Williams Companies Reports Solid Third Quarter; Refreshing the Growth Engine Priced In
The Williams Companies reported third-quarter results ahead of expectations with growth across all segments but receiving a particular boost from higher olefin margins. While three significant new facilities (Kodiak, Gunflint, and Rock Springs) helped drive top-line growth, management also drove cost out of the business to achieve third-quarter adjusted EBITDA of $1.192 billion beyond the consensus view of $1.05 billion. The firm's growth projects remain on track; however, management has revised...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.
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