Williams Delivers Record Third-Quarter Results Driven by Continued Strength of Base Business

TULSA, Okla.–(BUSINESS WIRE)–Williams (NYSE: WMB) today announced its unaudited financial results for the three and nine months ended Sept. 30, 2024.


Demonstrated track record of year-over-year financial gains

  • GAAP net income of $705 million, or $0.58 per diluted share (EPS) – up 8% vs. 3Q 2023
  • Adjusted net income of $528 million, or $0.43 per diluted share (Adj. EPS)
  • Record 3Q Adjusted EBITDA of $1.703 billion – up $51 million or 3% vs. 3Q 2023
  • Cash flow from operations (CFFO) of $1.243 billion
  • Available funds from operations (AFFO) of $1.286 billion – up $56 million or 5% vs. 3Q 2023
  • Dividend coverage ratio of 2.22x (AFFO basis)
  • Increased midpoint for full-year 2024 guidance by $125 million to $7.075 billion Adjusted EBITDA

Proven project execution continues to deliver long-term, stable growth

  • Placed Transco’s Regional Energy Access into full service ahead of schedule on Aug. 1
  • Placed MountainWest’s Uinta Basin expansion in-service
  • Placed portion of Transco’s Southside Reliability Enhancement in-service
  • Placed Anchor in-service and completed construction on Whale in Deepwater Gulf of Mexico
  • Began construction on Transco’s Commonwealth Energy Connector
  • Obtained favorable rulings and began construction on Louisiana Energy Gateway project
  • Began construction on two solar projects in the Northeast and signed commercial agreements with Florida utility fully subscribing large-scale Lakeland Solar project

Captured new, high-return growth projects across footprint

  • Received FERC certificate for MountainWest Overthrust Westbound expansion
  • Filed FERC application for Transco’s ~1.6 Bcf/d Southeast Supply Enhancement project
  • Executed agreement on Transco’s Dalton Lateral Expansion II
  • Executed agreements on three new expansions on Northwest Pipeline, totaling ~260 MMcf/d of firm capacity

CEO Perspective

Alan Armstrong, president and chief executive officer, made the following comments:

“Williams delivered another quarter of impressive financial results, with Adjusted EBITDA hitting a third quarter record of $1.7 billion, up 3 percent over third quarter 2023, driven primarily by our natural gas transmission expansions and Gulf Coast storage acquisition. We’ve exceeded financial expectations each quarter this year, and our crisp execution along with our core business strength gives us the confidence to raise our 2024 Adjusted EBITDA guidance midpoint by $125 million to $7.075 billion.

“Our teams continue to excel in executing large-scale expansion projects to serve growing natural gas demand for residential, commercial and industrial use. In addition to placing Transco’s Regional Energy Access in service ahead of schedule, we also brought online an expansion to MountainWest as well as a portion of Transco’s Southside Reliability Enhancement. Construction is underway on the Louisiana Energy Gateway project as well as Transco’s Commonwealth Energy Connector. In the Deepwater Gulf of Mexico, we commissioned our large-scale facilities to receive production from both Chevron’s Anchor field in August and Shell’s Whale field as they ramp up production in the fourth quarter.

“Not only do we have a clear line of sight to a full roster of projects in execution, but we continue to commercialize vital, high-return projects across our footprint. We executed a precedent agreement on another expansion to the Transco Dalton Lateral driven by load growth from data center demand and industrial re-shoring in the Atlanta area. In the Rockies and Northwest, we entered into new binding agreements for three separate natural gas transmission expansions to serve power and load growth, including a large coal-to-gas power plant conversion. In addition, we filed the FERC application for Transco’s Southeast Supply Enhancement project, a 1.6 Bcf/d expansion to meet growing residential, commercial and industrial demand in cities across the Mid-Atlantic and Southeast.”

Armstrong added, “All this activity underscores the accelerating demand for natural gas transmission capacity in the United States, particularly in the growing regions where we operate. As the most natural gas-centric energy infrastructure provider with access to the most prolific U.S. basins, Williams is the best positioned to serve steadily increasing domestic needs for clean and affordable energy, while also helping unlock vast U.S. reserves for the global market.”

Williams Summary Financial Information

3Q

 

Year to Date

Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders.

