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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950134-02-006035.txt : 20020522
<SEC-HEADER>0000950134-02-006035.hdr.sgml : 20020522
<ACCEPTANCE-DATETIME>20020522134424
ACCESSION NUMBER:		0000950134-02-006035
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20020520
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20020522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WILLIAMS COMPANIES INC
		CENTRAL INDEX KEY:			0000107263
		STANDARD INDUSTRIAL CLASSIFICATION:	NATURAL GAS TRANSMISSION [4922]
		IRS NUMBER:				730569878
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04174
		FILM NUMBER:		02659614

	BUSINESS ADDRESS:	
		STREET 1:		ONE WILLIAMS CTR
		CITY:			TULSA
		STATE:			OK
		ZIP:			74172
		BUSINESS PHONE:		9185732000

	MAIL ADDRESS:	
		STREET 1:		ONE WILLIAM CENTER
		CITY:			TULSA
		STATE:			OK
		ZIP:			74172

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WILLIAMS BROTHERS COMPANIES
		DATE OF NAME CHANGE:	19710817
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d97244e8vk.txt
<DESCRIPTION>FORM 8-K
<TEXT>
<PAGE>
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT



                         Pursuant to Section 13 or 15(d)
                     of the Securities Exchange Act of 1934



         Date of Report (Date of earliest event reported):  May 20, 2002
                                                           --------------



                          The Williams Companies, Inc.
                          ----------------------------
             (Exact name of registrant as specified in its charter)



         Delaware                    1-4174                 73-0569878
         --------                ---------------        -------------------
      (State or other              (Commission           (I.R.S. Employer
      jurisdiction of              File Number)         Identification No.)
      incorporation)



        One Williams Center, Tulsa, Oklahoma                  74172
        ------------------------------------                  -----
      (Address of principal executive offices)              (Zip Code)



        Registrant's telephone number, including area code: 918/573-2000
                                                            ------------



                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)


<PAGE>


Item 5.    Other Events.

            On May 20, 2002, The Williams Companies, Inc. (NYSE:WMB) announced
that its review of trading activity during the last two years shows that
Williams did not engage in a strategy of so-called "round-trip trading" for the
purpose of inflating trading volumes or revenues. Because Williams reports its
trading revenue on a net basis, the less than one percent of reported trades it
found with "round-trip" characteristics did not affect reported revenues.
Williams is the only major energy marketing company that accounts for its
trading revenues on a net, rather than a gross basis.

Item 7.    Financial Statements and Exhibits.

           Williams files the following exhibit as part of this report:

           Exhibit 99.1 Copy of Williams' press release dated May 20, 2002,
                        publicly announcing the matters reported herein.

           Pursuant to the requirements of the Securities Exchange Act of 1934,
Williams has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                          THE WILLIAMS COMPANIES, INC.


Date: May 22, 2002                               /s/ Suzanne H. Costin
                                          --------------------------------------
                                          Name:  Suzanne H. Costin
                                          Title: Corporate Secretary

<PAGE>


                                INDEX TO EXHIBITS

<Table>
<Caption>
EXHIBIT
NUMBER            DESCRIPTION
- -------           -----------
<S>               <C>
99.1              Copy of Williams' press release dated May 20, 2002, publicly
                  announcing the matters reported herein.
</Table>



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d97244exv99w1.txt
<DESCRIPTION>PRESS RELEASE DATED MAY 20, 2002
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.1

                                                                 [WILLIAMS LOGO]

NEWS RELEASE

                             [WILLIAMS LETTERHEAD]



   WILLIAMS CEO SAYS "ROUND-TRIP TRADING DIDN'T ADD A NICKEL TO OUR REVENUES"
           COMPANY WILL PUBLICLY RESPOND TO FERC QUERIES ON WEDNESDAY

           TULSA, Okla. - Williams (NYSE:WMB) today said that its review of
trading activity during the last two years shows that the company did not engage
in a strategy of so-called "round-trip trading" for the purpose of inflating
volumes or revenues. Indeed, because Williams reports its revenue on a net
basis, the less than 1 percent of reported trades it found with "round-trip"
characteristics were not included in its reported revenues.

           "Round-trip trading didn't add a nickel to our revenues," said Steve
Malcolm, chairman, president and CEO. "Even though the number of trades we've
found with these characteristics is extremely small and random, the very nature
of reporting on a net basis means that they are not included in our reported
revenues. It clearly does not reflect an ongoing business strategy."

           Williams is the only major energy marketing company that accounts for
its trading revenues on a net, rather than a gross basis.

           Williams' trading data shows less than 1 percent of its reported
power and gas trading volumes in 2000 and 2001 had any characteristics now
associated with "round-trip trading."


<PAGE>


           Williams completed its "round-trip" trading analysis today. The
company is also reviewing its California trading practices in response to a
Federal Energy Regulatory Commission query resulting from a recent Enron
disclosure. The company plans on Wednesday to publicly file its complete
response to FERC's information request.

ABOUT WILLIAMS (NYSE: WMB)

Williams moves, manages and markets a variety of energy products, including
natural gas, liquid hydrocarbons, petroleum and electricity. Our operations span
the energy value chain from wellhead to burner tip. Based in Tulsa, Okla.,
Williams and its 12,000 worldwide employees contributed $45 million in 2001 to
support the environment, health and human services, the arts, and education in
its communities. Williams information is available at www.williams.com.

                                       ###


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.



</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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