Americký odvolací soud zrušil klíčové vodní povolení pro plynovod NESE společnosti Williams mezi Pennsylvánií, New Jersey a New Yorkem. Případ vrátil newjerseyskému úřadu ochrany životního prostředí.
The U.S. Third Circuit Court of Appeals reversed a key New Jersey water permit for U.S. energy company Williams Cos' (WMB.N) long-delayed Northeast Supply Enhancement (NESE) natural gas pipeline project in Pennsylvania, New Jersey and New York.
The court said in a ruling on Tuesday that it granted petitions by environmental groups, vacated the Water Quality Certification and remanded the case to the New Jersey Department of Environmental Protection (NJDEP).
A coalition of environmental groups filed a lawsuit last November against the NJDEP for unjustifiably approving the certification for NESE, after first rejecting the project in 2019 for failure to demonstrate compliance with state water quality standards.
“When the water quality certificate was denied in 2019, that should have been the end of it," said Charlie Kratovil, Central Jersey Organizer at Food & Water Watch, one of the environmental groups opposing the project.
Officials at Williams were not immediately available for comment.
NESE is a roughly $1 billion project under construction by Williams' Transcontinental Gas Pipe Line Co (Transco) unit that would expand the existing Transco gas pipe. NESE includes the construction of an offshore pipe in the Raritan Bay between New Jersey and New York.
The environmental groups contended that the underwater segment would require dredging the bay floor, stirring up sediment containing toxic contaminants like mercury and PCBs (Polychlorinated biphenyls), which could pose risks to human health and marine habitats.
Williams officially broke ground on NESE in Brooklyn, New York, in April 2026.
In addition to NESE, Williams is also developing another long-delayed gas pipe in the region, Constitution Pipeline from Pennsylvania to New York.
Both projects were controversial in part because they were previously rejected by state environmental regulators and canceled by Williams in past years before U.S. President Donald Trump sought their revival after returning to office in 2025.
Williams canceled Constitution in 2020 and NESE in 2024 after years of fighting for permits, especially water permits, from state regulators in New York and New Jersey.
In May 2025, the Trump administration used New York's reconsideration of Williams' proposed gas pipes in the state as part of a deal with New York Governor Kathy Hochul to lift a federal ban on construction of Norwegian energy firm Equinor's (EQNR.OL) Empire Wind offshore wind farm off New York.
Hochul did not agree to approve either pipe project but said the state would work with the U.S. administration and private entities on projects that meet the legal requirements under New York law.
Williams said on its website that it targeted completion of NESE in the fourth quarter of 2027 and Constitution in the fourth quarter of 2028.
NESE is designed to move around 0.4 billion cubic feet per day (bcfd) of gas from Pennsylvania, across New Jersey and into New York.
Constitution, which is not under construction, is designed to move around 0.65 bcfd of gas from Pennsylvania to New York.
One billion cubic feet of gas is enough to supply around five million U.S. homes for a day.
Williams je podle článku stabilnější energetická sázka než Occidental Petroleum, protože jeho potrubní byznys je méně citlivý na cenu ropy. Firma navíc těží z AI a datových center.
Occidental Petroleum (OXY +1.02%), the oil and gas giant more commonly known as Oxy, has been a major beneficiary of soaring oil prices this year. Oxy generates most of its revenue from its upstream exploration, drilling, and extraction business. When oil prices rise, Oxy and other upstream companies can grow their revenues much faster than their operating expenses.
To support its current capex and dividends, Oxy only needs WTI crude oil -- currently at $93 per barrel -- to remain above its $40-per-barrel breakeven price. Its free cash flow (FCF) also increases significantly as long as WTI stays above $60 per barrel. That's why Oxy's stock has rallied nearly 50% this year and beaten the S&P 500's (^GSPC -0.58%) 12% gain.
Image source: Getty Images.
Oxy might still seem like an attractive investment as the Iran war drags on and oil prices remain high. But as September (historically the worst month for stocks) starts, I'd rather own a steady midstream pipeline stock as my main energy play instead of Oxy's oil-driven shares. That stock is The Williams Companies (WMB +2.27%), which accounts for about 3.2% of my portfolio.
Why are midstream companies more reliable than upstream ones? Midstream companies build pipelines that transport crude oil, natural gas, and other resources. They charge upstream and downstream companies tolls to use that infrastructure. They're well-insulated from volatile commodity prices, since they only need the oil and gas to keep flowing through their pipelines to generate stable profits and cash flows.
Midstream companies still benefit from rising oil and gas prices, which drive higher volumes through their pipelines. But they struggle less than upstream companies when those prices decline, and they usually return most of their cash to their investors through dividends. That makes midstream stocks a great choice for conservative income investors.
Why is Williams superior to other midstream companies? Many midstream companies are structured as master limited partnerships (MLPs), which blend a return of capital with their distributions to pay more tax-efficient yields. However, investors who hold shares in MLPs must file separate K-1 forms with their taxes every year. Williams operates as a conventional C corporation, so its dividends are reported on the standard 1099-DIV form.
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Williams pays a forward dividend yield of 2.8%, which is higher than Oxy's 1.9% but significantly lower than the yields of many other midstream companies. However, Williams is also growing faster than many of its industry peers because it's more exposed to the cloud and AI markets.
Unlike many other midstream companies, which deliver a mix of crude oil, natural gas, and other resources, Williams primarily delivers natural gas. It transports approximately 30% of the country's natural gas through its Transco pipelines between Texas and the Eastern Seaboard. That natural gas "superhighway" powers nearly half of our domestic data centers.
It's also building "behind-the-meter" (BTM) systems at data centers to provide hyperscalers with a steady supply of natural gas that bypasses utility company bottlenecks. Setting up a grid-based natural gas connection can take four to seven years, while Williams can deploy a BTM system in just 18 to 24 months. Those advantages make Williams more of an AI infrastructure play than many other midstream companies.
Why is Williams a safe stock to buy in September? September is typically a bad month for stocks because institutional investors rebalance their portfolios by pruning their winners and losers. That selling pressure can drive retail investors toward more conservative investments like Williams.
Williams' stock has already risen 25% year to date, but it still trades at less than 13 times next year's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). Analysts expect its adjusted EBITDA to grow at a 7% CAGR from 2025 to 2028.
Its available funds from operations (AFFO) rose 17% year over year to $3.2 billion in the first half of 2026, easily covering its dividends with a 2.5x ratio. Therefore, it still has plenty of room to increase its dividend, which it has already raised annually for the past nine consecutive years. So if you want a cheap stock with a decent dividend, plenty of exposure to the AI boom, and can resist a downturn in oil prices, Williams checks all the right boxes.
