(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Emerging growth company |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101). |
THE WILLIAMS COMPANIES, INC. | |||||||||||
(Registrant) | |||||||||||
Dated: | May 6, 2024 | By: | /s/ JOHN D. PORTER | ||||||||
John D. Porter | |||||||||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
News Release | Williams (NYSE: WMB) One Williams Center Tulsa, OK 74172 800-Williams www.williams.com | |||||||
MEDIA CONTACT: | INVESTOR CONTACTS: | ||||||||||
media@williams.com (800) 945-8723 | Danilo Juvane (918) 573-5075 | Caroline Sardella (918) 230-9992 |
Williams Summary Financial Information | 1Q | |||||||
Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders. | 2024 | 2023 | ||||||
GAAP Measures | ||||||||
Net Income | $631 | $926 | ||||||
Net Income Per Share | $0.52 | $0.76 | ||||||
Cash Flow From Operations | $1,234 | $1,514 | ||||||
Non-GAAP Measures (1) | ||||||||
Adjusted EBITDA | $1,934 | $1,795 | ||||||
Adjusted Net Income | $719 | $684 | ||||||
Adjusted Earnings Per Share | $0.59 | $0.56 | ||||||
Available Funds from Operations | $1,507 | $1,445 | ||||||
Dividend Coverage Ratio | 2.60 | x | 2.65 | x | ||||
Other | ||||||||
Debt-to-Adjusted EBITDA at Quarter End (2) | 3.79 | x | 3.57 | x | ||||
Capital Investments (Excluding Acquisitions) (3) (4) | $563 | $525 | ||||||
(1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release. | ||||||||
(2) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters. | ||||||||
(3) Capital Investments include increases to property, plant, and equipment (growth & maintenance capital), purchases of and contributions to equity-method investments and purchases of other long-term investments. | ||||||||
(4) First-quarter 2024 capital excludes $1.851 billion for the acquisition of the Gulf Coast Storage assets, which closed in January 2024. First-quarter 2023 capital excludes $1.056 billion for the acquisition of MountainWest, which closed in February 2023. |
First Quarter | |||||||||||||||||||||||
Amounts in millions | Modified EBITDA | Adjusted EBITDA | |||||||||||||||||||||
1Q 2024 | 1Q 2023 | Change | 1Q 2024 | 1Q 2023 | Change | ||||||||||||||||||
Transmission & Gulf of Mexico | $829 | $715 | $114 | $839 | $728 | $111 | |||||||||||||||||
Northeast G&P | 504 | 470 | 34 | 504 | 470 | 34 | |||||||||||||||||
West | 327 | 304 | 23 | 328 | 286 | 42 | |||||||||||||||||
Gas & NGL Marketing Services | 101 | 567 | (466) | 189 | 231 | (42) | |||||||||||||||||
Other | 76 | 74 | 2 | 74 | 80 | (6) | |||||||||||||||||
Total | $1,837 | $2,130 | ($293) | $1,934 | $1,795 | $139 | |||||||||||||||||
Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release. |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(Millions, except per-share amounts) | ||||||||||||||
Revenues: | ||||||||||||||
Service revenues | $ | 1,905 | $ | 1,694 | ||||||||||
Service revenues – commodity consideration | 30 | 36 | ||||||||||||
Product sales | 845 | 845 | ||||||||||||
Net gain (loss) from commodity derivatives | (9) | 506 | ||||||||||||
Total revenues | 2,771 | 3,081 | ||||||||||||
Costs and expenses: | ||||||||||||||
Product costs | 526 | 553 | ||||||||||||
Net processing commodity expenses | 5 | 54 | ||||||||||||
Operating and maintenance expenses | 511 | 463 | ||||||||||||
Depreciation and amortization expenses | 548 | 506 | ||||||||||||
Selling, general, and administrative expenses | 186 | 176 | ||||||||||||
Other (income) expense – net | (17) | (31) | ||||||||||||
Total costs and expenses | 1,759 | 1,721 | ||||||||||||
Operating income (loss) | 1,012 | 1,360 | ||||||||||||
Equity earnings (losses) | 137 | 147 | ||||||||||||
Other investing income (loss) – net | 24 | 8 | ||||||||||||
Interest expense | (349) | (294) | ||||||||||||
Other income (expense) – net | 31 | 20 | ||||||||||||
Income (loss) before income taxes | 855 | 1,241 | ||||||||||||
Less: Provision (benefit) for income taxes | 193 | 284 | ||||||||||||
Net income (loss) | 662 | 957 | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 30 | 30 | ||||||||||||
Net income (loss) attributable to The Williams Companies, Inc. | 632 | 927 | ||||||||||||
Less: Preferred stock dividends | 1 | 1 | ||||||||||||
Net income (loss) available to common stockholders | $ | 631 | $ | 926 | ||||||||||
Basic earnings (loss) per common share: | ||||||||||||||
Net income (loss) available to common stockholders | $ | .52 | $ | .76 | ||||||||||
Weighted-average shares (thousands) | 1,218,155 | 1,219,465 | ||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||
Net income (loss) available to common stockholders | $ | .52 | $ | .76 | ||||||||||
Weighted-average shares (thousands) | 1,222,222 | 1,225,781 |
March 31, | December 31, | |||||||||||||
2024 | 2023 | |||||||||||||
