olivLaw · US equity research
The Williams Companies, Inc. WMB
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
Williams is a US energy company operating natural gas infrastructure: gathering and processing, interstate transmission and storage, plus gas and NGL marketing. Second-quarter 2026 results showed GAAP net income of 827 million USD and Adjusted EBITDA of 1921 million USD, and the company raised its 2026 Adjusted EBITDA guidance midpoint to 8.4 billion USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, The Williams Companies, Inc. (WMB) stock was 67.86 USD (−6.36% on the day), with market capitalisation 83.0 bn USD, P/E 27.1 on diluted EPS of 2.51 USD over the last 12 months, dividend yield 3.02%, beta 0.46, 52-week range 57.54–79.40 USD. Latest reported quarter (Q2 2026): revenue of 3.1 bn USD (+9.8% YoY), net income of 827.0 m USD (+51.5% YoY), diluted EPS 0.68 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.3
- weak (30–45)
- Bollinger (20, 2)
- 68.46 – 75.92
- below the lower band · %B -0.08 · band width 10.3%
- SMA 50 / 200
- 72.17 / 72.56
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / 0.21
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.2% | −1.1% | −3.1 pp | — |
| 3 months | −5.5% | −0.5% | −5.0 pp | — |
| 6 months | −8.0% | +4.4% | −12.4 pp | — |
| Year to date | +12.9% | +12.3% | +0.6 pp | — |
| 1 year | +20.1% | +13.5% | +6.5 pp | +15.4% |
| 3 years | +88.1% | +76.4% | +11.7 pp | +42.7% |
| 5 years | +137.6% | +63.7% | +73.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.7 bn | 2.7 bn | 3.0 bn | 2.8 bn | 2.9 bn | 3.2 bn | 3.0 bn | 3.1 bn |
| SG&A | 170.0 m | 188.0 m | 194.0 m | 168.0 m | 168.0 m | — | — | — |
| Operating income | 838.0 m | 793.0 m | 1.1 bn | 945.0 m | 1.1 bn | 1.0 bn | 1.3 bn | 1.2 bn |
| Depreciation & amortisation | 566.0 m | 565.0 m | 585.0 m | 605.0 m | 564.0 m | 593.0 m | 584.0 m | 592.0 m |
| Interest expense | 338.0 m | 338.0 m | 349.0 m | 350.0 m | 372.0 m | 371.0 m | 376.0 m | 371.0 m |
| Pre-tax income | 968.0 m | 608.0 m | 922.0 m | 757.0 m | 929.0 m | 1.0 bn | 1.2 bn | 1.1 bn |
| Income tax | 227.0 m | 91.0 m | 193.0 m | 174.0 m | 246.0 m | 244.0 m | 244.0 m | 260.0 m |
| Net income | 706.0 m | 486.0 m | 691.0 m | 546.0 m | 647.0 m | 734.0 m | 865.0 m | 827.0 m |
| Diluted EPS | 0.58 | 0.40 ≈ | 0.56 | 0.45 | 0.53 | 0.60 ≈ | 0.70 | 0.68 |
| Operating cash flow | 1.2 bn ≈ | 1.2 bn | 1.4 bn | 1.5 bn ≈ | 1.4 bn ≈ | 1.6 bn | 1.6 bn | 1.4 bn ≈ |
| Capex | 682.0 m ≈ | 768.0 m | 1.0 bn | 972.0 m ≈ | 954.0 m ≈ | 2.0 bn | 1.4 bn | 1.8 bn ≈ |
| Dividends paid | 579.0 m ≈ | 579.0 m | 610.0 m | 611.0 m ≈ | 611.0 m ≈ | 610.0 m | 642.0 m | 642.0 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 46 percentile of its own 35-quarter history (min 10.6, median 28.1, max 372.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.7 bn | 8.2 bn | 7.7 bn | 10.6 bn | 11.0 bn | 10.9 bn | 10.5 bn | 12.0 bn |
| Revenue YoY | +8.2% | −5.6% | −5.9% | +37.7% | +3.2% | −0.5% | −3.7% | +13.8% |
| Net income | -155.0 m | 850.0 m | 211.0 m | 1.5 bn | 2.0 bn | 3.2 bn | 2.2 bn | 2.6 bn |
| Net income YoY | −107.1% | unavailable | −75.2% | +619.0% | +35.1% | +55.1% | −30.0% | +17.7% |
| Diluted EPS | -0.16 | 0.70 | 0.17 | 1.24 | 1.67 | 2.60 | 1.82 | 2.14 |
| Diluted EPS YoY | −106.1% | unavailable | −75.7% | +629.4% | +34.7% | +55.7% | −30.0% | +17.6% |
| net % | -1.8% | 10.4% | 2.7% | 14.3% | 18.7% | 29.1% | 21.2% | 21.9% |
| Free cash flow | 37.0 m | 1.6 bn | 2.3 bn | 2.7 bn | 2.6 bn | 3.4 bn | 2.4 bn | 1.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 63.0 m USD
- Financial debt
