06 May Williams Announces Strong First-Quarter 2025 Results and Raises Full-Year 2025 Guidance
TULSA, Okla.–(BUSINESS WIRE)–Williams (NYSE: WMB) today announced its unaudited financial results for the three months ended March 31, 2025.
Performance of base business drives results across key financial metrics
- GAAP net income: $690 million, or $0.56 per diluted share (EPS), up 9% and 8%, respectively, vs. 1Q 2024
- Adjusted net income: $730 million, or $0.60 per diluted share (Adj. EPS)
- Adjusted EBITDA: $1.989 billion – up $55 million or 3% vs. 1Q 2024
- Cash flow from operations (CFFO): $1.433 billion – up $199 million or 16% vs. 1Q 2024
- Available funds from operations (AFFO): $1.445 billion
- Dividend coverage ratio: 2.37x (AFFO basis)
- Record contracted transmission capacity of 34.3 Bcf/d
- Increasing 2025 Adj. EBITDA guidance midpoint by $50 million to $7.7 billion
- Achieved credit upgrade to BBB+ from S&P; assigned a positive outlook by Moody’s
Continued execution on strategic priorities positions company for future growth
- Commercialized Socrates, a $1.6 billion Power Innovation project to serve growing AI demand in Ohio, backed by a long-term, fixed-price power purchase agreement
- Announcing Transco’s Power Express expansion, a 950 MMcf/d project to serve the power-hungry Virginia market by 3Q 2030
- Enhanced market intelligence and gas supply opportunities with an acquired ~10% interest in Cogentrix Energy
- Transco expansions: Placed Texas to Louisiana Energy Pathway and Southeast Energy Connector into service April 1, 2025; started construction on Alabama Georgia Connector
- MountainWest expansion: Started construction on the Overthrust Westbound Expansion
- Deepwater projects: Placed Whale and Ballymore in-service; progressing on remaining deepwater projects in execution that will drive earnings growth in 2025 with an additional step up in 2026
CEO Perspective
Alan Armstrong, president and chief executive officer, made the following comments:
“Once again, our base business drove higher earnings for the quarter with recently commissioned Transco projects contributing additional fee-based revenues while our consolidated Crowheart upstream operations also drove growth. As a result of our recent investment in Cogentrix Energy and the continued outperformance of our base business, we are raising our Adjusted EBITDA guidance midpoint by $50 million to $7.7 billion.
“Our team is executing on a string of high-return projects that will accelerate earnings growth throughout the balance of the year, while continuing to add significant projects to our backlog. Notably, we commercialized Socrates, our first Power Innovation project that will deliver speed-to-market solutions for growing AI demand in Ohio. In addition, we announced Transco’s Power Express expansion to serve the power-hungry Virginia market. We are encouraged by what we see on the data center opportunity front, and our acquisition of a minority interest in Cogentrix Energy will enhance our Sequent market intelligence and give us line of sight to how we can better serve the growing power markets with gas supply.”
Armstrong added, “Our business is firing on all cylinders and our track record of generating predictable, growing earnings in a variety of economic cycles underscores the value of Williams as a stable, long-term investment with a strong dividend. With an ever-expanding backlog of fully contracted projects extending beyond 2030 and our ability to capture new business in emerging markets, Williams is well positioned to benefit from the coming wave of natural gas demand from the power generation market and LNG exports, while continuing to deliver on traditional market needs.”
