US natural gas infrastructure group Williams Companies is considering acquiring gas production assets in the United States, according to sources familiar with the matter. The strategic shift, unusual for a pipeline operator, reflects Williams'  ambition to become an integrated energy supplier to hyperscalers and data-centre operators, whose needs are surging with the development of artificial intelligence.

With electricity demand rising sharply, Williams is looking to offer end-to-end solutions combining production, transportation and power supply to secure customers' supply. The Tulsa-based company is betting on vertical integration to stand out in an increasingly competitive market. It remains cautious, however: no final decision has yet been made on any potential acquisitions. Historically focused on transportation, Williams sold its upstream business in 2012 before exiting production entirely with the sale of its stake in the Haynesville Basin in 2023.

The shift comes as the group steps up investment in power generation. Its $2bn Socrates project in Ohio is set to supply Meta's facilities from the second half of 2026. Two other projects, Apollo and Aquila, planned for 2027, represent an additional $3.1bn investment. These developments build on an existing network of 33,000 miles of pipelines, which Williams intends to pair with stable generation capacity. While annual EBITDA growth is currently estimated at between 5% and 7%, some analysts expect that target could be revised higher ahead of the investor day scheduled for Tuesday.