WMB · 10-Q · 2026Q3 · Full report

Guidance / Outlook

WILLIAMS COMPANIES, INC. · 2026-11-02 · Importance 60 · Surprise 24

Williams expects its 2026 operating results to benefit from Transmission, Power & Gulf growth, including the Socrates Power project and Transco and Gulf of America expansions, as well as a full year of the Louisiana Energy Gateway expansion and the Momentum acquisition. Growth capital and investment expenditures for 2026 are expected to be $7.3 billion to $7.9 billion, excluding acquisitions and certain customer-reimbursable long-lead power-project equipment. Planned spending includes Power projects, fully contracted Transco expansions, Haynesville and Northeast G&P projects, and investments in Louisiana LNG, Driftwood Pipeline, and Wamsutter properties. Williams also identifies inflation, interest rates, tariffs, permitting delays, and execution delays as potential risks to its plan.

Key facts

• Williams disclosed that future strategic transactions, including monetizing assets or contributing assets to third-party ventures, or unfavorable changes in expected producer activity could lead to impairments of assets or equity-method investments.
• Williams expected 2026 operating results to benefit from continued Transmission, Power & Gulf growth, primarily from the Socrates Power project and Transco and Gulf of America expansion projects.
• Williams expected 2026 growth to benefit from a full year of the Louisiana Energy Gateway expansion, expected increases in Haynesville Shale volumes including the Momentum acquisition, and higher Northeast gathering and processing results.
• Williams said the expected increases were partially offset by the South Mansfield upstream divestiture and lower expected West segment Eagle Ford results related to contractual step-downs in minimum volume commitments.
• Williams stated that the carrying values of certain property, plant, and equipment and intangible assets—particularly assets acquired in business combinations between 2012 and 2014—may exceed current fair value, although management judged them recoverable.
• Williams’ 2026 business plan includes a continued focus on earnings and cash flow growth.