Williams(US:WMB)2025-11-04 14:30Financial Performance - Williams achieved 13% Adjusted EBITDA growth in 3Q 2025 compared to 3Q 2024[3], with Adjusted EBITDA reaching $1.92 billion in 3Q 2025[4] - Adjusted Earnings per Share increased by 14% to $0.49 in 3Q 2025 compared to $0.43 in 3Q 2024[12] - Available Funds From Operations (AFFO) grew by 13% to $1.449 billion in 3Q 2025 compared to $1.286 billion in 3Q 2024[12] - Williams' financial guidance for 2025 projects Adjusted EBITDA between $7.6 billion and $7.9 billion, representing a 9% year-over-year change[28] - Adjusted Diluted EPS for 2025 is guided between $2.01 and $2.19, a 9% increase[28] - Available Funds From Operations (AFFO) for 2025 is projected between $5.56 billion and $5.79 billion, a 6% increase[28] Strategic Initiatives and Projects - Williams is advancing its wellhead to water strategy through a strategic LNG partnership and E&P asset divestiture[2] - The company signed customer agreements for a 10 Bcf Pine Prairie storage expansion[2] - Williams is investing approximately $5.1 billion in power innovation efforts at an attractive 5x Adj EBITDA multiple[24] - Williams is expanding its G&P system, utilizing the Louisiana Energy Gateway, building additional pipelines, and supplying low carbon Haynesville gas to serve international demand growth[26] Market and Operational Context - Total natural gas demand, including exports, averaged 111 Bcf/d in 3Q'25 YTD, an 4% increase from 107 Bcf/d in 3Q'24 YTD[43] - Since 2013, demand for gas has grown by 49%, while infrastructure to deliver gas has increased by 26% and storage delivery capacity has grown by 2%[59] - Williams is targeting a 30% reduction in carbon intensity from 2018 levels by 2028[88]