Tulsa-based Williams reported third quarter 2019 earnings that saw big jumps in improvements, going up 71 percent or $91 million as net income available to common stockholders was $220 million. The company said income so far this year reached $308 million, a 74 percent increase.
To say the least, the company called them “strong results.”
Net income per share was 18 cents, a 38 percent increase while the net income per share since the beginning of the year increased 30 percent as it reached 60 cents a share.
Cash flow from operations were $858 million, a $112 million or 15 percent increase.
“Our third-quarter 2019 results show why we’re so confident in the long-term sustainability of our business. Even in the current challenging commodity environment, we once again delivered year-over-year growth in our key financial metrics and remain on track for our 2019 guidance,” said Alan Armstrong, president and chief executive officer.
Williams saw significant increases throughout its various markets. Earnings and gathering volumes were up in the Northeast. The earnings before interest, depreciation and amortization in the Atlantic-Gulf segment increased 22 percent from the second quarter 2019.
In the third quarter, the company put a new project into service in New Jersey and also received FERC approval for a Southeastern Trail expansion project. It also completed and commission several key projects in the DJ basin in northern Colorado and the Wamsutter basin in Wyoming.
Williams isn’t ignoring environmental challenges as Armstrong said, “— we will continue to run our business in an environmentally responsible manner as evidenced by the fact that since 2012, we’ve eliminated more than half of our methane emissions from our gas processing plants and transmission compressor stations.”
The company benefited from increased service revenues in the Atlantic-Gulf segment where there was also growth in gathering volumes. But some of the income was offset by a drop in the West segment following the company’s sale of its Four Corners business in the fourth quarter of 2018.
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