(Millions, except per-share amounts) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 667 | $ | 2,150 | ||||||||||
Trade accounts and other receivables (net of allowance of $3 at March 31, 2024 and December 31, 2023) | 1,355 | 1,655 | ||||||||||||
Inventories | 239 | 274 | ||||||||||||
Derivative assets | 173 | 239 | ||||||||||||
Other current assets and deferred charges | 176 | 195 | ||||||||||||
Total current assets | 2,610 | 4,513 | ||||||||||||
Investments | 4,639 | 4,637 | ||||||||||||
Property, plant and equipment | 54,305 | 51,842 | ||||||||||||
Accumulated depreciation and amortization | (17,854) | (17,531) | ||||||||||||
Property, plant, and equipment – net | 36,451 | 34,311 | ||||||||||||
Intangible assets – net of accumulated amortization | 7,496 | 7,593 | ||||||||||||
Regulatory assets, deferred charges, and other | 1,551 | 1,573 | ||||||||||||
Total assets | $ | 52,747 | $ | 52,627 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 1,042 | $ | 1,379 | ||||||||||
Derivative liabilities | 75 | 105 | ||||||||||||
Accrued and other current liabilities | 1,077 | 1,284 | ||||||||||||
Commercial paper | — | 725 | ||||||||||||
Long-term debt due within one year | 2,787 | 2,337 | ||||||||||||
Total current liabilities | 4,981 | 5,830 | ||||||||||||
Long-term debt | 24,100 | 23,376 | ||||||||||||
Deferred income tax liabilities | 4,001 | 3,846 | ||||||||||||
Regulatory liabilities, deferred income, and other | 4,735 | 4,684 | ||||||||||||
Contingent liabilities and commitments | ||||||||||||||
Equity: | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock ($1 par value; 30 million shares authorized at March 31, 2024 and December 31, 2023; 35,000 shares issued at March 31, 2024 and December 31, 2023) | 35 | 35 | ||||||||||||
Common stock ($1 par value; 1,470 million shares authorized at March 31, 2024 and December 31, 2023; 1,258 million shares issued at March 31, 2024 and 1,256 million shares issued at December 31, 2023) | 1,258 | 1,256 | ||||||||||||
Capital in excess of par value | 24,564 | 24,578 | ||||||||||||
Retained deficit | (12,238) | (12,287) | ||||||||||||
Accumulated other comprehensive income (loss) | 10 | — | ||||||||||||
Treasury stock, at cost (39 million shares at March 31, 2024 and December 31, 2023 of common stock) | (1,180) | (1,180) | ||||||||||||
Total stockholders’ equity | 12,449 | 12,402 | ||||||||||||
Noncontrolling interests in consolidated subsidiaries | 2,481 | 2,489 | ||||||||||||
Total equity | 14,930 | 14,891 | ||||||||||||
Total liabilities and equity | $ | 52,747 | $ | 52,627 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(Millions) | ||||||||||||||
OPERATING ACTIVITIES: | ||||||||||||||
Net income (loss) | $ | 662 | $ | 957 | ||||||||||
Adjustments to reconcile to net cash provided (used) by operating activities: | ||||||||||||||
Depreciation and amortization | 548 | 506 | ||||||||||||
Provision (benefit) for deferred income taxes | 152 | 283 | ||||||||||||
Equity (earnings) losses | (137) | (147) | ||||||||||||
Distributions from equity-method investees | 188 | 208 | ||||||||||||
Net unrealized (gain) loss from commodity derivative instruments | 92 | (327) | ||||||||||||
Inventory write-downs | 4 | 18 | ||||||||||||
Amortization of stock-based awards | 24 | 17 | ||||||||||||
Cash provided (used) by changes in current assets and liabilities: | ||||||||||||||
Accounts receivable | 314 | 1,269 | ||||||||||||
Inventories | 34 | 27 | ||||||||||||
Other current assets and deferred charges | 9 | (4) | ||||||||||||
Accounts payable | (309) | (1,017) | ||||||||||||
Accrued and other current liabilities | (218) | (318) | ||||||||||||
Changes in current and noncurrent commodity derivative assets and liabilities | (68) | 82 | ||||||||||||
Other, including changes in noncurrent assets and liabilities | (61) | (40) | ||||||||||||
Net cash provided (used) by operating activities | 1,234 | 1,514 | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||
Proceeds from (payments of) commercial paper – net | (723) | (352) | ||||||||||||
Proceeds from long-term debt | 2,099 | 1,502 | ||||||||||||
Payments of long-term debt | (1,012) | (7) | ||||||||||||
Payments for debt issuance costs | (16) | (8) | ||||||||||||
Proceeds from issuance of common stock | 5 | 3 | ||||||||||||
Purchases of treasury stock | — | (74) | ||||||||||||
Common dividends paid | (579) | (546) | ||||||||||||
Dividends and distributions paid to noncontrolling interests | (64) | (54) | ||||||||||||
Contributions from noncontrolling interests | 26 | 3 | ||||||||||||
Other – net | (17) | (17) | ||||||||||||
Net cash provided (used) by financing activities | (281) | 450 | ||||||||||||
INVESTING ACTIVITIES: | ||||||||||||||
Property, plant, and equipment: | ||||||||||||||
Capital expenditures (1) | (544) | (545) | ||||||||||||
Dispositions - net | 5 | (7) | ||||||||||||
