Williams Cos. in Tulsa reported a second quarter net income of $303 million or 25 cents per diluted share while its adusted EBITDA for the quarter totaled $1.24 billion and $2.502 billion for the year to date—an increase for the year.
The company reported that excluding its non-cash deferred revenue step down, the second quarter adjusted EBITDA was $31 million higher or 2.5%. Cash flow from its operations totaled $1.143 billion, 7% more than the second quarter of last year.
However, the second-quarter 2020 net income was down slightly compared to a year earlier as service revenues dropped slightly because of increases from the Transco expansion projects in the northeast.
“We’ve built a business that is steady and predictable, and this quarter was a chance to show just how durable this business can be against a number of headwinds,” said Alan Armstrong, president and chief executive officer.
“Even with the significant and unexpected disruptions caused by geopolitical oil disputes, the COVID-19 pandemic and a tropical storm, our earnings remained consistent with our projections, largely due to the stability of our natural gas-focused business, our minimal exposure to commodity price volatility, and our proactive cost reductions instituted last year.”
As for the remainder of 2020, Williams now expects growth capex of $1 billion to $1.2 billion, down from the original range of $1.1 billion to $1.3 billion.
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