Williams Displays Steady Progress in 1Q; Deft Hand on Asset Sales
Williams reported decent first-quarter results, and we do not plan on material changes to our $28 fair value estimate or narrow moat rating. As expected, Williams' results were fairly steady with adjusted overall EBITDA increasing 7% year over year to $1.2 billion, mainly benefiting from new Transco projects Atlantic Sunrise and the Gulf Connector placed in service. These projects, which went into service in October 2018 and January 2019 were the primary contributor to the $97 million in increme...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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