Purchases of businesses, net of cash acquired | (1,851) | (1,056) | ||||||||||||
Purchases of and contributions to equity-method investments | (52) | (39) | ||||||||||||
Other – net | 6 | 8 | ||||||||||||
Net cash provided (used) by investing activities | (2,436) | (1,639) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (1,483) | 325 | ||||||||||||
Cash and cash equivalents at beginning of year | 2,150 | 152 | ||||||||||||
Cash and cash equivalents at end of period | $ | 667 | $ | 477 | ||||||||||
_________ | ||||||||||||||
(1) Increases to property, plant, and equipment | $ | (509) | $ | (484) | ||||||||||
Changes in related accounts payable and accrued liabilities | (35) | (61) | ||||||||||||
Capital expenditures | $ | (544) | $ | (545) |
Transmission & Gulf of Mexico | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
2023 | 2024 | |||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
Regulated interstate natural gas transportation, storage, and other revenues (1) | $ | 774 | $ | 786 | $ | 794 | $ | 822 | $ | 3,176 | $ | 836 | ||||||||||||||
Gathering, processing, storage and transportation revenues | 100 | 104 | 114 | 100 | 418 | 137 | ||||||||||||||||||||
Other fee revenues (1) | 6 | 8 | 5 | 4 | 23 | 12 | ||||||||||||||||||||
Commodity margins | 10 | 8 | 7 | 8 | 33 | 9 | ||||||||||||||||||||
Operating and administrative costs (1) | (254) | (254) | (257) | (270) | (1,035) | (254) | ||||||||||||||||||||
Other segment income (expenses) - net (1) | 26 | 31 | 36 | 26 | 119 | 43 | ||||||||||||||||||||
Gain on sale of business | — | — | 130 | (1) | 129 | — | ||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 53 | 48 | 52 | 52 | 205 | 46 | ||||||||||||||||||||
Modified EBITDA | 715 | 731 | 881 | 741 | 3,068 | 829 | ||||||||||||||||||||
Adjustments | 13 | 17 | (127) | 11 | (86) | 10 | ||||||||||||||||||||
Adjusted EBITDA | $ | 728 | $ | 748 | $ | 754 | $ | 752 | $ | 2,982 | $ | 839 | ||||||||||||||
Statistics for Operated Assets | ||||||||||||||||||||||||||
Natural Gas Transmission (2) | ||||||||||||||||||||||||||
Transcontinental Gas Pipe Line | ||||||||||||||||||||||||||
Avg. daily transportation volumes (MMdth) | 14.3 | 13.2 | 14.0 | 14.0 | 13.9 | 14.6 | ||||||||||||||||||||
Avg. daily firm reserved capacity (MMdth) | 19.5 | 19.4 | 19.4 | 19.3 | 19.4 | 20.3 | ||||||||||||||||||||
Northwest Pipeline LLC | ||||||||||||||||||||||||||
Avg. daily transportation volumes (MMdth) | 3.1 | 2.3 | 2.3 | 2.8 | 2.6 | 3.1 | ||||||||||||||||||||
Avg. daily firm reserved capacity (MMdth) | 3.8 | 3.8 | 3.8 | 3.8 | 3.8 | 3.8 | ||||||||||||||||||||
MountainWest (3) | ||||||||||||||||||||||||||
Avg. daily transportation volumes (MMdth) | 4.2 | 3.2 | 3.8 | 4.2 | 3.9 | 4.3 | ||||||||||||||||||||
Avg. daily firm reserved capacity (MMdth) | 7.8 | 7.5 | 7.5 | 7.9 | 7.7 | 8.4 | ||||||||||||||||||||
Gulfstream - Non-consolidated | ||||||||||||||||||||||||||
Avg. daily transportation volumes (MMdth) | 1.0 | 1.2 | 1.4 | 1.1 | 1.2 | 1.0 | ||||||||||||||||||||
Avg. daily firm reserved capacity (MMdth) | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | ||||||||||||||||||||
Gathering, Processing, and Crude Oil Transportation | ||||||||||||||||||||||||||
Consolidated (4) | ||||||||||||||||||||||||||
Gathering volumes (Bcf/d) | 0.28 | 0.23 | 0.27 | 0.27 | 0.26 | 0.25 | ||||||||||||||||||||
Plant inlet natural gas volumes (Bcf/d) | 0.43 | 0.40 | 0.46 | 0.46 | 0.44 | 0.45 | ||||||||||||||||||||
NGL production (Mbbls/d) | 28 | 24 | 28 | 26 | 27 | 28 | ||||||||||||||||||||
NGL equity sales (Mbbls/d) | 7 | 5 | 6 | 5 | 6 | 5 | ||||||||||||||||||||
Crude oil transportation volumes (Mbbls/d) | 119 | 111 | 134 | 130 | 123 | 118 | ||||||||||||||||||||
Non-consolidated (5) | ||||||||||||||||||||||||||
Gathering volumes (Bcf/d) | 0.36 | 0.30 | 0.36 | 0.33 | 0.34 | 0.27 | ||||||||||||||||||||
Plant inlet natural gas volumes (Bcf/d) | 0.36 | 0.30 | 0.36 | 0.33 | 0.34 | 0.27 | ||||||||||||||||||||
NGL production (Mbbls/d) | 28 | 21 | 30 | 28 | 27 | 15 | ||||||||||||||||||||
NGL equity sales (Mbbls/d) | 8 | 3 | 8 | 7 | 7 | 3 | ||||||||||||||||||||
(1) Excludes certain amounts associated with revenues and operating costs for tracked or reimbursable charges. | ||||||||||||||||||||||||||
(2) Tbtu converted to MMdth at one trillion British thermal units = one million dekatherms. | ||||||||||||||||||||||||||
(3) Includes 100% of the volumes associated with the MountainWest Acquisition transmission assets after the purchase on February 14, 2023, including 100% of the volumes associated with the operated equity-method investment White River Hub, LLC. Average volumes were calculated over the period owned. | ||||||||||||||||||||||||||
(4) Excludes volumes associated with equity-method investments that are not consolidated in our results. | ||||||||||||||||||||||||||
