Big 3Q earnings report for Williams Cos.

Williams Cos. remains committed to merger despite possible job losses | KTUL

 

Leadership at Tulsa’s Williams Cos. called the third quarter earnings “exceptional” as the company saw a 12% increase in adjusted earnings.

Williams saw net income of $164 million or 13 cents a diluted share while its adjusted EBITDA was $1.420 billion, up $153 million from the third quarter 2020.

“We achieved exceptional results in the third quarter with Adjusted EBITDA up 12% compared to the same period last year, driven by growth across our three major business segments including another quarter of record gas gathering and transmission volumes, increased revenues from transmission projects and favorable NGL marketing margins,” said Alan Armstrong, company president and CEO in a statement on Monday.

Alan S. Armstrong | Williams Companies

Year-to-date 2021 net income improved by $800 million over the prior year, reflecting $190 million of higher commodity margins.

The company also announced record quarterly gathering volumes as well as contracted transmission capacity.

With the increased earnings, Williams increased its full-year 2021 adjusted EBITDA guidance to $5.525 billion midpoint, a $325 million midpoint increase from guidance originally issued in February 2021.

“From an environmental perspective, our highly reliable natural gas transmission and storage networks are extremely well-positioned to continue displacing higher carbon fuels while supporting the growth of renewable energy and responsibly sourced natural gas for LNG export,” added Armstrong.

He also said the company further advanced a dozen solar projects and is pursuing emerging opportunities like a hydrogen hub near its assets in southwestern Wyoming.

The earnings report stated the severe winter weather impact in February 2021 and the associated effect on commodity prices is estimated to have had a net favorable impact on our pre-tax results of approximately $77 million, primarily within the company’s commodity margins and results from upstream operations.