Williams umístila veřejnou nabídku seniorních nezajištěných dluhopisů za 2,75 miliardy USD, konkrétně 500 milionů USD splatných v roce 2029, 1,0 miliardy USD splatných v roce 2033, 750 milionů USD splatných v roce 2036 a 500 milionů USD splatných v roce 2056. Čistý výnos použije na splacení komerčního papíru a další firemní účely včetně kapitálových výdajů.
Williams (NYSE: WMB) announced today that it has priced a public offering of $500 million of its 5.000% Senior Notes due 2029 at a price of 99.931 percent of par, $1.0 billion of its 5.600% Senior Notes due 2033 at a price of 99.999 percent of par, $750 million of its 5.800% Senior Notes due 2036 at a price of 99.819 percent of par, and $500 million of its 6.400% Senior Notes due 2056 at a price of 99.800 percent of par. The expected settlement date for the offering is September 10, 2026, subject to the satisfaction of customary closing conditions.
Williams intends to use the net proceeds of the offering to repay its outstanding commercial paper and for other general corporate purposes, including funding capital expenditures.
Citigroup Global Markets Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc. are acting as joint book-running managers for the offering.
This news release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
An automatic shelf registration statement relating to the notes was previously filed with the Securities and Exchange Commission (the “SEC”) and became effective upon filing. Before you invest, you should read the prospectus in the registration statement and other documents Williams has filed with the SEC for more complete information about Williams and the offering. A copy of the prospectus supplement and prospectus relating to the offering may be obtained on the SEC website at www.sec.gov or from any of the underwriters by contacting:
Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, New York 11717
Telephone: 1-800 831-9146
E-mail: [email protected]
c/o Mizuho Securities USA LLC
1271 Avenue of the Americas
New York, New York 10020
Attn: Debt Capital Markets
Telephone: 1-866-271-7403
c/o Morgan Stanley & Co. LLC
1585 Broadway
New York, New York 10036
Attn: Investment Banking Division
Telephone: 1-866-718-1649
SMBC Nikko Securities America, Inc.
277 Park Avenue, 5th Floor
New York, New York 10172
Attention: Debt Capital Markets
Email: [email protected]
About Williams
Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably, and responsibly meeting growing energy demand. We use our infrastructure to deliver one 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.
Portions of this document may constitute “forward-looking statements” as defined by federal law. Although Williams believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in Williams’ annual and quarterly reports filed with the SEC.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260908682835/en/
Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.
Společnost Williams dokončila akvizici Momentum Midstream za zhruba 5,5 miliardy USD a výrazně tím posílila svou pozici v Haynesville. Získala více než 4 000 mil potrubí a sběrnou kapacitu 6 Bcf/d.
Key Takeaways Williams expands its Haynesville position with over 4,000 miles of pipeline and 6 Bcf/d of gathering capacity.Momentum adds take-or-pay pipelines and contracted assets that could support revenue visibility.The acquisition creates a growth platform alongside two announced expansion projects in the region. Williams Companies (WMB - Free Report) has completed its acquisition of Momentum Midstream in a transaction valued at approximately $5.5 billion. The deal marks a significant expansion of Williams’ natural gas infrastructure footprint in the Haynesville basin, positioning it to benefit from rising demand from liquefied natural gas (“LNG”), power generation and industrial customers along the Gulf Coast.
The transaction consists of approximately $3.5 billion in cash and debt consideration and roughly $2 billion of Williams’ equity. With the acquisition now closed, Williams gains a larger integrated platform in one of the most strategically important natural gas-producing regions in the United States.
Expanding Williams’ Haynesville FootprintMomentum’s assets significantly expand Williams’ gathering and transportation capabilities in the Haynesville. The acquired platform includes more than 4,000 miles of pipeline, over 1 million dedicated acres and approximately 6 billion cubic feet per day (Bcf/d) of gathering capacity.
The assets also include multiple processing and treating facilities, along with three take-or-pay pipelines that have approximately 4.05 Bcf/d of transportation capacity.
This infrastructure gives Williams, a Tulsa, OK-based oil and gas storage and transportation company, additional opportunities to connect natural gas supplies with high-demand markets along the Gulf Coast. The strategic importance of these connections is increasing as LNG export capacity expands and electricity demand rises.
For Williams, the acquisition is therefore more than an expansion of its physical footprint. It provides additional infrastructure positioned between growing natural gas production and increasingly attractive demand centers.
LNG and Power Demand Offer Growth OpportunitiesThe U.S. natural gas market is entering a period of potentially strong demand growth. LNG exports are a key driver, while increasing electricity consumption is creating another source of demand for natural gas-fired generation.
The Gulf Coast is particularly important because it hosts a large concentration of LNG export infrastructure, industrial facilities and power generation assets. Williams’ expanded Haynesville platform can help move natural gas from producers toward these markets.
The company’s increased exposure to the Haynesville also creates opportunities to expand its infrastructure as demand develops. Williams noted that the transaction creates a growth platform in addition to two expansion projects that have already been announced.
This combination of existing infrastructure and potential future projects could provide Williams with additional avenues to increase earnings and cash flow over time.
Contracted Assets Add StabilityAnother important aspect of the transaction is Momentum’s customer base and contract structure. Williams highlighted the acquired platform’s high-quality customer base and durable take-or-pay contracts.
Take-or-pay arrangements can provide greater revenue visibility because customers generally commit to paying for a specified level of transportation or capacity, subject to contractual terms, even if they do not fully utilize the capacity.
That characteristic is particularly valuable for a midstream company. Unlike exploration and production companies, midstream operators generally benefit from fee-based contracts that can reduce direct exposure to commodity-price volatility.
The acquired contracts and infrastructure could therefore complement Williams’ existing portfolio while providing a foundation for future expansion.
Strategic Fit With Williams’ Natural Gas StrategyThe Momentum acquisition aligns closely with Williams’ broader strategy of expanding its natural gas infrastructure network. Williams operates a large network of gathering, processing, storage and transmission assets, giving it exposure to multiple stages of the natural gas value chain.
Adding Momentum’s Haynesville assets strengthens this integrated model. The expanded network can improve connectivity between producers and demand centers while potentially creating additional opportunities to develop new infrastructure.
WMB’s president and CEO Chad Zamarin said the acquisition establishes a premier Haynesville position and strengthens its ability to serve growing LNG, power and industrial demand along the Gulf Coast.
The company also expects the complementary infrastructure to provide a platform for advancing its natural gas-focused strategy and creating long-term shareholder value.
What Investors Should WatchFor investors, the key consideration will be Williams’ ability to translate the larger asset base into sustainable earnings and cash flow growth while maintaining a disciplined balance sheet.
