Energy
Oil & Gas Midstream
$63.40B
5.6K
Key insights and themes extracted from this filing
Service revenues increased by 8% year-over-year, driven by recent acquisitions, but overall revenues were negatively impacted by a $778 million swing in net gains/losses from commodity derivatives. Product sales also decreased slightly year-over-year.
Operating income decreased by 15% year-over-year due to increases in operating and maintenance, depreciation, and selling, general, and administrative expenses. Additionally, a gain on sale of business in the prior year period also contributed to the decrease.
Net income attributable to The Williams Companies, Inc. decreased by 15% year-over-year despite an increase in service revenues, primarily due to lower gains from commodity derivatives and increased operating expenses.