Q. I own shares of Williams Companies Inc. Please tell me what you believe their prospects to be.—P.F., via the Internet

A. The oil spill in the Gulf of Mexico may have signalled a new national energy focus that will benefit companies such as this natural gas exploration, production and transportation firm.

Unlike oil, natural gas is domestic, relatively cheap and in great supply. Demand for it is expected to grow significantly, with increased use of liquefied and compressed natural gas.

Williams Companies has sold assets and undergone a $12 billion restructuring to become more liquid and reduce its debt, with the goal of using its cash flow to pay for pipeline, expansion projects and increased drilling. Its operations are located mainly in the Rockies, on the Gulf Coast, the Pacific Northwest and Eastern Seaboard.

There is also the possibility that other energy companies interesting in diversifying or expanding may look at Williams Companies as a takeover target. It wouldn't be the first time: Royal Dutch Schell recently agreed to buy the operations of exploration company East Resources to expand its natural gas assets in a $4.7 billion deal.

Shares of Williams Companies (WMB) are down 12 percent this year following last year's 49 percent gain. The company lost $193 million in its first quarter, compared with a loss of $172 million a year earlier. The current quarter included $401 million in restructuring charges.

An ongoing concern for any natural gas company is the possibility of a long period of low prices that reduce profit margins. There's also the chance that tax rulings or tight credit markets could reduce growth potential.

Consensus analyst rating of shares of Williams Companies is "buy," according to Thomson Reuters, consisting of two "strong buys," five "buys" and two "holds". It has raised its dividend to shareholders by 1.5 cents to 12.5 cents a share.

Williams Companies has 14,000 miles of long-haul interstate pipelines, 8,000 miles of gathering pipes and 18 gas processing, treating and handling plants. It recently signed a merger agreement under which it will buy the remaining outstanding shares of Williams Pipeline Partners that it didn't own. It already had 47.7 percent of the shares.

Earnings are expected to increase 47 percent this year versus the 8 percent decline forecast for the integrated natural gas industry. Next year's projected 20 percent increase compares to 23 percent expected industry-wide. The five-year annualised growth rate forecast is 18 percent versus 14 percent for its peers.

Q. Is Neuberger Berman Guardian Fund worth putting money in?—B.R., via the Internet

A. Since it's a concentrated fund of only 30 to 35 stocks, it isn't for investors who are jumpy about volatility.

But even though a lot depends on its stock-picking ability, the fund has done well over time and could be a core holding for a portion of your money.

The $1 billion Neuberger Berman Guardian Fund (NGUAX) is up 17 percent over the past 12 months to rank in the upper one-fifth of the large growth and value category. Its three-year annualised decline of seven percent places it in the upper one-third of its peers.

"Much of this fund's good performance is due to the fact lead manager Arthur Moretti isn't constrained by benchmarks and is willing to make big sector bets when he sees opportunities," said David Kathman, analyst with Morningstar Inc. in Chicago. "But there is always a chance that things can go wrong short-term, so people need to have a strong stomach if they want to hold this fund."

Moretti has been lead manager since late 2002. He and co-managers Ingrid Dyott, Sajjad Ladiwala and Mamundi Subhas look for well-positioned firms that have suffered temporary setbacks and are trading at reasonable prices. They usually hold stocks three to five years but will sell if improvement lags.

Moretti, who's also co-manager of Neuberger Berman Socially Responsive Fund, has between $500,000 and $1 million of his money invested between the two funds, according to filings. The co-managers have smaller amounts of their money invested.

Industrial materials is Neuberger Berman Guardian Fund's largest concentration at 17 percent of portfolio, followed by energy and financial services that each have 13 percent. Top holdings were recently Altera Corp., Washington Post Co., Danaher Corp., Yahoo Inc., Intuit, 3MCo., Newfield Exploration Co., Charles Schwab corp., Scripps Networks Interactive Inc. and Anixter International.

"It will be a little more volatile than a S&P 500 fund but long-term returns will make up for that," said Kathman. This "no-load" (no sales charge) fund requires a $1,000 minimum initial investment and has a better-than-average annual expense ratio of .97 percent.

Q. Do banks get to choose their automated teller machine fees? Are there differences among them for using an out-of-network card?—P.V., via the Internet

A. Banks set their own ATM fees. Most banks don't charge their own customers for using their ATMs, considering it a free service for keeping accounts with it.

If you go outside your bank's network, you get hit with two fees. The first, usually ranging from $1.50 to $2.50 per transaction, is paid because you're not a customer. The second fee is charged by the bank that owns the ATM.

"So between the two fees you can easily wind up paying $3 to $5 for taking out cash," explained Greg McBride, financial analyst with Bankrate.com in North Palm Beach, Florida. "Most of the time, there will be a little message that pops up indicating the fee and allowing you to cancel the transaction if you don't want to pay it."

The most efficient way to avoid bank fees is to use your bank's ATM network whenever possible. If you must go out of network, plan ahead and don't do so very often.

Andrew Leckey answers questions only through the column. Address inquireis to andrewinv@aol.com