The Williams Companies delivered a solid result in the second quarter surpassing Wall Street expectations on all counts. With 14% growth, the second quarter continued the year’s promising start, reflecting both the success of the company’s core business and the potential gains from its upstream joint ventures. During the quarter, their Gulf of Mexico transmission business saw an increase of $4 million, mostly at Transco and partly due to the Leidy South extension project, which started operating last year in stages. Increased maintenance work during the current year’s second quarter contributed to greater operating and maintenance expenditures. On the other hand, the management anticipates Haynesville will be the primary driver of the second half of the year’s high quarter-over-quarter volume growth trend in the West. Among other key updates, Williams acquired NorTex Midstream, a fully contracted natural gas pipeline and storage asset. It is worth highlighting that the foundation of the U.S.’s leadership on greenhouse gas emissions and energy security enables the effective, unhindered expansion of the country’s energy infrastructure. We maintain our ‘Hold’ rating on the company’s stock with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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