Williams Companies Beats Q3 Estimates, Sold Bayou Ethane System for $348 Million
(Reuters) — Williams Companies beat third-quarter estimates on Wednesday, as the pipeline operator benefited from a rise in revenues generated from its midstream business.
Pipeline operators like Williams thrive when demand for natural gas rises as this would allow it to cash in on service revenue that makes up for the majority of sales.
Third-quarter service revenue rose to $1.77 billion from $1.69 billion a year earlier, helped by contributions from recent acquisitions and the sale of its Bayou Ethane system pipeline.
Williams, in the third quarter, sold its Bayou Ethane system for $348 million in cash, proceeds from which were used to cement the company's position in Colorado's Denver-Julesburg (DJ) Basin.
The company's adjusted net income was 45 cents per share for the three months ended September 30, beating average analysts' expectations of 41 cents per share, according to LSEG data.
Additionally, the company raised its adjusted EBITDA guidance midpoint by $100 million to $6.7 billion for the year.
Related News
Related News
- Trump Puts Keystone XL Pipeline Back in Discussion, Though Revival Faces Developer Resistance
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Energy Transfer Wins New York Court Ruling in $150 Million Pipeline Fraud Case
- ONEOK, MPLX to Build $1.4 Billion LPG Export Terminal, Pipeline in Texas
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- India’s GAIL Eyes U.S. LNG Deals Following Trump’s Policy Shift
- TC Energy Beats Q4 Profit Estimates, Driven by Mexico Pipelines' Success
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
Comments