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Dec 31, 2023
Williams Q4 2023 Earnings Report
Williams delivered another year of record results, with strong performance driven by its natural gas-focused strategy and strategic acquisitions.
Key Takeaways
Williams announced unaudited financial results for Q4 and the year ended December 31, 2023, showcasing continued strength in its base business. The company reported GAAP net income of $1.146 billion, or $0.94 per diluted share, and adjusted EBITDA of $1.721 billion for the quarter. For the full year, Williams achieved record results, with adjusted EBITDA up 6% year-over-year.
GAAP net income was $1.146 billion, or $0.94 per diluted share.
Adjusted EBITDA was $1.721 billion.
Dividend coverage ratio of 2.43x (AFFO basis).
Completed Cardinal and Susquehanna gathering & processing expansions in 4Q 2023.
Revenue by Segment
Forward Guidance
The company expects 2024 Adjusted EBITDA between $6.8 billion and $7.1 billion. For 2025, the company expects Adjusted EBITDA between $7.2 billion and $7.6 billion. Williams anticipates a leverage ratio midpoint for 2024 of 3.85x and has increased the dividend by 6.1% on an annualized basis to $1.90 in 2024 from $1.79 in 2023.
Positive Outlook
- Adjusted EBITDA guidance range of $6.8 billion to $7.1 billion in 2024.
- Adjusted EBITDA guidance range of $7.2 billion to $7.6 billion in 2025.
- Expects 2024 growth capex between $1.45 billion and $1.75 billion
- Expects 2024 maintenance capex between $1.1 billion and $1.3 billion, which includes capital of $350 million based on midpoint for emissions reduction and modernization initiatives.
- Increased the dividend by 6.1% on an annualized basis to $1.90 in 2024 from $1.79 in 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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