MAPCO Inc. and the sole
    member of Williams Discovery Pipeline LLC, may, pursuant to
    Rule 13d-3, be
    deemed to beneficially own the units beneficially owned by MAPCO
    Inc. and Williams Discovery Pipeline LLC. MAPCO Inc., as the
    sole member of Williams Energy, L.L.C., may, pursuant to
    Rule 13d-3, be
    deemed to beneficially own the units held by Williams Energy,
    L.L.C.

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|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) |  | Based solely on the Schedule 13G filed with the SEC on
    February 16, 2006, Fiduciary Asset Management, L.L.C.
    (FAMCO), an investment sub-adviser to certain
    closed-end investment companies registered under the Investment
    Company Act of 1940 as well as to private individuals, may be
    deemed the beneficial owner of 632,465 common units. FAMCO by
    virtue of investment advisory agreements with these clients has
    all investment and voting power over securities owned of record
    by these clients. However, despite their delegation of
    investment and voting power to FAMCO, these clients may be
    deemed to be the beneficial owners under
    Rule 13d-3 of the
    Act of the securities they own of record because they have the
    right to acquire investment and voting power through termination
    of their investment advisory agreement with FAMCO. Thus, FAMCO
    reported that it shares voting power and dispositive power over
    the securities owned of record by these clients. FAMCO may be
    deemed the beneficial owner of the securities covered by this
    statement under Rule 13-3 of the Act. None of the
    securities listed below are owned of record by FAMCO and FAMCO
    disclaims any beneficial interest in the securities. The filing
    further indicates that except for Fiduciary/ Claymore MLP
    Opportunity Fund, a Delaware statutory Trust, which may be
    deemed to beneficially own 426,400 common units, the interest of
    any one person does not exceed five percent of our outstanding
    common units. The Schedule 13G notes that each of FAMCO and
    Fiduciary/ Claymore have shared voting and investment power with
    respect to their common units. The address of FAMCO is 8112
    Maryland Avenue, Suite 400, St. Louis, Missouri, 63105.
|   
|(c) |  | Represents units beneficially owned by Mr. Malcolm that are
    held by the Steven J. Malcolm Revocable Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   
|(d) |  | Includes unvested restricted units granted pursuant to the
    Williams Partners GP LLC Long-Term Incentive Plan which may be
    voted by the grantees as follows: Mr. Knudson, 1,494;
    Mr. Parker, 2,326; and Ms. Peterson, 2,326.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                



|                                                                    |  |                  |           |  |                     |  |         |       |  |  |                  |  |  |  |   | 
|------------------------------------------------------------------- |  | ---------------- | --------- |  | ------------------- |  | ------- | ----- |  |  | ---------------- |  |  |  | - | 
|                                                                    |  | Shares of Common |           |  |                     |  |         |       | 
|                                                                    |  | Stock Owned      |           |  | Shares Underlying   |  |         |       |  | 
|                                                                    |  | Directly or      |           |  | Options Exercisable |  |         |       |  | 
|Name of Beneficial Owner                                            |  | Indirectly(a)    |           |  | Within 60 Days(b)   |  |         | Total |  |  | Percent of Class | 
|                                                                    |  |                  |           |  |                     |  |         |       |  |  |                  | 
|Alan S. Armstrong                                                   |  |                  | 88,975    |  |                     |  | 13,333  |       |  |  | 102,308          |  |  |  | * | 
|James J. Bender                                                     |  |                  | 126,334   |  |                     |  | 13,333  |       |  |  | 139,667          |  |  |  | * | 
|Donald R. Chappel                                                   |  |                  | 223,731   |  |                     |  | 118,333 |       |  |  | 342,064          |  |  |  | * | 
|Steven J. Malcolm                                                   |  |                  | 670,210   |  |                     |  | 75,000  |       |  |  | 745,210          |  |  |  | * | 
|Bill Z. Parker                                                      |  |                  |          |  |                     |  |        |       |  |  |                 |  |  |  |  | 
|Alice M. Peterson                                                   |  |                  |          |  |                     |  |        |       |  |  |                 |  |  |  |  | 
|Thomas C. Knudson                                                   |  |                  |          |  |                     |  |        |       |  |  |                 |  |  |  |  | 
|Phillip D. Wright                                                   |  |                  | 172,631   |  |                     |  | 13,333  |       |  |  | 185,964          |  |  |  | * | 
|All directors and executive officers as a group
    (eight persons) |  |                  | 1,281,881 |  |                     |  | 233,332 |       |  |  | 1,515,213        |  |  |  | * | 






| |   |                       
| | - | ----------------------
| | * | Less than one percent.



|    |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(a) |  | Includes shares held under the terms of incentive and investment
    plans as follows: Mr. Armstrong, 14 shares in The
    Williams Companies Investment Plus Plan, 68,660 deferred shares
    and 20,301 beneficially owned shares; Mr. Bender,
    3,000 shares owned by children, 68,600 deferred shares and
    54,674 beneficially owned shares; Mr. Chappel, 141,608
    deferred shares of which 50,000 vest on April 16, 2006 and
    82,123 beneficially owned shares; Mr. Malcolm,
    44,623 shares in The Williams Companies Investment Plus
    Plan, 374,758 deferred shares and 250,829 beneficially owned
    shares; and Mr. Wright, 14,742 shares in The Williams
    Investment Plus Plan, 68,660 deferred shares and 89,229
    beneficially owned shares.

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|    |  |                                                                                                                                                                                                                                                                              
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) |  | The shares indicated represent stock options granted under
    Williams current or previous stock option plans, which are
    currently exercisable or which will become exercisable within
    60 days of February 28, 2006. Shares subject to
    options cannot be voted.

Securities Authorized for Issuance Under Equity Compensation
Plans(1)




|                                                           |       |                         |       |       |                      |                      |                         |                          |  |  |         |         |    
|---------------------------------------------------------- | ----- | ----------------------- | ----- | ----- | -------------------- | -------------------- | ----------------------- | ------------------------ |  |  | ------- | ------- | ---
|                                                           |       |                         |       |       |                      | Number of Securities |                        
|                                                           |       | Number of Securities    |       |       |                      |                      | Remaining Available for |                         
|                                                           |       | to be Issued Upon       |       |       | Weighted-Average     |                      |                         | Future Issuance Under    | 
|                                                           |       | Exercise of Outstanding |       |       | Exercise Price of    |                      |                         | Equity Compensation Plan | 
|                                                           |       | Options, Warrants       |       |       | Outstanding Options, |                      |                         | (Excluding Securities    | 
|Plan Category                                              |       | and Rights              |       |       | Warrants and Rights  |                      |                         | Reflected in Column (a)) | 
|                                                           |       |                         |       |       |                      |                      |                         |                          | 
|                                                           |       | (a)                     |       |       | (b)                  |                      |                         | (c)                      | 
|Equity compensation plans approved by security holders     |       |                         |      |       |                      |                      |                        |                          |  |  |        |        
|Equity compensation plans not approved by security holders |       |                         | 6,146 |       |                      |                      |                        |                          |  |  | 693,854 |        
|                                                           | Total |                         |       | 6,146 | (1)                  |                      |                         |                         |  |  |         | 693,854 | (2)






|    |                                                                                                                                                                                                                                                                                                                       
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Represents unvested restricted units granted pursuant to the
    Williams Partners GP LLC Long-Term Incentive Plan. No value is
    shown in column (b) of the table because the restricted
    units do not have an exercise price. To date, the only grants
    under the plan have been grants of restricted units.
|   
|(2) | Please read Executive Compensation  Long-Term
    Incentive Plan for a description of the material features
    of the plan, including the awards that may be granted under the
    plan.                                                                                                                          






|         |                                               
|-------- | ----------------------------------------------
|Item 13. | Certain Relationships and Related Transactions





Distributions and Payments to Our General Partner and Its
Affiliates




Operational Stage




|                                                                              |  |                                                                                                                                                                                                                                                                                 
|----------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Distributions of available cash to our general partner and its
    affiliates |  | We will generally make cash distributions 98 percent to
    unitholders, including our general partner and its affiliates,
    as holders of an aggregate of 1,250,000 common units, all of the
    subordinated units and the remaining two percent to our general
    partner.

