Report
Mark Hanson
EUR 101.80 For Business Accounts Only

Challenging Year in the Rear View for Williams; Business Right-Sized but Growth Largely Priced In

The Williams Companies concluded a challenging year with encouraging fourth-quarter results. Williams notched substantially improved EBITDA through 2016 (up 8% year over year) thanks to higher income contribution from Williams Partners. Improved performance from Williams Partners stemmed from a combination of new facilities driving top-line growth and substantially lower operating and maintenance and selling, general, and administrative expenses. In our view, Williams Partners remains very well ...
Underlying
Williams Companies Inc.

Williams Companies is an energy infrastructure company focused on connecting North America's hydrocarbon resource plays to markets for natural gas and natural gas liquids (NGLs) through its gas pipeline and midstream business. The company's segments are: Transmission & Gulf of Mexico, which includes the company's subsidiary, Transcontinental Gas Pipe Line Company, LLC, an interstate natural gas pipeline that extends from the Gulf of Mexico to the eastern seaboard; Northeast G&P, which includes the company's natural gas gathering, compression, processing, and NGL fractionation businesses; and West, which includes the company's interstate natural gas pipeline.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Mark Hanson

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