|
Williams Summary Financial Information |
1Q |
|
|
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. |
2025 |
2024 |
|
|
|
|
|
GAAP Measures |
|
|
|
Net Income |
$690 |
$631 |
|
Net Income Per Share |
$0.56 |
$0.52 |
|
Cash Flow From Operations |
$1,433 |
$1,234 |
|
|
|
|
|
Non-GAAP Measures (1) |
|
|
|
Adjusted EBITDA |
$1,989 |
$1,934 |
|
Adjusted Net Income |
$730 |
$719 |
|
Adjusted Earnings Per Share |
$0.60 |
$0.59 |
|
Available Funds from Operations |
$1,445 |
$1,507 |
|
Dividend Coverage Ratio |
2.37x |
2.60x |
|
|
|
|
|
Other |
|
|
|
Debt-to-Adjusted EBITDA at Quarter End (2) |
3.83x |
3.79x |
|
Capital Investments (Excluding Acquisitions) (3) |
$670 |
$563 |
|
|
|
|
|
(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. 1Q 2025 capital excludes $319 million for the Rimrock asset purchase, which closed January 2025; $153 million for the investment in Cogentrix, which closed March 2025; and $1 million for an adjustment of the Crowheart acquisition and Discovery consolidation, which closed in 2024. 1Q 2024 capital excludes $1.851 billion for the acquisition of the Gulf Coast Storage assets, which closed January 2024. |
||
GAAP Measures
First-quarter 2025 net income increased by $59 million compared to the prior year reflecting a $98 million increase in service revenues driven by expansion projects and acquisitions, a favorable change of $60 million in net unrealized gains/losses on commodity derivatives, and higher realized results from upstream operations, including contributions from the fourth-quarter 2024 Crowheart acquisition. These favorable changes were partially offset by higher operating costs and depreciation resulting from expansion projects and acquisitions, as well as lower commodity marketing margins.
First-quarter 2025 cash flow from operations increased compared to the prior year primarily due to favorable net changes in working capital and derivative collateral requirements.
Non-GAAP Measures
First-quarter 2025 Adjusted EBITDA increased by $55 million over the prior year, driven by the previously described favorable net contributions from acquisitions, expansion projects, and upstream results, partially offset by lower commodity marketing margins.
First-quarter 2025 Adjusted Net Income improved compared to the prior year, driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives.
First-quarter Available Funds From Operations (AFFO) decreased by $62 million compared to the prior year primarily due to higher current income taxes and lower contributions from noncontrolling interests.
Business Segment Results & Form 10-Q
Williams’ operations are comprised of the following reportable segments: Transmission & Gulf of America, Northeast G&P, West and Gas & NGL Marketing Services, as well as Other. For more information, see the company’s first-quarter 2025 Form 10-Q.
|
|
First Quarter |
||||||||
|
Amounts in millions |
Modified EBITDA |
|
Adjusted EBITDA |
||||||
|
1Q 2025 |
1Q 2024 |
Change |
|
1Q 2025 |
1Q 2024 |
Change |
|||
|
Transmission & Gulf of America |
$858 |
$829 |
$29 |
|
|
$862 |
$839 |
$23 |
|
|
Northeast G&P |
514 |
504 |
10 |
|
|
514 |
504 |
10 |
|
|
West |
354 |
327 |
27 |
|
|
354 |
328 |
26 |
|
|
Gas & NGL Marketing Services |
152 |
101 |
51 |
|
|
155 |
189 |
(34 |
) |
|
Other |
75 |
76 |
(1 |
) |
|
104 |
74 |
30 |
|
|
Total |
$1,953 |
$1,837 |
$116 |
|
|
$1,989 |
$1,934 |
$55 |
|
|
|
|
|
|
|
|
|
|
||
|
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 America
First-quarter 2025 Modified and Adjusted EBITDA improved compared to the prior year driven by favorable net contributions from the Regional Energy Access and Southside Reliability Enhancement expansion projects and increased Gulf production, offset by one less billable day. Modified EBITDA for the 2024 period was impacted by one-time acquisition costs, which are excluded from Adjusted EBITDA.
Northeast G&P
First-quarter 2025 Modified and Adjusted EBITDA increased over the prior year driven by higher rates and volumes at Ohio Valley Midstream and higher commodity-based rates at Laurel Mountain Midstream, partially offset by the absence of Aux Sable, which was sold in third-quarter 2024.
West
First-quarter 2025 Modified and Adjusted EBITDA increased compared to the prior year benefiting from higher commodity margins and contributions from Overland Pass Pipeline, partially offset by lower Eagle Ford revenues associated with reduced MVC targets.
Gas & NGL Marketing Services
First-quarter 2025 Modified EBITDA increased from the prior year primarily reflecting a $92 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA, partially offset by lower natural gas marketing margins.
Other
First-quarter 2025 Modified EBITDA was consistent with the prior year, while Adjusted EBITDA increased, as improved realized results from upstream operations, including contributions from the fourth-quarter 2024 Crowheart acquisition, were largely offset by a $32 million net unfavorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA.