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|                                                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|-------------------------------------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                   |  | In addition, if distributions exceed the minimum quarterly
    distribution and other higher target levels, our general partner
    will be entitled to increasing percentages of the distributions,
    up to 50 percent of the distributions above the highest
    target level. We refer to the rights to increasing distribution
    as incentive distribution rights. For further
    information about distributions, please read Market for
    Registrants Common Equity, Related Stockholder Matters and
    Issuer Purchases of Equity Securities.
|                                                  
|Payments to our general partner and its affiliates |  | Our general partner does not receive a management fee or other
    compensation for the management of our partnership. Our general
    partner and its affiliates are reimbursed, however, for all
    direct and indirect expenses incurred on our behalf. Our general
    partner determines the amount of these expenses.                                                                                                                                                                                                                                     
|                                                  
|Withdrawal or removal of our general partner       |  | If our general partner withdraws or is removed, its general
    partner interest and its incentive distribution rights will
    either be sold to the new general partner for cash or converted
    into common units, in each case for an amount equal to the fair
    market value of those interests.                                                                                                                                                                                                                                                         

Liquidation Stage




|            |  |                                                                                                                                                                                         
|----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Liquidation |  | Upon our liquidation, the partners, including our general
    partner, will be entitled to receive liquidating distributions
    according to their particular capital account balances.

Agreements Governing the IPO Transactions




Omnibus Agreement






| |   |                                                                                                         
| | - | --------------------------------------------------------------------------------------------------------
| |  | reimbursement of certain general and administrative expenses;                                           
|
| |  | indemnification for certain environmental liabilities, tax
    liabilities and
    right-of-way defects;
|
| |  | reimbursement for certain expenditures; and                                                             
|
| |  | a license for the use of certain software and intellectual
    property.                                



| |                                    
| | -----------------------------------
| | General and Administrative Expenses



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| |                                                              
| | -------------------------------------------------------------
| | Indemnification for Environmental and Related
    Liabilities





| |   |                                                                                                                                                                          
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | remediation costs associated with the KDHE Consent Orders and
    certain fugitive NGLs associated with our Conway storage
    facilities;                               
|
| |  | the costs associated with the installation of wellhead control
    equipment and well meters at our Conway storage facility;                                             
|
| |  | KDHE-related cavern compliance at our Conway storage
    facility; and                                                                                                   
|
| |  | the costs relating to the restoration of the overburden along
    our Carbonate Trend pipeline in connection with erosion caused
    by Hurricane Ivan in September 2004.







| |   |                                                                                                                                                                                                                                                                                                                                            
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | certain defects in the easement rights or fee ownership
    interests in and to the lands on which any assets contributed to
    us in connection with the IPO are located and failure to obtain
    certain consents and permits necessary to conduct our business
    that arise within three years after the closing of the
    IPO; and
|
| |  | certain income tax liabilities attributable to the operation of
    the assets contributed to us in connection with the IPO prior to
    the time they were contributed.                                                                                                                                                                   



| |                                                                     
| | --------------------------------------------------------------------
| | Reimbursement for Certain Expenditures Attributable to
    Discovery





| |                              
| | -----------------------------
| | Intellectual Property License



102



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| |           
| | ----------
| | Amendments





| |            
| | -----------
| | Competition



Credit Facilities




| |                         
| | ------------------------
| | Working Capital Facility



12-month




| |                                   
| | ----------------------------------
| | Williams Revolving Credit Facility



Discovery Limited Liability Company Agreement




Discovery Operating and Maintenance Agreements




103



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Gas Purchase Contract




Natural Gas and NGL Marketing Contracts




Summary of Transactions with Williams






| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | we contributed 2,000,000 common units, 7,000,000 subordinated
    units, a two percent general partner interest and incentive
    distribution rights to affiliates of Williams in exchange for
    the interests in our operating subsidiaries and Discovery;                                                                                                                                                                                                                                                              
|
| |  | we distributed $58.8 million to affiliates of Williams to
    reimburse Williams for certain capital expenditures incurred
    prior to our formation and for the contribution by an affiliate
    of Williams to one of our operating subsidiaries of a gas
    purchase contract that provides for the purchase of a sufficient
    quantity of natural gas from a wholly owned subsidiary of
    Williams at a price not to exceed a specified price to satisfy
    our fuel requirements under a fractionation contract;
|
| |  | we provided $24.4 million to make a capital contribution to
    Discovery to fund an escrow account in connection with the
    Tahiti pipeline lateral expansion project; and                                                                                                                                                                                                                                                                                                                                               
|
| |  | Williams forgave $186.0 million in intercompany advances to
    us.                                                                                                                                                                                                                                                                                                                                                                                                                                                         





| |   |                                                                                                                                                                           
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | we incurred $17.6 million from Williams for direct and
    indirect expenses incurred on our behalf pursuant to the
    partnership agreement;                            
|
| |  | we distributed $1.3 million to affiliates of Williams as
    quarterly distributions on their common units, subordinated
    units and 2 percent general partner interest;
|
| |  | we received from Williams $1.4 million of general and
    administrative credits pursuant to the omnibus agreement;                                                       
|
| |  | Williams indemnified us $0.5 million, primarily for
    KDHE-required compliance costs, pursuant to the omnibus
    agreement;                                            

104



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| |   |                                                                                                                                                                                                        
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | Discovery reimbursed Williams $3.4 million for direct
    payroll and employee benefit costs pursuant to the operating and
    maintenance agreements;                                                 
|
| |  | Discovery paid Williams $2.2 million for operation and
    management fees pursuant to the operating and maintenance
    agreements;                                                                   
|
| |  | we purchased a gross amount of $22.4 million of natural gas
    for the Conway fractionator from an affiliate of Williams;                                                                             
|
| |  | we purchased $15.7 million of NGLs from a subsidiary of
    Williams based on market pricing;                                                                                                          
|
| |  | we sold $13.4 million to a subsidiary of Williams that
    markets substantially all of the NGLs and excess natural gas to
    which our Conway fractionation and storage facility takes
    title; and
|
| |  | Discovery sold $70.8 million to a subsidiary of Williams
    that markets substantially all of the NGLs and excess natural
    gas to which Discovery takes title.                                     






|         |                                       
|-------- | --------------------------------------
|Item 14. | Principal Accountant Fees and Services



|                   |  |             |       | 
|------------------ |  | ----------- | ----- | 
|                   |  | 2005        |      
|                   |  |             |      
|                   |  | (Thousands) |      
|Audit Fees         |  | $           | 1,624 | 
|Audit-Related Fees |  |             |      | 
|Tax Fees           |  |             |      | 
|All Other Fees     |  |             |      | 
|                   |  |             |      
|                   |  | $           | 1,624 | 
|                   |  |             |      

de minimus exception


10-Q,







PART IV







|         |                                           
|-------- | ------------------------------------------
|Item 15. | Exhibits and Financial Statement Schedules

