Item 8.01. Other Events
Effective January 1, 2009, we adopted Statement of Financial Accounting Standards No. 160, "Noncontrolling Interests in Consolidated Financial Statements - an amendment of Accounting Research Bulletin No. 51" (SFAS No. 160). We have revised certain historical financial information previously included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2008 (Form 10-K), to reflect the retrospective presentation and disclosure requirements of SFAS No. 160. Noncontrolling interests in consolidated subsidiaries (previously referred to as minority interests) are now presented in the consolidated balance sheet within equity as a component separate from stockholders' equity. Consolidated net income now includes earnings attributable to both The Williams Companies, Inc., and the noncontrolling interests. Earnings per share continues to be based on earnings attributable to only The Williams Companies, Inc. We have also included updates for certain subsequent events involving our Venezuela operations.
The following items of the Form 10-K have been revised as described above, to the extent applicable, and are filed as exhibits to this Current Report on Form 8-K:
• Exhibit 12. Computation of Ratio of Earnings to Fixed Charges for the years ended December 31, 2008, 2007, 2006, 2005, and 2004

• Exhibit 23.1. Consent of Independent Registered Public Accounting Firm, Ernst & Young LLP

• Exhibit 99.1

• Item 6. Selected Financial Data

• Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

• Item 7A. Quantitative and Qualitative Disclosures About Market Risk

• Item 8. Financial Statements and Supplementary Data

• Exhibit 99.2. Schedule II - Valuation and Qualifying Accounts for each of the three years ended December 31, 2008

The revised items of the Form 10-K described above have been updated for only the retrospective presentation and disclosure requirements of SFAS No. 160 and for the Subsequent Events disclosures related to our Venezuela operations as included in Item 7 and Item 8 (see pages 3 and 97 of Exhibit 99.1). We have not otherwise updated for activities or events occurring after the date these items were originally presented in the Form 10-K. This Current Report on Form 8-K should be read in conjunction with our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2009, and other Current Reports on Form 8-K.

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Item 9.01. Financial Statements and Exhibits
(a) None
(b) None
(c) None
(d) Exhibits

Exhibit
No. Description

12 Computations of Ratio of Earnings to Fixed Charges for the years ended December 31, 2008, 2007, 2006, 2005, and 2004.

23.1 Consent of Independent Registered Public Accounting Firm, Ernst & Young
LLP.

99.1 Selected Financial Data, Management's Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures About Market Risk, and Financial Statements and Supplementary Data (Part II, Items 6, 7, 7A, and 8 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2008).

99.2 Schedule II - Valuation and Qualifying Accounts for each of the three years ended December 31, 2008

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