Williams Companies Records Record-Breaking Quarter with Unprecedented Demand for Natural Gas
The Williams Companies has reported a record-breaking quarter in its fourth quarter of 2024, with unprecedented demand for natural gas and impressive execution on large-scale expansion projects. The company's Transco system set an all-time record moving 522 million decatherms, surpassing the previous monthly record by 10%.
Alan Armstrong, President and CEO of Williams Companies, noted that the winter season saw consistent widespread demand across the Northeast, Carolinas, and Southeast, driven not only by cold weather but also by heating, power generation loads, and LNG exports. This led to 17 of the 20 highest volume days ever recorded on Transco, with back-to-back all-time peak days.
Armstrong emphasized that Williams' strategy of focusing on natural gas infrastructure is paying off for shareholders, and the company's team has delivered impressive execution on large-scale expansion projects. These include expanding in tough areas like 8,800-foot water depth on the Whale project, which came in under budget, as well as other notable projects such as Regional Energy Access and Southside Reliability Enhancement.
These expansions have been crucial in reducing greenhouse gas emissions in the areas by avoiding fuel switching to coal. The company has also commercialized vital high-return projects across its footprint, announcing six new transmission projects and continuing to actualize them. Additionally, Williams has optimized its asset portfolio through consolidations and divestitures.
Armstrong highlighted the company's commitment to sustainability, stating that its natural gas strategy remains synonymous with sustainability. Last year, Williams replaced 92 compressor units, most of which were over 50 years old, to reduce emissions. This important work was completed in time for inclusion in the latest Transco rate case.
The company reported another year of record adjusted EBITDA, marking the 12th consecutive year of earnings growth. This impressive performance demonstrates Williams' ability to execute on its strategy and deliver value to shareholders.
