The Williams Companies, Inc. (WMB) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 3, 2022 9:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, everyone. And welcome to the Williams First Quarter 2022 Earnings Conference Call. Today's conference is being recorded. At this time, for opening remarks and introductions, I'd like to turn the call over to Mr. Danilo Juvane, Vice President of Investor Relations and ESG. Please go ahead.

Danilo Juvane - VP of IR

Thanks Sara, and good morning, everyone. Thank you for joining us and for your interest in the Williams Company. Yesterday afternoon, we 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, Micheal Dunn, our Chief Operating Officer, Lane Wilson, our General Counsel, and Chad Zamarin, our Senior Vice President of Corporate Strategic Development. In our presentation materials, you'll find a disclaimer related to forward-looking statements. This disclaimer is important and integral to our remark and you should review it. Also included in the presentation materials are non-GAAP measures that we reconciled to generally accepted accounting principles and these reconciliation scheduled appeared at the back the base presentation materials.

So with that, I'll turn it over to Alan Armstrong - President and CEO.

Alan Armstrong - President and CEO

Thank you, Danilo. Our natural gas focused strategy continued to deliver steady, predictable growth and this past quarter was certainly no exception. In fact, we posted yet another quarter of record EBITDA driven by growth across all four of our core business segments as well as our Upstream JV operations. We continue to set new records for contracted transmission capacity, and expect this record breaking performance to continue for many years to come as we execute on the six unique transmission expansion projects totaling 1.9 Bcf per day, and our GMP business remain strong with modest growth during the quarter expected to ramp up over the balance of the year. We continue to further advance our clean energy strategy through tightly aligned deals announced this quarter, including our acquisition of the Trace Midstream assets in the fast growing Haynesville region, which just closed this past Friday, and through our partnership with Context Labs, that I'll detail more when we get to our key investor focus areas.

Overall, we expect strong natural gas market fundamentals and steadfast project execution to drive additional growth for our business in ‘22. And as a result, we are raising financial guidance with expectations of another remarkable year of growth. Importantly, the midpoint of this new guidance is beyond the top of our previous range. So an impressive start to the year with a number of clear catalysts for growth for the balance of the year and into ‘23. And now I'll turn it over to John to go through the results for the quarter and our raised guidance. John?