1 and 2. Williams Partners L.P. financials


105



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|                                                |                                                                                                         |      |  |       | 
|----------------------------------------------- | ------------------------------------------------------------------------------------------------------- | ---- |  | ----- | 
|                                                |                                                                                                         | Page | 
|                                                |                                                                                                         |      | 
|Covered by reports of independent auditors:     |                                                                                                         |      |  |      
|                                                | Consolidated balance sheets at December 31, 2005 and 2004                                               |      |  | 67    | 
|                                                | Consolidated statements of operations for each of the three
    years ended December 31, 2005           |      |  | 68    | 
|                                                | Consolidated statement of partners capital for each of the
    three years ended
    December 31, 2005 |      |  | 69    | 
|                                                | Consolidated statements of cash flows for each of the three
    years ended December 31, 2005           |      |  | 70    | 
|                                                | Notes to consolidated financial statements                                                              |      |  | 71-86 | 
|Not covered by reports of independent auditors: |                                                                                                         |      |  |      
|                                                | Quarterly financial data (unaudited)                                                                    |      |  | 87    | 



3 and (b). The exhibits listed below are filed as
part of this annual report:


|        |              |    |  |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------- | ------------ | -- |  | ----------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |              |    |  |            
|Number  |              |    |  | Description
|        |              |    |  |            
|        | *Exhibit 3   | .1 |  |            |  | Certificate of Limited Partnership of Williams Partners L.P.
    (attached as Exhibit 3.1 to Williams Partners L.P.s
    registration statement on Form S-1 (File
    No. 333-124517) filed with the SEC on May 2, 2005).                                                                                                                                                                                                                                                                        
|        | *Exhibit 3   | .2 |  |            |  | Certificate of Formation of Williams Partners GP LLC (attached
    as Exhibit 3.3 to Williams Partners L.P.s
    registration statement on Form S-1 (File
    No. 333-124517) filed with the SEC on May 2, 2005).                                                                                                                                                                                                                                                                                
|       
|        | *Exhibit 3   | .3 |  |            |  | Amended and Restated Agreement of Limited Partnership of
    Williams Partners L.P. (attached as Exhibit 3.1 to Williams
    Partners L.P.s current report on Form 8-K (File No.
    001-32599) filed with the SEC on August 26, 2005).                                                                                                                                                                                                                                                          
|       
|        | *Exhibit 3   | .4 |  |            |  | Amended and Restated Limited Liability Company Agreement of
    Williams Partners GP LLC (attached as Exhibit 3.2 to
    Williams Partners L.P.s current report on Form 8-K
    (File No. 001-32599) filed with the SEC on August 26, 2005).                                                                                                                                                                                                                                                     
|       
|        | *Exhibit 10 | .1 |  |            |  | Fractionation Agreement dated July 18, 1997, by and between
    MAPCO Natural Gas Liquids Inc. and Amoco Oil Company (attached
    as Exhibit 10.6 to Amendment No. 1 to Williams
    Partners L.P.s registration statement on Form S-1
    (File No. 333-124517) filed with the SEC on June 24,
    2005).                                                                                                                                                                                      
|       
|        | *Exhibit 10  | .2 |  |            |  | Omnibus Agreement among Williams Partners L.P., Williams Energy
    Services, LLC, Williams Energy, L.L.C., Williams Partners
    Holdings LLC, Williams Discovery Pipeline LLC, Williams Partners
    GP LLC, Williams Partners Operating LLC and (for purposes of
    Articles V and VI thereof only) The Williams Companies,
    Inc. (attached as Exhibit 10.1 to Williams Partners
    L.P.s current report on Form 8-K
    (File No. 001-32599) filed with the SEC on
    August 26, 2005).
|       
|        | *#Exhibit 10 | .3 |  |            |  | Williams Partners GP LLC Long-Term Incentive Plan (attached as
    Exhibit 10.2 to Williams Partners L.P.s current
    report on Form 8-K (File No. 001-32599) filed with the SEC
    on August 26, 2005).                                                                                                                                                                                                                                                                                       
|       
|        | *Exhibit 10  | .4 |  |            |  | Contribution, Conveyance and Assumption Agreement, dated
    August 23, 2005, by and among Williams Partners L.P.,
    Williams Energy, L.L.C., Williams Partners GP LLC, Williams
    Partners Operating LLC, Williams Energy Services, LLC, Williams
    Discovery Pipeline LLC, Williams Partners Holdings LLC and
    Williams Natural Gas Liquids, Inc. (attached as
    Exhibit 10.3 to Williams Partners L.P.s current
    report on Form 8-K filed with the SEC on August 26,
    2005). 
|       
|        | *Exhibit 10  | .5 |  |            |  | Working Capital Loan Agreement, dated August 23, 2005,
    between The Williams Companies, Inc. and Williams Partners L.P.
    (attached as Exhibit 10.4 to Williams Partners L.P.s
    current report on Form 8-K (File No. 001-32599) filed with
    the SEC on August 26, 2005).                                                                                                                                                                                                              

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|        |              |     |  |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|------- | ------------ | --- |  | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |              |     |  |            
|Number  |              |     |  | Description
|        |              |     |  |            
|       
|        | *Exhibit 10  | .6  |  |            |  | Amended and Restated Credit Agreement dated as of May 20,
    2005 among The Williams Companies, Inc., Williams Partners L.P.,
    Northwest Pipeline Corporation, Transcontinental Gas Pipe Line
    Corporation, and the Banks, Citibank, N.A. and Bank of America,
    N.A., and Citicorp USA, INC. as administrative agent (attached
    as Exhibit 1.1 to The Williams Companies, Inc.s
    current report on Form 8-K (File No. 001-04174) filed with
    the SEC on May 26, 2005).
|       
|        | *Exhibit 10  | .7  |  |            |  | Third Amended and Restated Limited Liability Company Agreement
    for Discovery Producer Services LLC (attached as
    Exhibit 10.7 to Amendment No. 1 to Williams Partners
    L.P.s registration statement on Form S-1 (File
    No. 333-124517) filed with the SEC on June 24, 2005).                                                                                                                                                                                                
|       
|        | *Exhibit 10  | .8  |  |            |  | Base Contract for Sale and Purchase of Natural Gas between
    Williams Natural Gas Liquids, Inc. and Williams Power Company,
    Inc., dated August 15, 2005 (attached as Exhibit 10.7
    to Williams Partners L.P.s quarterly report on
    Form 10-Q filed with the SEC on September 22, 2005).                                                                                                                                                                                      
|       
|        | *#Exhibit 10 | .9  |  |            |  | Director Compensation Policy dated November 29, 2005
    (attached as Exhibit 10.1 to Williams Partners L.P.s
    current report on Form 8-K (File No. 001-32599) filed with
    the SEC on December 1, 2005).                                                                                                                                                                                                                                                                           
|       
|        | *#Exhibit 10 | .10 |  |            |  | Form of Grant Agreement for Restricted Units (attached as
    Exhibit 10.2 to Williams Partners L.P.s current
    report on Form 8-K (File No. 001-32599) filed with the SEC
    on December 1, 2005).                                                                                                                                                                                                                                                                                   
|       
|        | *Exhibit 21  |     |  |            |  | List of subsidiaries of Williams Partners L.P. (attached as
    Exhibit 21.1 to Amendment No. 1 to Williams Partners
    L.P.s registration statement on Form S-1 (File
    No. 333-124517) filed with the SEC on June 24, 2005)                                                                                                                                                                                                                                                         
|       
|        | +Exhibit 23  |     |  |            |  | Consent of Independent Registered Public Accounting Firm,
    Ernst & Young LLP.                                                                                                                                                                                                                                                                                                                                                                                                          
|       
|        | +Exhibit 24  |     |  |            |  | Power of attorney together with certified resolution.                                                                                                                                                                                                                                                                                                                                                                                                                                     
|       
|        | +Exhibit 31  | .1  |  |            |  | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive
    Officer.                                                                                                                                                                                                                                                                                                                                                                                                                    
|       
|        | +Exhibit 31  | .2  |  |            |  | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial
    Officer.                                                                                                                                                                                                                                                                                                                                                                                                                    
|       
|        | +Exhibit 32  |     |  |            |  | Section 1350 Certifications of Chief Executive Officer and
    Chief Financial Officer.                                                                                                                                                                                                                                                                                                                                                                                                   
|       
|        | +Exhibit 99  | .1  |  |            |  | Pre-approval policy with respect to audit and non-audit services
    of the audit committee of the board of directors of Williams
    Partners GP LLC.                                                                                                                                                                                                                                                                                                                                    
|        | +Exhibit 99  | .2  |  |            |  | Williams Partners GP LLC Financial Statements.                                                                                                                                                                                                                                                                                                                                                                                                                                            