2024

2023

 

2024

2023

 

 

 

 

 

 

GAAP Measures

 

 

 

 

 

Net Income

$705

$654

 

$1,737

$2,127

Net Income Per Share

$0.58

 

$0.54

 

 

$1.42

 

$1.74

 

Cash Flow From Operations

$1,243

 

$1,234

 

 

$3,756

 

$4,125

 

 

 

 

 

 

 

Non-GAAP Measures (1)

 

 

 

 

 

Adjusted EBITDA

$1,703

 

$1,652

 

 

$5,304

 

$5,058

 

Adjusted Net Income

$528

 

$547

 

 

$1,768

 

$1,746

 

Adjusted Earnings Per Share

$0.43

 

$0.45

 

 

$1.45

 

$1.43

 

Available Funds from Operations

$1,286

 

$1,230

 

 

$4,043

 

$3,890

 

Dividend Coverage Ratio

2.22x

2.26x

 

2.33x

2.38x

 

 

 

 

 

 

Other

 

 

 

 

 

Debt-to-Adjusted EBITDA at Quarter End (2)

3.75x

3.45x

 

 

 

Capital Investments (Excluding Acquisitions) (3) (4)

$720

 

$805

 

 

$1,946

 

$2,045

 

 

 

 

 

 

 

(1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.

(2) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.

(3) Capital Investments include increases to property, plant, and equipment (growth & maintenance capital), purchases of and contributions to equity-method investments and purchases of other long-term investments.

(4) Third-quarter and year-to-date 2024 capital excludes $151 million for the consolidation of our Discovery JV, which closed in August 2024. Year-to-date 2024 capital also excludes $1.844 billion for the acquisition of the Gulf Coast storage assets, which closed January 2024. Third-quarter and year-to-date 2023 capital excludes ($29) million and $1.024 billion, respectively, for the acquisition of MountainWest Pipeline Holding Company, which closed February 2023.

 

GAAP Measures

Third-quarter 2024 net income increased by $51 million compared to the prior year reflecting $141 million of higher service revenues driven by acquisitions and expansion projects, partially offset by higher net interest expense from recent debt issuances and retirements, higher operating costs, depreciation and interest expense resulting from recent acquisitions, and lower net realized product sales from upstream operations. Third-quarter 2024 gains of $149 million from the sale of our interests in Aux Sable and $127 million associated with the Discovery Acquisition were partially offset by the absence of a $130 million gain on the sale of the Bayou Ethane system in 2023. The tax provision changed unfavorably primarily due to higher pretax income and the absence of a $25 million benefit in 2023 associated with a decrease in our estimated deferred state income tax rate.

Year-to-date 2024 net income decreased by $390 million compared to the prior year reflecting an unfavorable change of $643 million in net unrealized gains/losses on commodity derivatives, higher net interest expense from recent debt issuances and retirements, lower realized hedge gains in the West, and higher operating costs, depreciation and interest expense resulting from recent acquisitions. These unfavorable changes were partially offset by a $441 million increase in service revenues driven by acquisitions and expansion projects, and the net favorable change of $146 million from the previously discussed Aux Sable, Discovery, and Bayou Ethane transactions. The tax provision decreased primarily due to lower pretax income.

Third-quarter 2024 cash flow from operations was generally consistent with the prior year, while year-to-date 2024 decreased compared to the prior year primarily due to unfavorable net changes in both working capital and derivative collateral requirements, partially offset by higher operating results exclusive of non-cash items.

Non-GAAP Measures

Third-quarter 2024 Adjusted EBITDA increased by $51 million over the prior year, driven by the previously described favorable net contributions from acquisitions and expansion projects. Year-to-date 2024 Adjusted EBITDA increased by $246 million over the prior year, similarly reflecting favorable net contributions from acquisitions and expansion projects, partially offset by lower realized hedge gains in the West.

Third-quarter 2024 Adjusted Net Income declined by $19 million over the prior year, while year-to-date 2024 Adjusted Net Income increased $22 million over the prior year, both driven by the previously described impacts to net income, adjusted primarily to remove the effects of the gains associated with Bayou Ethane, Discovery, and Aux Sable, net unrealized gains/losses on commodity derivatives, acquisition-related costs, and the related income tax effects.

Third-quarter and year-to-date Available Funds From Operations (AFFO) increased by $56 million and $153 million, respectively, compared to the prior year primarily due to higher results from continuing operations exclusive of non-cash items.