The $5.5 billion transaction represents a substantial investment, making the performance of the acquired assets important to the company’s future returns. Investors should watch integration progress, utilization of gathering and transportation capacity, additional expansion opportunities and demand growth from LNG and power customers.
Overall, the Momentum acquisition strengthens Williams’ competitive position in the Haynesville and increases its exposure to structural growth in U.S. natural gas demand. The combination of extensive infrastructure, contracted capacity and access to Gulf Coast demand centers provides Williams with a broader platform for long-term growth.
WMB's Zacks Rank & Key PicksCurrently, WMB has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might consider some better-ranked stocks, such as Par Pacific (PARR - Free Report) , Delek US Holdings (DK - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and Oceaneering International (OII - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Par Pacific is valued at $4.02 billion. It is a diversified energy company that owns and operates petroleum refineries, logistics assets and retail fuel businesses across the United States. Par Pacific focuses on refining, transporting and marketing fuel products while serving regional markets with reliable energy solutions.
Delek US Holdings is valued at $4.38 billion. It is a diversified downstream energy company engaged in petroleum refining, renewable fuels, asphalt production and logistics operations. Delek US Holdings operates multiple refineries in the United States and is committed to delivering safe, reliable energy while investing in cleaner energy initiatives.
Oceaneering International is valued at $5.14 billion. It is a global technology and engineering company. Oceaneering International provides subsea robotics, offshore services, engineered products and advanced solutions to the energy, defense, aerospace and other industries.
Williams Companies ve druhém čtvrtletí vykázala upravený zisk na akcii 50 centů a tržby 3 miliardy USD, obojí pod odhady, ale meziročně vyšší. Zároveň zvýšila výhled na rok 2026.
A month has gone by since the last earnings report for Williams Companies, Inc. (The) (WMB - Free Report) . Shares have added about 5.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is The Williams Companies due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.
Williams Companies Q2 Earnings & Revenues Miss Estimates, Increase Y/YThe Williams Companies reported second-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. However, the bottom line increased from the year-ago period’s level of 46 cents, driven by better-than-expected performance of its Transmission, Power & Gulf, Northeast G&P and West segments.
The Tulsa, OK-based oil and gas storage and transportation company’s revenues of $3 billion missed the Zacks Consensus Estimate by $2 million. The figure increased by 9.8% from the year-ago quarter’s reported revenues. This can be attributed to higher service revenues and increased product sales.
Adjusted EBITDA totaled $1.9 billion in the quarter under review, which was up 6% year over year. Cash flow from operations amounted to $1.4 billion, down 5.1% from the corresponding quarter of 2025.
Momentum Midstream AcquisitionWilliams Companies has agreed to acquire Momentum Midstream in a deal worth up to $5.5 billion, strengthening its Haynesville footprint and expanding its integrated natural gas infrastructure to meet rising Gulf Coast LNG, power and industrial demand. Momentum adds more than 4,000 miles of pipelines, 6 Bcf/d gathering capacity and key processing assets, with the deal expected to boost AFFO and EPS. Williams Companies also announced the Delta Aces and Shelby Trough Connector expansions, positioning the company to capture growing natural gas demand and enhance basin connectivity.
Q2 Segmental AnalysisTransmission, Power & Gulf: The segment reported an adjusted EBITDA of $959 million, up 6.2% from the year-ago quarter’s level. The increase was driven by contributions from projects placed in service, new Gulf volumes and higher storage revenues. However, the figure missed the Zacks Consensus Estimate by 2.5%.
Northeast G&P: Driven primarily by higher volumes at Ohio Valley Midstream and higher proportional EBITDA from Blue Racer Midstream and Bradford within Appalachia Midstream, this segment registered an adjusted EBITDA of $540 million. This represents a 7.8% increase from $501 million in the year-earlier quarter. It beat the Zacks Consensus Estimate of $518 million.
West: This segment focuses on the gathering and processing of assets in the Western United States. Adjusted EBITDA for this segment totaled $359 million, up 5.3% from the prior-year quarter’s level of $341 million. Strong results were fueled by Louisiana Energy Gateway, placed into service in third-quarter 2025, as well as higher gathering volumes, including contributions from the 2025 Rimrock and Saber acquisitions. However, the figure missed the Zacks Consensus Estimate of $389 million.
Gas & NGL Marketing Services: The segment posted a negative adjusted EBITDA of $1 million, narrowing down from the year-ago negative EBITDA of $15 million, resulting from higher gas marketing margins due to winter storms. The Zacks Consensus Estimate for the same was pegged at a negative $7.27 million.
Other: This segment posted an adjusted EBITDA of $64 million, representing a 17.9% decrease from $78 million in the year-earlier quarter, caused by unfavorable changes in net realized results from upstream operations, including the impact of the divested South Mansfield interests. However, the figure beat the Zacks Consensus Estimate of $57 million.
Costs, Capex & Balance SheetIn the reported quarter, total costs and expenses of $1.9 billion increased by about 2% from the year-ago quarter’s figure.
Total capital expenditure (capex) was $1.8 billion. As of June 30, 2026, WMB had cash and cash equivalents of $203 million and long-term debt of $28.1 billion, with a debt-to-capitalization of 64.7%.
2026 GuidanceWilliams Companies raised its 2026 guidance and now expects adjusted EBITDA of $8.3-$8.5 billion, with growth capital expenditures projected at $7.3-$7.9 billion. Factoring in the pro forma contribution from the Momentum Midstream acquisition over the past four quarters, the company expects its 2026 leverage ratio to be approximately 3.75x at the midpoint. The growth capex and debt-to-adjusted EBITDA guidance exclude certain reimbursable long-lead equipment costs.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.
VGM ScoresCurrently, The Williams Companies has a subpar Growth Score of D, a grade with the same score on the momentum front. Following the exact same course, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, The Williams Companies has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerThe Williams Companies belongs to the Zacks Oil and Gas - Production and Pipelines industry. Another stock from the same industry, Kinder Morgan (KMI - Free Report) , has gained 2.3% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.
Kinder Morgan reported revenues of $4.48 billion in the last reported quarter, representing a year-over-year change of +10.8%. EPS of $0.37 for the same period compares with $0.28 a year ago.
For the current quarter, Kinder Morgan is expected to post earnings of $0.33 per share, indicating a change of +13.8% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Kinder Morgan. Also, the stock has a VGM Score of C.
Analytici u Williams Companies drží průměrné doporučení „Buy“ a cílovou cenu 85,60 USD. Firma zároveň za čtvrtletí splnila odhad EPS 0,50 a tržby 3,05 miliardy USD překonaly očekávání.