| |   |                                                                                                                                      
| | - | -------------------------------------------------------------------------------------------------------------------------------------
| | * | Each such exhibit has heretofore been filed with the SEC as part
    of the filing indicated and is incorporated herein by reference.





| |   |                                                       
| | - | ------------------------------------------------------
| |  | Confidential treatment requested for omitted portions.



|  |                                                         
|- | --------------------------------------------------------
|# | Management contract or compensatory plan or arrangement.

Discovery Producer Services LLC financial statements
and notes thereto


107



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REPORT OF INDEPENDENT AUDITORS












Accounting for Asset
Retirement Obligations.




| |                      
| | ---------------------
| | /s/ Ernst & Young LLP





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DISCOVERY PRODUCER SERVICES LLC


CONSOLIDATED BALANCE SHEETS


|                                                |                           |                |         |        |        |   |         |        |        | 
|----------------------------------------------- | ------------------------- | -------------- | ------- | ------ | ------ | - | ------- | ------ | ------ | 
|                                                |                           | December 31,   |        
|                                                |                           |                |        
|                                                |                           | 2005           |         |        | 2004   |  
|                                                |                           |                |         |        |        |  
|                                                |                           | (In thousands) |        
|ASSETS                                         
|Current assets:                                 |                           |                |         |        |        |   |         |       
|                                                | Cash and cash equivalents |                | $       | 21,378 |        |   | $       | 55,222 |       
|                                                | Accounts receivable:      |                |         |        |        |   |         |        |       
|                                                |                           | Affiliate      |         |        | 31,448 |   |         |        | 4,399  | 
|                                                |                           | Other          |         |        | 14,451 |   |         |        | 5,761  | 
|                                                | Inventory                 |                |         | 924    |        |   |         | 840    |       
|                                                | Other current assets      |                |         | 2,324  |        |   |         | 1,312  |       
|                                                |                           |                |         |        |        |  
|                                                | Total current assets      |                |         | 70,525 |        |   |         | 67,534 |       
|Restricted cash                                 |                           |                | 44,559  |        |        |   |        |       
|Property, plant and equipment, net              |                           |                | 344,743 |        |        |   | 356,385 |       
|                                                |                           |                |         |        |        |  
|Total assets                                    |                           | $              | 459,827 |        |        | $ | 423,919 |       
|                                                |                           |                |         |        |        |  
|                                               
|LIABILITIES AND MEMBERS CAPITAL               
|Current liabilities:                            |                           |                |         |        |        |   |         |       
|                                                | Accounts payable:         |                |         |        |        |   |         |        |       
|                                                |                           | Affiliate      |         | $      | 9,334  |   |         | $      | 682    | 
|                                                |                           | Other          |         |        | 26,796 |   |         |        | 14,622 | 
|                                                | Accrued liabilities       |                |         | 6,205  |        |   |         | 14,197 |       
|                                                | Other current liabilities |                |         | 2,735  |        |   |         | 2,071  |       
|                                                |                           |                |         |        |        |  
|                                                | Total current liabilities |                |         | 45,070 |        |   |         | 31,572 |       
|Noncurrent accrued liabilities                  |                           |                | 1,121   |        |        |   | 702     |       
|Commitments and contingent liabilities (Note 7) |                           |                |         |        |        |   |         |       
|Members capital                                |                           |                | 413,636 |        |        |   | 391,645 |       
|                                                |                           |                |         |        |        |  
|Total liabilities and members capital          |                           | $              | 459,827 |        |        | $ | 423,919 |       
|                                                |                           |                |         |        |        |  



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DISCOVERY PRODUCER SERVICES LLC


CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


|                                                                  |                                                 |                                             |        |         |        |   |        |        |        |   |        |         |        |  
|----------------------------------------------------------------- | ----------------------------------------------- | ------------------------------------------- | ------ | ------- | ------ | - | ------ | ------ | ------ | - | ------ | ------- | ------ | -
|                                                                  |                                                 | Year Ended December 31,                     |       
|                                                                  |                                                 |                                             |       
|                                                                  |                                                 | 2005                                        |        |         | 2004   |   |        | 2003   |       
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       
|                                                                  |                                                 | (In thousands)                              |       
|Revenues:                                                         |                                                 |                                             |        |         |        |   |        |        |        |   |        |        
|                                                                  | Product sales:                                  |                                             |        |         |        |   |        |        |        |   |        |         |       
|                                                                  |                                                 | Affiliate                                   |        | $       | 70,848 |   |        | $      | 57,838 |   |        | $       | 54,145 |  
|                                                                  |                                                 | Third-party                                 |        |         | 4,271  |   |        |        | 1,611  |   |        |         | 1,943  |  
|                                                                  | Gas and condensate transportation services:     |                                             |        |         |        |   |        |        |        |   |        |         |       
|                                                                  |                                                 | Affiliate                                   |        |         | 1,908  |   |        |        | 3,966  |   |        |         | 4,611  |  
|                                                                  |                                                 | Third-party                                 |        |         | 13,498 |   |        |        | 12,052 |   |        |         | 13,225 |  
|                                                                  | Gathering and processing services:              |                                             |        |         |        |   |        |        |        |   |        |         |       
|                                                                  |                                                 | Affiliate                                   |        |         | 3,585  |   |        |        | 6,962  |   |        |         | 7,549  |  
|                                                                  |                                                 | Third-party                                 |        |         | 26,133 |   |        |        | 14,168 |   |        |         | 16,974 |  
|                                                                  | Other revenues                                  |                                             |        | 2,502   |        |   |        | 3,279  |        |   |        | 4,731   |       
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       
|                                                                  | Total revenues                                  |                                             |        | 122,745 |        |   |        | 99,876 |        |   |        | 103,178 |       
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       
|Costs and expenses:                                               |                                                 |                                             |        |         |        |   |        |        |        |   |        |        
|                                                                  | Product cost and shrink replacement:            |                                             |        |         |        |   |        |        |        |   |        |         |       
|                                                                  |                                                 | Affiliate                                   |        |         | 7,911  |   |        |        | 423    |   |        |         | 7,832  |  
|                                                                  |                                                 | Third-party                                 |        |         | 56,556 |   |        |        | 44,932 |   |        |         | 35,082 |  
|                                                                  | Operating and maintenance expenses:             |                                             |        |         |        |   |        |        |        |   |        |         |       
|                                                                  |                                                 | Affiliate                                   |        |         | 3,355  |   |        |        | 3,098  |   |        |         | 3,035  |  
|                                                                  |                                                 | Third-party                                 |        |         | 6,810  |   |        |        | 14,756 |   |        |         | 12,794 |  
|                                                                  | Depreciation and accretion                      |                                             |        | 24,794  |        |   |        | 22,795 |        |   |        | 22,875  |       
|                                                                  | General and administrative expenses  affiliate |                                             |        | 2,053   |        |   |        | 1,424  |        |   |        | 1,400   |       
|                                                                  | Taxes other than income                         |                                             |        | 1,151   |        |   |        | 1,382  |        |   |        | 1,602   |       
|                                                                  | Other  net                                     |                                             |        | (33     | )      |   |        | (54    | )      |   |        | (101    | )     
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       
|                                                                  | Total costs and expenses                        |                                             |        | 102,597 |        |   |        | 88,756 |        |   |        | 84,519  |       
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       
|                                                                  | Operating income                                |                                             |        | 20,148  |        |   |        | 11,120 |        |   |        | 18,659  |       
|Interest expense                                                  |                                                 |                                             |       |         |        |   |       |        |        |   | 9,611  |        
|Interest income                                                   |                                                 |                                             | (1,685 | )       |        |   | (550   | )      |        |   |       |        
|Foreign exchange loss                                             |                                                 |                                             | 1,005  |         |        |   |       |        |        |   |       |        
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       
|Income before cumulative effect of change in accounting principle |                                                 |                                             | 20,828 |         |        |   | 11,670 |        |        |   | 9,048  |        
|Cumulative effect of change in accounting principle               |                                                 |                                             | (176   | )       |        |   |       |        |        |   | (267   | )      
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       
|Net income                                                        |                                                 | $                                           | 20,652 |         |        | $ | 11,670 |        |        | $ | 8,781  |        
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       
|Other comprehensive income:                                       |                                                 |                                             |        |         |        |   |        |        |        |   |        |        
|                                                                  | Cash flow hedging activities:                   |                                             |        |         |        |   |        |        |        |   |        |         |       
|                                                                  |                                                 | Losses reclassified to earnings during year |        | $       |       |   |        | $      |       |   |        | $       | 5,196  |  
|                                                                  |                                                 | Unrealized losses during year               |        |         |       |   |        |        |       |   |        |         | (291   | )
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       
|                                                                  | Other comprehensive income                      |                                             |        |        |        |   |        |       |        |   |        | 4,905   |       
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       
|Comprehensive income                                              |                                                 | $                                           | 20,652 |         |        | $ | 11,670 |        |        | $ | 13,686 |        
|                                                                  |                                                 |                                             |        |         |        |   |        |        |       



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DISCOVERY PRODUCER SERVICES LLC


CONSOLIDATED STATEMENT OF MEMBERS CAPITAL


|                           |                                                                                                  |                |         |          |              |   |             |               |   |             |               |         |   |               |        |         |       |   |        |       |  |   |         |         |  
|-------------------------- | ------------------------------------------------------------------------------------------------ | -------------- | ------- | -------- | ------------ | - | ----------- | ------------- | - | ----------- | ------------- | ------- | - | ------------- | ------ | ------- | ----- | - | ------ | ----- |  | - | ------- | ------- | -
|                           |                                                                                                  |                |         |          |              |   |             |               |   | Accumulated |               |         |  
|                           |                                                                                                  |                |         | Williams |              |   | Duke Energy |               |   |             |               | Other   |   |               |       
|                           |                                                                                                  | Williams       |         |          | Operating    |   |             | Field         |   |             | Eni BB        |         |   | Comprehensive |        |         |      
|                           |                                                                                                  | Energy LLC     |         |          | Partners LLC |   |             | Services, LLC |   |             | Pipelines LLC |         |   | Income (Loss) |        |         | Total |  
|                           |                                                                                                  |                |         |          |              |   |             |               |   |             |               |         |   |               |        |         |       |  
|                           |                                                                                                  | (In thousands) |        
|Balance, December 31, 2002 |                                                                                                  | $              | 58,541  |          |              | $ |            |               |   | $           | 39,028        |         |   | $             | 19,515 |         |       | $ | (4,905 | )     |  | $ | 112,179 |        
|                           | Contributions                                                                                    |                |         | 127,055  |              |   |             |              |   |             |               | 84,695  |   |               |        | 42,360  |       |   |        |      |  |   |         | 254,110 |  
|                           | Net income  2003                                                                                |                |         | 4,391    |              |   |             |              |   |             |               | 2,927   |   |               |        | 1,463   |       |   |        |      |  |   |         | 8,781   |  
|                           | Other comprehensive (loss)                                                                       |                |         |         |              |   |             |              |   |             |               |        |   |               |        |        |       |   |        | 4,905 |  |   |         | 4,905   |  
|                           |                                                                                                  |                |         |          |              |   |             |               |   |             |               |         |   |               |        |         |       |  
|Balance, December 31, 2003 |                                                                                                  |                | 189,987 |          |              |   |            |               |   |             | 126,650       |         |   |               | 63,338 |         |       |   |       |       |  |   | 379,975 |        
|                           | Net income  2004                                                                                |                |         | 5,835    |              |   |             |              |   |             |               | 3,890   |   |               |        | 1,945   |       |   |        |      |  |   |         | 11,670  |  
|                           |                                                                                                  |                |         |          |              |   |             |               |   |             |               |         |   |               |        |         |       |  
|Balance, December 31, 2004 |                                                                                                  |                | 195,822 |          |              |   |            |               |   |             | 130,540       |         |   |               | 65,283 |         |       |   |       |       |  |   | 391,645 |        
|                           | Contributions                                                                                    |                |         | 16,269   |              |   |             | 24,400        |   |             |               | 7,634   |   |               |        |        |       |   |        |      |  |   |         | 48,303  |  
|                           | Distributions                                                                                    |                |         | (30,030  | )            |   |             | (1,280        | ) |             |               | (15,654 | ) |               |        |        |       |   |        |      |  |   |         | (46,964 | )
|                           | Net income  2005                                                                                |                |         | 8,063    |              |   |             | 4,651         |   |             |               | 6,909   |   |               |        | 1,029   |       |   |        |      |  |   |         | 20,652  |  
|                           | Sale of Eni 16.67% interest to subsidiaries of Williams Energy
    LLC                           |                |         | 66,312   |              |   |             |              |   |             |               |        |   |               |        | (66,312 | )     |   |        |      |  |   |         |        |  
|                           | Sale of Williams Energy LLC and subsidiaries 40% interest to
    Williams Operating Partners LLC |                |         | (142,761 | )            |   |             | 142,761       |   |             |               |        |   |               |        |        |       |   |        |      |  |   |         |        |  
|                           | Sale of Williams Energy LLC 6.67% interest to Duke Energy Field
    Services LLC                 |                |         | (25,869  | )            |   |             |              |   |             |               | 25,869  |   |               |        |        |       |   |        |      |  |   |         |        |  
|                           |                                                                                                  |                |         |          |              |   |             |               |   |             |               |         |   |               |        |         |       |  
|Balance, December 31, 2005 |                                                                                                  | $              | 87,806  |          |              | $ | 170,532     |               |   | $           | 155,298       |         |   | $             |       |         |       | $ |       |       |  | $ | 413,636 |        
|                           |                                                                                                  |                |         |          |              |   |             |               |   |             |               |         |   |               |        |         |       |  