Business Segment Results & Form 10-Q

Williams’ operations are comprised of the following reportable segments: Transmission & Gulf of Mexico, Northeast G&P, West and Gas & NGL Marketing Services, as well as Other. For more information, see the company’s third-quarter 2024 Form 10-Q.

 

Third Quarter

 

Year to Date

Amounts in millions

Modified EBITDA

 

Adjusted EBITDA

 

Modified EBITDA

 

Adjusted EBITDA

3Q 2024

3Q 2023

Change

 

3Q 2024

3Q 2023

Change

 

2024

2023

Change

 

2024

2023

Change

Transmission & Gulf of Mexico

$811

$881

($70

)

 

$830

$754

$76

 

 

$2,448

 

$2,327

$121

 

 

$2,481

$2,230

$251

 

Northeast G&P

476

 

454

 

22

 

 

484

 

485

 

(1

)

 

1,461

 

1,439

 

22

 

 

1,467

 

1,470

 

(3

)

West

323

 

315

 

8

 

 

330

 

315

 

15

 

 

968

 

931

 

37

 

 

977

 

913

 

64

 

Gas & NGL Marketing Services

11

 

43

 

(32

)

 

4

 

16

 

(12

)

 

(14

)

678

 

(692

)

 

179

 

231

 

(52

)

Other

58

 

81

 

(23

)

 

55

 

82

 

(27

)

 

181

 

196

 

(15

)

 

200

 

214

 

(14

)

Total

$1,679

 

$1,774

 

($95

)

 

$1,703

 

$1,652

 

$51

 

 

$5,044

 

$5,571

 

($527

)

 

$5,304

 

$5,058

 

$246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release.

Transmission & Gulf of Mexico

Third-quarter 2024 Modified EBITDA declined compared to the prior year driven by the absence of the previously mentioned gain on the sale of the Bayou Ethane system, as well as hurricane impacts, partially offset by favorable net contributions from the Gulf Coast Storage acquisition and the Regional Energy Access expansion project. Year-to-date 2024 Modified EBITDA improved as the favorable net contributions from acquisitions, including MountainWest, and transmission expansions, along with lower one-time acquisition and transition costs, more than offset the absence of the Bayou Ethane gain and the absence of earnings from the Bayou Ethane system. Third-quarter and year-to-date Adjusted EBITDA, which excludes the Bayou Ethane gain and acquisition and transition costs, improved compared to the prior year.

Northeast G&P

Third-quarter and year-to-date 2024 Modified EBITDA increased compared to the prior year driven by higher rates at Susquehanna Supply Hub and Bradford, partially offset by lower gathering volumes. The improved Modified EBITDA for both periods also reflects the absence of our share of a loss contingency accrual at Aux Sable in 2023, which is excluded from Adjusted EBITDA.

West

Third-quarter 2024 Modified and Adjusted EBITDA increased compared to the prior year benefiting from the DJ Basin Acquisitions, partially offset by lower gathering volumes and lower realized gains on natural gas hedges. Both metrics also improved for the year-to-date period reflecting similar drivers, as well as improved commodity margins reflecting favorable changes in shrink prices related to the absence of a short-term gas price spike at Opal in 2023. The year-to-date Modified EBITDA was also impacted by the absence of a first-quarter 2023 favorable contract settlement, which is excluded from Adjusted EBITDA.

Gas & NGL Marketing Services

Third-quarter 2024 Modified EBITDA decreased from the prior year reflecting lower NGL marketing margins and a $14 million net unfavorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA. Year-to-date 2024 Modified EBITDA also decreased from the prior year reflecting a decline in both gas marketing margins and NGL marketing margins, as well as a $642 million net unfavorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA.

Other

Third-quarter and year-to-date 2024 Modified and Adjusted EBITDA decreased compared to the prior year driven by lower net realized product sales from upstream operations.

2024 Financial Guidance

The company now expects 2024 Adjusted EBITDA between $7 billion and $7.150 billion, which is an increase to the midpoint of guidance by $125 million. In addition, the company continues to expect 2024 growth capex between $1.45 billion and $1.75 billion and maintenance capex between $1.1 billion and $1.3 billion, which includes capital of $350 million for emissions reduction and modernization initiatives. For 2025, the company continues to expect Adjusted EBITDA between $7.2 billion and $7.6 billion with growth capex between $1.65 billion and $1.95 billion and maintenance capex between $750 million and $850 million, which includes capital of $100 million for emissions reduction and modernization initiatives. Williams anticipates a leverage ratio midpoint for 2024 of 3.80x and an increase in the dividend by 6.1% on an annualized basis to $1.90 in 2024 from $1.79 in 2023.