- 1.3 bn USD
- Net debt
- 1.3 bn USD
- Equity
- 15.0 bn USD
- Total assets
- 58.6 bn USD
- Debt / equity
- 0.09x
- Current ratio
- 0.53x
- ROE
- 17.5%
- ROA
- 4.6%
- FCF margin
- 8.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.7 bn | 10.6 bn | 11.0 bn | 10.9 bn | 10.5 bn | 12.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| SG&A | 466.0 m | 558.0 m | 636.0 m | 665.0 m | 708.0 m | — | SEC (XBRL)· 25 Feb 2025verified |
| Operating income | 2.2 bn | 2.6 bn | 3.0 bn | 4.3 bn | 3.3 bn | 4.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 1.7 bn | 1.8 bn | 2.0 bn | 2.1 bn | 2.2 bn | 2.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | 3.9 bn ≈ | 4.5 bn ≈ | 5.0 bn ≈ | 6.4 bn ≈ | 5.6 bn ≈ | 6.5 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 1.2 bn | 1.2 bn | 1.1 bn | 1.2 bn | 1.4 bn | 1.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | 277.0 m | 2.1 bn | 2.5 bn | 4.4 bn | 3.0 bn | 3.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Income tax | 79.0 m | 511.0 m | 425.0 m | 1.0 bn | 640.0 m | 857.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Net income | 211.0 m | 1.5 bn | 2.0 bn | 3.2 bn | 2.2 bn | 2.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | 0.17 | 1.24 | 1.67 | 2.60 | 1.82 | 2.14 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 1.60 | 1.64 | 1.70 | 1.79 | 1.90 | 2.00 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 142.0 m | 1.7 bn | 152.0 m | 2.2 bn | 60.0 m | 63.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 136.0 m | 379.0 m | 320.0 m | 274.0 m | 279.0 m | 314.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 1.4 bn | 4.5 bn | 3.8 bn | 4.5 bn | 2.7 bn | 3.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 28.9 bn | 29.3 bn | 30.9 bn | 34.3 bn | 38.7 bn | 42.0 bn | SEC (XBRL)· 24 Feb 2026verified |
| Goodwill | — | 0 | 0 | 463.0 m | 466.0 m | 466.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 44.2 bn | 47.6 bn | 48.4 bn | 52.6 bn | 54.5 bn | 58.6 bn | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 482.0 m | 1.7 bn | 2.3 bn | 1.4 bn | 1.6 bn | 2.2 bn | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 893.0 m | 2.0 bn | 627.0 m | 2.3 bn | 1.7 bn | 1.3 bn | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 2.3 bn | 5.0 bn | 4.9 bn | 5.8 bn | 5.3 bn | 6.1 bn | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 14.6 bn | 14.1 bn | 14.0 bn | 14.9 bn | 14.8 bn | 15.0 bn | SEC (XBRL)· 24 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.5 bn | 3.9 bn | 4.9 bn | 5.9 bn | 5.0 bn | 5.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 1.2 bn | 1.2 bn | 2.3 bn | 2.5 bn | 2.6 bn | 4.9 bn | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | 2.3 bn ≈ | 2.7 bn ≈ | 2.6 bn ≈ | 3.4 bn ≈ | 2.4 bn ≈ | 1.0 bn ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -1.6 bn | -1.5 bn | -3.4 bn | -3.9 bn | -4.9 bn | -5.5 bn | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | -2.1 bn | -942.0 m | -3.0 bn | -49.0 m | -2.2 bn | -406.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividends paid | 1.9 bn | 2.0 bn | 2.1 bn | 2.2 bn | 2.3 bn | 2.4 bn | SEC (XBRL)· 24 Feb 2026verified |
| Share repurchases | — | 0 | 9.0 m | 130.0 m | 0 | 0 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 83.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation16
- Balance sheet58
- Quality67
- Growth41
- Returns43
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 9.22 – 75.53 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)9.22 – 14.95 (Mid 11.45)WACC 9.2% · starting FCFF 1.0 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA42.37 – 75.53 (Mid 58.59)4 companies used · median multiple 10.5x · quartiles 7.7x – 13.5xET, KMI, TRGP, WES
