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Williams Cos (WMB)

Williams is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide - including Transco, the nation's largest volume and fastest growing pipeline - and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.

Company profile

Ticker
WMB
Exchange
Website
CEO
Alan Armstrong
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
WILLIAMS COMPANIES INC
SEC CIK
Subsidiaries
Alliance Canada Marketing L.P. • Alliance Canada Marketing LTD • Appalachia Midstream Services, L.L.C. • Aux Sable Liquid Products Inc. • Aux Sable Liquid Products LP • Aux Sable Midstream LLC • Bargath LLC • Baton Rouge Fractionators LLC • Baton Rouge Pipeline LLC • Black Marlin Pipeline LLC ...
IRS number
730569878

WMB stock data

Analyst ratings and price targets

Last 3 months

Calendar

1 Aug 22
13 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 133M 133M 133M 133M 133M 133M
Cash burn (monthly) 157M 89M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 228.77M 129.69M n/a n/a n/a n/a
Cash remaining -95.77M 3.31M n/a n/a n/a n/a
Runway (months of cash) -0.6 0.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Jun 22 Debbie L. Cowan Common Stock Sell Dispose S No No 37.755 1,000 37.76K 62,891
8 Jun 22 Debbie L. Cowan Common Stock Sell Dispose S No No 37.75 35,228 1.33M 63,891
4 May 22 Wilson Terrance Lane Common Stock Sell Dispose S No No 36.915 50,000 1.85M 208,489
4 May 22 Wilson Terrance Lane Common Stock Option exercise Acquire M No No 29.09 50,000 1.45M 258,489
4 May 22 Wilson Terrance Lane Employee Options Common Stock Option exercise Dispose M No No 29.09 50,000 1.45M 928
26 Apr 22 Stephen W Bergstrom Common Stock Grant Acquire A No No 0 10,930 0 116,843
26 Apr 22 Nancy Buese Common Stock Grant Acquire A No No 0 5,101 0 33,019
26 Apr 22 Creel Michael A Common Stock Grant Acquire A No No 0 5,101 0 47,746
84.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1083 1018 +6.4%
Opened positions 170 165 +3.0%
Closed positions 105 96 +9.4%
Increased positions 431 389 +10.8%
Reduced positions 310 312 -0.6%
13F shares Current Prev Q Change
Total value 34.3B 27.1B +26.6%
Total shares 1.03B 1.04B -1.4%
Total puts 6.91M 5.47M +26.3%
Total calls 6.2M 6.44M -3.8%
Total put/call ratio 1.1 0.8 +31.3%
Largest owners Shares Value Change
Vanguard 122.91M $4.11B +6.3%
BLK Blackrock 113.61M $3.8B +5.0%
STT State Street 88.2M $2.95B +5.1%
Dodge & Cox 70.78M $2.36B -0.9%
BAC Bank Of America 35.9M $1.2B +20.0%
DB Deutsche Bank AG - Registered Shares 25.92M $866.01M +3.0%
JPM JPMorgan Chase & Co. 25.72M $859.28M +16.6%
Geode Capital Management 24.17M $805.59M +4.9%
Clearbridge Advisors 20.88M $697.55M -9.1%
BEN Franklin Resources 16.88M $563.84M -33.6%
Largest transactions Shares Bought/sold Change
Tortoise Capital Advisors, L.L.C. 12.75M -12.98M -50.4%
Norges Bank 0 -9.34M EXIT
BEN Franklin Resources 16.88M -8.54M -33.6%
RY Royal Bank Of Canada 16.35M +7.95M +94.6%
Vanguard 122.91M +7.24M +6.3%
BAC Bank Of America 35.9M +5.99M +20.0%
BLK Blackrock 113.61M +5.39M +5.0%
Southeastern Asset Management 2.16M -5.08M -70.1%
TD Toronto Dominion Bank 679.44K -4.74M -87.5%
STT State Street 88.2M +4.3M +5.1%