2025 Financial Guidance
The company is raising the midpoint of its 2025 Adjusted EBITDA guidance by $50 million to $7.7 billion within the range of between $7.5 billion and $7.9 billion. The company expects 2025 growth capex between $2.575 billion and $2.875 billion and maintenance capex between $650 million and $750 million, excluding capital of $150 million for emissions reduction and modernization initiatives. Williams expects its leverage ratio midpoint for 2025 to be 3.65x and has increased the dividend by 5.3% on an annualized basis to $2.00 in 2025 from $1.90 in 2024.
Williams’ First-Quarter 2025 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow
Williams’ first-quarter 2025 earnings presentation will be posted at www.williams.com. The company’s first-quarter 2025 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, May 6, 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-conf.media-server.com/register/BI2bb506d86b4c4aa984859d59580f6dc0
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 |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
(Millions, except per-share amounts) |
||||||
|
Revenues: |
|
|
|
||||
|
Service revenues |
$ |
2,003 |
|
|
$ |
1,905 |
|
|
Service revenues – commodity consideration |
|
49 |
|
|
|
30 |
|
|
Product sales |
|
1,058 |
|
|
|
845 |
|
|
Net gain (loss) from commodity derivatives |
|
(62 |
) |
|
|
(9 |
) |
|
Total revenues |
|
3,048 |
|
|
|
2,771 |
|
|
Costs and expenses: |
|
|
|
||||
|
Product costs |
|
615 |
|
|
|
526 |
|
|
Net processing commodity expenses |
|
28 |
|
|
|
5 |
|
|
Operating and maintenance expenses |
|
542 |
|
|
|
511 |
|
|
Depreciation, depletion, and amortization expenses |
|
585 |
|
|
|
548 |
|
|
Selling, general, and administrative expenses |
|
194 |
|
|
|
186 |
|
|
Other (income) expense – net |
|
(10 |
) |
|
|
(17 |
) |
|
Total costs and expenses |
|
1,954 |
|
|
|
1,759 |
|
|
Operating income (loss) |
|
1,094 |
|
|
|
1,012 |
|
|
Equity earnings (losses) |
|
155 |
|
|
|
137 |
|
|
Other investing income (loss) – net |
|
8 |
|
|
|
24 |
|
|
Interest expense |
|
(349 |
) |
|
|
(349 |
) |
|
Other income (expense) – net |
|
14 |
|
|
|
31 |
|
|
Income (loss) before income taxes |
|
922 |
|
|
|
855 |
|
|
Less: Provision (benefit) for income taxes |
|
193 |
|
|
|
193 |
|
|
Net income (loss) |
|
729 |
|
|
|
662 |
|
|
Less: Net income (loss) attributable to noncontrolling interests |
|
38 |
|
|
|
30 |
|
|
Net income (loss) attributable to The Williams Companies, Inc. |
|
691 |
|
|
|
632 |
|
|
Less: Preferred stock dividends |
|
1 |
|
|
|
1 |
|
|
Net income (loss) available to common stockholders |
$ |
690 |
|
|
$ |
631 |
|
|
Basic earnings (loss) per common share: |
|
|
|
||||
|
Net income (loss) available to common stockholders |
$ |
.57 |
|
|
$ |
.52 |
|
|
Weighted-average shares (thousands) |
|
1,220,661 |
|
|
|
1,218,155 |
|
|
Diluted earnings (loss) per common share: |
|
|
|
||||
|
Net income (loss) available to common stockholders |
$ |
.56 |
|
|
$ |
.52 |
|