Shares of Williams Companies, Inc. (The) (NYSE:WMB – Get Free Report) have been assigned an average rating of “Buy” from the twenty ratings firms that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a hold recommendation, fifteen have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $85.60.
A number of brokerages have recently weighed in on WMB. Citigroup upped their price target on shares of Williams Companies from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Morgan Stanley boosted their target price on Williams Companies from $99.00 to $103.00 and gave the stock an “overweight” rating in a report on Tuesday. Canadian Imperial Bank of Commerce upped their target price on Williams Companies from $83.00 to $85.00 and gave the stock an “outperformer” rating in a research report on Tuesday, May 26th. TD Cowen increased their price target on Williams Companies from $81.00 to $87.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Finally, Wells Fargo & Company lifted their price target on Williams Companies from $89.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th.
Read Our Latest Research Report on WMB
Williams Companies Price Performance Shares of WMB opened at $71.86 on Tuesday. The firm has a market capitalization of $87.90 billion, a price-to-earnings ratio of 28.63, a price-to-earnings-growth ratio of 1.51 and a beta of 0.58. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.43 and a current ratio of 0.48. Williams Companies has a one year low of $56.08 and a one year high of $80.07. The stock’s fifty day moving average is $73.40 and its 200-day moving average is $73.15. Williams Companies (NYSE:WMB – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The pipeline company reported $0.50 earnings per share for the quarter, hitting the consensus estimate of $0.50. The business had revenue of $3.05 billion during the quarter, compared to the consensus estimate of $2.83 billion. Williams Companies had a net margin of 25.17% and a return on equity of 18.49%. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.46 earnings per share. Williams Companies has set its FY 2026 guidance at 2.350-2.350 EPS. Equities analysts anticipate that Williams Companies will post 2.48 EPS for the current year.
Williams Companies Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Friday, September 11th will be paid a dividend of $0.525 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $2.10 annualized dividend and a yield of 2.9%. Williams Companies’s dividend payout ratio (DPR) is currently 83.67%.
Insider Transactions at Williams Companies In related news, SVP Terrance Lane Wilson sold 13,000 shares of Williams Companies stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $74.87, for a total transaction of $973,310.00. Following the transaction, the senior vice president directly owned 268,159 shares of the company’s stock, valued at $20,077,064.33. The trade was a 4.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 17,000 shares of company stock worth $1,262,930 over the last quarter. 0.47% of the stock is owned by insiders.
Hedge Funds Weigh In On Williams Companies Large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Williams Companies by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 133,963,343 shares of the pipeline company’s stock worth $8,052,537,000 after buying an additional 883,245 shares in the last quarter. State Street Corp increased its holdings in shares of Williams Companies by 1.9% in the fourth quarter. State Street Corp now owns 67,981,106 shares of the pipeline company’s stock valued at $4,086,344,000 after buying an additional 1,296,991 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Williams Companies by 4.8% in the fourth quarter. Bank of America Corp DE now owns 46,053,873 shares of the pipeline company’s stock valued at $2,768,298,000 after buying an additional 2,100,164 shares in the last quarter. Morgan Stanley lifted its position in shares of Williams Companies by 11.0% during the 4th quarter. Morgan Stanley now owns 33,572,067 shares of the pipeline company’s stock valued at $2,018,017,000 after acquiring an additional 3,314,851 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Williams Companies by 43.4% during the 2nd quarter. Wellington Management Group LLP now owns 33,097,208 shares of the pipeline company’s stock worth $2,460,446,000 after acquiring an additional 10,013,946 shares in the last quarter. Institutional investors own 86.44% of the company’s stock.
(Get Free Report)
Williams Companies, Inc (NYSE: WMB) is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
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BOK Financial Private Wealth Inc. ve 2. čtvrtletí nově nakoupila 7 018 akcií Williams Companies za zhruba 522 000 USD. Akcie Williams Companies zároveň vzrostly o 2,5 %.
BOK Financial Private Wealth Inc. purchased a new stake in Williams Companies, Inc. (The) (NYSE:WMB – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 7,018 shares of the pipeline company’s stock, valued at approximately $522,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Danske Bank A S bought a new position in Williams Companies in the second quarter worth approximately $4,135,000. Diversify Advisory Services LLC purchased a new position in shares of Williams Companies in the 2nd quarter valued at $3,524,000. Gables Capital Management Inc. bought a new position in shares of Williams Companies in the 2nd quarter worth $51,000. Oxbow Advisors LLC raised its position in shares of Williams Companies by 2.3% in the 2nd quarter. Oxbow Advisors LLC now owns 49,479 shares of the pipeline company’s stock worth $3,678,000 after acquiring an additional 1,129 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board purchased a new stake in shares of Williams Companies during the 2nd quarter worth $329,094,000. 86.44% of the stock is currently owned by institutional investors.
Insiders Place Their Bets In other Williams Companies news, SVP Terrance Lane Wilson sold 13,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $74.87, for a total transaction of $973,310.00. Following the completion of the sale, the senior vice president directly owned 268,159 shares in the company, valued at approximately $20,077,064.33. The trade was a 4.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 17,000 shares of company stock valued at $1,262,930. Company insiders own 0.47% of the company’s stock.
Williams Companies Trading Up 2.5% Shares of Williams Companies stock opened at $75.25 on Wednesday. The firm has a 50-day simple moving average of $73.38 and a two-hundred day simple moving average of $73.07. The company has a debt-to-equity ratio of 1.83, a quick ratio of 0.43 and a current ratio of 0.48. Williams Companies, Inc. has a fifty-two week low of $55.82 and a fifty-two week high of $80.07. The company has a market cap of $92.05 billion, a P/E ratio of 29.98, a price-to-earnings-growth ratio of 1.58 and a beta of 0.59. Williams Companies (NYSE:WMB – Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The pipeline company reported $0.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.50. The company had revenue of $3.05 billion for the quarter, compared to the consensus estimate of $2.83 billion. Williams Companies had a return on equity of 18.49% and a net margin of 25.17%.Williams Companies’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.46 earnings per share. Williams Companies has set its FY 2026 guidance at 2.350-2.350 EPS. As a group, equities analysts predict that Williams Companies, Inc. will post 2.43 earnings per share for the current fiscal year.
Williams Companies Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Friday, September 11th will be given a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Friday, September 11th. Williams Companies’s dividend payout ratio is 83.67%.
Analyst Upgrades and Downgrades WMB has been the subject of several analyst reports. Wells Fargo & Company increased their price target on shares of Williams Companies from $89.00 to $90.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Williams Companies in a research note on Wednesday, June 24th. Wall Street Zen downgraded shares of Williams Companies from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. TD Cowen upped their price target on Williams Companies from $81.00 to $87.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Finally, Barclays raised their price objective on Williams Companies from $73.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 8th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Williams Companies currently has a consensus rating of “Buy” and a consensus target price of $85.60.
