Strong 2Q results reported by Williams
Williams announced its unaudited financial results for the three and six months ended June 30, 2019 showing strong second quarter 2019 results compared with those of the second quarter of 2018.
The company showed net income of $310 million for the quarter which was $175 million or 130% higher than a year ago. The year to date net income was $217 million or 76% higher.
Net income per share was 26 cents or 63% higher while the adjusted income per share was 26 cents or 53% more.
Cash flow from Williams’ operations totaled $1.069 billion or $178 million higher than the previous quarter.
The adjusted EBITDA was $1.241 billion or $131 million higher and 12% more.
During the quarter, William wrapped up creation of a joint venture with the Canada Pension Plan Investment Board and received $1.33 billion in exchange for 35% interest in the new Northeast joint venture. The firm also completed the sale of 50% interest in Jackalope Gas Gathering Services LLC for $485 million.
“Strong demand for natural gas and the resiliency of our well-positioned business are clearly reflected in our second-quarter 2019 results,” said Alan Armtrong, President and CEO. ” Compared to second-quarter 2018, our Cash Flow From Operations increased by 20% and Adjusted Income Per Share rose by 53%. Low gas prices will continue to incentivize demand growth, and demand for low cost power generation, LNG exports and new industrial loads will grow even faster in the second half of the year. So we expect this predictable cash flow growth to continue.”
Gross gathering volumes, including 100% of operated equity-method investments, reflect a 17% increase for second-quarter 2019 over second-quarter 2018. Year-to-date, gross gathering volumes increased 16% over the same reporting period in 2018.