WMB · 10-Q · 2026Q3 · Full report
Momentum Acquisition
WILLIAMS COMPANIES, INC. · 2026-11-02 · Importance 65 · Surprise 60 · In source text
Williams closed its acquisition of Momentum on September 3, 2026, for approximately $5.1 billion; the Haynesville Shale assets include 6 Bcf/d of gathering capacity and 4 Bcf/d of pipeline capacity. In July 2026, Williams sold a noncontrolling interest in five Pantheon power projects for $5.34 billion of committed capital, receiving $3.74 billion initially and expecting the remaining capital through the first quarter of 2027; $1 billion was received in October 2026. Williams also sold certain Permian gathering assets for $139 million, recognizing an $83 million gain, and sold its Brazos Permian II equity-method investment for $143 million, recognizing a $127 million gain. The South Mansfield upstream interests were sold for $398 million in January 2026, with contingent consideration possible through 2029.
Key facts
- In September 2026, Williams acquired Momentum for approximately $5.1 billion in total consideration, including cash, approximately 27 million restricted Williams common shares, and retention of $869 million of Momentum long-term debt principal.
- Williams closed its Momentum acquisition on September 3, 2026, for total consideration of approximately $5.1 billion.
- The Momentum Acquisition's total consideration was approximately $5.1 billion, including cash and approximately an undisclosed number of Williams common shares valued at the closing market price, subject to certain holding restrictions.
- Williams spent $2.8 billion in cash, net of cash acquired, on business purchases during the nine months ended September 30, 2026, including the Momentum Acquisition.
- Williams' preliminary purchase-price allocation for the Momentum Acquisition included $5.763 billion of property, plant, and equipment, net.
- Williams’ pro forma combined revenue for the nine months ended September 30, 2026 was $10.599 billion, compared with reported revenue of $9.306 billion.
- Williams’ pro forma combined revenue for the nine months ended September 30, 2025 was $9.815 billion, compared with reported revenue of $8.752 billion.
- Williams closed on the acquisition of 100% of M6 Midstream LLC (Momentum) on September 3, 2026.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +10.7% | Williams’ pro forma combined revenue for the nine months ended September 30, 2026 was $10.599 billion, compared with reported revenue of… |
| liability | negative | realized | -1.2% | In September 2026, Williams acquired Momentum for approximately $5.1 billion in total consideration, including cash, approximately 27… |
| cash | negative | realized | — | In September 2026, Williams acquired Momentum for approximately $5.1 billion in total consideration, including cash, approximately 27… |