Aug. 6--Williams Cos. Inc and its two namesake subsidiaries all generated net income for this year's second quarter, according to reports released Thursday morning.

Williams Cos.' profits totaled $142 million for the period, compared with $437 million when oil and natural gas prices were at record highs same time last year. The company, however, still has a year-to-date net loss of $30 million due to lack of payment and seizure of its assets in Venezuela.

Williams Pipeline Partners LP gained $11.6 million above expenses in the second quarter, down only $300,000 from net income for the same three months in 2008. Higher interest and operating expenses were offset by higher storage revenues in the Northwest Pipeline GP system, in which Williams Pipeline Partners owns a 35-percent stake.

Williams Partners LP totaled $25.4 million profit for the three months ending July 30. The net income fell more than half of last year's $71.8 million in quarterly profits, much of that dropoff due to lower natural gas liquid margins.

Williams Cos. suffered a $172 million net loss during the first quarter. The company took a $241 million accounting writedown on assets due to lack of payments from Venezuela's state-run oil company.

The Venezuelans eventually seized joint-venture Williams gas compression facilities in that country. Overall, Williams Cos. owns gas production, gathering, processing and transportation assets throughout the U.S., including more than 14,000 miles of pipeline.

Williams Partners LP owns

and operates natural gas liquids processing and gathering systems.

Company officials are discussing their results during an 11 a.m. conference call.

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