|
Weighted-average shares (thousands) |
|
1,224,641 |
|
|
|
1,222,222 |
|
|
The Williams Companies, Inc. Consolidated Balance Sheet (Unaudited) |
||||||||
|
|
|
March 31, |
|
December 31, |
||||
|
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
(Millions, except per-share amounts) |
||||||
|
ASSETS |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
100 |
|
|
$ |
60 |
|
|
Trade accounts and other receivables (net of allowance of ($1) at March 31, 2025 and December 31, 2024) |
|
|
1,781 |
|
|
|
1,863 |
|
|
Inventories |
|
|
249 |
|
|
|
279 |
|
|
Derivative assets |
|
|
181 |
|
|
|
267 |
|
|
Other current assets and deferred charges |
|
|
224 |
|
|
|
192 |
|
|
Total current assets |
|
|
2,535 |
|
|
|
2,661 |
|
|
Investments |
|
|
4,300 |
|
|
|
4,140 |
|
|
Property, plant, and equipment |
|
|
58,313 |
|
|
|
57,395 |
|
|
Accumulated depreciation, depletion, and amortization |
|
|
(19,158 |
) |
|
|
(18,703 |
) |
|
Property, plant, and equipment – net |
|
|
39,155 |
|
|
|
38,692 |
|
|
Intangible assets – net of accumulated amortization |
|
|
7,115 |
|
|
|
7,209 |
|
|
Regulatory assets, deferred charges, and other |
|
|
1,819 |
|
|
|
1,830 |
|
|
Total assets |
|
$ |
54,924 |
|
|
$ |
54,532 |
|
|
|
|
|
|
|
||||
|
LIABILITIES AND EQUITY |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
1,551 |
|
|
$ |
1,613 |
|
|
Derivative liabilities |
|
|
137 |
|
|
|
164 |
|
|
Other current liabilities |
|
|
1,289 |
|
|
|
1,360 |
|
|
Commercial paper |
|
|
322 |
|
|
|
455 |
|
|
Long-term debt due within one year |
|
|
2,967 |
|
|
|
1,720 |
|
|
Total current liabilities |
|
|
6,266 |
|
|
|
5,312 |
|
|
Long-term debt |
|
|
24,122 |
|
|
|
24,736 |
|
|
Deferred income tax liabilities |
|
|
4,482 |
|
|
|
4,376 |
|
|
Regulatory liabilities, deferred income, and other |
|
|
5,189 |
|
|
|
5,268 |
|
|
Contingent liabilities and commitments |
|
|
|
|
||||
|
|
|
|
|
|
||||
|
Equity: |
|
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
|
||||
|
Preferred stock ($1 par value; 30 million shares authorized at March 31, 2025 and December 31, 2024; 35 thousand shares issued at March 31, 2025 and December 31, 2024) |
|
|
35 |
|
|
|
35 |
|
|
Common stock ($1 par value; 1,470 million shares authorized at March 31, 2025 and December 31, 2024; 1,260 million shares issued at March 31, 2025 and 1,258 million shares issued at December 31, 2024) |
|
|
1,260 |
|
|
|
1,258 |
|
|
Capital in excess of par value |
|
|
24,616 |
|
|
|
24,643 |
|
|
Retained deficit |
|
|
(12,320 |
) |
|
|
(12,396 |
) |
|
Accumulated other comprehensive income (loss) |
|
|
76 |
|
|
|
76 |
|
|
Treasury stock, at cost (39 million shares at March 31, 2025 and December 31, 2024 of common stock) |
|
|
(1,180 |
) |
|
|
(1,180 |
) |
|
Total stockholders’ equity |
|
|
12,487 |
|
|
|
12,436 |
|
|
Noncontrolling interests in consolidated subsidiaries |
|
|
2,378 |
|
|
|
2,404 |
|
|
Total equity |
|
|
14,865 |
|
|
|
14,840 |
|
|
Total liabilities and equity |
|
$ |
54,924 |
|
|
$ |
54,532 |
|