Financial report summary

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Risks
  • FORWARD-LOOKING STATEMENTS AND CAUTIONARY STATEMENT
  • The financial condition of our natural gas transportation and midstream businesses is dependent on the continued availability of natural gas supplies in the supply basins that we access and demand for those supplies in the markets we serve.
  • Prices for natural gas, NGLs, oil, and other commodities, are volatile and this volatility has and could continue to adversely affect our financial condition, results of operations, cash flows, access to capital, and ability to maintain or grow our businesses.
  • We are exposed to the credit risk of our customers and counterparties, and our credit risk management will not be able to completely eliminate such risk.
  • We face opposition to operation and expansion of our pipelines and facilities from various individuals and groups.
  • We may not be able to grow or effectively manage our growth.
  • Our industry is highly competitive and increased competitive pressure could adversely affect our business and operating results.
  • We do not own 100 percent of the equity interests of certain subsidiaries, including the Partially Owned Entities, which may limit our ability to operate and control these subsidiaries. Certain operations, including the Partially Owned Entities, are conducted through arrangements that may limit our ability to operate and control these operations.
  • We may not be able to replace, extend, or add additional customer contracts or contracted volumes on favorable terms, or at all, which could affect our financial condition, the amount of cash available to pay dividends, and our ability to grow.
  • Certain of our gas pipeline services are subject to long-term, fixed-price contracts that are not subject to adjustment, even if our cost to perform such services exceeds the revenues received from such contracts.
  • Some of our businesses are exposed to supplier concentration risks arising from dependence on a single or a limited number of suppliers.
  • Failure of our service providers or disruptions to our outsourcing relationships might negatively impact our ability to conduct our business.
  • An impairment of our assets, including property, plant, and equipment, intangible assets, and/or equity-method investments, could reduce our earnings.
  • Increasing scrutiny and changing expectations from stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.
  • We may be subject to physical and financial risks associated with climate change.
  • Our operations are subject to operational hazards and unforeseen interruptions.
  • Our business could be negatively impacted by acts of terrorism and related disruptions.
  • A breach of our information technology infrastructure, including a breach caused by a cybersecurity attack on us or third parties with whom we are interconnected, may interfere with the safe operation of our assets, result in the disclosure of personal or proprietary information, and harm our reputation.
  • If third-party pipelines and other facilities interconnected to our pipelines and facilities become unavailable to transport natural gas and NGLs or to treat natural gas, our revenues could be adversely affected.
  • Our operating results for certain components of our business might fluctuate on a seasonal basis.
  • We do not own all of the land on which our pipelines and facilities are located, which could disrupt our operations.
  • Our business could be negatively impacted as a result of stockholder activism.
  • Our costs and funding obligations for our defined benefit pension plans and costs for our other postretirement benefit plans are affected by factors beyond our control.
  • A downgrade of our credit ratings, which are determined outside of our control by independent third parties, could impact our liquidity, access to capital, and our costs of doing business.
  • Difficult conditions in the global financial markets and the economy in general could negatively affect our business and results of operations.
  • Restrictions in our debt agreements and the amount of our indebtedness may affect our future financial and operating flexibility.
  • Changes to interest rates or increases in interest rates could adversely impact our access to credit, share price, our ability to issue securities or incur debt for acquisitions or other purposes, and our ability to make cash dividends at our intended levels.
  • Our hedging activities might not be effective and could increase the volatility of our results.
  • The operation of our businesses might be adversely affected by regulatory proceedings, changes in government regulations or in their interpretation or implementation, or the introduction of new laws or regulations applicable to our businesses or our customers.
  • The natural gas sales, transportation, and storage operations of our gas pipelines are subject to regulation by the FERC, which could have an adverse impact on their ability to establish transportation and storage rates that would allow them to recover the full cost of operating their respective pipelines and storage assets, including a reasonable rate of return.
  • Our operations are subject to environmental laws and regulations, including laws and regulations relating to climate change and greenhouse gas emissions, which may expose us to significant costs, liabilities, and expenditures that could exceed our expectations.
  • We face risks related to the COVID-19 pandemic and other health epidemics.
  • We do not insure against all potential risks and losses and could be seriously harmed by unexpected liabilities or by the inability of our insurers to satisfy our claims.
  • Failure to attract and retain an appropriately qualified workforce could negatively impact our results of operations.
Management Discussion
  • Net income (loss) attributable to The Williams Companies, Inc., for the six months ended June 30, 2022, increased $50 million compared to the six months ended June 30, 2021, reflecting the benefit of higher service revenues from commodity-based gathering and processing rates and higher gathering volumes, including from the Trace Acquisition in the West, as well as Transco’s Leidy South project placed in service during the second half of 2021, higher results from our upstream operations associated with increased scale of operations, higher commodity margins, higher equity earnings, and favorable interest expense due to debt retirements. These favorable impacts were partially offset by a $356 million unfavorable change in net unrealized loss on commodity derivatives, increased intangible asset amortization, the absence of a $77 million favorable impact in 2021 from Winter Storm Uri, and higher selling, general, and administrative expenses, primarily resulting from the Sequent Acquisition. The tax provision benefited from $134 million associated with the release of valuation allowances on deferred income tax assets and federal income tax settlements.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Avg
New words: Banking, Bbl, Carolina, character, contested, employ, evidence, highest, light, lock, par, premium, release, released, renegotiate, review, taxable, validation
Removed: actuarial, AOCI, applicable, compressor, extended, Mt, producing, segregate