Williams Companies (WMB)

The company remains well positioned to capitalize on attractive growth opportunities in its low-risk E&P business, besides enjoying strong leverage to continued strength in natural gas liquids margins in its Midstream business. We believe that Williams Rockies development drilling program focused on the Piceance Basin is the key to its upstream growth going forward. Additionally, the company raised its earnings outlook for the rest of 2008 and 2009, citing production growth.