|
The Williams Companies, Inc. Consolidated Statement of Cash Flows (Unaudited) |
||||||||
|
|
|
Three Months Ended |
||||||
|
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
(Millions) |
||||||
|
OPERATING ACTIVITIES: |
|
|
|
|
||||
|
Net income (loss) |
|
$ |
729 |
|
|
$ |
662 |
|
|
Adjustments to reconcile to net cash provided (used) by operating activities: |
|
|
|
|
||||
|
Depreciation, depletion, and amortization |
|
|
585 |
|
|
|
548 |
|
|
Provision (benefit) for deferred income taxes |
|
|
107 |
|
|
|
152 |
|
|
Equity (earnings) losses |
|
|
(155 |
) |
|
|
(137 |
) |
|
Distributions from equity-method investees |
|
|
158 |
|
|
|
188 |
|
|
Net unrealized (gain) loss from commodity derivative instruments |
|
|
32 |
|
|
|
92 |
|
|
Inventory write-downs |
|
|
1 |
|
|
|
4 |
|
|
Amortization of stock-based awards |
|
|
30 |
|
|
|
24 |
|
|
Cash provided (used) by changes in current assets and liabilities: |
|
|
|
|
||||
|
Accounts receivable |
|
|
82 |
|
|
|
314 |
|
|
Inventories |
|
|
28 |
|
|
|
34 |
|
|
Other current assets and deferred charges |
|
|
(40 |
) |
|
|
9 |
|
|
Accounts payable |
|
|
(29 |
) |
|
|
(309 |
) |
|
Other current liabilities |
|
|
(70 |
) |
|
|
(218 |
) |
|
Changes in current and noncurrent commodity derivative assets and liabilities |
|
|
4 |
|
|
|
(68 |
) |
|
Other, including changes in noncurrent assets and liabilities |
|
|
(29 |
) |
|
|
(61 |
) |
|
Net cash provided (used) by operating activities |
|
|
1,433 |
|
|
|
1,234 |
|
|
FINANCING ACTIVITIES: |
|
|
|
|
||||
|
Proceeds from (payments of) commercial paper – net |
|
|
(132 |
) |
|
|
(723 |
) |
|
Proceeds from long-term debt |
|
|
1,497 |
|
|
|
2,099 |
|
|
Payments of long-term debt |
|
|
(853 |
) |
|
|
(1,012 |
) |
|
Payments for debt issuance costs |
|
|
(12 |
) |
|
|
(16 |
) |
|
Proceeds from issuance of common stock |
|
|
5 |
|
|
|
5 |
|
|
Common dividends paid |
|
|
(610 |
) |
|
|
(579 |
) |
|
Dividends and distributions paid to noncontrolling interests |
|
|
(69 |
) |
|
|
(64 |
) |
|
Contributions from noncontrolling interests |
|
|
5 |
|
|
|
26 |
|
|
Other – net |
|
|
(54 |
) |
|
|
(17 |
) |
|
Net cash provided (used) by financing activities |
|
|
(223 |
) |
|
|
(281 |
) |
|
INVESTING ACTIVITIES: |
|
|
|
|
||||
|
Property, plant, and equipment: |
|
|
|
|
||||
|
Capital expenditures (1) |
|
|
(1,012 |
) |
|
|
(544 |
) |
|
Dispositions – net |
|
|
— |
|
|
|
5 |
|
|
Purchases of businesses, net of cash acquired |
|
|
(1 |
) |
|
|
(1,851 |
) |
|
Purchases of and contributions to equity-method investments |
|
|
(163 |
) |
|
|
(52 |
) |
|
Other – net |
|
|
6 |
|
|
|
6 |
|
|
Net cash provided (used) by investing activities |
|
|
(1,170 |
) |
|
|
(2,436 |
) |
|
Increase (decrease) in cash and cash equivalents |
|
|
40 |
|
|
|
(1,483 |
) |
|
Cash and cash equivalents at beginning of year |
|
|
60 |
|
|
|
2,150 |
|
|
Cash and cash equivalents at end of period |
|
$ |
100 |
|
|
$ |
667 |
|
|
_________ |
|
|
|
|
||||
|
