Tulsa-based Williams announced its third quarter net income totaled $129 million which was a $96 million increase over a year ago. Cash flow from operations came to $746 million, which was $41 million more than the third quarter of 2017.
It resulted in a third quarter adjusted income of 24 cents a share which represented a 60% increase over the third quarter of last year. For the year, the per-share income came to 61 cents.
Alan Armstrong, president and chief executive officer, made the following comments:
“This quarter’s strong execution and results highlight why we are so bullish on the future,” said Alan Armstrong, president and chief executive officer. ” We continue to enjoy a backlog of attractive investment opportunities, and third-quarter 2018 results reflected continued steady and predictable increases in each of our key financial metrics. With our strong year-to-date financial and operational performance, we see our full-year results trending toward the upper end of our financial guidance for 2018.”
Armstrong credited some of the growth in revenue to higher gas volumes in the Northeast along with the expansion of Transco in the Atlantic-Gulf segment. He believes revenues will grow even higher in the fourth quarter due to the Atlantic Sunrise project and the Gulf Connector project.
“Importantly, Atlantic Sunrise has opened up new markets for Marcellus producers, and that is now driving accelerated growth in our Northeast G&P business segment,” added Armstrong. ” This growth will continue for many years, and immediately upon the heels of Atlantic Sunrise, we have announced another fully-contracted expansion out of the Northeast Pennsylvania area to serve growing markets with Transco’s Leidy South Expansion.”
But the company is also rapidly expanding its gathering systems and plants in the Marcellus, Utica, Haynesville, Powder River, DJ and Wamsutter Basins.
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