Williams reported a better-than-expected second quarter with a net income of $304 million or 25 cents per diluted share.
Its cash flow from operations totaled $1.1 billion, down $86 million or 8% from a year earlier. But the available money from its operations was $919 million, up $47 million or 5% from the second quarter of 2020.
The adjusted EBITDA increased $77 million or 6% to $1.317 billion compared to a year ago. Williams also reported a record quarterly gathering volume of 13.79 Bcf/d.
“Williams once against posted another strong quarter of results with adjusted EBITDA up 6% reflecting record quarterly gas gathering volumes and the successful execution of several critical Transco expansion projects,” stated Alan Armstrong, president and chief executive officer.
” As we move into the second half of the year, we are trending to the higher end of our previously increased 2021 financial guidance and are on track to bring into full service the Leidy South Transco expansion ahead of schedule and in time for the winter heating season.”
The company expects 2021 Adjusted EBITDA at the higher end of the previously increased guidance range of $5.2 billion to $5.4 billion and Available Funds from Operations between $3.7 billion and $3.9 billion. Moreover, the leverage ratio is expected to be less than the 4.2x midpoint for year-end 2021; growth capex is reaffirmed at $1 billion to $1.2 billion. Importantly, Williams expects to generate positive free cash flow (after capital
expenditures and dividends), allowing it to retain financial flexibility.
Click here for Williams release and SEC filing