UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 1-4174 THE WILLIAMS COMPANIES, INC. (Exact name of registrant as specified in its charter) Delaware 73-0569 ...

Financial Performance - GAAP net income for Q2 2024 was $401 million, or $0.33 per diluted share, a decrease of $146 million compared to Q2 2023[6] - Adjusted EBITDA reached a record $1.667 billion, up $56 million or 3% from Q2 2023[2] - Cash flow from operations (CFFO) totaled $1.279 billion, reflecting a decrease from $1.377 billion in Q2 2023[5] - Available funds from operations (AFFO) increased to $1.250 billion, up $35 million or 3% year-over-year[2] - The company reported a year-to-date net income decrease of $441 million, primarily due to unfavorable changes in commodity derivatives and higher operating costs[6] - Total revenues for the three months ended June 30, 2024, were $2.336 billion, compared to $2.483 billion for the same period in 2023, reflecting a decrease of approximately 5.9%[25] - Net income attributable to The Williams Companies, Inc. for the three months ended June 30, 2024, was $401 million, compared to $460 million in 2023, a decrease of approximately 12.8%[25] - Basic earnings per share from continuing operations for the three months ended June 30, 2024, were $0.33, down from $0.45 in 2023, a decline of about 26.7%[25] - Operating income for the three months ended June 30, 2024, was $696 million, compared to $870 million in 2023, a decrease of approximately 20%[25] - Net income for the six months ended June 30, 2024, was $1,088 million, compared to $1,451 million for the same period in 2023, representing a decrease of about 25%[27] Capital Expenditures and Investments - Adjusted EBITDA for 2024 is expected to be between $6.8 billion and $7.1 billion, with a growth capex of $1.45 billion to $1.75 billion[19] - For 2025, Adjusted EBITDA is projected to be between $7.2 billion and $7.6 billion, with growth capex between $1.65 billion and $1.95 billion[19] - The company anticipates a leverage ratio midpoint of 3.85x for 2024 and has increased the dividend by 6.1% to $1.90 from $1.79 in 2023[19] - Total capital expenditures for the year amounted to $2,516 million, with the fourth quarter alone contributing $671 million[40] - The total capital investments for the year reached $4,279 million, with significant contributions from property, plant, and equipment[40] - The company made purchases of businesses net of cash acquired totaling $1,568 million for the year[40] Cash Flow and Liquidity - Cash provided by operating activities was $2,513 million for the six months ended June 30, 2024, down from $2,891 million in 2023, a reduction of approximately 13%[27] - Cash and cash equivalents at the end of the period were $55 million, down from $551 million at the end of June 30, 2023, a decrease of about 90%[27] - The dividend coverage ratio was 2.16x on an AFFO basis, slightly down from 2.23x in Q2 2023[5] - Common dividends paid increased from $1,091 million in 2023 to $1,158 million in 2024, an increase of approximately 6%[27] Operational Highlights - Williams exited its Aux Sable joint venture for $160 million and consolidated ownership of the Gulf of Mexico Discovery system, enhancing operational efficiency[17][18] - Construction activities have commenced on the Louisiana Energy Gateway project and Transco's Texas to Louisiana Energy Pathway expansion[4] - Significant emissions reductions were achieved by replacing 57 compressor units across Transco and Northwest Pipeline[2] Future Outlook - The company is on track to achieve the top half of its 2024 financial guidance, with a projected five-year compound annual growth rate of over 12% for Adjusted EPS from 2020 to 2025[3] - The company expects net income for Q4 2023 to be approximately $1,168 million, reflecting a positive outlook for the upcoming quarter[48] - Net income from continuing operations for 2024 is projected to be between $2,094 million and $2,344 million, with a mid-point guidance of $2,219 million[54] - The company plans a 5%-7% growth in common dividends paid[54] - The company highlights the importance of market conditions and regulatory environments as key factors influencing future performance[56]

Company Overview - Williams Companies, Inc. (WMB) is expected to report a year-over-year decline in earnings of 7.1%, with an estimated earnings per share (EPS) of $0.39 for the quarter ended June 2024 [2] - Revenue is projected to be $2.72 billion, reflecting a 9.6% increase from the previous year [2] Earnings Estimates and Revisions - The consensus EPS estimate has been revised 1.47% higher in the last 30 days, indicating a reassessment by analysts [2] - The Most Accurate Estimate for Williams Companies is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -2.06%, suggesting a bearish outlook from analysts [5] Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank of 1, 2, or 3 [4] - Williams Companies currently holds a Zacks Rank of 3, making it difficult to predict an earnings beat conclusively [5][6] Historical Performance - In the last reported quarter, Williams Companies exceeded the expected EPS of $0.49 by delivering $0.59, resulting in a surprise of +20.41% [7] - Over the last four quarters, the company has consistently beaten consensus EPS estimates [7] Industry Context - Enbridge (ENB), a peer in the Oil and Gas - Production and Pipelines industry, is expected to report an EPS of $0.46, reflecting a year-over-year decline of 9.8% [9] - Enbridge's revenue is anticipated to be $4.28 billion, down 44.9% from the previous year, with an Earnings ESP of -0.31% [9]