Williams’ Third-Quarter 2024 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow

Williams’ third-quarter 2024 earnings presentation will be posted at www.williams.com. The company’s third-quarter 2024 earnings conference call and webcast with analysts and investors is scheduled for Thursday, Nov. 7, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: https://register.vevent.com/register/BIf053fa45b660426a89b026a932aec0ae.

A webcast link to the conference call will be provided on Williams’ Investor Relations website. A replay of the webcast will also be available on the website for at least 90 days following the event.

About Williams

Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably, and responsibly meeting growing energy demand. We use our 33,000-mile pipeline infrastructure to move a third of the nation’s natural gas to where it’s needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future – by powering the global economy while delivering immediate emissions reductions within our natural gas network and investing in new energy technologies. Learn more at www.williams.com.

 

The Williams Companies, Inc.

Consolidated Statement of Income

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

(Millions, except per-share amounts)

Revenues:

 

 

 

 

 

 

 

 

Service revenues

 

$

1,911

 

 

$

1,770

 

 

$

5,653

 

 

$

5,212

 

Service revenues – commodity consideration

 

 

34

 

 

 

45

 

 

 

82

 

 

 

108

 

Product sales

 

 

703

 

 

 

720

 

 

 

2,158

 

 

 

2,158

 

Net gain (loss) from commodity derivatives

 

 

5

 

 

 

24

 

 

 

(133

)

 

 

645

 

Total revenues

 

 

2,653

 

 

 

2,559

 

 

 

7,760

 

 

 

8,123

 

Costs and expenses:

 

 

 

 

 

 

 

 

Product costs

 

 

517

 

 

 

484

 

 

 

1,467

 

 

 

1,458

 

Net processing commodity expenses

 

 

7

 

 

 

31

 

 

 

29

 

 

 

129

 

Operating and maintenance expenses

 

 

580

 

 

 

522

 

 

 

1,613

 

 

 

1,466

 

Depreciation and amortization expenses

 

 

566

 

 

 

521

 

 

 

1,654

 

 

 

1,542

 

Selling, general, and administrative expenses

 

 

170

 

 

 

146

 

 

 

520

 

 

 

483

 

Gain on sale of business

 

 

 

 

 

(130

)

 

 

 

 

 

(130

)

Other (income) expense – net

 

 

(25

)

 

 

(9

)

 

 

(69

)

 

 

(49

)

Total costs and expenses

 

 

1,815

 

 

 

1,565

 

 

 

5,214

 

 

 

4,899

 

Operating income (loss)

 

 

838

 

 

 

994

 

 

 

2,546

 

 

 

3,224

 

Equity earnings (losses)

 

 

147

 

 

 

127

 

 

 

431

 

 

 

434

 

Other investing income (loss) – net

 

 

290

 

 

 

24

 

 

 

332

 

 

 

45

 

Interest expense

 

 

(338

)

 

 

(314

)

 

 

(1,026

)

 

 

(914

)

Other income (expense) – net

 

 

31

 

 

 

30

 

 

 

95

 

 

 

69

 

Income (loss) before income taxes

 

 

968

 

 

 

861

 

 

 

2,378

 

 

 

2,858

 

Less: Provision (benefit) for income taxes

 

 

227

 

 

 

176

 

 

 

549

 

 

 

635

 

Income (loss) from continuing operations

 

 

741

 

 

 

685

 

 

 

1,829

 

 

 

2,223

 

Income (loss) from discontinued operations

 

 

 

 

 

(1

)

 

 

 

 

 

(88

)

Net income (loss)

 

 

741

 

 

 

684

 

 

 

1,829

 

 

 

2,135

 

Less: Net income (loss) attributable to noncontrolling interests

 

 

35

 

 

 

30

 

 

 

90

 

 

 

94

 

Net income (loss) attributable to The Williams Companies, Inc.

