WMB raises 2026 EBITDA guidance as power projects and Momentum expand growth

Transcript intelligence

What changed

Versus the prior-quarter analysis, management moved from a plan centered on an expanding backlog and upper-half guidance toward a higher $8.3-$8.5 billion 2026 EBITDA outlook. The quarter also added the in-service Socrates milestone, a Blackstone financing joint venture, and the Momentum Midstream acquisition, while leverage was described as remaining disciplined.

Guidance delta

Management raised full-year 2026 EBITDA guidance to $8.3-$8.5 billion from the prior-quarter outlook, which had targeted the upper half of the previous range.

Key takeaways

• Management reported 6% year-over-year EBITDA growth in Q2 2026 and raised full-year EBITDA guidance to $8.3-$8.5 billion.
• Phase 1 of the Socrates Power Innovation project entered service, and management described the Blackstone joint venture as adding low-cost equity capacity for future projects.
• The Momentum Midstream acquisition expands Williams' Haynesville footprint and adds gathering and take-or-pay pipeline capacity.
• Shelby Connector, Delta Access, and Transco expansion projects are positioned to serve LNG and data-center power demand.
• Leverage remained about 3.75x-3.9x, preserving financing flexibility, while equipment, talent, regulatory timing, and gas prices remain watchpoints.

Management priorities

• Commercialize additional Power Innovation projects, including Phase 2 Socrates, Aquila, and Apollo.
• Build and place the Shelby Connector and Delta Access pipelines into service.
• Continue Transco expansion through Southeast and Northeast Supply Enhancements.
• Use joint-venture financing structures for future power projects.
• Scale talent and operating capacity to run multiple behind-the-meter projects concurrently.