The Williams Companies, Inc. (WMB) Q1 2023 Earnings Call Transcript

The Williams Companies, Inc. (NYSE:WMB) Q1 2023 Earnings Conference Call May 4, 2023 9:30 AM ET

Company Participants

Danilo Juvane - Vice President, Investor Relations

Alan Armstrong - President and Chief Executive Officer

John Porter - Chief Financial Officer

Michael Dunn - Chief Operating Officer

Lane Wilson - General Counsel

Chad Zamarin - Executive Vice President, Corporate Strategic Development

Conference Call Participants

Brian Reynolds - UBS

Jeremy Tonet - JP Morgan

Marc Solecitto - Barclays

Praneeth Satish - Wells Fargo

Gabe Moreen - Mizuho

Jake Nivasch - Truist Securities

Tristan Richardson - Scotiabank

Spiro Dounis - Citi

Sunil Sibal - Seaport Global

Jean Ann Salisbury - Bernstein

Operator

Good day, everyone and welcome to the Williams First Quarter 2023 Earnings Conference Call. Today’s conference is being recorded. 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 and ESG. Please go ahead.

Danilo Juvane

Thanks, Abby and good morning everyone. Thank you for joining us and for your interest in The Williams Companies. Yesterday afternoon, we have released our earnings press release and the presentation that our President and CEO, Alan Armstrong and the 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

Thanks, Danilo and thank you all for joining us today. Our natural gas-focused strategy continues to deliver steady predictable growth and this past year was no exception – sorry, this past quarter was no exception with our adjusted EBITDA, up nearly 20% compared to the first quarter of ‘22. And let me remind you that last year was a record year for growth as well when we were up 14% on an annual basis, so really a big quarter for us on a tough comp.