Williams Reports In-Line 1Q, Faces Another Setback on Constitution
The Williams entities reported an in-line first quarter, and earnings are on track to meet our full-year expectations. We plan to maintain our narrow moat ratings and fair value estimates for both. The quarter was a relatively clean one for the entities after asset sales, impairments, and tax reform charges marred the last few quarters, and the earnings power of the underlying pipelines shone through. Overall EBITDA improved 5% year over year to $1.1 billion, led by Transco expansions and higher...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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