(5) Includes 100% of the volumes associated with operated equity-method investments, including Discovery Producer Services. |
Northeast G&P | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
2023 | 2024 | |||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
Gathering, processing, transportation, and fractionation revenues | $ | 391 | $ | 431 | $ | 417 | $ | 411 | $ | 1,650 | $ | 411 | ||||||||||||||
Other fee revenues (1) | 32 | 27 | 27 | 28 | 114 | 34 | ||||||||||||||||||||
Commodity margins | 5 | (1) | 7 | 1 | 12 | 11 | ||||||||||||||||||||
Operating and administrative costs (1) | (101) | (101) | (115) | (107) | (424) | (108) | ||||||||||||||||||||
Other segment income (expenses) - net | — | — | (1) | (9) | (10) | (1) | ||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 143 | 159 | 119 | 153 | 574 | 157 | ||||||||||||||||||||
Modified EBITDA | 470 | 515 | 454 | 477 | 1,916 | 504 | ||||||||||||||||||||
Adjustments | — | — | 31 | 8 | 39 | — | ||||||||||||||||||||
Adjusted EBITDA | $ | 470 | $ | 515 | $ | 485 | $ | 485 | $ | 1,955 | $ | 504 | ||||||||||||||
Statistics for Operated Assets | ||||||||||||||||||||||||||
Gathering and Processing | ||||||||||||||||||||||||||
Consolidated (2) | ||||||||||||||||||||||||||
Gathering volumes (Bcf/d) | 4.42 | 4.61 | 4.41 | 4.37 | 4.45 | 4.33 | ||||||||||||||||||||
Plant inlet natural gas volumes (Bcf/d) | 1.92 | 1.79 | 1.93 | 1.93 | 1.89 | 1.76 | ||||||||||||||||||||
NGL production (Mbbls/d) | 144 | 135 | 144 | 133 | 139 | 133 | ||||||||||||||||||||
NGL equity sales (Mbbls/d) | 1 | 1 | — | 1 | 1 | 1 | ||||||||||||||||||||
Non-consolidated (3) | ||||||||||||||||||||||||||
Gathering volumes (Bcf/d) | 6.97 | 7.03 | 6.83 | 6.85 | 6.92 | 6.79 | ||||||||||||||||||||
Plant inlet natural gas volumes (Bcf/d) | 0.77 | 0.93 | 0.99 | 1.01 | 0.93 | 0.98 | ||||||||||||||||||||
NGL production (Mbbls/d) | 54 | 64 | 71 | 69 | 65 | 72 | ||||||||||||||||||||
NGL equity sales (Mbbls/d) | 4 | 5 | 4 | 4 | 4 | 3 | ||||||||||||||||||||
(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges. | ||||||||||||||||||||||||||
(2) Includes volumes associated with Susquehanna Supply Hub, the Northeast JV, and Utica Supply Hub, all of which are consolidated. | ||||||||||||||||||||||||||
(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership and Blue Racer Midstream which we operate effective January 1, 2024; and the Bradford Supply Hub and the Marcellus South Supply Hub within the Appalachia Midstream Services partnership. |
West | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
2023 | 2024 | |||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
Net gathering, processing, transportation, storage, and fractionation revenues | $ | 382 | $ | 373 | $ | 371 | $ | 397 | $ | 1,523 | $ | 421 | ||||||||||||||
Other fee revenues (1) | 5 | 7 | 4 | 8 | 24 | 8 | ||||||||||||||||||||
Commodity margins | (24) | 18 | 21 | 19 | 34 | 12 | ||||||||||||||||||||
Operating and administrative costs (1) | (115) | (122) | (122) | (144) | (503) | (139) | ||||||||||||||||||||
Other segment income (expenses) - net | 23 | (7) | (4) | (14) | (2) | — | ||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 33 | 43 | 45 | 41 | 162 | 25 | ||||||||||||||||||||
Modified EBITDA | 304 | 312 | 315 | 307 | 1,238 | 327 | ||||||||||||||||||||
Adjustments | (18) | — | — | 16 | (2) | 1 | ||||||||||||||||||||
Adjusted EBITDA | $ | 286 | $ | 312 | $ | 315 | $ | 323 | $ | 1,236 | $ | 328 | ||||||||||||||
Statistics for Operated Assets | ||||||||||||||||||||||||||
Gathering and Processing | ||||||||||||||||||||||||||
Consolidated (2) (4) | ||||||||||||||||||||||||||
Gathering volumes (Bcf/d) (3) | 5.47 | 5.51 | 5.60 | 6.03 | 6.02 | 5.75 | ||||||||||||||||||||
Plant inlet natural gas volumes (Bcf/d) | 0.92 | 1.06 | 1.12 | 1.63 | 1.54 | 1.52 | ||||||||||||||||||||
NGL production (Mbbls/d) | 25 | 40 | 61 | 99 | 91 | 87 | ||||||||||||||||||||
NGL equity sales (Mbbls/d) | 6 | 16 | 22 | 14 | 14 | 6 | ||||||||||||||||||||
Non-consolidated (5) | ||||||||||||||||||||||||||
Gathering volumes (Bcf/d) | 0.32 | 0.33 | 0.33 | — | — | — | ||||||||||||||||||||
Plant inlet natural gas volumes (Bcf/d) | 0.32 | 0.32 | 0.32 | — | — | — | ||||||||||||||||||||
NGL production (Mbbls/d) | 37 | 38 | 38 | — | — | — | ||||||||||||||||||||
NGL and Crude Oil Transportation volumes (Mbbls/d) (6) | 161 | 217 | 244 | 250 | 218 | 220 | ||||||||||||||||||||
(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges. | ||||||||||||||||||||||||||
(2) Excludes volumes associated with equity-method investments that are not consolidated in our results. | ||||||||||||||||||||||||||
(3) Includes 100% of the volumes associated with the Cureton Acquisition gathering assets after the purchase on November 30, 2023. Average volumes were calculated over the period owned. | ||||||||||||||||||||||||||