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DISCOVERY PRODUCER SERVICES LLC


CONSOLIDATED STATEMENTS OF CASH FLOWS


|                                                                  |                                                            |                                           |         |         |         |   |        |         |         |   |        |          |         |  
|----------------------------------------------------------------- | ---------------------------------------------------------- | ----------------------------------------- | ------- | ------- | ------- | - | ------ | ------- | ------- | - | ------ | -------- | ------- | -
|                                                                  |                                                            | Year Ended December 31,                   |        
|                                                                  |                                                            |                                           |        
|                                                                  |                                                            | 2005                                      |         |         | 2004    |   |        | 2003    |        
|                                                                  |                                                            |                                           |         |         |         |   |        |         |        
|                                                                  |                                                            | (In thousands)                            |        
|OPERATING ACTIVITIES:                                             |                                                            |                                           |         |         |         |   |        |         |         |   |        |         
|Income before cumulative effect of change in accounting principle |                                                            | $                                         | 20,828  |         |         | $ | 11,670 |         |         | $ | 9,048  |         
|Adjustments to reconcile to cash provided by operations:          |                                                            |                                           |         |         |         |   |        |         |         |   |        |         
|                                                                  | Depreciation and accretion                                 |                                           |         | 24,794  |         |   |        | 22,795  |         |   |        | 22,875   |        
|                                                                  | Cash provided (used) by changes in assets and liabilities: |                                           |         |         |         |   |        |         |         |   |        |          |        
|                                                                  |                                                            | Accounts receivable                       |         |         | (35,739 | ) |        |         | (1,658  | ) |        |          | 7,860   |  
|                                                                  |                                                            | Inventory                                 |         |         | (84     | ) |        |         | (240    | ) |        |          | (229    | )
|                                                                  |                                                            | Other current assets                      |         |         | (1,012  | ) |        |         | (1      | ) |        |          | (761    | )
|                                                                  |                                                            | Accounts payable                          |         |         | 29,355  |   |        |         | 1,256   |   |        |          | (1,415  | )
|                                                                  |                                                            | Other current liabilities                 |         |         | 664     |   |        |         | (668    | ) |        |          | 2,223   |  
|                                                                  |                                                            | Accrued liabilities                       |         |         | (7,992  | ) |        |         | 2,469   |   |        |          | 4,424   |  
|                                                                  |                                                            |                                           |         |         |         |   |        |         |        
|                                                                  |                                                            | Net cash provided by operating activities |         |         | 30,814  |   |        |         | 35,623  |   |        |          | 44,025  |  
|                                                                  |                                                            |                                           |         |         |         |   |        |         |        
|INVESTING ACTIVITIES:                                             |                                                            |                                           |         |         |         |   |        |         |         |   |        |         
|Property, plant and equipment:                                    |                                                            |                                           |         |         |         |   |        |         |         |   |        |         
|                                                                  | Capital expenditures                                       |                                           |         | (12,906 | )       |   |        | (46,701 | )       |   |        | (14,746  | )      
|                                                                  | Change in accounts payable  capital expenditures          |                                           |         | (8,532  | )       |   |        | 7,586   |         |   |        | 2,673    |        
|Increase in restricted cash                                       |                                                            |                                           | (44,559 | )       |         |   |       |         |         |   |       |         
|                                                                  |                                                            |                                           |         |         |         |   |        |         |        
|                                                                  |                                                            | Net cash used by investing activities     |         |         | (65,997 | ) |        |         | (39,115 | ) |        |          | (12,073 | )
|                                                                  |                                                            |                                           |         |         |         |   |        |         |        
|FINANCING ACTIVITIES:                                             |                                                            |                                           |         |         |         |   |        |         |         |   |        |         
|                                                                  | Payments of long-term debt                                 |                                           |         |        |         |   |        |        |         |   |        | (253,701 | )      
|                                                                  | Distributions to members                                   |                                           |         | (46,964 | )       |   |        |        |         |   |        |         |        
|                                                                  | Capital contributions                                      |                                           |         | 48,303  |         |   |        |        |         |   |        | 254,110  |        
|                                                                  |                                                            |                                           |         |         |         |   |        |         |        
|                                                                  |                                                            | Net cash provided by financing activities |         |         | 1,339   |   |        |         |        |   |        |          | 409     |  
|                                                                  |                                                            |                                           |         |         |         |   |        |         |        
|Increase (decrease) in cash and cash equivalents                  |                                                            |                                           | (33,844 | )       |         |   | (3,492 | )       |         |   | 32,361 |         
|Cash and cash equivalents at beginning of period                  |                                                            |                                           | 55,222  |         |         |   | 58,714 |         |         |   | 26,353 |         
|                                                                  |                                                            |                                           |         |         |         |   |        |         |        
|Cash and cash equivalents at end of period                        |                                                            | $                                         | 21,378  |         |         | $ | 55,222 |         |         | $ | 58,714 |         
|                                                                  |                                                            |                                           |         |         |         |   |        |         |        
|Supplemental Disclosure of Cash Flow Information                  |                                                            |                                           |         |         |         |   |        |         |         |   |        |         
|Cash paid during the year for interest                            |                                                            | $                                         |        |         |         | $ |       |         |         | $ | 9,855  |         
|                                                                  |                                                            |                                           |         |         |         |   |        |         |        



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DISCOVERY PRODUCER SERVICES LLC


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




|        |                                         
|------- | ----------------------------------------
|Note 1. | Organization and Description of Business















|        |                                           
|------- | ------------------------------------------
|Note 2. | Summary of Significant Accounting Policies

Basis of Presentation.


Reclassifications.


Use of Estimates.


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DISCOVERY PRODUCER SERVICES LLC


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Cash and Cash Equivalents.


Accounts Receivable.


Gas Imbalances.


Inventory.


Restricted cash.


Property, Plant and Equipment.


25-year 15-year




Revenue Recognition.


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DISCOVERY PRODUCER SERVICES LLC


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Derivative Instruments and Hedging Activities. Accounting for
Derivative Instruments and Hedging Activities




Impairment of Long-Lived Assets.




Accounting for Repair and Maintenance Costs.


Capitalization of Interest.


Income Taxes.


Foreign Currency Transactions.


