Williams Reports Fourth-Quarter and Full-Year 2019 Financial Results

by ahnationtalk on February 20, 202072 Views

TULSA, Okla.– Williams (NYSE: WMB) today announced its unaudited financial results for the three and 12 months ended Dec. 31, 2019.

Full-year 2019 Results Reflect Year-Over-Year Growth Compared with 2018

  • Net income from continuing operations attributable to Williams available to common stockholders of $862 million – up $1.0 billion over 2018
  • Net income from continuing operations per share is $0.71 vs. net loss of $0.16 for 2018
  • Adjusted income per share is $0.99 – up 25% over 2018
  • Cash flow from operations of $3.69 billion – up 12% over 2018
  • Adjusted EBITDA of $5.02 billion, up $377 million or 8% over 2018
  • DCF of $3.30 billion – up $425 million or 15% over 2018

Solid Execution Delivers Strong 4Q 2019 Results

  • Net income from continuing operations attributable to Williams available to common stockholders of $138 million – up $710 million over 4Q ’18
  • Net income per share of $0.11 vs. net loss of $0.47 per share in 4Q ’18
  • Adjusted income per share of $0.24 – up 26% over 4Q ’18
  • Cash flow from operations of $991 million – up $29 million or 3% over 4Q ’18
  • Adjusted EBITDA of $1.284 billion – up $87 million or 7% over 4Q ’18
  • Distributable Cash Flow (“DCF”) of $828 million – up $80 million or 11% over 4Q ’18
  • Dividend coverage ratio is 1.80x
  • Debt (Net of Cash) to adjusted EBITDA at quarter end: 4.39x

Impressive Business Performance With Records Set for Adjusted EBITDA, Gathering Volumes and Transportation Capacity

  • Record 2019 adjusted EBITDA driven by strong growth in Atlantic-Gulf and Northeast G&P
  • Record 4Q gathered volumes of 13.3 Bcf/d, up 10% over 4Q 2018; YTD record 12.9 Bcf/d, up 5% over 2018
  • Record 4Q ’19 firm reserved transportation capacity of ~21.8 Bcf/d, up 8% over 4Q ’18, driven by expansion projects including the Gateway and Rivervale South to Market expansions in the Northeast and the North Seattle Lateral expansion in the Northwest

CEO Perspective

Alan Armstrong, president and chief executive officer, made the following comments:

“Williams achieved yet another year of record results in 2019, once again delivering impressive year-over-year growth and exceeding guidance midpoints in our key financial metrics while dramatically reducing capital expenditures. These results were underpinned by our strong operations – we set records for both gathered volumes and firm reserved transportation capacity, and our safety metrics continue to improve. We also generated cash in excess of dividends and capital expenditures, reflecting the combined impact of strong business performance, capital discipline and our ongoing portfolio optimization efforts. These results are driving improvement in our credit metrics. Looking ahead to 2020, our disciplined approach to capital allocation should allow us to fully fund our increased dividend and capital expenditures with internally generated cash flows.

“Williams remains extremely well-positioned to capture long-term sustainable growth with our natural gas focused strategy. We continue to see demand for new transport capacity along our premier interstate transmission systems, and the scale and location of our deepwater Gulf of Mexico assets provide a strong competitive advantage to capture emerging growth opportunities. Our resilient G&P business can not only withstand current market pressures, but is also well-positioned to generate long-term value as demand for natural gas continues to grow.”

Armstrong added, “Natural gas has been – and will continue to be – a cornerstone of our nation’s prosperity in the 21st century and a critical part of our clean energy future. Abundant, low cost and reliable natural gas has driven significant reductions in U.S. CO2 emissions, lowered consumers’ utility bills and paved the way for investment in renewables. As the American energy leader that safely handles 30% of the nation’s natural gas, Williams’ large-scale infrastructure is ready to meet continued demand growth, both in the U.S. and abroad.”

Read More: https://investor.williams.com/press-releases/press-release-details/2020/Williams-Reports-Fourth-Quarter-and-Full-Year-2019-Financial-Results/default.aspx


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