Get Our Latest Analysis on WMB
Williams Companies Profile (Free Report)
Williams Companies, Inc (NYSE: WMB) is a U.S.-based energy infrastructure company focused on the midstream segment of the natural gas value chain. The company develops, owns and operates assets that gather, process, transport and store natural gas and natural gas liquids (NGLs). Its operations support the movement of gas from production areas to end users including utilities, power generators, industrial customers and export facilities.
Williams’s product and service offering includes interstate and intrastate pipeline transmission, gas-gathering systems, processing facilities that remove impurities and separate NGLs, storage services and fractionation and transportation of NGL products.
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Williams Companies ve 2. čtvrtletí zvýšila upravený zisk i tržby meziročně, ale obojí zaostalo za odhady. Zároveň zvedla výhled upravené EBITDA pro rok 2026 na 8,3–8,5 mld. USD.
Key Takeaways Williams Companies posted higher Q2 earnings and revenues year over year despite missing analyst estimates.WMB agreed to buy Momentum Midstream for up to $5.5B to expand its natural gas infrastructure.WMB raised 2026 adjusted EBITDA guidance to $8.3-$8.5B and forecast growth capex of $7.3-$7.9B. The Williams Companies, Inc. (WMB - Free Report) reported second-quarter 2026 adjusted earnings per share of 50 cents, which missed the Zacks Consensus Estimate of 52 cents. However, the bottom line increased from the year-ago period’s level of 46 cents, driven by better-than-expected performance of its Transmission, Power & Gulf, Northeast G&P and West segments.
The Tulsa, OK-based oil and gas storage and transportation company’s revenues of $3 billion missed the Zacks Consensus Estimate by $2 million. The figure increased by 9.8% from the year-ago quarter’s reported revenues. This can be attributed to higher service revenues and increased product sales.
Adjusted EBITDA totaled $1.9 billion in the quarter under review, which was up 6% year over year. Cash flow from operations amounted to $1.4 billion, down 5.1% from the corresponding quarter of 2025.
WMB’s Momentum Midstream AcquisitionWilliams Companies has agreed to acquire Momentum Midstream in a deal worth up to $5.5 billion, strengthening its Haynesville footprint and expanding its integrated natural gas infrastructure to meet rising Gulf Coast LNG, power and industrial demand. Momentum adds more than 4,000 miles of pipelines, 6 Bcf/d gathering capacity and key processing assets, with the deal expected to boost AFFO and EPS. Williams Companies also announced the Delta Aces and Shelby Trough Connector expansions, positioning the company to capture growing natural gas demand and enhance basin connectivity.
WMB’s Q2 Segmental AnalysisTransmission, Power & Gulf: The segment reported an adjusted EBITDA of $959 million, up 6.2% from the year-ago quarter’s level. The increase was driven by contributions from projects placed in service, new Gulf volumes and higher storage revenues. However, the figure missed the Zacks Consensus Estimate by 2.5%.
Northeast G&P: Driven primarily by higher volumes at Ohio Valley Midstream and higher proportional EBITDA from Blue Racer Midstream and Bradford within Appalachia Midstream, this segment registered an adjusted EBITDA of $540 million. This represents a 7.8% increase from $501 million in the year-earlier quarter. It beat the Zacks Consensus Estimate of $518 million.
West: This segment focuses on the gathering and processing of assets in the Western United States. Adjusted EBITDA for this segment totaled $359 million, up 5.3% from the prior-year quarter’s level of $341 million. Strong results were fueled by Louisiana Energy Gateway, placed into service in third-quarter 2025, as well as higher gathering volumes, including contributions from the 2025 Rimrock and Saber acquisitions. However, the figure missed the Zacks Consensus Estimate of $389 million.
Gas & NGL Marketing Services: The segment posted a negative adjusted EBITDA of $1 million, narrowing down from the year-ago negative EBITDA of $15 million, resulting from higher gas marketing margins due to winter storms. The Zacks Consensus Estimate for the same was pegged at a negative $7.27 million.
Other: This segment posted an adjusted EBITDA of $64 million, representing a 17.9% decrease from $78 million in the year-earlier quarter, caused by unfavorable changes in net realized results from upstream operations, including the impact of the divested South Mansfield interests. However, the figure beat the Zacks Consensus Estimate of $57 million.
WMB’s Costs, Capex & Balance SheetIn the reported quarter, total costs and expenses of $1.9 billion increased by about 2% from the year-ago quarter’s figure.
Total capital expenditure (capex) was $1.8 billion. As of June 30, 2026, this Zacks Rank #3 (Hold) company had cash and cash equivalents of $203 million and long-term debt of $28.1 billion, with a debt-to-capitalization of 64.7%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
WMB’s 2026 GuidanceWilliams Companies raised its 2026 guidance and now expects adjusted EBITDA of $8.3-$8.5 billion, with growth capital expenditures projected at $7.3-$7.9 billion. Factoring in the pro forma contribution from the Momentum Midstream acquisition over the past four quarters, the company expects its 2026 leverage ratio to be approximately 3.75x at the midpoint. The growth capex and debt-to-adjusted EBITDA guidance exclude certain reimbursable long-lead equipment costs.
Important Earnings at a GlanceWhile we have discussed WMB’s second-quarter results in detail, let us take a look at three other key reports in this space.
Expand Energy Corporation (EXE - Free Report) reported second-quarter 2026 adjusted earnings per share of $1.33, beating the Zacks Consensus Estimate of $1.22. The company’s bottom line increased from the year-ago adjusted profit of $1.10 per share, fueled by strong production and lower operating expenses.
Expand Energy’s ‘natural gas, oil and NGL’ revenues of $1.8 billion missed the Zacks Consensus Estimate of $2 billion. The top line was also below the year-ago figure of $2 billion.
As of June 30, 2026, the company had $663 million in cash and cash equivalents. Expand Energy had a long-term debt of $3.7 billion, reflecting a debt-to-capitalization of 16%.
NOV Inc. (NOV - Free Report) reported second-quarter 2026 adjusted earnings of 31 cents per share, which beat the Zacks Consensus Estimate of 16 cents. The bottom line also increased 6.9% from the year-ago quarter’s 29 cents, driven by outperformance of the Energy Equipment segment.
The oil and gas equipment and services company’s total revenues of $2.1 billion beat the Zacks Consensus Estimate by $39 million. However, NOV’s revenues fell 2.5% from the year-ago quarter’s figure of $2.2 billion due to lower year-over-year revenues from the Energy Products and Services segment.