 

 

706

 

 

 

654

 

 

 

1,739

 

 

 

2,041

 

Less: Preferred stock dividends

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

Net income (loss) available to common stockholders

 

$

705

 

 

$

653

 

 

$

1,737

 

 

$

2,039

 

Amounts attributable to The Williams Companies, Inc. available to common stockholders:

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

705

 

 

$

654

 

 

$

1,737

 

 

$

2,127

 

Income (loss) from discontinued operations

 

 

 

 

 

(1

)

 

 

 

 

 

(88

)

Net income (loss) available to common stockholders

 

$

705

 

 

$

653

 

 

$

1,737

 

 

$

2,039

 

Basic earnings (loss) per common share:

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

.58

 

 

$

.54

 

 

$

1.43

 

 

$

1.74

 

Income (loss) from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

(.07

)

Net income (loss) available to common stockholders

 

$

.58

 

 

$

.54

 

 

$

1.43

 

 

$

1.67

 

Weighted-average shares (thousands)

 

 

1,219,537

 

 

 

1,216,951

 

 

 

1,219,021

 

 

 

1,218,021

 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

.58

 

 

$

.54

 

 

$

1.42

 

 

$

1.74

 

Income (loss) from discontinued operations

 

 

 

 

 

 

 

 

 

 

 

(.07

)

Net income (loss) available to common stockholders

 

$

.58

 

 

$

.54

 

 

$

1.42

 

 

$

1.67

 

Weighted-average shares (thousands)

 

 

1,222,869

 

 

 

1,220,073

 

 

 

1,222,444

 

 

 

1,222,650

 

 

The Williams Companies, Inc.

Consolidated Balance Sheet

(Unaudited)

 

 

 

September 30,

 

December 31,

 

 

 

2024

 

 

 

2023

 

 

 

(Millions, except per-share amounts)

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

762

 

 

$

2,150

 

Trade accounts and other receivables (net of allowance of ($4) at September 30, 2024 and($3) at December 31, 2023)

 

 

1,310

 

 

 

1,655

 

Inventories

 

 

275

 

 

 

274

 

Derivative assets

 

 

143

 

 

 

239

 

Other current assets and deferred charges

 

 

208

 

 

 

195

 

Total current assets

 

 

2,698

 

 

 

4,513

 

Investments

 

 

4,201

 

 

 

4,637

 

Property, plant, and equipment

 

 

56,479

 

 

 

51,842

 

Accumulated depreciation and amortization

 

 

(18,505

)

 

 

(17,531

)

Property, plant, and equipment – net

 

 

37,974

 

 

 

34,311

 

Intangible assets – net of accumulated amortization

 

 

7,305

 

 

 

7,593

 

Regulatory assets, deferred charges, and other

 

 

1,659

 

 

 

1,573

 

Total assets

 

$

53,837

 

 

$

52,627

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

1,137

 

 

$

1,379

 

Derivative liabilities

 

 

95

 

 

 

105

 

Accrued and other current liabilities

 

 

1,203

 

 

 

1,284

 

Commercial paper

 

 

 

 

 

725

 

Long-term debt due within one year

 

 

2,284

 

 

 

2,337

 

Total current liabilities

 

 

4,719

 

 

 

5,830

 

Long-term debt

 

 

24,825

 

 

 

23,376

 

Deferred income tax liabilities

 

 

4,312

 

 

 

3,846

 

Regulatory liabilities, deferred income, and other

 

 

5,116

 

 

 

4,684

 

Contingent liabilities and commitments

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

Stockholders’ equity:

 

 

 

 

Preferred stock ($1 par value; 30 million shares authorized at September 30, 2024 and December 31, 2023; 35 thousand shares issued at September 30, 2024 and December 31, 2023)

 

 

35

 

 

 

35

 

Common stock ($1 par value; 1,470 million shares authorized at September 30, 2024 and December 31, 2023; 1,258 million shares issued at September 30, 2024 and 1,256 million shares issued at December 31, 2023)

 

 

1,258

 

 

 

1,256

 

Capital in excess of par value

 

 

24,611

 

 

 

24,578

 

Retained deficit

 

 

(12,296

)

 

 

(12,287

)

Accumulated other comprehensive income (loss)

 

 

 

 

 

 

Treasury stock, at cost (39 million shares at September 30, 2024 and December 31, 2023 of common stock)

 

 

(1,180

)

 

 

(1,180

)

Total stockholders’ equity

 

 

12,428

 

 

 

12,402

 

Noncontrolling interests in consolidated subsidiaries

 

 

2,437

 

