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<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d94800ex99-1.txt
<DESCRIPTION>COPY OF PRESS RELEASE DATED MARCH 7, 2002
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                                                                    EXHIBIT 99.1

                                                                 [WILLIAMS LOGO]


NEWS RELEASE

NYSE: WMB

================================================================================

DATE:              March 7, 2002

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<S>                <C>                                 <C>                               <C>
CONTACT:            Ellen Averill                      Rick Rodekohr                      Richard George
                    Williams (media relations)         Williams (investor relations)      Williams (investor relations)
                    (918) 573-6476                     (918) 573-2087                     (918) 573-3679
                    ellen.averill@williams.com         rick.rodekohr@williams.com         richard.george@williams.com
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                      WILLIAMS RAISES $275 MILLION IN SALE
      OF CUMULATIVE CONVERTIBLE PREFERRED STOCK TO BERKSHIRE HATHAWAY UNIT

         TULSA, Okla. - Williams [NYSE:WMB] has entered into an agreement for
the sale of $275 million of a 9-7/8 percent cumulative convertible preferred
stock to MEHC Investment, Inc., a wholly owned subsidiary of MidAmerican
Energy Holdings Company, and a member of the Berkshire Hathaway family of
companies.

         MEHC Investment will acquire 1,466,667 shares of the security at a
purchase price of $187.50 per share, pursuant to a stock purchase agreement
between the companies. Each share of the security is convertible into 10 shares
of Williams common stock. The transaction, which is subject to certain
conditions that include the closing of Williams' sale of its Kern River
interstate gas pipeline business to MidAmerican, is expected to close before
March 31.

         "We believe this equity investment, along with the additional steps
we've taken or are in the process of taking, gives us a level of financial
strength and flexibility comparable to, or better than, that which was the basis
for the rating agencies' reaffirmation of our investment-grade credit ratings,"
said Keith Bailey, Williams chairman. "The fact that our newest long-term
stockholder is viewed by many as being the most astute value investor in the
market today, represents a strong endorsement of our strategy and our future
prospects for solid business performance."

         "We are very pleased to make a significant investment in Williams,"
said David L. Sokol, MidAmerican chairman and chief executive officer. "Williams
has consistently been one of the highest-quality players in the energy industry.
We look forward to a long-term relationship with them."

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         "I echo David's comments about a long-term relationship with Williams,"
said Warren E. Buffett, chairman and chief executive officer of Berkshire
Hathaway Inc. "Williams has all the fundamentals in place -- solid assets,
strong demand for its products and a reputation for excellent customer service."

Lehman Brothers acted as financial adviser to Williams in connection with the
transaction.

ABOUT WILLIAMS

Williams, through its subsidiaries, connects businesses to energy, delivering
innovative, reliable products and services. Williams' information is available
at www.williams.com.

ABOUT MIDAMERICAN ENERGY HOLDINGS COMPANY

MidAmerican Energy Holdings Company, headquartered in Des Moines, Iowa, is a
privately owned global energy provider. The company has 10,000 employees and
provides electric and natural gas service to approximately 5 million customers.
The company has approximately 10,000 net megawatts of diversified power
generation under ownership, contract and in operation, construction and advanced
development. Information on MidAmerican and its three principal business
platforms, CalEnergy Generation, MidAmerican Energy, and Northern Electric, is
available on the Internet at www.midamerican.com.

ABOUT BERKSHIRE HATHAWAY

Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in a
number of diverse business activities. The most important of these is the
property and casualty insurance business conducted on both a direct and
reinsurance basis through a number of subsidiaries.

                                       ###


Portions of this document may constitute "forward-looking statements" as defined
by federal law. Although the company believes any such statements are based on
reasonable assumptions, there is no assurance that actual outcomes will not be
materially different. Any such statements are made in reliance on the "safe
harbor" protections provided under the Private Securities Reform Act of 1995.
Additional information about issues that could lead to material changes in
performance is contained in the company's annual reports filed with the
Securities and Exchange Commission.




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