As of June 30, the company had cash and cash equivalents of $1.2 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 21.3%.
Core Laboratories Inc. (CLB - Free Report) reported second-quarter 2026 adjusted earnings of 11 cents per share, which beat the Zacks Consensus Estimate of 8 cents, driven by outperformance of the Production Enhancement segment. However, the bottom line decreased from the year-ago quarter’s reported figure of 19 cents due to the underperformance of the Reservoir Description segment and increased costs and expenses.
This oilfield service provider reported second-quarter operating revenues of $124.6 million, missing the Zacks Consensus Estimate of $128 million and decreasing from the earlier-year quarter’s reported figure of $130.1 million. This can be attributed to military conflicts in the Middle East and the Russia-Ukraine region, which disrupted energy infrastructure, delaying projects, disrupting crude oil trade and reducing demand for the company's international laboratory services.
As of June 30, 2026, the company had cash and cash equivalents of $22.7 million and long-term debt of $113.9 million. CLB’s debt-to-capitalization was about 29%.
Williams zvýšil výhled růstu upraveného EBITDA a EPS pro roky 2025–2030 na více než 11 % ročně po plánované akvizici Momentum Midstream za až 5,5 mld. USD.
Key Takeaways WMB gains 4,000 pipeline miles, 1M dedicated acres and 6 Bcf/d of gathering capacity.Williams expects Momentum to be accretive, with about 46% of EBITDA from take-or-pay assets.WMB adds Delta Access and Shelby Connector, but returns depend on integration and execution. The Williams Companies, Inc. (WMB - Free Report) is using its planned Momentum Midstream acquisition to deepen its Haynesville exposure and extend its Gulf Coast growth runway. The transaction is valued at up to $5.5 billion.
Williams also raised its 2025-2030 adjusted EBITDA and EPS growth target to more than 11% annually. The investor question is whether Momentum can support that pace without adding too much financial or execution risk.
Image Source: The Williams Companies
WMB Gains a Bigger Haynesville FootprintMomentum adds more than 4,000 miles of pipeline, over 1 million dedicated acres and 6 Bcf/d of gathering capacity. It also brings 4.05 Bcf/d of take-or-pay pipeline capacity across three pipelines.
That scale expands Williams’ position in the Haynesville, where its infrastructure can connect production with Gulf Coast LNG, power and industrial demand. The combination also broadens the company’s exposure to East Texas and Louisiana supply growth.
Williams Adds More Predictable Cash FlowsMomentum’s earnings profile is predominantly fee based, with fixed-fee arrangements and take-or-pay contracts supporting cash-flow visibility. Williams said about 46% of Momentum’s EBITDA comes from take-or-pay assets.
The company expects the transaction to be accretive to both earnings per share and available funds from operations per share. That matters because the acquired cash flows are intended to add growth without relying primarily on commodity-price upside.
WMB Unlocks Two New Pipeline ProjectsDelta Access is a fully contracted 2.25 Bcf/d transmission project along the Transco corridor, with expansion potential to 3.5 Bcf/d. Williams expects the project to enter service in early 2029 and serve LNG and power customers along the Louisiana Gulf Coast.
Shelby Connector will add 750 MMcf/d of initial capacity, expandable to 1.5 Bcf/d, and is expected in service in the second quarter of 2028. The project links the Shelby Trough to Williams’ Louisiana Energy Gateway system and then into Transco.
Image Source: The Williams Companies
Kinder Morgan(KMI - Free Report) is also pursuing natural gas pipeline expansions aimed at serving rising power and LNG demand. Energy Transfer (ET - Free Report) expects to invest $5-$5.5 billion in 2026 growth capital, primarily on projects enhancing its natural gas network.
Williams Still Must Prove the Deal EconomicsWilliams values Momentum at roughly 8.5X projected 2027 EBITDA and expects that multiple to compress as growth and synergies develop. The company has not quantified those synergies, leaving execution as a key part of the return case.
The balance sheet adds another consideration. Debt-to-capitalization stood at 64.7% at the end of the second quarter, while 2026 growth capital spending is expected at $7.3-$7.9 billion. Slower growth, weaker-than-expected synergies or integration problems could reduce the acquisition’s expected returns.
WMB’s Hold Signal Keeps Expectations in CheckMomentum strengthens Williams’ natural gas platform and adds contracted expansion opportunities, but the economics still depend on timely integration, project execution and disciplined capital deployment. The higher long-term growth target raises the bar for delivery through 2030.
WMB currently carries a Zacks Rank #3 (Hold), with a Value Score of D, Growth Score of D, Momentum Score of D and VGM Score of F. Those scores indicate weaker characteristics across the individual styles and the combined VGM framework, while the Hold rank keeps the near-term stance balanced rather than signaling a high-conviction buy.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Williams Companies oznámila konferenční hovor k výsledkům za 2. čtvrtletí 2026. Na úvod zaznělo, že firma zveřejnila tiskovou zprávu a prezentaci k výsledkům.
The Williams Companies, Inc. (WMB) Q2 2026 Earnings Call August 4, 2026 9:30 AM EDT
Company Participants
Caroline Sardella
Chad Zamarin - CEO, President & Director
John Porter - Executive VP & CFO
Larry Larsen - Executive VP & COO
Robert Wingo - Executive Vice President of Corporate Strategic Development
Conference Call Participants
Praneeth Satish - Wells Fargo Securities, LLC, Research Division
Jeremy Tonet - JPMorgan Chase & Co, Research Division
Spiro Dounis - Citigroup Inc., Research Division
Ameet Thakkar - BMO Capital Markets Equity Research
John Mackay - Goldman Sachs Group, Inc., Research Division
Jason Gabelman - TD Cowen, Research Division
Julien Dumoulin-Smith - Jefferies LLC, Research Division
Gabe Daoud - Truist Securities, Inc., Research Division
Robert Catellier - CIBC Capital Markets, Research Division
Manav Gupta - UBS Investment Bank, Research Division
Presentation
Operator
Good day, everyone, and welcome to the Williams Second Quarter 2026 Earnings Conference Call. Today's conference is being recorded.
At this time, for opening remarks and introductions, I would like to turn the call over to Mrs. Caroline Sardella, Director of Investor Relations. Please go ahead.
Caroline Sardella
Thank you, and good morning, everyone. Thank you for joining us and for your interest in Williams. Yesterday afternoon, we released our earnings press release and the presentation that our President and CEO, Chad Zamarin; and our Chief Financial Officer, John Porter will speak to you this morning. Also joining us on the call today are Larry Larsen, our Chief Operating Officer; and Rob Wingo, our Executive Vice President of Corporate Strategic Development.