- Peers: P/E31.77 – 48.85 (Mid 34.37)5 companies used · median multiple 13.7x · quartiles 12.7x – 19.5xEPD, ET, KMI, TRGP, WES
- Dividend discount (DDM)26.28 – 35.34 (Mid 30.15)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 20.8% | 100 (on a fixed band) | 11% |
| Net margin · Quality | 25.2% | 80 (vs peers) | 7% |
| FCF conversion · Quality | -3.5% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 2.9% | 24 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 8.6% | 57 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.3x | 100 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 3.1x | 25 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 27.1x | 20 (vs peers) | 11% |
| EV/EBITDA · Valuation | 12.2x | 26 (on a fixed band) | 11% |
| FCF yield · Valuation | -0.1% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet58/100 · 3/3 factors with a value
- Growth41/100 · 2/2 factors with a value
- Quality67/100 · 3/3 factors with a value
- Returns· partial43/100 · 1/2 factors with a value
- Valuation16/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
WILLIAMS COMPANIES, INC. (WMB). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 11.9 bn USD in 2025; YoY growth 13.8%; net margin 25.2%; ROE 24.0%; net debt/EBITDA 0.3x.
The estimated value range is 29.03–42.10 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 32.26 USD, the price of 67.86 USD leaves a potential of -52.5% (value / price − 1) and a margin of safety of -110.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 20.8%
- Net margin: 25.2%
- Net debt / EBITDA: 0.3x
What contradicts it
- FCF conversion: -3.5%
- Revenue CAGR 3Y: 2.9%
- Interest coverage: 3.1x
- Current ratio: 0.5x
- P/E (TTM): 27.1x
- EV/EBITDA: 12.2x
- FCF yield: -0.1%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Natural Gas Transmission (SIC 4922) · same industry (4-digit SIC) · compared with 5 companies
Only companies with a capitalisation between 10.8 bn and 691.1 bn (within 8× of the company's); 12 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WMBWilliams Companies, Inc. | 83.0 bn | 27.1 | 24.0% | 25.2% | +13.8% | +20% / +88% |
| EPDEnterprise Products Partners L.P. | 79.3 bn | 12.6 | — | 10.8% | −6.4% | +12% / +37% |
| KMIKinder Morgan, Inc. | 70.2 bn | 19.5 | 11.6% | 19.6% | +12.2% | +15% / +79% |
| ETEnergy Transfer LP | 67.0 bn | 12.7 | — | 4.9% | +3.5% | +16% / +40% |
| TRGPTarga Resources Corp. | 61.1 bn | 27.2 | 72.6% | 13.5% | +3.9% | +63% / +215% |
| WESWestern Midstream Partners, LP | 16.8 bn | 13.7 | — | 30.2% | +6.6% | +8% / +43% |
1- and 3-year price returns: for WMB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 39.54 Total return -39% · Per year -39% | 69.96 Total return 6% · Per year 6% | 105.46 Total return 59% · Per year 59% |
| 3 years | 37.16 Total return -38% · Per year -15% | 74.09 Total return 19% · Per year 6% | 122.80 Total return 93% · Per year 25% |
| 5 years | 34.92 Total return -38% · Per year -9% | 78.46 Total return 32% · Per year 6% | 142.99 Total return 133% · Per year 18% |
- Exit P/E± 18.52
- Net margin± 12.97
- Annual revenue growth± 10.81
- Annual dilution± 1.09
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Williams is a US energy company operating natural gas infrastructure: gathering and processing, interstate transmission and storage, plus gas and NGL marketing. Second-quarter 2026 results showed GAAP net income of 827 million USD 3 and Adjusted EBITDA of 1921 million USD 3, and the company raised its 2026 Adjusted EBITDA guidance midpoint to 8.4 billion USD 3.