(1) Increases to property, plant, and equipment |
|
$ |
(978 |
) |
|
$ |
(509 |
) |
|
Changes in related accounts payable and accrued liabilities |
|
|
(34 |
) |
|
|
(35 |
) |
|
Capital expenditures |
|
$ |
(1,012 |
) |
|
$ |
(544 |
) |
|
Transmission & Gulf of America |
|||||||||||||||||||
|
(UNAUDITED) |
|||||||||||||||||||
|
|
2024 |
|
2025 |
||||||||||||||||
|
(Dollars in millions) |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
Year |
|
1st Qtr |
||||||||||||
|
Regulated interstate natural gas transportation, storage, and other revenues (1) |
$ |
836 |
|
$ |
805 |
|
$ |
833 |
|
$ |
864 |
|
$ |
3,338 |
|
|
$ |
873 |
|
|
Gathering, processing, storage and transportation revenues (1) |
|
137 |
|
|
147 |
|
|
167 |
|
|
170 |
|
|
621 |
|
|
|
179 |
|
|
Other fee revenues |
|
12 |
|
|
9 |
|
|
7 |
|
|
9 |
|
|
37 |
|
|
|
13 |
|
|
Commodity margins |
|
9 |
|
|
5 |
|
|
11 |
|
|
28 |
|
|
53 |
|
|
|
14 |
|
|
Operating and administrative costs (1) |
|
(254 |
) |
|
(261 |
) |
|
(294 |
) |
|
(295 |
) |
|
(1,104 |
) |
|
|
(270 |
) |
|
Other segment income (expenses) – net (1) |
|
43 |
|
|
54 |
|
|
46 |
|
|
12 |
|
|
155 |
|
|
|
13 |
|
|
Proportional Modified EBITDA of equity-method investments |
|
46 |
|
|
49 |
|
|
41 |
|
|
37 |
|
|
173 |
|
|
|
36 |
|
|
Modified EBITDA |
|
829 |
|
|
808 |
|
|
811 |
|
|
825 |
|
|
3,273 |
|
|
|
858 |
|
|
Adjustments |
|
10 |
|
|
4 |
|
|
19 |
|
|
1 |
|
|
34 |
|
|
|
4 |
|
|
Adjusted EBITDA |
$ |
839 |
|
$ |
812 |
|
$ |
830 |
|
$ |
826 |
|
$ |
3,307 |
|
|
$ |
862 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Statistics for Operated Assets |
|
|
|
|
|
|
|
||||||||||||
|
Natural Gas Transmission (2) |
|
|
|
|
|
|
|
||||||||||||
|
Transcontinental Gas Pipe Line |
|
|
|
|
|
|
|
||||||||||||
|
Avg. daily transportation volumes (MMdth) |
|
14.6 |
|
|
12.9 |
|
|
14.3 |
|
|
14.1 |
|
|
14.0 |
|
|
|
15.9 |
|
|
Avg. daily firm reserved capacity (MMdth) |
|
20.3 |
|
|
19.7 |
|
|
20.1 |
|
|
20.4 |
|
|
20.1 |
|
|
|
20.8 |
|
|
Northwest Pipeline LLC |
|
|
|
|
|
|
|
||||||||||||
|
Avg. daily transportation volumes (MMdth) |
|
3.1 |
|
|
2.2 |
|
|
2.1 |
|
|
2.1 |
|
|
2.4 |
|
|
|
3.0 |
|
|
Avg. daily firm reserved capacity (MMdth) |
|
3.8 |
|
|
3.7 |
|
|
3.7 |
|
|
3.7 |
|
|
3.7 |
|
|
|
3.7 |
|
|
MountainWest (3) |
|
|
|
|
|
|
|
||||||||||||
|
Avg. daily transportation volumes (MMdth) |
|
4.3 |
|
|
3.2 |
|
|
3.6 |
|
|
4.1 |
|
|
3.8 |
|
|
|
3.7 |
|
|
Avg. daily firm reserved capacity (MMdth) |
|
8.4 |
|
|
8.0 |
|
|
8.1 |
|
|
8.3 |
|
|
8.2 |
|
|
|
8.4 |
|
|
Gulfstream – Non-consolidated |
|
|
|
|
|
|
|
||||||||||||
|
Avg. daily transportation volumes (MMdth) |
|
1.0 |
|
|
1.2 |
|
|
1.4 |
|
|
1.1 |
|
|
1.2 |
|
|
|
1.0 |
|
|
Avg. daily firm reserved capacity (MMdth) |
|
1.4 |
|
|
1.4 |
|
|
1.4 |
|
|
1.4 |
|
|
1.4 |
|
|
|
1.4 |
|
|
Gathering, Processing, and Crude Oil Transportation |
|
|
|
|
|
|
|
||||||||||||
|
Gathering volumes (Bcf/d) (4) |
|
0.52 |
|
|
0.58 |
|
|
0.55 |
|
|
0.55 |
|
|
0.55 |
|
|
|
0.58 |
|
|
Plant inlet natural gas volumes (Bcf/d) (4) |
