Sector: Energy|Industry: Oil & Gas Midstream|Market Cap: $63.40B|Employees: 5.6K
The Williams Companies, Inc. is an energy infrastructure company focused on natural gas. They operate in 12 supply areas, providing natural gas gathering, processing, and transmission services, as well as NGL fractionation, transportation, and storage. The company owns and operates over 33,000 miles of pipelines and 35 processing facilities, serving over 700 customers across 24 states.
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.