Williams Beats Q2 Earnings, Lifts Guidance, and Unveils $5.5B Momentum Midstream Deal
WMB sits 28% above its 52-week low of $55.82.
Summary
Williams posted Q2 Adjusted EBITDA of $1.92B, raised 2026 guidance, and announced a $5.5B acquisition of Momentum Midstream to expand its Haynesville position serving Gulf Coast LNG and power demand.
Key Events · Earnings and Guidance · WMB
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Q2 Earnings Beat
Adjusted EBITDA reached $1.921B, up 6% year-over-year, while Adjusted EPS rose 8% to $0.50. GAAP net income surged 51% to $827M, or $0.68 per share.
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2026 Guidance Raised
The midpoint of Adjusted EBITDA guidance was lifted by $200M to $8.4B, reflecting the Momentum Midstream acquisition and strong operational performance.
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$5.5B Momentum Midstream Acquisition
Valued at up to $5.5B—comprising $3.5B in cash and debt plus approximately $2B in equity—the deal adds over 4,000 miles of pipe, 6 Bcf/d of gathering capacity, and 4.05 Bcf/d of pipeline capacity in the Haynesville.
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Expansion Projects Announced
Two projects totaling $1.5B will connect Haynesville supply to Gulf Coast LNG and power demand: the 2.25 Bcf/d Delta Access expansion (online Q1 2029) and the 750 MMcf/d Shelby Trough Connector (online Q2 2028).
Analysis · WMB · Energy & Transportation
A strong second quarter saw Adjusted EBITDA climb 6% to $1.92 billion, topping expectations and prompting a $200 million boost to full-year guidance. In a transformative move, the company also announced the $5.5 billion acquisition of Momentum Midstream—funded with $3.5 billion in cash and debt and roughly $2 billion in equity—which deepens its Haynesville footprint and adds long-term take-or-pay contracts. The deal is expected to be accretive to AFFO and EPS, and comes with two immediate expansion projects totaling $1.5 billion. This combination of earnings strength, a guidance raise, and a major strategic acquisition signals robust growth and financial confidence, though the equity component introduces modest dilution.
At the time of this filing, WMB was trading at $71.50 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $86.1B. The 52-week trading range was $55.82 to $80.08. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.