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DISCOVERY PRODUCER SERVICES LLC


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Recent Accounting Standards.










|        |                           
|------- | --------------------------
|Note 3. | Related Party Transactions







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DISCOVERY PRODUCER SERVICES LLC


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|                        |  |                          |     |  |      |   |       |      |  |   |     | 
|----------------------- |  | ------------------------ | --- |  | ---- | - | ----- | ---- |  | - | --- | 
|                        |  | Years Ended December 31, |    
|                        |  |                          |    
|                        |  | 2005                     |     |  | 2004 |   |       | 2003 | 
|                        |  |                          |     |  |      |   |       |      | 
|Capitalized labor       |  | $                        | 351 |  |      | $ | 288   |      |  | $ | 204 | 
|Capitalized project fee |  |                          | 115 |  |      |   | 854   |      |  |   | 147 | 
|                        |  |                          |     |  |      |   |       |      | 
|                        |  | $                        | 466 |  |      | $ | 1,142 |      |  | $ | 351 | 
|                        |  |                          |     |  |      |   |       |      | 



|                          |       |                          |        |        |      |   |        |        |  |   |        |        | 
|------------------------- | ----- | ------------------------ | ------ | ------ | ---- | - | ------ | ------ |  | - | ------ | ------ | 
|                          |       | Years Ended December 31, |       
|                          |       |                          |       
|                          |       | 2005                     |        |        | 2004 |   |        | 2003   | 
|                          |       |                          |        |        |      |   |        |        | 
|                          |       | (In thousands)           |       
|Eni*                      |       | $                        | 2,830  |        |      | $ | 10,928 |        |  | $ | 12,160 |       
|Texas Eastern Corporation |       |                          | 2,663  |        |      |   |       |        |  |   |       |       
|Williams                  |       |                          | 70,848 |        |      |   | 57,838 |        |  |   | 54,145 |       
|                          |       |                          |        |        |      |   |        |        | 
|                          | Total |                          | $      | 76,341 |      |   | $      | 68,766 |  |   | $      | 66,305 | 
|                          |       |                          |        |        |      |   |        |        | 






|  |                       
|- | ----------------------
|* | Through April 14, 2005

Note 4.     Property, Plant and
Equipment




|                                               |                               |                |         |         |      |   |         |         | 
|---------------------------------------------- | ----------------------------- | -------------- | ------- | ------- | ---- | - | ------- | ------- | 
|                                               |                               | 2005           |         |         | 2004 |  
|                                               |                               |                |         |         |      |  
|                                               |                               | (In thousands) |        
|Property, plant and equipment:                 |                               |                |         |         |      |   |         |        
|                                               | Construction work in progress |                | $       | 5,444   |      |   | $       | 11,739  | 
|                                               | Buildings                     |                |         | 4,406   |      |   |         | 4,393   | 
|                                               | Land and land rights          |                |         | 1,530   |      |   |         | 1,165   | 
|                                               | Transportation lines          |                |         | 302,252 |      |   |         | 286,661 | 
|                                               | Plant and other equipment     |                |         | 198,837 |      |   |         | 195,429 | 
|                                               |                               |                |         |         |      |  
|                                               |                               |                | 512,469 |         |      |   | 499,387 |        
|Less accumulated depreciation and amortization |                               |                | 167,726 |         |      |   | 143,002 |        
|                                               |                               |                |         |         |      |  
|                                               |                               | $              | 344,743 |         |      | $ | 356,385 |        
|                                               |                               |                |         |         |      |  





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DISCOVERY PRODUCER SERVICES LLC


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|                     |  |                |       |  |      |   |     | 
|-------------------- |  | -------------- | ----- |  | ---- | - | --- | 
|                     |  | 2005           |       |  | 2004 |  
|                     |  |                |       |  |      |  
|                     |  | (In thousands) |      
|Balance, January 1   |  | $              | 702   |  |      | $ | 621 | 
|Accretion expense    |  |                | 92    |  |      |   | 81  | 
|FIN No. 47 revisions |  |                | 327   |  |      |   |    | 
|                     |  |                |       |  |      |  
|Balance, December 31 |  | $              | 1,121 |  |      | $ | 702 | 
|                     |  |                |       |  |      |  



|        |                   
|------- | ------------------
|Note 5. | Leasing Activities



|           |  |                |       | 
|---------- |  | -------------- | ----- | 
|           |  | (In thousands) |      
|2006       |  | $              | 854   | 
|2007       |  |                | 854   | 
|2008       |  |                | 858   | 
|2009       |  |                | 858   | 
|2010       |  |                | 858   | 
|Thereafter |  |                | 4,109 | 
|           |  |                |      
|           |  | $              | 8,391 | 
|           |  |                |      

month-to


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DISCOVERY PRODUCER SERVICES LLC


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




|        |                                                        
|------- | -------------------------------------------------------
|Note 6. | Financial Instruments and Concentrations of Credit Risk



| |                                 
| | --------------------------------
| | Financial Instruments Fair Value



Cash and cash equivalents.


Restricted cash.


|                          |  |                |        |  |       |   |        |          |  |   |        |  |  |   |        | 
|------------------------- |  | -------------- | ------ |  | ----- | - | ------ | -------- |  | - | ------ |  |  | - | ------ | 
|                          |  | 2005           |        |  | 2004  |  
|                          |  |                |        |  |       |  
|                          |  | Carrying       |        |  | Fair  |   |        | Carrying |  |   | Fair   | 
|Asset                     |  | Amount         |        |  | Value |   |        | Amount   |  |   | Value  | 
|                          |  |                |        |  |       |   |        |          |  |   |        | 
|                          |  | (In thousands) |       
|Cash and cash equivalents |  | $              | 21,378 |  |       | $ | 21,378 |          |  | $ | 55,222 |  |  | $ | 55,222 | 
|Restricted cash           |  |                | 44,559 |  |       |   | 44,559 |          |  |   |       |  |  |   |       | 



| |                              
| | -----------------------------
| | Concentrations of Credit Risk





Major Customers.




|        |                                                       
|------- | ------------------------------------------------------
|Note 7. | Rate and Regulatory Matters and Contingent Liabilities

Rate and Regulatory Matters.


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DISCOVERY PRODUCER SERVICES LLC


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)












Environmental Matters.


Other.


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SIGNATURES






| |                              
| | -----------------------------
| | Williams Partners L.P.       
| | (Registrant)                 
|
| | By: Williams Partners GP LLC,
| | its general partner          



| |     |                     
| | --- | --------------------
| | By: | /s/ William H. Gault

| |                 
| | ----------------
| |                 
| | William H. Gault
| | Attorney-in-fact





|                   |  |                                                                                                |  |               |  |              
|------------------ |  | ---------------------------------------------------------------------------------------------- |  | ------------- |  | -------------
|Signature          |  | Title                                                                                          |  | Date         
|                   |  |                                                                                                |  |              
|                  
|*Steven J. Malcolm |  | President, Chief Executive Officer and Chairman of the Board
    (Principal Executive Officer) |  | March 3, 2006
|                  
|*Donald R. Chappel |  | Chief Financial Officer and Director (Principal Financial
    Officer)                         |  | March 3, 2006
|                  
|*Ted T. Timmermans |  | Chief Accounting Officer and Controller (Principal Accounting
    Officer)                     |  | March 3, 2006
|                  
|*Alan S. Armstrong |  | Chief Operating Officer and Director                                                           |  | March 3, 2006
|                  
|*Bill Z. Parker    |  | Director                                                                                       |  | March 3, 2006
|                  
|*Alice M. Peterson |  | Director                                                                                       |  | March 3, 2006
|                  
|*Thomas C. Knudson |  | Director                                                                                       |  | March 3, 2006
|                  
|*Phillip D. Wright |  | Director                                                                                       |  | March 3, 2006
|                  
|By:                |  | /s/ William H. GaultWilliam H. GaultAttorney-in-fact                                           |  |               |  | March 3, 2006

