The Williams Companies, Inc. (WMB), headquartered in Tulsa, Oklahoma, operates as an energy infrastructure company focused on connecting North America's hydrocarbon resource plays to growing markets for natural gas, natural gas liquids (NGLs), and olefins. With a market cap of $69.7 billion, the company owns and operates midstream gathering and processing assets, and interstate natural gas pipelines. Companies worth $10 billion or more are generally described as “large-cap stocks,” and WMB perfectly fits ...

Core Insights - The focus is on generating a 7%+ income yield through investments in energy stocks while minimizing principal loss [1] - The investment strategy includes managing risk through options and providing both micro and macro analysis of energy companies [1] Group 1 - The investment group "Energy Profits in Dividends" aims to provide early access to investment ideas and in-depth research for subscribers [1] - The leader of the group emphasizes the importance of income generation through energy stocks and closed-end funds (CEFs) [1] - Subscribers are able to access research without needing a subscription to Seeking Alpha Premium [1] Group 2 - The article was originally published on September 5, 2025, at 3:15 p.m. EST, allowing subscribers time to act on the information [2] - The author holds long positions in various energy-focused funds that may include stocks mentioned in the article [2]

The crude pricing environment is likely to remain favorable for upstream operations, which in turn could lead to stable transportation and storage demand. Also, rising clean energy demand from the data centers is brightening the prospects for natural gas transportation companies, enhancing the Zacks Oil and Gas - Production and Pipelines industry’s outlook.The companies belonging to the industry are also benefiting from stable fee-based revenues, since most of the contracts are for long-term. Key players in ...

Core Viewpoint - Kayne Anderson Energy Infrastructure Fund, Inc. reported its financial position as of August 31, 2025, highlighting a strong net asset value and significant asset coverage ratios under the Investment Company Act of 1940 [1][2]. Financial Summary - The Company's net assets totaled $2.3 billion, with a net asset value per share of $13.82 as of August 31, 2025 [2]. - Total assets amounted to $3,234.7 million, which included investments of $3,223.1 million and cash and cash equivalents of $8.9 million [3]. - The asset coverage ratio for senior securities representing indebtedness was 723%, while the total leverage coverage ratio was 522% [2]. Liabilities Overview - Total liabilities were reported at $347.1 million, which included a credit facility of $50 million, notes of $350 million, and a deferred tax liability of $294.2 million [3]. Investment Composition - The Company had 169,126,038 common shares outstanding and invested primarily in Midstream Energy Companies (94%), with smaller allocations to Power Infrastructure (3%) and Other (3%) [5]. - The ten largest holdings included significant investments in companies such as The Williams Companies, Inc. ($344 million), Enterprise Products Partners L.P. ($327.1 million), and Energy Transfer LP ($323.8 million) [5]. Investment Objective - The Company aims to provide a high after-tax total return with a focus on cash distributions to stockholders, investing at least 80% of its total assets in securities of Energy Infrastructure Companies [7].

Company Performance - The company has demonstrated consistent earnings growth over the past 12 years, with a compound annual growth rate of 9% in earnings over the last 5 years [3] - The return on invested capital for the company over the past 5 years has been 20%, indicating strong project execution and investment in high-return projects [4] Future Outlook - The company is positioned strongly for the future, with fundamentals supporting continued growth [5]

Financial Data and Key Metrics Changes - The company has achieved a compound annual growth rate (CAGR) of 9% in earnings over the last five years, with a consistent earnings growth for 12 years [3][12] - Earnings per share have grown at a CAGR of 14% over the same five-year period [12] - The return on invested capital has been 20% during the last five years [3] Business Line Data and Key Metrics Changes - The company is focusing on expanding its transmission capacity, forecasting growth from 20 BCF/day in 2018 to 38 BCF/day by the end of the decade [14] - There is a backlog of over 13 BCF/day of transmission projects and an additional $14 billion investment opportunity identified [18] Market Data and Key Metrics Changes - Power demand in the United States is expected to grow four times over the next decade compared to the last decade, driven by data centers and artificial intelligence [9] - LNG exports from the U.S. are projected to double by 2035, becoming a significant growth driver for natural gas demand [10] Company Strategy and Development Direction - The company has anchored its strategy around the natural gas value chain, focusing on reliable, affordable, and clean energy solutions [4][8] - There is a strong emphasis on connecting demand to the transmission system, with plans for significant expansion in transmission infrastructure [13][14] - The company is pursuing power innovation projects, with an investment increase to $2 billion and a target of 6 GW in projects [20][21] Management's Comments on Operating Environment and Future Outlook - Management believes the company is well-positioned for sustainable growth, with a strong balance sheet and market fundamentals supporting future expansion [12][13] - The leadership transition has settled, and the team is prepared to tackle the next generation of growth opportunities [5] Other Important Information - The company has reduced leverage and improved its balance sheet, enhancing its capacity to invest [12] - The company is focused on the natural gas value chain and sees no immediate need to diversify into other energy sources [24][27] Q&A Session Summary Question: Thoughts on diversifying into natural gas liquids or crude oil - Management emphasized a focus on natural gas due to its alignment with long-term sustainable business performance and current market fundamentals [24][25] Question: How to evaluate new projects and expected returns - The company targets high-return projects with a focus on maintaining a return on invested capital above 20% [40][41] Question: Impact of turbine capacity on growth plans - Management discussed the modular approach to projects and securing inventory to meet future opportunities, while also considering the evolving market for turbines [33][34] Question: Role of nuclear energy in future energy solutions - Management acknowledged the potential of nuclear energy if it becomes cost-competitive and addresses speed to market, but emphasized a current focus on natural gas [36][38]

