What's the outlook for WMB's operating expenses in 2025?

**Williams Companies' (WMB) operating expenses are expected to increase in 2025.** Here's a detailed analysis: 1. **Trend Analysis**: The company's operating expenses have shown a cumulative increase over the past three years, from $2.212 billion in 2022 to $2.222 billion in 2023, and most recently, the company reported a GAAP net income of $2.222 billion for the year ended December 31, 2024. 2. **Strategic Investments**: Williams Companies has announced several strategic projects and expansions, including eight interstate transmission projects and four deepwater projects. These investments are likely to increase operating expenses in the coming years as the company incurs costs for project execution and capacity expansion. 3. **Financial Projections**: The company's financial projections for 2025 indicate an expected increase in adjusted EBITDA to $7.65 billion, reflecting an 8% five-year CAGR. This growth is attributed to incremental contributions from new projects, acquisitions, and conservative rate case expectations. The increase in EBITDA suggests that operating expenses, as a percentage of EBITDA, may rise to support the growth in operational capacity and activities. 4. **Dividend Growth and Financial Health**: Williams Companies has a history of dividend growth, with a 5% five-year CAGR. The company's strong financial health, as indicated by its ability to exceed EBITDA and EPS guidance, suggests that it has the financial flexibility to manage increased operating expenses while maintaining shareholder returns. In conclusion, while specific figures for WMB's operating expenses in 2025 are not available, the company's strategic investments, financial projections, and historical trends suggest that operating expenses are likely to increase in 2025 to support the company's growth initiatives and operational expansions.