15 million in U.

Statements made in this press release which state the Company's or
management's intentions, beliefs, expectations or predictions for the future
are forward-looking statements.

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is also engaged in the businesses of
pressure pumping services and drilling and completion fluid services. It is important to note that actual results
could differ materially from those discussed in such forward-looking
statements .

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Under terms of the independent agreements, Williams' power business unit
will pay $50 million as part of a deferred prosecution agreement with the U. By agreement, Williams will pay the $50 million in
installments between now and mid-March 2007.
The agreements in New York, California and Nevada are subject to court
approval.

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The company said the agreements are consistent with its strategy to
resolve legacy issues related to its historical energy marketing and trading
business unit.
Department of Justice; $15. Williams' operations are concentrated in the Pacific
Northwest , Rocky Mountains, Gulf Coast, Southern California and Eastern
Seaboard. More information is available at http://www. The amended Form 10-K/A also includes the previously announced
restatement of the Company's financial statements for the fiscal years 2002,
2003 and 2004 and a restatement of Management 's Report on Internal Controls
Over Financial Reporting included in Item 9A thereof.

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, Williams (NYSE: WMB) today
announced it has reached agreements that substantially resolve its exposure
from pending claims and investigations related to certain previously disclosed
matters. At that time, Williams self-reported the results of its review to
regulators and suspended reporting of gas-trading information until it had put
into effect procedures designed to ensure accurate reporting of such
information .

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The company also manages a wholesale
power business.

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com . In its filing the Company stated it expects to file
the 2005 Annual Report on Form 10-K no later than March 31, 2006.

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District Court in Nevada .williams. SNYDER, Texas, PATTERSON-UTI ENERGY,
INC.

About Patterson-UTI
Patterson -UTI Energy, Inc.

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Williams
has previously accrued the difference between this charge and the total of the
settlements. Although the company believes any such statements are
based on reasonable assumptions, there is no assurance that actual outcomes
will not be materially different.

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Patterson-UTI Announces Completion of Audit Committee Investigation into Prior Embezzlement Filing of Restated 2004 Annual Report on Form 10K/A and Extension

The results of the investigation
are described in an amended Annual Report on Form 10-K/A for the fiscal year
December 31, 2004, which was filed with the Securities and Exchange Commission
today. Due to the continued existence of certain of the
material weaknesses identified in the 2004 Annual Report, the Company expects
to again conclude that it did not maintain effective internal control over
financial reporting as of December 31, 2005.

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The investigation confirmed the amounts
embezzled by Nelson and concluded that no other employee of the Company
knowingly participated in the embezzlement.

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S.S.

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6 million to settle a matter in California State
Court in San Diego; $9.

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These matters involve the inaccurate reporting of natural gas prices and
volumes to an industry publication by a few former non-management employees
during a period that ended in the fall of 2002. Williams has taken substantial remedial actions and instituted
additional controls designed to ensure the integrity of commodity price and
volume reporting from that business unit.S. On July 29, 2003, Williams paid a $20 million fine to the
Commodity Futures Trading Commission related to this issue. Any such statements are made in reliance on
the "safe harbor" protections provided under the Private Securities Reform Act
of 1995.
In the extension filing, the Company also stated that results of
operations for fiscal 2005 will be significantly better than results of
operations for fiscal 2004 reported in the 2004 Form 10K/A just filed.

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In July 2003, the Federal Energy Regulatory Commission affirmed
those procedures.

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As previously announced on Oct. The
Company stated that it believes diluted earnings per share will be
approximately $2.

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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. Nelson. Patterson -UTI Energy, Inc.

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Williams Resolves Matters Related to Past Reporting of Gas Prices Volumes

TULSA , Okla.

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District Court in the Southern
District of New York; and $2. (Nasdaq: PTEN) announced today that its Audit Committee has completed its
investigation into the previously announced embezzlement by its former Chief
Financial Officer, Jonathan D.15 for fiscal 2005 as compared with diluted earnings per
share of $0.
Additionally, the Company has an exploration and production business.

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As a result , the company will
record a $64 million pre-tax charge to fourth-quarter 2005 earnings.

Portions of this document may constitute "forward-looking statements" as
defined by federal law .

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As disclosed in the 2004 Annual Report on Form 10K/A, management concluded
that due to the existence of material weaknesses as described therein, the
Company did not maintain effective internal control over financial reporting
as of December 31, 2004. provides onshore contract drilling services to
exploration and production companies in North America.

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25, 2002, Williams conducted an internal
review that determined that a few non-management employees had reported
inaccurate natural gas price and volume information to an industry
publication.
The deferred prosecution agreement signed today with the Department of
Justice comes in recognition of Williams' cooperation with the government's
investigation of this matter.

56 for fiscal 2004.

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The company also has significantly reduced the size of that business;
substantially redirected its activities to focus on risk reduction; and
changed the unit name to Power to more accurately reflect the remaining
business .4 million in U. With Williams' continued good conduct and full
compliance with terms of the agreement , the deferred-prosecution agreement is
designed to expire after 15 months with no criminal prosecution of Williams or
its power business unit.

About Williams
Williams, through its subsidiaries , primarily finds, produces, gathers,
processes and transports natural gas.

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The Company also announced that it has filed for an automatic 15 day
extension of the deadline for filing its Annual Report on Form 10-K for fiscal
2005 to March 31, 2006. The Company owns 403
land-based drilling rigs that operate primarily in the oil and natural gas
producing regions of Texas, New Mexico, Oklahoma , Louisiana, Mississippi,
Colorado, Utah, Wyoming, Montana, North Dakota, South Dakota and western
Canada.