The Williams Companies, Inc. (WMB) Q2 2023 Earnings Call Transcript

The Williams Companies, Inc. (NYSE:WMB) Q2 2023 Earnings Conference Call August 3, 2023 9:30 AM ET

Company Participants

Danilo Juvane – Vice President of Investor Relations, ESG, and Investment Analysis

Alan Armstrong – President and Chief Executive Officer

John Porter – Chief Financial Officer

Michael Dunn – Chief Operating Officer

Conference Call Participants

Spiro Dounis – Citi

Jeremy Tonet – JP Morgan

Jean Ann Salisbury – Bernstein

Brian Reynolds – UBS

Praneeth Satish – Wells Fargo

Colton Bean – TPH and Company

Neel Mitra – Bank of America

Tristan Richardson – Scotiabank

Gabriel Moreen – Mizuho

Jake Nivasch – Truist

Robert Catellier – CIBC Capital Markets

Operator

Good day, everyone, and welcome to The Williams Second Quarter 2023 Earnings Conference Call. Just a reminder, today’s call is being recorded.

And now at this time, for opening remarks and introductions, I would like to turn the call over to Mr. Danilo Juvane, Vice President of Investor Relations, ESG, and Investment Analysis. Please go ahead, sir.

Danilo Juvane

Thanks, Bo, and good morning, everyone. Thank you for joining us and for your interest in The Williams Companies. Yesterday afternoon, we’ve released our earnings press release and the presentation that our President and CEO, Alan Armstrong and our Chief Financial Officer, John Porter, will speak to this morning. Also joining us on the call today are Michael Dunn, our Chief Operating Officer; Lane Wilson, our General Counsel; and Chad Zamarin, our Executive Vice President of Corporate Strategic Development.

In our presentation materials, you will find a disclaimer related to forward-looking statements. This disclaimer is important and integral to our remarks and you should review it. Also included in the presentation materials are non-GAAP measures that we reconcile to generally accepted accounting principles. And these reconciliation schedules appear at the back of today’s presentation materials.

So with that, I will turn it over to Alan Armstrong.

Alan Armstrong

Okay. Well, thanks, Danilo, and thank you all for joining us today another positive story to share with you this quarter, and you can see some of those highlighted here and called out on Slide 2. First of all, adjusted EBITDA up 8%, adjusted earnings per share up 5%, and our gathering volumes were up 6%.

And certainly, while this growth and beat is impressive, our resiliency in the face of low commodity prices is even more impressive and gave us another opportunity to distinguish ourselves from the pack, which is largely post to declines this quarter. And our growth continues to compound despite these price swings in natural gas. This quarter was a perfect example where we saw an 8% EBITDA increase on the back of a very strong 14% increase for the same period last year.