(4) Volumes associated with the Rocky Mountain Midstream (RMM) assets for 4th Qtr 2023 and Year 2023 are presented entirely in the Consolidated section. We acquired the remaining 50 percent of RMM on November 30, 2023. | ||||||||||||||||||||||||||
(5) Includes 100% of the volumes associated with operated equity-method investment RMM through 3rd Qtr 2023. | ||||||||||||||||||||||||||
(6) Includes 100% of the volumes associated with Overland Pass Pipeline Company (an operated equity-method investment), RMM (see Note 4 above) as well as volumes for our consolidated Bluestem pipeline. |
Gas & NGL Marketing Services | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
2023 | 2024 | |||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
Commodity margins | $ | 265 | $ | (2) | $ | 38 | $ | 88 | $ | 389 | $ | 236 | ||||||||||||||
Other fee revenues | 1 | — | — | — | 1 | — | ||||||||||||||||||||
Net unrealized gain (loss) from derivative instruments | 333 | 94 | 24 | 208 | 659 | (95) | ||||||||||||||||||||
Operating and administrative costs | (32) | (24) | (19) | (24) | (99) | (40) | ||||||||||||||||||||
Modified EBITDA | 567 | 68 | 43 | 272 | 950 | 101 | ||||||||||||||||||||
Adjustments | (336) | (84) | (27) | (203) | (650) | 88 | ||||||||||||||||||||
Adjusted EBITDA | $ | 231 | $ | (16) | $ | 16 | $ | 69 | $ | 300 | $ | 189 | ||||||||||||||
Statistics | ||||||||||||||||||||||||||
Product Sales Volumes | ||||||||||||||||||||||||||
Natural Gas (Bcf/d) | 7.24 | 6.56 | 7.31 | 7.11 | 7.05 | 7.53 | ||||||||||||||||||||
NGLs (Mbbls/d) | 234 | 239 | 245 | 173 | 223 | 170 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
2023 | 2024 | |||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
Service revenues | $ | 3 | $ | 5 | $ | 4 | $ | 4 | $ | 16 | $ | 4 | ||||||||||||||
Net realized product sales | 120 | 97 | 127 | 145 | 489 | 113 | ||||||||||||||||||||
Net unrealized gain (loss) from derivative instruments | (6) | (11) | (1) | 19 | 1 | 3 | ||||||||||||||||||||
Operating and administrative costs | (48) | (54) | (58) | (65) | (225) | (51) | ||||||||||||||||||||
Other segment income (expenses) - net | 5 | 5 | 10 | 8 | 28 | 7 | ||||||||||||||||||||
Net gain from Energy Transfer litigation judgment | — | — | — | 534 | 534 | — | ||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | — | (1) | (1) | — | (2) | — | ||||||||||||||||||||
Modified EBITDA | 74 | 41 | 81 | 645 | 841 | 76 | ||||||||||||||||||||
Adjustments | 6 | 11 | 1 | (553) | (535) | (2) | ||||||||||||||||||||
Adjusted EBITDA | $ | 80 | $ | 52 | $ | 82 | $ | 92 | $ | 306 | $ | 74 | ||||||||||||||
Statistics | ||||||||||||||||||||||||||
Net Product Sales Volumes | ||||||||||||||||||||||||||
Natural Gas (Bcf/d) | 0.26 | 0.29 | 0.31 | 0.30 | 0.29 | 0.28 | ||||||||||||||||||||
NGLs (Mbbls/d) | 3 | 6 | 9 | 10 | 7 | 8 | ||||||||||||||||||||
Crude Oil (Mbbls/d) | 1 | 3 | 5 | 7 | 4 | 5 | ||||||||||||||||||||
Capital Expenditures and Investments | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
2023 | 2024 | |||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr* | Year* | 1st Qtr | ||||||||||||||||||||
Capital expenditures: | ||||||||||||||||||||||||||
Transmission & Gulf of Mexico | $ | 205 | $ | 263 | $ | 382 | $ | 404 | $ | 1,254 | $ | 310 | ||||||||||||||
Northeast G&P | 99 | 74 | 115 | 71 | 359 | 71 | ||||||||||||||||||||
West | 169 | 197 | 141 | 121 | 628 | 120 | ||||||||||||||||||||
Other | 72 | 76 | 52 | 75 | 275 | 43 | ||||||||||||||||||||
Total (1) | $ | 545 | $ | 610 | $ | 690 | $ | 671 | $ | 2,516 | $ | 544 | ||||||||||||||
Purchases of and contributions to equity-method investments: | ||||||||||||||||||||||||||
Transmission & Gulf of Mexico | $ | 8 | $ | 18 | $ | 6 | $ | 9 | $ | 41 | $ | 27 | ||||||||||||||
Northeast G&P | 31 | 12 | 4 | 52 | 99 | 25 | ||||||||||||||||||||
West | — | — | 1 | — | 1 | — | ||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 39 | $ | 30 | $ | 11 | $ | 61 | $ | 141 | $ | 52 | ||||||||||||||
Summary: | ||||||||||||||||||||||||||
Transmission & Gulf of Mexico | $ | 213 | $ | 281 | $ | 388 | $ | 413 | $ | 1,295 | $ | 337 | ||||||||||||||
Northeast G&P | 130 | 86 | 119 | 123 | 458 | 96 | ||||||||||||||||||||
West | 169 | 197 | 142 | 121 | 629 | 120 | ||||||||||||||||||||
Other | 72 | 76 | 52 | 75 | 275 | 43 | ||||||||||||||||||||
Total | $ | 584 | $ | 640 | $ | 701 | $ | 732 | $ | 2,657 | $ | 596 | ||||||||||||||
Capital investments: | ||||||||||||||||||||||||||
Increases to property, plant, and equipment | $ | 484 | $ | 684 | $ | 792 | $ | 604 | $ | 2,564 | $ | 509 | ||||||||||||||
Purchases of businesses, net of cash acquired | 1,056 | (3) | (29) | 544 | 1,568 | 1,851 | ||||||||||||||||||||
Purchases of and contributions to equity-method investments | 39 | 30 | 11 | 61 | 141 | 52 | ||||||||||||||||||||
