2023-05-03 18:25:37 ET
Williams ( NYSE: WMB ) +2.2% post-market Wednesday after comfortably beating estimates for Q1 adjusted earnings and revenues, highlighted by record natural gas gathering volumes and contracted capacity.
Q1 net income surged to $926M, or $0.76/share, from $379M, or $0.31/share, for the year-earlier quarter, and adjusted EBITDA rose to $1.79B from $1.51B, driven by higher service revenues and commodity marketing margins.
Q1 revenues jumped 22% Y/Y to $3.08B, reflecting a $450M net benefit from unrealized gains/losses on commodity derivatives, higher service revenues driven by contributions from recent acquisitions and increased volumes at Ohio Valley Midstream, as well as higher commodity marketing margins.
Williams ( WMB ) reported record natural gas gathering volumes of 17.85B cf/day for the quarter, up 18% Y/Y, and record contracted transmission capacity of 32.5B cf/day, up 33% Y/Y.
The company said it continues to expect FY 2023 adjusted EBITDA of $6.4B-$6.8B, and full-year growth capex of $1.6B-$1.9B due to the acceleration of Transco's Regional Energy Access project.
More on Williams:
- See financial and valuation comparisons to sector peers
- SA analysis: Transco Continues To Be A Growth Driver
- Stock price return: 10% YTD loss, 18% loss in the past 12 months
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Williams breaks records for gas gathering volumes, contracted capacity