In our presentation materials, you'll find a disclaimer related to forward-looking statements. This disclaimer is important and integral to our remarks, so please review it. Also included in the presentation materials are non-GAAP measures that we reconciled with generally accepted accounting principles. These reconciliation schedules appear at the back of today's presentation materials.
Williams Companies, Inc. (The) (WMB - Free Report) came out with quarterly earnings of $0.5 per share, missing the Zacks Consensus Estimate of $0.52 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -3.85%. A quarter ago, it was expected that this pipeline operator would post earnings of $0.65 per share when it actually produced earnings of $0.73, delivering a surprise of +12.31%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
The Williams Companies, which belongs to the Zacks Oil and Gas - Production and Pipelines industry, posted revenues of $3.05 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1%. This compares to year-ago revenues of $2.78 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
The Williams Companies shares have added about 19% since the beginning of the year versus the S&P 500's gain of 9.4%.
What's Next for The Williams Companies?While The Williams Companies has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for The Williams Companies was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.56 on $3.19 billion in revenues for the coming quarter and $2.35 on $12.82 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Production and Pipelines is currently in the bottom 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
South Bow Corporation (SOBO - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This company is expected to post quarterly earnings of $0.45 per share in its upcoming report, which represents a year-over-year change of +7.1%. The consensus EPS estimate for the quarter has been revised 0.6% lower over the last 30 days to the current level.
South Bow Corporation's revenues are expected to be $516.13 million, down 1.5% from the year-ago quarter.
EnCap Flatrock prodává M6 Midstream společnosti Williams za až 5,5 miliardy USD. Transakce podléhá schválení regulátory a dalším obvyklým podmínkám uzavření.
SAN ANTONIO--(BUSINESS WIRE)-- EnCap Flatrock Midstream (“EnCap Flatrock”) today announced the execution of definitive agreements to sell Momentum Midstream (“Momentum,” “M6,” or the “Company”), a leading independent midstream energy company of which EnCap Flatrock is a financial sponsor, to The Williams Companies, Inc. (“Williams”) (NYSE: WMB) for up to $5.5 billion.
The transaction is subject to regulatory approval and customary closing conditions. Transaction consideration consists of $3.5 billion in cash and debt consideration and roughly $2.0 billion of Williams equity.
Headquartered in Houston, M6 operates a premier, large-scale natural gas system representing the next generation of Gulf Coast infrastructure. The Company’s assets include over 4,000 miles of gathering and transmission pipelines supported by more than 1 million dedicated acres delivering critically important natural gas to key Gulf Coast regions including the Bethel, Carthage and Silsbee hubs in east Texas and the Gillis hub in southwest Louisiana. M6’s assets provide approximately 6 Bcf/d of system capacity to over 140 customers including 34 industrial end-users, 26 power plants, 16 city gates and 10 LNG facilities.
In September 2022, M6 completed the acquisition of two natural gas gathering and transmission assets, both in the Haynesville Shale. The Company also announced final investment decision (“FID”) on its New Generation Gas Gathering (“NG3”) project, which spans 255 miles providing 1.75 Bcf/d of gas deliverability to Gillis, Louisiana, an aggregation and dispatch hub for U.S. LNG demand. NG3 also includes a state-of-the-art carbon capture and sequestration program, the first of its kind, capable of handling up to 1.8 million tons per annum of CO2. In April 2025, M6 closed on its acquisition of Clearfork Midstream, completing the Company’s transformation into a leading wellhead-to-market natural gas midstream platform located in the epicenter of U.S. natural gas demand growth.
“In 2022, we set out with a strategy to build a premier natural gas gathering and transmission system to serve growing demand along the Gulf Coast, and because of the efforts of our incredible team, we’ve done just that,” said Momentum Chief Executive Officer Frank Tsuru. “This sale validates our thesis that demand for U.S. hydrocarbons domestically and abroad will continue to grow and assets like what we’ve built at M6 are critical to meet that need.”
“The sale of M6 is one of the most significant private midstream transactions in the U.S., producing strong results for our investors,” said EnCap Flatrock Founder Billy Lemmons. “This would not have been possible without the talented and professional team at Momentum. From Momentum’s executive leadership to their field personnel, their execution of the commercialization, buildout and safe operation of such a sizeable gas gathering and transmission complex was an incredible accomplishment.”
Advisors
Barclays and Jefferies LLC served as exclusive financial advisors to M6, and Kirkland & Ellis served as legal counsel to M6. Willkie Farr & Gallagher LLP acted as legal counsel to EnCap Flatrock.
About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with an office in Houston, the firm has raised five institutional investment funds totaling nearly $10 billion from a broad group of prestigious investors. EnCap Flatrock Midstream is currently making commitments to new management teams from its latest flagship fund, EFM V. For more information, please visit efmidstream.com.
Williams uzavřel s Blackstone vedenou dohodu za 5,34 miliardy USD za 49% podíl ve pěti projektech Power Innovation. WMB si ponechá 51% podíl a kontrolu a potvrdila výhled na rok 2026.
Key Takeaways Williams signed a $5.34B Blackstone-led deal for a 49% stake in five Power Innovation projects.WMB retains 51% ownership and control while reducing capital needs and preserving balance sheet flexibility.WMB reaffirmed 2026 guidance and expects to leverage the midpoint to improve to about 3.6x after the deal. Williams Companies, Inc. (WMB - Free Report) has announced a landmark $5.34 billion investment agreement led by Blackstone Credit & Insurance, with additional participation from Apollo and insurance vehicles and accounts managed by KKR. The strategic partnership represents one of the most significant capital commitments supporting behind-the-meter energy infrastructure in recent years, reinforcing Williams’ leadership in delivering reliable natural gas-powered energy solutions for rapidly growing electricity demand across the United States.
The transaction highlights growing institutional confidence in Williams' expanding Power Innovation platform, which combines natural gas infrastructure, power generation expertise and long-term project execution capabilities to support industrial facilities, data centers and AI-driven energy requirements.
Williams Strengthens Its Power Innovation BusinessWilliams has structured the agreement to accelerate development across its five announced Power Innovation projects: Socrates, Apollo, Aquila, Socrates the Younger and Neo. These projects collectively represent a major step toward meeting America's increasing demand for dependable, dispatchable power.
Under the agreement, Blackstone and its investment partners will acquire a 49% noncontrolling equity interest in these five projects while WMB retains a 51% ownership stake along with complete commercial and operational control. This ownership structure allows WMB to continue directing project execution while benefiting from substantial external capital to fund future expansion.
