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Williams Companies Boosts Q2 EBITDA, Expands Power and Midstream Footprint with Blackstone Investment and Momentum Deal
Williams Companies, Inc. (NYSE:WMB) announced a 6% year‑over‑year rise in its second‑quarter 2026 EBITDA, lifting the figure to $1.92 billion from $1.80 billion. Chief Financial Officer John Porter attributed the gain to strong performance in the company’s transmission, Gulf Coast, Northeast gathering and processing, and Haynesville businesses, which offset a decline in upstream operations. Year‑to‑date EBITDA climbed 10%, prompting Williams to raise its full‑year adjusted EBITDA guidance to a range of $8.3 billion–$8.5 billion.
The firm also highlighted progress on its behind‑the‑meter power strategy. Phase 1 of the Socrates Power Innovation project entered service last week, delivering 200 megawatts of utility‑scale power. CEO Chad Zamarin said the phase was completed on time and within budget in less than 18 months from commercialization, while Chief Operating Officer Larry Larsen noted that commissioning and load testing proceeded smoothly and the facility is already delivering initial power, with a ramp toward full capacity expected within the month.
Williams is positioning the Socrates project as a proof point for a broader portfolio of five behind‑the‑meter initiatives aimed at data‑center and other high‑demand customers. On July 13, 2026, the company entered a definitive agreement with Blackstone and partners under which the investment firm committed $5.34 billion of capital in exchange for a 49% non‑controlling equity stake in the five projects. The deal is intended to fund the development of 2.6 GW of capacity, specifically targeting the growing electricity needs of North American data‑center operators.
In addition to its power initiatives, Williams completed the acquisition of Momentum Midstream LLC from EnCap Flatrock Midstream. The $5.5 billion transaction, valued at up to $5.5 billion, includes $3.5 billion in cash and assumed debt, plus approximately $2 billion in Williams shares. The purchase expands the company’s natural‑gas gathering and pipeline network along the Gulf Coast and adds major capacity in the Haynesville Shale. Williams also announced the Shelby Connector and Delta Access projects, which are expected to support future growth.
With momentum from Q2 earnings, the new power projects, and the Momentum acquisition, Williams raised its long‑term EBITDA growth target to more than 11% annually through 2030. The company’s updated guidance reflects confidence in its core businesses and the expected contribution from the new midstream assets, positioning it to capture growth in natural‑gas processing, transmission, and the emerging behind‑the‑meter power market.
The company’s latest results and strategic moves come as the energy sector continues to adjust to shifting demand patterns and increased investment in infrastructure. Williams’ expanded footprint in the Gulf Coast and its focus on data‑center power supply are expected to influence its competitive positioning in the coming years. Investors will be watching how the company integrates the Momentum assets and delivers on the Socrates projects as it moves toward its 2030 growth objectives.
The firm also highlighted progress on its behind‑the‑meter power strategy. Phase 1 of the Socrates Power Innovation project entered service last week, delivering 200 megawatts of utility‑scale power. CEO Chad Zamarin said the phase was completed on time and within budget in less than 18 months from commercialization, while Chief Operating Officer Larry Larsen noted that commissioning and load testing proceeded smoothly and the facility is already delivering initial power, with a ramp toward full capacity expected within the month.
Williams is positioning the Socrates project as a proof point for a broader portfolio of five behind‑the‑meter initiatives aimed at data‑center and other high‑demand customers. On July 13, 2026, the company entered a definitive agreement with Blackstone and partners under which the investment firm committed $5.34 billion of capital in exchange for a 49% non‑controlling equity stake in the five projects. The deal is intended to fund the development of 2.6 GW of capacity, specifically targeting the growing electricity needs of North American data‑center operators.
In addition to its power initiatives, Williams completed the acquisition of Momentum Midstream LLC from EnCap Flatrock Midstream. The $5.5 billion transaction, valued at up to $5.5 billion, includes $3.5 billion in cash and assumed debt, plus approximately $2 billion in Williams shares. The purchase expands the company’s natural‑gas gathering and pipeline network along the Gulf Coast and adds major capacity in the Haynesville Shale. Williams also announced the Shelby Connector and Delta Access projects, which are expected to support future growth.
With momentum from Q2 earnings, the new power projects, and the Momentum acquisition, Williams raised its long‑term EBITDA growth target to more than 11% annually through 2030. The company’s updated guidance reflects confidence in its core businesses and the expected contribution from the new midstream assets, positioning it to capture growth in natural‑gas processing, transmission, and the emerging behind‑the‑meter power market.
The company’s latest results and strategic moves come as the energy sector continues to adjust to shifting demand patterns and increased investment in infrastructure. Williams’ expanded footprint in the Gulf Coast and its focus on data‑center power supply are expected to influence its competitive positioning in the coming years. Investors will be watching how the company integrates the Momentum assets and delivers on the Socrates projects as it moves toward its 2030 growth objectives.