Purchases of other long-term investments | 2 | 1 | 2 | 1 | 6 | 2 | ||||||||||||||||||||
Total | $ | 1,581 | $ | 712 | $ | 776 | $ | 1,210 | $ | 4,279 | $ | 2,414 | ||||||||||||||
(1) Increases to property, plant, and equipment | $ | 484 | $ | 684 | $ | 792 | $ | 604 | $ | 2,564 | $ | 509 | ||||||||||||||
Changes in related accounts payable and accrued liabilities | 61 | (74) | (102) | 67 | (48) | 35 | ||||||||||||||||||||
Capital expenditures | $ | 545 | $ | 610 | $ | 690 | $ | 671 | $ | 2,516 | $ | 544 | ||||||||||||||
Contributions from noncontrolling interests | $ | 3 | $ | 15 | $ | — | $ | — | $ | 18 | $ | 26 | ||||||||||||||
Contributions in aid of construction | $ | 11 | $ | 7 | $ | 2 | $ | 8 | $ | 28 | $ | 10 | ||||||||||||||
Proceeds from sale of business | $ | — | $ | — | $ | 348 | $ | (2) | $ | 346 | $ | — | ||||||||||||||
* Certain amounts for the fourth quarter of 2023 were revised to agree to final reported amounts. | ||||||||||||||||||||||||||
Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
2023 | 2024 | |||||||||||||||||||||||||
(Dollars in millions, except per-share amounts) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders | $ | 926 | $ | 547 | $ | 654 | $ | 1,146 | $ | 3,273 | $ | 631 | ||||||||||||||
Income (loss) from continuing operations - diluted earnings (loss) per common share (1) | $ | .76 | $ | .45 | $ | .54 | $ | .94 | $ | 2.68 | $ | .52 | ||||||||||||||
Adjustments: | ||||||||||||||||||||||||||
Transmission & Gulf of Mexico | ||||||||||||||||||||||||||
MountainWest acquisition and transition-related costs | $ | 13 | $ | 17 | $ | 3 | $ | 9 | $ | 42 | $ | — | ||||||||||||||
Gulf Coast Storage acquisition and transition-related costs* | — | — | — | 1 | 1 | 10 | ||||||||||||||||||||
Gain on sale of business | — | — | (130) | 1 | (129) | — | ||||||||||||||||||||
Total Transmission & Gulf of Mexico adjustments | 13 | 17 | (127) | 11 | (86) | 10 | ||||||||||||||||||||
Northeast G&P | ||||||||||||||||||||||||||
Accrual for loss contingency | — | — | — | 10 | 10 | — | ||||||||||||||||||||
Our share of accrual for loss contingency at Aux Sable Liquid Products LP | — | — | 31 | (2) | 29 | — | ||||||||||||||||||||
Total Northeast G&P adjustments | — | — | 31 | 8 | 39 | — | ||||||||||||||||||||
West | ||||||||||||||||||||||||||
Cureton acquisition and transition-related costs* | — | — | — | 6 | 6 | 1 | ||||||||||||||||||||
Gain from contract settlement | (18) | — | — | — | (18) | — | ||||||||||||||||||||
Impairment of assets held for sale | — | — | — | 10 | 10 | — | ||||||||||||||||||||
Total West adjustments | (18) | — | — | 16 | (2) | 1 | ||||||||||||||||||||
Gas & NGL Marketing Services | ||||||||||||||||||||||||||
Impact of volatility on NGL linefill transactions* | (3) | 10 | (3) | 5 | 9 | (6) | ||||||||||||||||||||
Net unrealized (gain) loss from derivative instruments | (333) | (94) | (24) | (208) | (659) | 94 | ||||||||||||||||||||
Total Gas & NGL Marketing Services adjustments | (336) | (84) | (27) | (203) | (650) | 88 | ||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Net unrealized (gain) loss from derivative instruments | 6 | 11 | 1 | (19) | (1) | (2) | ||||||||||||||||||||
Net gain from Energy Transfer litigation judgment | — | — | — | (534) | (534) | — | ||||||||||||||||||||
Total Other adjustments | 6 | 11 | 1 | (553) | (535) | (2) | ||||||||||||||||||||
Adjustments included in Modified EBITDA | (335) | (56) | (122) | (721) | (1,234) | 97 | ||||||||||||||||||||
Adjustments below Modified EBITDA | ||||||||||||||||||||||||||
Gain on remeasurement of RMM investment | — | — | — | (30) | (30) | — | ||||||||||||||||||||
Imputed interest expense on deferred consideration obligations* | — | — | — | — | — | 12 | ||||||||||||||||||||
Amortization of intangible assets from Sequent acquisition | 15 | 14 | 15 | 15 | 59 | 7 | ||||||||||||||||||||
15 | 14 | 15 | (15) | 29 | 19 | |||||||||||||||||||||
Total adjustments | (320) | (42) | (107) | (736) | (1,205) | 116 | ||||||||||||||||||||
Less tax effect for above items | 78 | 10 | 25 | 178 | 291 | (28) | ||||||||||||||||||||
Adjustments for tax-related items (2) | — | — | (25) | — | (25) | — | ||||||||||||||||||||
Adjusted income from continuing operations available to common stockholders | $ | 684 | $ | 515 | $ | 547 | $ | 588 | $ | 2,334 | $ | 719 | ||||||||||||||
Adjusted income from continuing operations - diluted earnings per common share (1) | $ | .56 | $ | .42 | $ | .45 | $ | .48 | $ | 1.91 | $ | .59 | ||||||||||||||
Weighted-average shares - diluted (thousands) | 1,225,781 | 1,219,915 | 1,220,073 | 1,221,894 | 1,221,616 | 1,222,222 | ||||||||||||||||||||
(1) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. | ||||||||||||||||||||||||||