SWOT
Strengths
- The extensive pipeline and storage network gives a solid position across several important basins. Most revenue comes from long-term contracts with high-quality customers. Q2 2026 results show sustained growth in cash flow.
- Processing is largely under fee-based contracts, which reduces direct exposure to commodity prices. Diversity of basins and customers limits the risk of a single point of failure.
- The funding plan includes partnerships such as the power innovation joint venture, which bring additional capital without giving up control of the assets.
Weaknesses
- Key customers account for a significant share of revenue, so losing a large customer could affect results.
- Derivative effects and working capital changes can make quarterly profit volatile.
- Higher debt and interest costs could limit short-term financial flexibility.
Opportunities
- The Momentum Midstream acquisition could extend the position in Haynesville and in the LNG demand corridor.
- Power innovation projects for data centres and industry could open new long-term revenue streams.
- Pipeline extensions on the Transco corridor, if completed, could increase contracted capacity.
Threats
- Delays in permits or public opposition could slow or halt construction projects.
- Environmental regulation and climate policy could raise costs or reduce long-term demand.
- Strong competition and restricted access to financing could pressure margins and growth plans.
Risks
- Dependence on key customershigh
A small number of customers generate a significant share of transport and gathering revenue. Losing one of them could reduce revenue.
- Price volatilitymedium
Natural gas, NGL and oil prices can fluctuate, affecting marketing margins and certain results.
- Project executionhigh
Large construction projects could exceed budget or schedule, especially if permitting delays or labour shortages occur.
- Credit rating and financingmedium
A downgrade in credit rating could raise borrowing costs and limit access to capital.
- Regulation and environmentmedium
Regulatory changes, including those on greenhouse gas emissions, could create additional costs.
Investment thesis
What would need to be true (bull case)
- Quarterly results and the raised 2026 guidance suggest the growth plan is on track, if the Momentum acquisition and power innovation projects close as planned.
- Long-term contracts and a high dividend coverage ratio could support cash flow even during periods of price volatility.
- The position in gas basins and access to LNG and power markets could generate additional long-term opportunities.
What would break the thesis
- Rising debt and capital needed for large projects could limit financial flexibility if results weaken.
- Dependence on a few large customers and long-term contracts could leave revenue exposed to renegotiation or volume losses.
- Social opposition and environmental rules could delay projects and reduce the anticipated growth.
What to watch
- Closing of the Momentum Midstream acquisition and effects on EBITDA guidanceQ4 2026
- Completion of phase two of Socrates and other Power Innovation projectsQ4 2026
- Capital expenditure against the 2026 growth guidance2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
Processing is largely fee-based: about 93 percent of NGL production volumes were under such contracts in 2025 1. The rest includes noncash commodity-based contracts paid in NGLs 1. Contracts are generally long-term, and the largest customers account for a significant share of revenue 1.