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##### Table of Contents



INDEX TO EXHIBITS




|        |              |    |  |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------- | ------------ | -- |  | ----------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |              |    |  |            
|Number  |              |    |  | Description
|        |              |    |  |            
|        | *Exhibit 3   | .1 |  |            |  | Certificate of Limited Partnership of Williams Partners L.P.
    (attached as Exhibit 3.1 to Williams Partners L.P.s
    registration statement on Form S-1 (File
    No. 333-124517) filed with the SEC on May 2, 2005).                                                                                                                                                                                                                                                                        
|       
|        | *Exhibit 3   | .2 |  |            |  | Certificate of Formation of Williams Partners GP LLC (attached
    as Exhibit 3.3 to Williams Partners L.P.s
    registration statement on Form S-1 (File
    No. 333-124517) filed with the SEC on May 2, 2005).                                                                                                                                                                                                                                                                                
|       
|        | *Exhibit 3   | .3 |  |            |  | Amended and Restated Agreement of Limited Partnership of
    Williams Partners L.P. (attached as Exhibit 3.1 to Williams
    Partners L.P.s current report on Form 8-K (File
    No. 001-32599) filed with the SEC on August 26, 2005).                                                                                                                                                                                                                                                          
|       
|        | *Exhibit 3   | .4 |  |            |  | Amended and Restated Limited Liability Company Agreement of
    Williams Partners GP LLC (attached as Exhibit 3.2 to
    Williams Partners L.P.s current report on Form 8-K
    (File No. 001-32599) filed with the SEC on August 26,
    2005).                                                                                                                                                                                                                                                 
|       
|        | *Exhibit 10 | .1 |  |            |  | Fractionation Agreement dated July 18, 1997, by and between
    MAPCO Natural Gas Liquids Inc. and Amoco Oil Company (attached
    as Exhibit 10.6 to Amendment No. 1 to Williams
    Partners L.P.s registration statement on Form S-1
    (File No. 333-124517) filed with the SEC on June 24,
    2005).                                                                                                                                                                                      
|       
|        | *Exhibit 10  | .2 |  |            |  | Omnibus Agreement among Williams Partners L.P., Williams Energy
    Services, LLC, Williams Energy, L.L.C., Williams Partners
    Holdings LLC, Williams Discovery Pipeline LLC, Williams Partners
    GP LLC, Williams Partners Operating LLC and (for purposes of
    Articles V and VI thereof only) The Williams Companies,
    Inc. (attached as Exhibit 10.1 to Williams Partners
    L.P.s current report on Form 8-K
    (File No. 001-32599) filed with the SEC on
    August 26, 2005).
|       
|        | *#Exhibit 10 | .3 |  |            |  | Williams Partners GP LLC Long-Term Incentive Plan (attached as
    Exhibit 10.2 to Williams Partners L.P.s current
    report on Form 8-K (File No. 001-32599) filed with the
    SEC on August 26, 2005).                                                                                                                                                                                                                                                                                       
|       
|        | *Exhibit 10  | .4 |  |            |  | Contribution, Conveyance and Assumption Agreement, dated
    August 23, 2005, by and among Williams Partners L.P.,
    Williams Energy, L.L.C., Williams Partners GP LLC, Williams
    Partners Operating LLC, Williams Energy Services, LLC, Williams
    Discovery Pipeline LLC, Williams Partners Holdings LLC and
    Williams Natural Gas Liquids, Inc. (attached as
    Exhibit 10.3 to Williams Partners L.P.s current
    report on Form 8-K filed with the SEC on August 26,
    2005). 
|       
|        | *Exhibit 10  | .5 |  |            |  | Working Capital Loan Agreement, dated August 23, 2005,
    between The Williams Companies, Inc. and Williams Partners L.P.
    (attached as Exhibit 10.4 to Williams Partners L.P.s
    current report on Form 8-K (File No. 001-32599) filed
    with the SEC on August 26, 2005).                                                                                                                                                                                                              
|       
|        | *Exhibit 10  | .6 |  |            |  | Amended and Restated Credit Agreement dated as of May 20,
    2005 among The Williams Companies, Inc., Williams Partners L.P.,
    Northwest Pipeline Corporation, Transcontinental Gas Pipe Line
    Corporation, and the Banks, Citibank, N.A. and Bank of America,
    N.A., and Citicorp USA, INC. as administrative agent (attached
    as Exhibit 1.1 to The Williams Companies, Inc.s
    current report on Form 8-K (File No. 001-04174) filed with
    the SEC on May 26, 2005).        
|       
|        | *Exhibit 10  | .7 |  |            |  | Third Amended and Restated Limited Liability Company Agreement
    for Discovery Producer Services LLC (attached as
    Exhibit 10.7 to Amendment No. 1 to Williams Partners
    L.P.s registration statement on Form S-1 (File
    No. 333-124517) filed with the SEC on June 24, 2005).                                                                                                                                                                                                        
|       
|        | *Exhibit 10  | .8 |  |            |  | Base Contract for Sale and Purchase of Natural Gas between
    Williams Natural Gas Liquids, Inc. and Williams Power Company,
    Inc., dated August 15, 2005 (attached as Exhibit 10.7
    to Williams Partners L.P.s quarterly report on
    Form 10-Q filed with the SEC on September 22, 2005).                                                                                                                                                                                              

122



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|        |              |     |  |             |  |                                                                                                                                                                                                                                   
|------- | ------------ | --- |  | ----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit |              |     |  |            
|Number  |              |     |  | Description
|        |              |     |  |            
|        | *#Exhibit 10 | .9  |  |            |  | Director Compensation Policy dated November 29, 2005
    (attached as Exhibit 10.1 to Williams Partners L.P.s
    current report on Form 8-K (File No. 001-32599) filed
    with the SEC on December 1, 2005).                   
|       
|        | *#Exhibit 10 | .10 |  |            |  | Form of Grant Agreement for Restricted Units (attached as
    Exhibit 10.2 to Williams Partners L.P.s current
    report on Form 8-K (File No. 001-32599) filed with the
    SEC on December 1, 2005).                           
|       
|        | *Exhibit 21  |     |  |            |  | List of subsidiaries of Williams Partners L.P. (attached as
    Exhibit 21.1 to Amendment No. 1 to Williams Partners
    L.P.s registration statement on Form S-1 (File
    No. 333-124517) filed with the SEC on June 24, 2005).
|       
|        | +Exhibit 23  |     |  |            |  | Consent of Independent Registered Public Accounting Firm,
    Ernst & Young LLP.                                                                                                                                                  
|       
|        | +Exhibit 24  |     |  |            |  | Power of attorney together with certified resolution.                                                                                                                                                                             
|       
|        | +Exhibit 31  | .1  |  |            |  | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive
    Officer.                                                                                                                                                            
|       
|        | +Exhibit 31  | .2  |  |            |  | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial
    Officer.                                                                                                                                                            
|       
|        | +Exhibit 32  |     |  |            |  | Section 1350 Certifications of Chief Executive Officer and
    Chief Financial Officer.                                                                                                                                           
|       
|        | +Exhibit 99  | .1  |  |            |  | Pre-approval policy with respect to audit and non-audit services
    of the audit committee of the board of directors of Williams
    Partners GP LLC.                                                                            
|       
|        | +Exhibit 99  | .2  |  |            |  | Williams Partners GP LLC Financial Statements.                                                                                                                                                                                    






|  |                                                                                                                                      
|- | -------------------------------------------------------------------------------------------------------------------------------------
|* | Each such exhibit has heretofore been filed with the SEC as part
    of the filing indicated and is incorporated herein by reference.





|  |                                                         
|- | --------------------------------------------------------
| | Confidential treatment requested for omitted portions.  
| 
|# | Management contract or compensatory plan or arrangement.



|    |  |                     
|--- |  | --------------------
|(c) |  | Discovery financials

123