(2) The third quarter of 2023 includes an adjustment associated with a decrease in our estimated deferred state income tax rate. | ||||||||||||||||||||||||||
*Amounts for the 2024 periods are included in Additional adjustments on the Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO). |
Reconciliation of "Net Income (Loss)" to “Modified EBITDA” and Non-GAAP “Adjusted EBITDA” | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
2023 | 2024 | |||||||||||||||||||||||||
(Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
Net income (loss) | $ | 957 | $ | 494 | $ | 684 | $ | 1,168 | $ | 3,303 | $ | 662 | ||||||||||||||
Provision (benefit) for income taxes | 284 | 175 | 176 | 370 | 1,005 | 193 | ||||||||||||||||||||
Interest expense | 294 | 306 | 314 | 322 | 1,236 | 349 | ||||||||||||||||||||
Equity (earnings) losses | (147) | (160) | (127) | (155) | (589) | (137) | ||||||||||||||||||||
Other investing (income) loss - net | (8) | (13) | (24) | (63) | (108) | (24) | ||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 229 | 249 | 215 | 246 | 939 | 228 | ||||||||||||||||||||
Depreciation and amortization expenses | 506 | 515 | 521 | 529 | 2,071 | 548 | ||||||||||||||||||||
Accretion expense associated with asset retirement obligations for nonregulated operations | 15 | 14 | 14 | 16 | 59 | 18 | ||||||||||||||||||||
(Income) loss from discontinued operations, net of tax | — | 87 | 1 | 9 | 97 | — | ||||||||||||||||||||
Modified EBITDA | $ | 2,130 | $ | 1,667 | $ | 1,774 | $ | 2,442 | $ | 8,013 | $ | 1,837 | ||||||||||||||
Transmission & Gulf of Mexico | $ | 715 | $ | 731 | $ | 881 | $ | 741 | $ | 3,068 | $ | 829 | ||||||||||||||
Northeast G&P | 470 | 515 | 454 | 477 | 1,916 | 504 | ||||||||||||||||||||
West | 304 | 312 | 315 | 307 | 1,238 | 327 | ||||||||||||||||||||
Gas & NGL Marketing Services | 567 | 68 | 43 | 272 | 950 | 101 | ||||||||||||||||||||
Other | 74 | 41 | 81 | 645 | 841 | 76 | ||||||||||||||||||||
Total Modified EBITDA | $ | 2,130 | $ | 1,667 | $ | 1,774 | $ | 2,442 | $ | 8,013 | $ | 1,837 | ||||||||||||||
Adjustments (1): | ||||||||||||||||||||||||||
Transmission & Gulf of Mexico | $ | 13 | $ | 17 | $ | (127) | $ | 11 | $ | (86) | $ | 10 | ||||||||||||||
Northeast G&P | — | — | 31 | 8 | 39 | — | ||||||||||||||||||||
West | (18) | — | — | 16 | (2) | 1 | ||||||||||||||||||||
Gas & NGL Marketing Services | (336) | (84) | (27) | (203) | (650) | 88 | ||||||||||||||||||||
Other | 6 | 11 | 1 | (553) | (535) | (2) | ||||||||||||||||||||
Total Adjustments | $ | (335) | $ | (56) | $ | (122) | $ | (721) | $ | (1,234) | $ | 97 | ||||||||||||||
Adjusted EBITDA: | ||||||||||||||||||||||||||
Transmission & Gulf of Mexico | $ | 728 | $ | 748 | $ | 754 | $ | 752 | $ | 2,982 | $ | 839 | ||||||||||||||
Northeast G&P | 470 | 515 | 485 | 485 | 1,955 | 504 | ||||||||||||||||||||
West | 286 | 312 | 315 | 323 | 1,236 | 328 | ||||||||||||||||||||
Gas & NGL Marketing Services | 231 | (16) | 16 | 69 | 300 | 189 | ||||||||||||||||||||
Other | 80 | 52 | 82 | 92 | 306 | 74 | ||||||||||||||||||||
Total Adjusted EBITDA | $ | 1,795 | $ | 1,611 | $ | 1,652 | $ | 1,721 | $ | 6,779 | $ | 1,934 | ||||||||||||||
(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income," which is also included in these materials. | ||||||||||||||||||||||||||
Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO) | ||||||||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||||||||
2023 | 2024 | |||||||||||||||||||||||||
(Dollars in millions, except coverage ratios) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr** | Year** | 1st Qtr | ||||||||||||||||||||
Net cash provided (used) by operating activities | $ | 1,514 | $ | 1,377 | $ | 1,234 | $ | 1,813 | $ | 5,938 | $ | 1,234 | ||||||||||||||
Exclude: Cash (provided) used by changes in: | ||||||||||||||||||||||||||
Accounts receivable | (1,269) | (154) | 128 | 206 | (1,089) | (314) | ||||||||||||||||||||
Inventories, including write-downs | (45) | (19) | 7 | 14 | (43) | (38) | ||||||||||||||||||||
Other current assets and deferred charges | 4 | (28) | 29 | (65) | (60) | (9) | ||||||||||||||||||||
Accounts payable | 1,017 | 203 | (148) | (63) | 1,009 | 309 | ||||||||||||||||||||
Accrued and other current liabilities | 318 | (246) | 42 | (95) | 19 | 218 | ||||||||||||||||||||
Changes in current and noncurrent commodity derivative assets and liabilities | (82) | (37) | (53) | (28) | (200) | 68 | ||||||||||||||||||||
Other, including changes in noncurrent assets and liabilities | 40 | 47 | 53 | 106 | 246 | 61 | ||||||||||||||||||||
Preferred dividends paid | (1) | — | (1) | (1) | (3) | (1) | ||||||||||||||||||||
Dividends and distributions paid to noncontrolling interests | (54) | (58) | (62) | (39) | (213) | (64) | ||||||||||||||||||||
Contributions from noncontrolling interests | 3 | 15 | — | — | 18 | 26 | ||||||||||||||||||||
