Williams came out this week with second quarter earnings of 43 cents a share which was more than the analyst estimate of 38 cents. It also had reported revenue of $2.34 billion, nearly 4% below the analyst estimate of $2.43 billion.
Adjusted net income was $521 million and 43 cents a share and it had a record second quarter adjusted EBITDA of $1.667 billion, an increase of $56 million or 3% higher than a year ago. Cash flow from operations was $1.279 billion and available funds from the operations was $1.250 billion, or $35 million and 3% higher than a year earlier.
“Our record second quarter Adjusted EBITDA was driven primarily by the strong performance of our transmission and storage business,” said Alan Armstrong, President and CEO. “Even in this environment of low gas prices, we continue to deliver
and are on track to achieve the top half of financial guidance this year —.”
He pointed to the company’s track record of delivering conseutive year-over-year growth for more than a decade.
“—and all signals indicate that the future will be even stronger as demand for natural gas accelerates due to increasing electrification and LNG exports. With our powerful backlog of projects and outstanding track record of execution, no other company is better positioned than Williams to convert these opportunities into compounding returns for our shareholders.”
Second-quarter 2024 net income decreased by $146 million compared to the prior year reflecting an unfavorable change of $214 million in net unrealized gains/losses on commodity derivatives, higher net interest expense from recent debt issuances and retirements, as well as higher operating costs, depreciation and interest expense resulting from recent acquisitions.
Williams cited a number of accomplishments during the quarter.
• Placed Transco’s Regional Energy Access into full service ahead of schedule on Aug. 1
• Placed Marcellus South and MountainWest’s Uinta Basin expansions in-service
• Significant emissions reductions and cost savings accomplished in replacing 57 Transco and
Northwest Pipeline compressor units to date
• Initiated construction activities on Louisiana Energy Gateway gathering, treating and carbon
capture & sequestration project
• Began construction on Transco’s Texas to Louisiana Energy Pathway expansion
• Signed precedent agreement on Transco’s Gillis West expansion
• Published 2023 Sustainability Report; set 2028 methane intensity goal for OGMP 2.0
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