Williams Q2 net income up 51% to $827M; acquires Momentum Midstream for up to $5.5B

WILLIAMS COMPANIES, INC.

GAAP net income $827M ($0.68 EPS), up 51% YoY; adjusted EBITDA $1.921B, up 6% YoY.
Acquiring Momentum Midstream for up to $5.5B ($3.5B cash/debt + $2B equity), valued at ~8.5x projected 2027 EBITDA.
Raising 2026 adjusted EBITDA guidance midpoint by $200M to $8.4B, reflecting the acquisition.
Two expansion projects: Delta Access ($1.5B, 2.25 Bcf/d, in-service 1Q 2029) and Shelby Trough Connector (750 MMcf/d, in-service 2Q 2028).
Dividend coverage ratio 2.26x; AFFO $1.45B, up 10% YoY.

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