|
0.72 |
|
|
0.62 |
|
|
0.73 |
|
|
0.75 |
|
|
0.71 |
|
|
|
0.78 |
|
|
NGL production (Mbbls/d) (4) |
|
43 |
|
|
43 |
|
|
49 |
|
|
54 |
|
|
47 |
|
|
|
61 |
|
|
NGL equity sales (Mbbls/d) (4) |
|
8 |
|
|
10 |
|
|
9 |
|
|
13 |
|
|
10 |
|
|
|
10 |
|
|
Crude oil transportation volumes (Mbbls/d) |
|
118 |
|
|
114 |
|
|
109 |
|
|
110 |
|
|
113 |
|
|
|
124 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(1) Excludes certain amounts associated with revenues and operating costs for tracked or reimbursable charges. |
|||||||||||||||||||
|
(2) Tbtu converted to MMdth at one trillion British thermal units = one million dekatherms. |
|||||||||||||||||||
|
(3) Includes 100% of the volumes associated with the operated equity-method investment White River Hub, LLC. |
|||||||||||||||||||
|
(4) First and second quarter 2024 have been recast to combine the presentation for Discovery Producer Services. The remaining ownership of this former equity-method investment was acquired on August 1, 2024. |
|||||||||||||||||||
|
Northeast G&P |
|||||||||||||||||||
|
(UNAUDITED) |
|||||||||||||||||||
|
|
2024 |
|
|
2025 |
|
||||||||||||||
|
(Dollars in millions) |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
Year |
|
1st Qtr |
||||||||||||
|
Gathering, processing, transportation, and fractionation revenues (1) |
$ |
411 |
|
$ |
398 |
|
$ |
407 |
|
$ |
419 |
|
$ |
1,635 |
|
|
$ |
420 |
|
|
Other fee revenues |
|
34 |
|
|
35 |
|
|
33 |
|
|
33 |
|
|
135 |
|
|
|
35 |
|
|
Commodity margins |
|
11 |
|
|
— |
|
|
8 |
|
|
5 |
|
|
24 |
|
|
|
6 |
|
|
Operating and administrative costs (1) |
|
(108 |
) |
|
(108 |
) |
|
(120 |
) |
|
(105 |
) |
|
(441 |
) |
|
|
(106 |
) |
|
Other segment income (expenses) – net |
|
(1 |
) |
|
3 |
|
|
(1 |
) |
|
2 |
|
|
3 |
|
|
|
— |
|
|
Proportional Modified EBITDA of equity-method investments |
|
157 |
|
|
153 |
|
|
149 |
|
|
143 |
|
|
602 |
|
|
|
159 |
|
|
Modified EBITDA |
|
504 |
|
|
481 |
|
|
476 |
|
|
497 |
|
|
1,958 |
|
|
|
514 |
|
|
Adjustments |
|
— |
|
|
(2 |
) |
|
8 |
|
|
2 |
|
|
8 |
|
|
|
— |
|
|
Adjusted EBITDA |
$ |
504 |
|
$ |
479 |
|
$ |
484 |
|
$ |
499 |
|
$ |
1,966 |
|
|
$ |
514 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Statistics for Operated Assets |
|
|
|
|
|
|
|
||||||||||||
|
Gathering and Processing |
|
|
|
|
|
|
|
||||||||||||
|
Consolidated (2) |
|
|
|
|
|
|
|
||||||||||||
|
Gathering volumes (Bcf/d) |
|
4.33 |
|
|
4.11 |
|
|
4.04 |
|
|
4.16 |
|
|
4.16 |
|
|
|
4.39 |
|
|
Plant inlet natural gas volumes (Bcf/d) |
|
1.76 |
|
|
1.77 |
|
|
1.99 |
|
|
1.93 |
|
|
1.86 |
|
|
|
1.86 |
|
|
NGL production (Mbbls/d) |
|
133 |
|
|
136 |
|
|
140 |
|
|
145 |
|
|
139 |
|
|
|
137 |
|
|
NGL equity sales (Mbbls/d) |
|
1 |
|
|
1 |
|
|
1 |
|
|
— |
|
|
1 |
|
|
|
1 |
|
|
Non-consolidated (3) |
|
|
|
|
|
|
|
||||||||||||
|
Gathering volumes (Bcf/d) |
|
6.79 |
|
|
6.42 |
|
|
6.40 |
|
|
6.22 |
|
|
6.46 |
|
|
|
6.62 |
|
|
Plant inlet natural gas volumes (Bcf/d) |
|
0.98 |
|
|
0.94 |
|
|
0.98 |
|
|
1.04 |