In this articleWMBAlan Armstrong, chief executive officer of Williams Cos., speaks at the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Wednesday, March 20, 2024. F. Carter Smith | Bloomberg | Getty ImagesThe U.S. will fall behind in the artificial intelligence race if it does not embrace natural gas to help meet surging electricity demand from data centers, the CEO of one of the nation's largest pipeline operators told CNBC."The only way we're going to be able to keep up with the kind of ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Williams Companies, Inc. (The) (WMB) , which belongs to the Zacks Oil and Gas - Production and Pipelines industry, could be a great candidate to consider.This pipeline operator has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of ...

Travel Ink/DigitalVision via Getty ImagesThose who follow my work closely know that I have a great deal of affection for the pipeline/midstream space. After all, as of this writing, the third-largest holding in my portfolio, accounting for nearly 13% of total assets, is in this space. That firm is not The Williams Companies (NYSE:WMB). However, after recognizing that I haven't written an article about Williams Companies in six years, I figured it would be a good idea to revisit the firm and see what kin ...

It has been about a month since the last earnings report for Williams Companies, Inc. (The) (WMB) . Shares have added about 5.7% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is The Williams Companies due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Williams Q1 Earnin ...

The Williams Companies, Inc. (WMB) has decided not to proceed with the Northeast Supply Enhancement (NESE) project. Transcontinental Gas Pipeline Company LLC (Transco), a subsidiary of Williams, had proposed the construction of a system of 26 and 42inch diameter natural gas pipeline stretching from Pennsylvania through New Jersey to a transfer point about three miles offshore from the Rockaway Peninsula in Queens, New York. The project was aimed to serve a gas utility, National Grid.Per Williams’ claims, co ...

William_Potter/iStock via Getty Images Introduction I am a huge fan of natural gas. I believe it's one of the best things "ever," as it is a clean-burning alternative to coal, a relatively cheap commodity making the energy transition easier, and a great way for investors to make money. As we can see below, in 2008, natural gas accounted for roughly a fifth of the U.S. power generation. Last year, that number was 43%, pushing coal to less than 20%. Range Resources On top of that, it's now getting support fro ...

Core Viewpoint - The Williams Companies (WMB) is positioned as a strong investment opportunity within the energy sector, particularly in the natural gas infrastructure space, with positive earnings growth and technical momentum anticipated in the coming quarters [4][20]. Company Overview - Williams operates primarily in the U.S. energy infrastructure sector, focusing on natural gas through various segments including Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services [4]. - The company reported Q1 2024 non-GAAP EPS of $0.59, exceeding Wall Street's consensus of $0.49, with revenues of $2.77 billion, a 10% decline year-over-year, but still a modest beat [4]. Financial Performance - Q1 adjusted EBITDA reached $1.93 billion, marking an 8% increase from the previous year and a 9% beat on expectations [4]. - The dividend coverage ratio stands at 2.6x, with a current yield of 4.9% [4][10]. - Analysts project adjusted EBITDA for the year to be between $6.95 billion and $7.1 billion, driven by higher natural gas demand, particularly from LNG exports and data center power demand [9]. Earnings and Valuation Forecast - Earnings per share (EPS) are expected to decline by 4% in 2024 but are projected to rebound in subsequent years, with estimates of $1.84 in 2024, $1.99 in 2025, and $2.02 in 2026 [11]. - The current P/E ratio is approximately 20x, which is higher than many peers in the energy sector, but the EV/EBITDA ratio remains competitive at around 10 [10][12]. Market Trends - The energy transport sector has seen a 34% year-over-year increase, outperforming the S&P 500 [4]. - Data center power demand is expected to double, reaching 8% of total U.S. power demand by 2030, contributing to increased energy infrastructure needs [5][6]. Technical Analysis - WMB shares have recently broken through key resistance levels, indicating bullish momentum, with a price target of approximately $48 based on technical patterns [18][20]. - The long-term 200-day moving average is upward-sloping, suggesting a positive primary trend for the stock [18].