Williams Companies Inc

WMB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$61.00	Bqwdjcy	Mtbjstpnn

Williams Continues to Excel in Fourth Quarter; Delivers Strong 2023 Outlook

Stephen Ellis

Feb 21, 2023

Williams’ fourth-quarter results were quite strong, as adjusted EBITDA was up 15% over the prior year quarter, excluding winter storm Uri benefits. Results benefited from higher Haynesville volumes, helped by the Trace Midstream deal, and higher commodity margins, likely helped by the percentage of proceeds contracts. Results generally were higher than our forecasts. 2022 EBITDA results of $6.42 billion compared with our forecast of $6.39 billion, and 2023 EBITDA guidance, which implied a midpoint of $6.6 billion, compared with our $6.5 billion forecast. At first glance, we maintain our $32 per share fair value estimate and narrow moat rating.

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