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WILLIAMS COMPANIES

(WMB)
  Report
Real-time Estimate Cboe BZX  -  01:10:30 2023-02-02 pm EST
32.14 USD   +0.86%
01/31Williams Companies Raises Quarterly Dividend to $0.4475 From $0.425 a Share, Payable March 27 to Stockholders as of March 13
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01/31Williams Increases Quarterly Cash Dividend by 5.3%
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01/31The Williams Companies, Inc. Announces Quarterly Cash Dividend, Payable on March 27, 2023
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Williams : 3Q‘22 WMB Earnings Webcast Presentation

10/31/2022 | 03:22pm EST

NYSE: WMB | www.williams.com

Williams 3rd Quarter 2022 Earnings Call

November 1, 2022

Solid execution drives strong 3Q results

ANNUAL ADJ. EBITDA

2018

~8% CAGR1

ADJ. EBITDA (2018-2022G)

Strength of

Financial Growth

Value Chain

Our Assets

and Stability

Integration

Strong gathering and transmission

Adjusted EBITDA near high-end of

Further advancing our integrated clean

volumes and continued progress on

guidance range driven by strong

energy value chain strategy through

announced projects

fundamentals and base business stability

announced partnerships and acquisitions

2019

2020

2021

2022G

Delivering shareholder value through consistent Adjusted EBITDA growth year-over-year

1Anticipated CAGR based on high-end of 2022 Adjusted EBITDA guidance range

WILLIAMS © 2022 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 3rd Quarter 2022 Earnings Call 11/01/22 I www.williams.com

1

Strong third quarter results across key financial metrics

Strong Financial Performance

3Q

3Q

Change

Across Key Metrics

2022

2021

Adjusted EBITDA

$1,637

$1,420

15%

Adjusted Earnings per Share

$0.48

$0.35

37%

Available Funds from Operations

$1,241

$1,080

15%

Dividend Coverage Ratio (AFFO basis)

2.40x

2.17x

11%

Balance Sheet Strength and

Capital Discipline

Debt-to-Adjusted EBITDA1

3.68x

4.04x

Capital Investments2,3

$526

$469

12%

3Q YTD

3Q YTD

Change

2022

2021

$4,644

$4,152

12%

$1.29

$0.96

34%

$3,561

$3,028

18%

2.29x

2.03x

13%

$1,271

$1,206

5%

1Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.

2Capital Investments includes increases to property, plant, and equipment (growth & maintenance capital), purchases of businesses, net of cash acquired, purchases of and contributions to equity-method investments and purchases of other long-term investments. 33Q capital excludes $424 million for the purchase of the NorTex assets, which closed August 31, 2022. YTD capital excludes the $424 million NorTex acquisition as well as $933 million for purchase of the Trace Midstream Haynesville gathering assets, which closed April 29, 2022. Note: In $ millions except for ratios and per-share amounts. This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measures is included at the back of this presentation.

WILLIAMS © 2022 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 3rd Quarter 2022 Earnings Call 11/01/22 I www.williams.com

2

Delivered 15% growth 3Q'22 vs. 3Q'21

WMB Adjusted EBITDA ($MM): 3Q 2022 vs. 3Q 2021

Core Business Performance

$1,750

$80

$4

$10

$1,637

$1,600

$22

Gas & NGL

Other

$41

Marketing

West

Services

$60

Northeast

$1,450

$1,420

Transmission

G&P

& Gulf of

Upstream

Mexico

in Other

$1,300

$1,150

$1,000

3Q 2021

3Q 2022

Core business

performance drivers

Transmission & GOM

Increased revenues primarily from Transco's Leidy South expansion project and higher Gulf of Mexico volumes; Partially offset by higher operating and maintenance costs

Northeast G&P

Higher volumes at Ohio Valley Midstream and Laurel Mountain Midstream (LMM) and higher rates primarily at LMM; Partially offset by lower Bradford cost of service rates

West

Increased revenues driven by increased gathering volumes from Trace and the legacy Haynesville systems and higher gathering rates

Gas and NGL Marketing Services

Increased revenues driven by higher realized margins; Partially offset by $54 million lower of cost or market adjustment to inventories

Note: This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measures is included at the back of this presentation.

WILLIAMS © 2022 The Williams Companies, Inc. All rights reserved.

NYSE: WMB I Williams 3rd Quarter 2022 Earnings Call 11/01/22 I www.williams.com

3

Achieved 12% growth 3Q'22 YTD vs. 3Q'21 YTD

WMB Adjusted EBITDA ($MM): 3Q'22 YTD vs. 3Q'21 YTD

Core business

performance drivers

Transmission & GOM

Increased revenues primarily from Transco's Leidy

$4,900

Core Business Performance

South expansion project, higher Gulf of Mexico volumes and higher NGL margins; Partially offset by higher operating and maintenance costs

$188

$32

$6

$4,644

Gas & NGL

Other

$4,500

$79

Marketing

Services

$82

West

$182

Northeast

$4,152

($77)

Transmission

G&P

$4,100

& Gulf of

Mexico

Net Winter

Upstream

Storm

in Other

Benefit1

$3,700

$3,300

3Q'22 YTD

3Q'21 YTD

1Includes net benefit of 2021 winter storm in Gas & NGL Marketing Services, Upstream operations in Other segment and in the West (unfavorable impact).

Note: This slide contains non-GAAP financial measures. A reconciliation of all non-GAAP financial measures used in this presentation to their nearest comparable GAAP financial measures is included at the back of this presentation.

WILLIAMS © 2022 The Williams Companies, Inc. All rights reserved.

Northeast G&P

Higher volumes at Ohio Valley Midstream and Laurel Mountain Midstream (LMM) and higher rates primarily at LMM; Partially offset by lower Bradford cost of service rates and higher operating and administration costs

West

Increased revenues driven by higher gathering rates and increased volumes from Trace and the legacy Haynesville systems

Gas & NGL Marketing Services

Increased marketing margins driven by favorable commodity pricing, transportation contracts and market volatility; Partially offset by $64 million lower of cost or market adjustment to inventories

NYSE: WMB I Williams 3rd Quarter 2022 Earnings Call 11/01/22 I www.williams.com

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

The Williams Companies Inc. published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 20:21:26 UTC.


ę Publicnow 2022
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Financials (USD)
Sales 2022 11 023 M - -
Net income 2022 1 952 M - -
Net Debt 2022 22 775 M - -
P/E ratio 2022 19,5x
Yield 2022 5,36%
Capitalization 38 816 M 38 816 M -
EV / Sales 2022 5,59x
EV / Sales 2023 5,33x
Nbr of Employees 4 783
Free-Float 96,9%
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 31,86 $
Average target price 37,41 $
Spread / Average Target 17,4%
EPS Revisions
Managers and Directors
Alan S. Armstrong Vice President-Retail Energy Services
John D. Porter Chief Financial Officer & Senior Vice President
Stephen W. Bergstrom Chairman
Michael G. Dunn Chief Operating Officer & Executive Vice President
Robyn L. Ewing Chief Administrative Officer & Senior VP
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