Financial Data and Key Metrics Changes - The company has achieved consistent earnings growth for 12 years, with a compound annual growth rate (CAGR) of 9% over the last five years [3][12] - Earnings per share (EPS) has grown at a CAGR of 14% over the same five-year period [12] - The return on invested capital (ROIC) has been 20% over the last five years, indicating strong project execution [3][12] Business Line Data and Key Metrics Changes - The company is focusing on expanding its transmission capacity, forecasting growth from 20 BCF/day in 2018 to 38 BCF/day by the end of the decade [14] - There is a backlog of over 13 BCF/day of transmission projects and an additional $14 billion investment opportunity identified [19] - The company is pursuing 6 GW of power innovation projects, reflecting a strategic shift towards energy-intensive businesses [22] Market Data and Key Metrics Changes - Power demand in the United States is expected to grow four times over the next decade compared to the last decade, driven by data centers and artificial intelligence [8] - LNG demand is projected to double by 2035, becoming a significant growth driver for natural gas demand in the U.S. [10] - The company highlights the need for natural gas to support renewable energy and address intermittency issues [9] Company Strategy and Development Direction - The company has anchored its strategy around the natural gas value chain, focusing on reliable, affordable, and clean energy solutions [4][6] - There is a strong emphasis on connecting demand to the transmission system, with plans for significant expansion in transmission infrastructure [13][14] - The company aims to maintain a long-term sustainable growth strategy, leveraging its existing projects and backlog [11][12] Management's Comments on Operating Environment and Future Outlook - Management expresses confidence in the company's position, citing strong fundamentals and a robust backlog of projects [4][5] - The leadership transition has been smooth, with a focus on maintaining continuity and readiness for future growth [5] - The company anticipates impressive growth to continue, with guidance updated to $7.75 billion in earnings for the current year [15][16] Other Important Information - The company has reduced leverage and improved its balance sheet, positioning itself for future investments [12] - A significant investment of $2 billion has been announced for power innovation projects, reflecting the company's commitment to meeting customer needs [21] - The company is actively exploring opportunities in adjacent markets while remaining focused on its core natural gas strategy [28] Q&A Session Summary Question: Thoughts on diversifying into natural gas liquids or crude oil - Management emphasizes a focus on natural gas as the best fit for long-term sustainable business performance, with no immediate plans to diversify significantly [25][26] Question: Impact of turbine capacity on growth plans - Management discusses the modular approach to projects and the ability to secure inventory for upcoming opportunities, indicating confidence in meeting future demand [30][35] Question: Role of nuclear energy in future strategy - Management acknowledges the potential of nuclear energy if it becomes cost-competitive and reliable, but emphasizes a current focus on natural gas solutions [37][40] Question: Return on invested capital as a hurdle rate for new projects - Management clarifies that while 20% return on invested capital is a key metric, the focus remains on identifying high-return opportunities rather than setting a strict hurdle rate [42][43]

Barclays CEO Energy- Power Conference Chad Zamarin President and Chief Executive Officer September 2, 2025 WILLIAMS © 2025 The Williams Companies, Inc. All rights reserved NYSE: WMB I Barclays CEO Energy-Power Conference I September 2025 I www.williams.com 1 Superior growth coupled with scale & sustainability Proven execution and growth today An even brighter future ahead Earnings outperformance Consistent earnings growth Proven project execution Crisp execution on high-return expansion.. projects driving a ...

Core Insights - The pandemic initially caused significant uncertainties, leading to a historic drop in crude oil prices, which fell to negative $36.98 per barrel on April 20, 2020, but prices rebounded to $123.64 per barrel by March 8, 2022, due to vaccine rollouts and economic recovery [2]. Midstream Business Resilience - Midstream energy companies like Kinder Morgan, MPLX, and The Williams Companies are less vulnerable to commodity price volatility compared to oil and gas producers, as they generate stable fee-based revenues from long-term contracts [3][4]. - The midstream business model is characterized by lower risk exposure to oil and gas prices and volume fluctuations, making it more resilient during price volatility [4]. Company-Specific Insights - **Kinder Morgan (KMI)**: Operates a vast network of 79,000 miles of oil and gas pipelines, primarily earning revenue from take-or-pay contracts, which provide stable cash flows [5][8]. - **MPLX**: Focuses on transporting crude oil and refined products, securing stable cash flows through long-term contracts with shippers [6][8]. - **The Williams Companies (WMB)**: Engages in transporting, storing, gathering, and processing natural gas and natural gas liquids, well-positioned to meet the growing demand for clean energy [6][7].

Core Insights - The energy sector, particularly natural gas stocks, is experiencing a resurgence driven by the demand from AI data centers, which require reliable power sources for their operations [1][2][12] Group 1: Natural Gas Stocks - Williams Companies operates one of the largest interstate natural gas pipeline systems in the U.S., with a 12-month stock price forecast of $62.00, indicating a 5.91% upside [3] - The company is seeing rising demand from data center developers for high-volume, low-cost, and reliable baseload power, aligning with its pipeline assets in key regions [4] - Data center developers are selecting sites near existing natural gas infrastructure, which is increasing Williams' capital expenditures [5] Group 2: EQT Corporation - EQT is the largest natural gas producer in the U.S. and is investing in certified low-emissions natural gas, which is increasingly important for data center developers [9] - The stock has recently pulled back, making it an attractive entry point, with analysts forecasting a 32% earnings growth over the next 12 months and a forward P/E around 15x [10] Group 3: GE Vernova - GE Vernova, a spin-off from General Electric, is a leading producer of natural gas turbines and is expected to grow earnings at 67.8% over the next 12 months [12][14] - The company is also involved in grid modernization, supplying essential equipment to manage surging electricity demand from AI data centers [13]