|
|
0.98 |
|
|
|
0.94 |
|
|
NGL production (Mbbls/d) |
|
72 |
|
|
70 |
|
|
72 |
|
|
74 |
|
|
72 |
|
|
|
68 |
|
|
NGL equity sales (Mbbls/d) |
|
3 |
|
|
6 |
|
|
5 |
|
|
5 |
|
|
5 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges. |
|||||||||||||||||||
|
(2) Includes volumes associated with Susquehanna Supply Hub, the Northeast JV, and Utica Supply Hub, all of which are consolidated. |
|||||||||||||||||||
|
(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership, Blue Racer Midstream, and the Bradford Supply Hub and the Marcellus South Supply Hub within the Appalachia Midstream Services partnership. |
|||||||||||||||||||
|
West |
|||||||||||||||||||
|
(UNAUDITED) |
|||||||||||||||||||
|
|
2024 |
|
|
2025 |
|
||||||||||||||
|
(Dollars in millions) |
1st Qtr |
2nd Qtr |
3rd Qtr |
4th Qtr |
Year |
|
1st Qtr |
||||||||||||
|
Net gathering, processing, transportation, storage, and fractionation revenues (1) |
$ |
421 |
|
$ |
397 |
|
$ |
409 |
|
$ |
427 |
|
$ |
1,654 |
|
|
$ |
415 |
|
|
Other fee revenues |
|
8 |
|
|
5 |
|
|
4 |
|
|
8 |
|
|
25 |
|
|
|
8 |
|
|
Commodity margins |
|
12 |
|
|
30 |
|
|
27 |
|
|
28 |
|
|
97 |
|
|
|
34 |
|
|
Operating and administrative costs (1) |
|
(139 |
) |
|
(148 |
) |
|
(157 |
) |
|
(147 |
) |
|
(591 |
) |
|
|
(152 |
) |
|
Other segment income (expenses) – net |
|
— |
|
|
(2 |
) |
|
5 |
|
|
(8 |
) |
|
(5 |
) |
|
|
11 |
|
|
Proportional Modified EBITDA of equity-method investments |
|
25 |
|
|
36 |
|
|
35 |
|
|
36 |
|
|
132 |
|
|
|
38 |
|
|
Modified EBITDA |
|
327 |
|
|
318 |
|
|
323 |
|
|
344 |
|
|
1,312 |
|
|
|
354 |
|
|
Adjustments |
|
1 |
|
|
1 |
|
|
7 |
|
|
1 |
|
|
10 |
|
|
|
— |
|
|
Adjusted EBITDA |
$ |
328 |
|
$ |
319 |
|
$ |
330 |
|
$ |
345 |
|
$ |
1,322 |
|
|
$ |
354 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Statistics for Operated Assets |
|
|
|
|
|
|
|
||||||||||||
|
Gathering and Processing |
|
|
|
|
|
|
|
||||||||||||
|
Gathering volumes (Bcf/d) (2) |
|
5.75 |
|
|
5.25 |
|
|
5.38 |
|
|
5.46 |
|
|
5.46 |
|
|
|
5.71 |
|
|
Plant inlet natural gas volumes (Bcf/d) |
|
1.52 |
|
|
1.48 |
|
|
1.57 |
|
|
1.57 |
|
|
1.54 |
|
|
|
1.52 |
|
|
NGL production (Mbbls/d) |
|
87 |
|
|
91 |
|
|
91 |
|
|
90 |
|
|
90 |
|
|
|
83 |
|
|
NGL equity sales (Mbbls/d) |
|
6 |
|
|
8 |
|
|
6 |
|
|
7 |
|
|
7 |
|
|
|
6 |
|
|
NGL and Crude Oil Transportation volumes (Mbbls/d) (3) |
|
220 |
|
|
292 |
|
|
304 |
|
|
314 |
|
|
282 |
|
|
|
310 |
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges. |
|||||||||||||||||||
|
(2) Includes 100% of the volumes associated with the Rimrock Asset Purchase gathering assets after the purchase on January 31, 2025. Average volumes were calculated over the period owned. |
|||||||||||||||||||
|
(3) Includes 100% of the volumes associated with Overland Pass Pipeline Company (an operated equity-method investment), RMM, and Bluestem pipeline. |
|||||||||||||||||||
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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