Key Highlights

  • Williams (NYSE:WMB) traded near USD 71.49 on October 26, 2026, down 0.29%, with a market value near USD 87.44 billion, a trailing P/E of 28.54, EPS of USD 2.51 and a 2.89% yield.
  • Second-quarter 2026 adjusted EBITDA was USD 1.921 billion, up 6%, and adjusted EPS was USD 0.50, up 8% from the prior-year quarter.
  • Williams (NYSE:WMB) raised 2026 adjusted EBITDA guidance by USD 200 million at the midpoint to USD 8.4 billion, in a range of USD 8.3 billion to 8.5 billion.
  • Growth capital for 2026 is guided to USD 7.3 billion to 7.9 billion, including a USD 1.5 billion Transco expansion and a pending USD 5.5 billion Haynesville deal.

An Indirect Way to Own Higher Energy Prices

Brent crude changed hands near USD 114.51 (about USD 114) and West Texas Intermediate near USD 101.04 (about USD 100) on October 26, 2026, but Williams (NYSE:WMB) is a natural gas infrastructure company, so crude is a second-order driver. Its earnings come from fee-based pipelines, gathering and processing, with limited commodity exposure. Higher oil can still help through associated gas volumes, producer drilling budgets and wider demand for energy security. Published market data showed the shares slightly lower on October 26, 2026, at a trailing P/E of 28.54, the richest multiple among the larger energy names, which reflects the premium for stable fees.

Second-Quarter Detail

GAAP net income was USD 827 million, or USD 0.68 a share, up 51%, and adjusted net income was USD 614 million. Adjusted EBITDA reached USD 1.921 billion, USD 113 million above the prior-year quarter. Capital investments were USD 1.642 billion in the quarter, and dividends paid were USD 642 million with an AFFO-based coverage ratio of 2.26 times. Chief executive Chad Zamarin said the company continues to capture rising demand for reliable energy infrastructure. Phase one of the Socrates power project is complete and phase two is on track for the fourth quarter of 2026.

Risks and What to Watch

The raised guidance reflects the Momentum Midstream acquisition of up to USD 5.5 billion, which is pending closing conditions, so integration and financing matter. Delta Access, a USD 1.5 billion Transco expansion with 2.25 billion cubic feet a day of initial capacity, is not expected until the first quarter of 2029. With the valuation above peers, any slowdown in power demand or permitting could hurt. Third-quarter results are expected on November 2, 2026, after the close, according to a published calendar to be confirmed. The Shelby Trough Connector, an expansion of the Leg system with 750 million cubic feet a day of initial capacity, is expected in the second quarter of 2028. Customer agreements were signed for the Leidy Access and Garden Connector expansions, Power Express was upsized, and the Blackstone joint venture for Power Innovation adds USD 5.34 billion of capital.

Where Things Stand

Williams (NYSE:WMB) is a quiet winner from higher oil only to the extent that stronger producer cash flow and gas demand growth feed its pipelines. It is not a crude price bet, and the market already pays 28.54 times trailing earnings for that stability. The thesis rests on raised guidance of USD 8.4 billion EBITDA and on power and Haynesville growth. Investors should watch the November 2 report and the closing of the Momentum deal.