Williams Announces $350 Million Loss During Q2

Williams, the cash strapped energy trader and oil and gas pipeline company, had a loss of $349.1 million in the second quarter after its trading business slumped.

The per-share loss was 68 cents, compared with net income of $339.5 million, or 69 cents, a year earlier, the company said in a statement distributed by the PR Newswire.

Williams, whose shares have plunged by ninety seven percent in the past year, slashed its dividend last week to one cent per share from 20 cents and has been selling assets to trim debt and raise cash. The company's credit rating was reduced to junk last week because of problems renewing loans.

The shares of the Tulsa, Oklahoma-based Williams, the second biggest US interstate natural gas pipeline company, rose 18 cents to $1.06 on Friday. Houston-based El Paso Corp. is the biggest pipeline company in the US market.

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