Williams(WMB)2025-02-25 22:07Capacity and Infrastructure - Transco's system had a design capacity of approximately 19.8 MMdth/d, with expansions adding 0.4 MMdth/d from the Regional Energy Access project and 0.1 MMdth/d from the Carolina Market Link project in 2024[56]. - NWP's system has a design capacity of approximately 3.8 MMdth/d and includes 42 transmission compressor stations with a combined capacity of approximately 476,000 horsepower[58]. - Williams acquired 100% of MountainWest Pipelines Holding Company on February 14, 2023, which has a design capacity of 8.0 MMdth/d and includes 64 Bcf of natural gas storage capacity[60]. - The Gulf Coast Storage Acquisition on January 3, 2024, added approximately 118 Bcf of natural gas storage capacity across Louisiana and Mississippi[63]. - Williams operates a 43 Mbbls/d NGL fractionation facility in West Virginia and a 135 Mbbls/d NGL fractionation facility in Ohio, with a total NGL storage capacity of approximately 970,000 barrels[75]. - The company has a 66% interest in the Bradford Supply Hub gathering system and a 68% interest in the Marcellus South gathering system, which together have a capacity to gather 5,700 MMcf/d of natural gas across approximately 1,050 miles of pipeline[78]. Production and Sales - Williams' NGL production increased to 47 Mbbls/d in 2024, up from 27 Mbbls/d in 2023[71]. - In 2024, Williams' consolidated NGL production is projected to be 139 Mbbls/d, maintaining the same level as in 2023, while non-consolidated NGL production is expected to increase to 72 Mbbls/d from 65 Mbbls/d in 2023[81]. - Williams' NGL marketing business reported sales volumes of 177 Mbbls/d in 2024, down from 223 Mbbls/d in 2023[89]. - The company reported gathering volumes of 4.16 Bcf/d in 2024, a decrease from 4.45 Bcf/d in 2023, while non-consolidated gathering volumes are projected to be 6.46 Bcf/d[81]. - Williams' crude oil transportation capacity was 113 Mbbls/d in 2024, down from 123 Mbbls/d in 2023[71]. Financial Performance - The total revenues for Williams in 2024 were 10,907 million in 2023[481]. - The operating income for Williams in 2024 was 4,311 million in 2023, reflecting a decline of 22.6%[481]. - The net income attributable to common stockholders for 2024 was 3,176 million in 2023, representing a decrease of 30.1%[481]. - Cash provided by operating activities was 5,938 million in 2023[490]. - The company declared cash dividends of 1.79 per share in 2023, representing a 6% increase[488]. Debt and Financial Obligations - As of December 31, 2024, the company's long-term fixed-rate debt is projected to be 455 million in commercial paper as of December 31, 2024, with a weighted-average interest rate of 4.6%[448]. - The fixed-rate long-term debt for 2025 is estimated at 1,086 million by December 31, 2024[452]. - The company is exposed to commodity price risk through its natural gas and NGL marketing activities, managing this risk with various energy contracts[456]. Regulatory and Compliance - Transco filed a general rate case with the FERC for an overall increase in rates, effective March 1, 2025, with certain rates reflecting a decrease effective October 1, 2024, expected to reduce revenues by approximately $1 million per month[98]. - NWP began purchasing carbon emissions allowances under Washington State's Climate Commitment Act, which took effect on January 1, 2023, to comply with state regulations[127]. - Williams is actively monitoring evolving regulatory requirements to ensure compliance across its operations, including cybersecurity measures[117]. Employee and Corporate Culture - Williams had 5,829 full-time employees as of February 1, 2025, with a voluntary turnover rate of 5.0% in 2024[141]. - The company emphasizes a safety-first culture, aiming for zero safety incidents and incorporating safety metrics into its annual incentive program, which comprises 15% of the program[144]. - The company actively supports community initiatives and employee development programs to foster a diverse and inclusive workplace[151]. Sustainability and Strategic Initiatives - The company has invested in new energy ventures related to hydrogen, solar, and renewable natural gas, indicating a strategic shift towards sustainable energy solutions[94]. - Williams is committed to sustainability, with goals for methane emissions reduction and safety metrics outperforming established targets in 2024[145]. - Williams' competitive strategy focuses on a narrowed natural gas value chain, enhancing reliability and quality of services[129].