Adjustment to exclude litigation-related charges in discontinued operations | — | 115 | 1 | 9 | 125 | — | ||||||||||||||||||||
Adjustment to exclude net gain from Energy Transfer litigation judgment | — | — | — | (534) | (534) | — | ||||||||||||||||||||
Additional Adjustments * | — | — | — | — | — | 17 | ||||||||||||||||||||
Available funds from operations | $ | 1,445 | $ | 1,215 | $ | 1,230 | $ | 1,323 | $ | 5,213 | $ | 1,507 | ||||||||||||||
Common dividends paid | $ | 546 | $ | 545 | $ | 544 | $ | 544 | $ | 2,179 | $ | 579 | ||||||||||||||
Coverage ratio: | ||||||||||||||||||||||||||
Available funds from operations divided by Common dividends paid | 2.65 | 2.23 | 2.26 | 2.43 | 2.39 | 2.60 | ||||||||||||||||||||
* See detail on Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income. | ||||||||||||||||||||||||||
** Certain amounts for the fourth quarter of 2023 were revised to agree to final reported amounts, with no impact to previously reported AFFO for that period. |
Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO) | ||||||||||||||||||||||||||||||||||||||
2024 Guidance | 2025 Guidance | |||||||||||||||||||||||||||||||||||||
(Dollars in millions, except per-share amounts and coverage ratio) | Low | Mid | High | Low | Mid | High | ||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 2,094 | $ | 2,219 | $ | 2,344 | $ | 2,373 | $ | 2,523 | $ | 2,673 | ||||||||||||||||||||||||||
Provision (benefit) for income taxes | 670 | 695 | 720 | 735 | 785 | 835 | ||||||||||||||||||||||||||||||||
Interest expense | 1,380 | 1,390 | ||||||||||||||||||||||||||||||||||||
Equity (earnings) losses | (535) | (610) | ||||||||||||||||||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 895 | 990 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations | 2,270 | 2,325 | ||||||||||||||||||||||||||||||||||||
Other | (6) | (8) | ||||||||||||||||||||||||||||||||||||
Modified EBITDA | $ | 6,768 | $ | 6,918 | $ | 7,068 | $ | 7,195 | $ | 7,395 | $ | 7,595 | ||||||||||||||||||||||||||
EBITDA Adjustments | 32 | 5 | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 6,800 | $ | 6,950 | $ | 7,100 | $ | 7,200 | $ | 7,400 | $ | 7,600 | ||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 2,094 | $ | 2,219 | $ | 2,344 | $ | 2,373 | $ | 2,523 | $ | 2,673 | ||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests and preferred dividends | 115 | 115 | ||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders | $ | 1,979 | $ | 2,104 | $ | 2,229 | $ | 2,258 | $ | 2,408 | $ | 2,558 | ||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||
Adjustments included in Modified EBITDA (1) | 32 | 5 | ||||||||||||||||||||||||||||||||||||
Adjustments below Modified EBITDA (2) | 29 | 18 | ||||||||||||||||||||||||||||||||||||
Allocation of adjustments to noncontrolling interests | — | — | ||||||||||||||||||||||||||||||||||||
Total adjustments | 61 | 23 | ||||||||||||||||||||||||||||||||||||
Less tax effect for above items | (15) | (6) | ||||||||||||||||||||||||||||||||||||
Adjusted income from continuing operations available to common stockholders | $ | 2,025 | $ | 2,150 | $ | 2,275 | $ | 2,275 | $ | 2,425 | $ | 2,575 | ||||||||||||||||||||||||||
Adjusted income from continuing operations - diluted earnings per common share | $ | 1.65 | $ | 1.76 | $ | 1.86 | $ | 1.85 | $ | 1.97 | $ | 2.10 | ||||||||||||||||||||||||||
Weighted-average shares - diluted (millions) | 1,224 | 1,228 | ||||||||||||||||||||||||||||||||||||
Available Funds from Operations (AFFO): | ||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities (net of changes in working capital, changes in current and noncurrent derivative assets and liabilities, and changes in other, including changes in noncurrent assets and liabilities) | $ | 5,125 | $ | 5,250 | $ | 5,375 | $ | 5,295 | $ | 5,445 | $ | 5,595 | ||||||||||||||||||||||||||
Preferred dividends paid | (3) | (3) | ||||||||||||||||||||||||||||||||||||
Dividends and distributions paid to noncontrolling interests | (215) | (235) | ||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | 18 | 18 | ||||||||||||||||||||||||||||||||||||
Available funds from operations (AFFO) | $ | 4,925 | $ | 5,050 | $ | 5,175 | $ | 5,075 | $ | 5,225 | $ | 5,375 | ||||||||||||||||||||||||||
AFFO per common share | $ | 4.02 | $ | 4.13 | $ | 4.23 | $ | 4.13 | $ | 4.25 | $ | 4.38 | ||||||||||||||||||||||||||
Common dividends paid | $ | 2,320 | 5%-7% Dividend growth | |||||||||||||||||||||||||||||||||||
Coverage Ratio (AFFO/Common dividends paid) | 2.12x | 2.18x | 2.23x | ~2.12x | ||||||||||||||||||||||||||||||||||
(1) Adjustments reflect transaction and transition costs of acquisitions | ||||||||||||||||||||||||||||||||||||||
(2) Adjustments reflect amortization of intangible assets from Sequent acquisition | ||||||||||||||||||||||||||||||||||||||