 

 

2,489

 

Total equity

 

 

14,865

 

 

 

14,891

 

Total liabilities and equity

 

$

53,837

 

 

$

52,627

 

 

The Williams Companies, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

 

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

 

2023

 

 

 

(Millions)

OPERATING ACTIVITIES:

 

 

 

 

Net income (loss)

 

$

1,829

 

 

$

2,135

 

Adjustments to reconcile to net cash provided (used) by operating activities:

 

 

 

 

Depreciation and amortization

 

 

1,654

 

 

 

1,542

 

Provision (benefit) for deferred income taxes

 

 

467

 

 

 

586

 

Equity (earnings) losses

 

 

(431

)

 

 

(434

)

Distributions from equity-method investees

 

 

580

 

 

 

607

 

Net unrealized (gain) loss from commodity derivative instruments

 

 

210

 

 

 

(433

)

Gain on sale of business

 

 

 

 

 

(130

)

Gain on disposition of equity-method investments

 

 

(149

)

 

 

 

Gain on consolidation of equity-method investments

 

 

(127

)

 

 

 

Inventory write-downs

 

 

8

 

 

 

28

 

Amortization of stock-based awards

 

 

69

 

 

 

59

 

Cash provided (used) by changes in current assets and liabilities:

 

 

 

 

Accounts receivable

 

 

367

 

 

 

1,295

 

Inventories

 

 

(6

)

 

 

29

 

Other current assets and deferred charges

 

 

(16

)

 

 

(5

)

Accounts payable

 

 

(317

)

 

 

(1,072

)

Accrued and other current liabilities

 

 

(108

)

 

 

(114

)

Changes in current and noncurrent commodity derivative assets and liabilities

 

 

(74

)

 

 

172

 

Other, including changes in noncurrent assets and liabilities

 

 

(200

)

 

 

(140

)

Net cash provided (used) by operating activities

 

 

3,756

 

 

 

4,125

 

FINANCING ACTIVITIES:

 

 

 

 

Proceeds from (payments of) commercial paper – net

 

 

(723

)

 

 

(352

)

Proceeds from long-term debt

 

 

3,594

 

 

 

2,754

 

Payments of long-term debt

 

 

(2,286

)

 

 

(21

)

Payments for debt issuance costs

 

 

(31

)

 

 

(21

)

Proceeds from issuance of common stock

 

 

8

 

 

 

8

 

Purchases of treasury stock

 

 

 

 

 

(130

)

Common dividends paid

 

 

(1,737

)

 

 

(1,635

)

Dividends and distributions paid to noncontrolling interests

 

 

(178

)

 

 

(174

)

Contributions from noncontrolling interests

 

 

36

 

 

 

18

 

Other – net

 

 

(34

)

 

 

(19

)

Net cash provided (used) by financing activities

 

 

(1,351

)

 

 

428

 

INVESTING ACTIVITIES:

 

 

 

 

Property, plant, and equipment:

 

 

 

 

Capital expenditures (1)

 

 

(1,805

)

 

 

(1,845

)

Dispositions – net

 

 

(73

)

 

 

(33

)

Proceeds from sale of business

 

 

 

 

 

348

 

Purchases of businesses, net of cash acquired

 

 

(1,995

)

 

 

(1,024

)

Proceeds from dispositions of equity-method investments

 

 

161

 

 

 

 

Purchases of and contributions to equity-method investments

 

 

(101

)

 

 

(80

)

Other – net

 

 

20

 

 

 

3

 

Net cash provided (used) by investing activities

 

 

(3,793

)

 

 

(2,631

)

Increase (decrease) in cash and cash equivalents

 

 

(1,388

)

 

 

1,922

 

Cash and cash equivalents at beginning of year

 

 

2,150

 

 

 

152

 

Cash and cash equivalents at end of period

 

$

762

 

 

$

2,074

 

 

 

 

 

 

(1) Increases to property, plant, and equipment

 

$

(1,840

)

 

$

(1,960

)

Changes in related accounts payable and accrued liabilities

 

 

35

 

 

 

115

 

Capital expenditures

 

$

(1,805

)

 

$

(1,845

)

Contacts

MEDIA CONTACT:
media@williams.com
(800) 945-8723

INVESTOR CONTACTS:
Danilo Juvane

(918) 573-5075

Caroline Sardella

(918) 230-9992

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