The Williams Companies, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting significant revenue growth and strategic acquisitions. For the three months ended September 30, 2024, total revenues reached $2,653 million, an increase from $2,559 million in the same period of 2023. Service revenues also rose to $1,911 million, up from $1,770 million, reflecting an 8% increase driven by higher volumes from recent acquisitions in the DJ Basin and Gulf Coast regions.
Despite the revenue growth, total costs and expenses for the third quarter increased to $1,815 million from $1,565 million year-over-year, leading to a decrease in operating income to $838 million from $994 million. Net income for the quarter was $741 million, compared to $684 million in the prior year, while net income attributable to The Williams Companies, Inc. rose to $706 million from $654 million.
For the nine months ended September 30, 2024, total revenues were $7,760 million, down from $8,123 million in the same period of 2023. Service revenues increased to $5,653 million from $5,212 million, but net income decreased to $1,829 million from $2,135 million, reflecting a 15% decline.
The company made several strategic acquisitions, including the purchase of Discovery Producer Services, LLC for $170 million, which closed on August 1, 2024, and the acquisition of Cureton Front Range, LLC and Rocky Mountain Midstream Holdings LLC, both completed on November 30, 2023. Additionally, the Gulf Coast Storage Acquisition was finalized on January 3, 2024, for $1.95 billion, enhancing the company’s natural gas storage capabilities.
The company’s long-term debt increased to $24.8 billion as of September 30, 2024, from $23.4 billion at the end of 2023, reflecting ongoing investments in growth and acquisitions. Cash and cash equivalents decreased significantly to $762 million from $2.15 billion at the end of 2023, primarily due to increased capital expenditures and debt repayments.
The report also noted a regular quarterly dividend increase to $0.4750 per share, up from $0.4475 in 2023. The company continues to focus on growth capital expenditures, projected between $1.45 billion and $1.75 billion for 2024, primarily for Transco expansions and projects in the Haynesville Basin.
About WILLIAMS COMPANIES, INC.
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