2023-06-08 11:27:54 ET
Williams Cos. ( NYSE: WMB ) is on track to complete two natural gas pipeline projects in New Jersey and Louisiana on time by the end of 2024, CEO Alan Armstrong said Wednesday.
Armstrong told the Reuters Global Energy Transition conference the first phase of the 830M cf/day Regional Energy Access expansion in New Jersey, Pennsylvania and Maryland should provide roughly half the project's gas to customers in this year's Q4, while the second phase is on track to enter service in late 2024.
Williams ( WMB ) also is on track to complete the Louisiana Energy Gateway project in Louisiana and Texas in Q4 2024, the CEO said.
Armstrong also said many of the company's customers want to participate in European and Asian markets, where natural gas is selling for ~$8/MMBtu compared to ~$2 at the U.S. Henry Hub benchmark.
At the same conference, Armstrong also criticized the slow pace of building out natural gas infrastructure in the U.S., calling it a " recipe for disaster ."
More on Williams:
- Financial and valuation comparison to sector peers
- Analysis: The Williams Companies Fall Short Despite A Long Dividend History
- Stock price return: Down 2.5% YTD, down 16.5% in the past 12 months
For further details see:
Williams to complete two gas pipe projects on time in Q4, CEO says