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- **Record EBITDA Growth**: Q3 2025 EBITDA of $1.92B (+13% YoY), driven by transmission, storage, and West region expansions.
- **Strategic LNG Investment**: $1.9B invested in 3.1 Bcf/day pipeline and Louisiana LNG terminal, with 100% take-or-pay contracts and 1.5M ton/year offtake.
- **Power Innovation Scale**: $5.1B in power projects targeting 10-year contracts, with 2027 in-service dates and >5x EBITDA returns.
- **Balance Sheet Strength**: $2.1B cash, 3.7x leverage, and $3.95B-$4.25B 2025 CapEx to fund high-return projects.
- **Growth Outlook**: 9%+ EBITDA CAGR through 2025, with >$4B annual organic investment capacity.

**【CEO Summary Section】**
- **Project Milestones**: Completed key transmission projects including Northwest Pipeline, Transco expansions, and deepwater gathering systems. Announced Wharton West and Green River West expansions, and a 10 Bcf Pine Prairie storage expansion.
- **Strategic Partnerships**: Sold upstream Haynesville assets to JERA for $398M+ deferred payments, and formed a 3.1 Bcf/day pipeline partnership with Woodside Energy for Louisiana LNG terminal. Williams holds a 10% stake in the terminal and a 1.5M ton/year LNG offtake.
- **Power Innovation**: Announced $3.1B in new power projects (Socrates Phase 2 and Apollo), bringing total power innovation investments to $5.1B. Projects target 10-year contracts with hyperscale tech customers.
- **Growth Outlook**: Expect 9%+ EBITDA CAGR through 2025, driven by $3.95B-$4.25B 2025 CapEx in high-return projects. Balance sheet capacity to support >$4B annual organic growth.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Adjusted EBITDA of $1.92B (+13% YoY), driven by transmission (+$117M), storage (+$21M), and West (+$37M). Golf gathering volumes up 36%, NGL production up 78%.
- **Guidance Update**: Raised 2025 CapEx to $3.95B-$4.25B to fund power innovation and LNG projects. Maintain 3.7x leverage target. Expect 9% EBITDA growth vs. 2024, with 14% 5-year CAGR.
- **Liquidity**: $2.1B in cash, no debt maturities until 2027. Strong cash tax deferrals from power innovation projects.

**【Q&A Highlights】**
- **Power Innovation**: 6GW+ pipeline with $5.1B invested. Projects on track for 2027 in-service. Equipment suppliers secured for 2027-2028 projects. Returns exceed 5x EBITDA multiple.
- **LNG Strategy**: Line 200 pipeline fully contracted with 20-year take-or-pay. Williams' 1.5M ton/year offtake will be monetized via fixed margin transactions. No international price exposure risk.
- **Project Execution**: Pine Prairie expansion in service by end-2025. NESE and Constitution pipeline projects progressing despite regulatory challenges. Transco remains core growth driver with unlimited expansion potential.
- **Upstream Transition**: Sold Haynesville assets to JERA, retaining gathering and processing fees. Remaining Wamsutter assets being developed to maximize midstream value chain benefits.


The Williams Companies, Inc.(WMB)-20251104-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WMB

WMB fundamentals

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