As reported in 2026, Williams plans growth capital of 6.1 to 6.7 billion USD for 2026 1. In July 2026 the company agreed to acquire Momentum Midstream and formed a power innovation joint venture to address growing power demand 23.
Segments
Transmission, Power & Gulf
This is the largest segment, covering the interstate Transco and NWP pipelines and Gulf Coast and North Texas storage assets 1. Transco has design capacity of about 20.6 MMdth/d 1. The segment grew in Q2 2026 on projects placed in service and new Gulf volumes 3.
Northeast G&P
This segment gathers and processes gas in the Appalachia and Ohio Valley areas, with stakes in Blue Racer Midstream and Appalachia Midstream 3. Results rose in 2026 on higher volumes at Ohio Valley Midstream 3. The segment is less exposed to crude prices because activity centres on gas-directed basins 1.
West
The West segment includes gathering in the DJ and Haynesville basins, where the company bought Rimrock and Saber in 2025 1. The company also agreed to sell Permian gathering assets, and results benefited from Louisiana Energy Gateway 23. A risk is lower minimum volume commitment revenue on some Eagle Ford contracts 1.
Market context
Demand for natural gas is supported by industrial use, power generation and LNG exports, and the southeastern and Gulf Coast regions are the fastest growing gas demand regions in the United States 1. Competition in transport and gathering is intense, and competitive pressure can affect results 1. Policy and regulatory changes can alter market conditions 1.
The energy infrastructure market depends on permits and public acceptance of hydrocarbon projects, which can delay or halt investment 1. Power demand from data centres and industry creates opportunities for power innovation projects 23.
Trends
- LNG and power demandtailwind
Growing LNG exports and electricity demand could support transported volumes and new Haynesville projects 3. The company has signed customer agreements for expansions on the Transco corridor 3.
- FERC regulation and tariffsmixed
Interstate rates are set through the FERC process, so changes in regulation could affect revenue 1. The Transco rate case was settled, with refunds paid in 2026 2.
- Climate policy and financingheadwind
ESG scrutiny and restrictions by financial institutions on fossil-fuel businesses could raise the cost of capital or limit access to financing 1.
- Haynesville and Permian gas outputmixed
Higher Haynesville production supports gathering and transport volumes, while Permian asset sales reduce exposure in some areas 23.
Competitive position
Williams competes with other natural gas transport and processing companies that operate interstate pipelines and storage 1. Rivals with greater financial resources could compress margins or win key customers 1. The company's advantage rests on its extensive network and long-term contracts 1.
In gathering and processing, competition comes from regional operators and integrated upstream companies, and service pricing depends on volumes available in each basin 1. New project timelines could be slowed by rivals who secure permits faster 1.
- Energy TransferET
Pipeline and gas and NGL infrastructure operator competing in transport and gathering
- Kinder MorganKMI
Interstate natural gas transport company competing for routes and customer contracts
- ONEOKOKE
Processing and NGL operator competing in gathering and fractionation areas
- Enterprise Products PartnersEPD
Energy infrastructure company competing in NGL processing and transport
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- The Williams Companies (WMB) Loses NESE Water Permit. Can it Preserve a Q4 2027 Start?Yahoo Finance — News · 16 Sept 2026 · EN
- Is Williams Companies Stock Outperforming the Dow?Yahoo Finance — News · 08 Sept 2026 · EN
- The Williams Companies(WMB) Strengthens its Natural Gas Growth Engine with Momentum DealYahoo Finance — News · 04 Sept 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Other events · Financial statements and exhibits
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report10 Sept 2026Material agreement · Financial statements and exhibits
- Current report10 Sept 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report03 Sept 2026Other events · Financial statements and exhibits
- Current report21 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report13 Jul 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Williams Companies, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The Williams Companies, Inc. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Williams Companies, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.