The investment package includes $4.4 billion, representing 49% of expected total growth capital expenditures, along with approximately $900 million in additional consideration paid to Williams. Cash distributions will follow the ownership split, with Williams receiving 51% and Blackstone-led investors receiving 49%.
Importantly, Williams also negotiated a buyout option between years seven and 14, enabling it to repurchase the investor stake based on the outstanding investment balance. This preserves significant long-term value creation opportunities while reducing near-term financing requirements.
Power Innovation Projects Position WMB for Long-Term GrowthWilliams continues expanding its Power Innovation platform, which has already announced more than 2.6 gigawatts (“GW”) of capacity while advancing a development backlog exceeding 6 GW.
These behind-the-meter energy projects are specifically designed to provide reliable power directly to customers, reducing dependence on increasingly constrained electric grids. As demand accelerates from artificial intelligence (“AI”) infrastructure, advanced manufacturing, industrial operations and large-scale computing facilities, behind-the-meter power generation has become a critical component of America's evolving energy landscape.
Williams' integrated business model provides a competitive advantage by combining every major component of the natural gas value chain, including production connectivity, transportation infrastructure, storage capabilities, power generation development and long-term operational expertise.
With more than 100 years of experience executing large-scale infrastructure projects, Williams offers customers a turnkey energy solution that few competitors can match.
Financial Benefits Improve Williams' Capital StructureBeyond supporting project development, the agreement significantly strengthens Williams' financial position.
By bringing in institutional equity partners, Williams reduces its direct capital exposure while limiting the need for additional corporate debt financing. The Blackstone investment will be reflected as a noncontrolling interest within Williams' financial reporting, preserving its balance sheet flexibility.
This structure enhances project-level returns while allowing Williams to continue pursuing additional high-value infrastructure opportunities. It also supports management's long-term leverage objective of maintaining debt within a 3.5x to 4x adjusted EBITDA range.
The transaction provides an efficient funding mechanism that balances shareholder value creation with prudent financial discipline, positioning Williams to capitalize on expanding opportunities across the North American energy sector.
Williams Reaffirms 2026 Financial GuidanceAlongside announcing the investment agreement, Williams reaffirmed the previously issued 2026 financial guidance, reflecting continued confidence in its operating performance and growth trajectory.
The company expects adjusted EBITDA to remain within the upper half of its previously announced range of $8.05 billion to $8.35 billion.
Williams also continues estimating growth capital expenditures between $7 billion and $7.6 billion, while maintenance capital expenditures are expected to be in the range of $850 million to $950 million.
Following the transaction, the company's projected 2026 leverage ratio midpoint has improved to approximately 3.6x, reflecting the positive impact of the Blackstone-led investment on Williams' capital structure.
All other per-share financial guidance remains unchanged, demonstrating management's confidence in ongoing business performance.
Growing Demand for AI Infrastructure Supports Williams' ExpansionAI is becoming one of the largest drivers of electricity demand across North America. Massive data centers require continuous, high-capacity power supplies that traditional electric grids often struggle to deliver within required timelines.
Williams' Power Innovation platform directly addresses this challenge by developing behind-the-meter energy facilities capable of providing reliable, dedicated electricity to large commercial customers.
Natural gas continues to play a central role in ensuring grid reliability while supporting renewable energy integration. Williams' existing pipeline network and infrastructure assets create significant advantages in delivering fuel supply directly to these new generation facilities.
As AI adoption accelerates and industrial electrification expands, demand for dependable energy infrastructure is expected to remain strong for years to come, creating substantial growth opportunities for companies with integrated natural gas and power generation capabilities.
WMB Positions for the Next Phase of Energy Infrastructure DevelopmentThe Blackstone-led investment represents more than a financing transaction — it marks a strategic milestone in Williams' evolution as a leading developer of integrated energy infrastructure.
Retaining majority ownership and operational control while securing billions of dollars in committed growth capital enables Williams to accelerate project execution without placing excessive pressure on its balance sheet.
With institutional support from Blackstone, Apollo and KKR, Williams is well positioned to expand the growing Power Innovation portfolio, capitalize on rising electricity demand and strengthen its role in delivering reliable energy solutions for AI infrastructure, industrial development and the broader U.S. economy.
As energy consumption continues rising alongside technological innovation, Williams' combination of financial flexibility, infrastructure expertise and integrated natural gas capabilities establishes it as a key participant in the next generation of American energy investment.
WMB's Zacks Rank & Key PicksCurrently, WMB has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might consider some better-ranked stocks, such as Par Pacific (PARR - Free Report) , Paramount Resources (PRMRF - Free Report) , both sporting a Zacks Rank #1 (Strong Buy), and Cenovus Energy (CVE - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Par Pacific is valued at 3.3 billion. It is an energy company that owns and operates refining, logistics and retail assets. Par Pacific operates across Hawaii, the Pacific Northwest and the Rocky Mountain region.
Paramount Resources is valued at $2.9 billion. It is a Canadian energy producer focused on the exploration, development and production of natural gas, crude oil and natural gas liquids. Paramount Resources operates in Western Canada.
Cenovus Energy is valued at $49.12 billion. It is an integrated Canadian energy company engaged in oil sands production, conventional oil and natural gas development, refining and downstream operations. Cenovus Energy operates across North America.
Williams jedná o koupi Momentum Midstream za zhruba 5,5 miliardy USD, uvedl Bloomberg. Dohoda by posílila přepravu plynu z Haynesville do exportních terminálů na pobřeží Mexického zálivu.
CompaniesJune 28 (Reuters) - U.S. pipeline operator Williams (WMB.N), opens new tab is in advanced talks to acquire rival natural gas pipeline operator Momentum Midstream for about $5.5 billion, Bloomberg News reported on Sunday, citing people familiar with the matter.
The Tulsa, Oklahoma-based company is putting the finishing touches on an agreement to buy Momentum from private equity firm EnCap Flatrock Midstream, the report said, adding that a deal could be announced in about a week.
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Reuters could not immediately verify the report. Williams Companies, Momentum Midstream and EnCap Flatrock Midstream did not immediately respond to a request for comment.
The deal would give Williams additional capacity to move gas from the Haynesville shale to U.S. Gulf Coast export terminals, the Bloomberg report said.
No final decision has been made and EnCap could still opt to retain the company, according to the report.
Williams is exploring acquiring U.S. natural gas production assets as it looks to secure supplies for its offerings to hyperscalers and data center clients, Reuters reported in February.
Momentum Midstream operates around 4,000 miles (6,437 km) of pipelines, serving more than 140 customers across its network, according to the company website, opens new tab. It also serves 10 liquefied natural gas facilities and 26 power plants.
Reporting by Bipasha Dey in Bengaluru; Editing by Edmund Klamann and Bill Berkrot
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