WMB - Earnings call transcript Q4 2020 | The Williams Companies, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day everyone and welcome to The Williams Fourth Quarter and Full Year 2020 Earnings Conference Call. Today’s call is being recorded. At this time for opening remarks and introductions, I would like to turn the call over to Mr. Danilo Juvane Vice President of Investor Relations, please go ahead.

Danilo Juvane

Thanks, Lindsay, and good morning, everyone. us your joining Williams in for Companies. you and interest for The Thank released release our earnings that afternoon, to our Yesterday we press John will and Alan this morning. Officer, our CEO, and Armstrong; Financial and Chief Chandler, speak President presentation a Lane on our Officer; Senior of Strategic our joining Vice Chief us Michael our and Development. call President the Also General are Counsel; today Dunn, Operating Wilson, Zamarin, Chad Corporate forward-looking presentation materials, a statements. you'll to our In disclaimer find related to our integral and disclaimer you it. and This is review remarks should important in our reconcile included principles. presentation Also measures materials that to are we accounting non-GAAP generally accepted These the presentation schedules of materials. the reconciliation day's appear at back

So with to Armstrong. that, over Alan turn I'll it

Alan Armstrong

and record illustrates the We're quarter, Williams strong Great, joining fourth again, thank share business for that out yet a all us pleased year a our performance very Danilo rounding today. of business. for of thanks the and stability you to results predictability and of

with here starting X. Slide So

all, exceeded I'm to of our and our of that improved for consecutive that a range the resulted through same announce guidance metrics asset the midpoint in our year period. the we X% original period, fourth the First also And program. four-year credit for dramatically CAGR once again thrilled same sell EBITDA during our

of further steady is nice or reinforced unmatched balance exceeding sheet by predictability very being period improvement. meeting a really, and predictable this So, XXth This value Street our is of here growth quarter consecutive proposition and expectations. important the to

that Midstream fourth outstanding interest once We after the flow, produce Cayman cash also financial X positive even other key metrics allowing met exceeded again quarter. controls us in to our or all Racer of buying the Blue in free

stay to safety financial execution, continuously metrics yet improving contracted us focused again improvements for margin gas unprecedented delivered organization. volumes the challenges and strategy capacity. resiliency clear record us We XXXX and accomplishments our all our that offers gas performance business aligned demonstrated strong of focus performance to operating gathering In and country. a build reliability our and foundational allowed of year transmission in on these as incredible achieve across industry and Our steady allows a in project ratio, again our and

in ourselves. several business tumultuous such we to just durable as that this truly strong Gulf the headwinds Mexico active XXXX how results in on customer and from an standpoint against the price associated market that of collapse, be COVID-XX us can showed an outage XXXX record. pandemic hurricane Our bankruptcies, and distinguish allowed This exceeded anything season major had environment oil

we fact, this deliver maintain we we that guidance of midstream few provided XXXX. this that to organization without excited in one headwinds pre-COVID large produce you can see number to what the I'm of the In XXXX. through were past companies and on in fact year to And navigated ranges in our

on Moving here.

In right management executing performance. XXXX reduction on net achieving trajectory right the goals. our became accelerated XXXX, announce Williams a to commitment, emissions addition to on on the that ESG we real goal U.S. based Last our company first in an is for climate midstream setting business target setting on team focusing achievable We XXXX. zero accountability and targets that’s by believe positive to here sets imposes opportunity that the a on that these us now and summer,

ESG sharing in In to to we the first effort summary, Infrastructure through the backdrop. without turn the execute distracted that, John and to over demonstrated ever to Energy event being addition, with it again the devoted once specifically we the And hosted In company's by goals, direction, ability macro performance. and tangible challenging standardize to of metrics industry's I'll an And our ESG shown we XXXX, industry the and co-led our ESG accomplishments And business. January, predictability Council. aspirations, importantly, go stability to the also we've related plan in details. focus with

John Chandler

Alan. Thanks,

quarter, to a and catch-up high-level a step-downs Gulfstar into of service, commitment projects deferred activities a decline shut-ins new EBITDA from minimum efforts, of volume with Wamsutter/South platform revenue bankruptcy offset XXXX. reduction incredibly favorable settlement in brought from of from a for strong fourth G&P Transco helped the the our Deepwater our cost our summary profits hurricane and during early Northeast along As at segment, quarter very results out

see, strong can performance this on the our you in As statistics page.

key improvement and the both metrics saw the our we all In full for for fourth fact, financial quarter in year. of

of reasons results. First, on or Adjusted or X% our The year-to-date million the up quarter X%. mentioned. same just million adjusted EBITDA played was for was EBITDA up I for out year-to-date $XX the all $XX our

year-to-date lesser normal moment. to year. in point the interesting deferred comparability XXXX and for to items think the these was a adjusted fourth this and X%. was more to taxes where income quarter reduced gathering I Adjusted increased well tax items expected, is variances it's Gulfstar discuss non-cash that also at out adjust non-cash much our the EBITDA expense EBITDA our of during and it if there and non-cash our quarter revenue XX% without few other fourth Barnett interest both Again, quarter. certain platform increased you during for a EPS larger like step-downs in state of smaller a We'll However, extent a EBITDA depth actually largely adjustment as at which than due known up system, were as to

expense. to EBITDA, up is non-controlling increased a lower EPS also owners to lower to interest of year-to-date again allocations interest extent and again to income due Our XX%, lesser due

this cash flow before capital. This funds to or replace flows said all and cash similar of from differently, quarter to operations appendix from going available distributable our of maintenance financing AFFO cash this cash flow presentation cash non-controlling operations new found it's reconciliation fluctuations of this operations except measure and from to our from be is including package. A is measure in metric, operations. can derived adjusting simply This forward. up and capital as flow and statement. section to shows from analyst present The that representing also for Or our out will measure before interest DCF cash in is from cash also continue working owners in and the capital spending the we'll a adjusting

the You both grew AFFO similar consolidated quarter growth except can the some EBITDA is the fourth in see EBITDA for growth JVs. adjusted and the from our year-to-date of to

interest Distributable was and quarter XXXX. for present up EBITDA belong overall not in due due somewhat also and minimum received by we a increase million growth tax some DCF is so, XXXX higher lower and flow alternative paid year tax also to cash JV a cash our does the to owners the offset And our quarter $XX for owners. did that refund in maintenance period. EBITDA minimum a flow to does XXXX due capital, the to EBITDA that received higher during the again and non-controlling alternative to refunds versus lower that for increased we of

in X year of that drove spending XX% that the spending Blue up. the intentional cash and capital less year most million mid-November. included spending was Cayman interest about free year of spending acquisition this $XXX this total the in Racer the discipline front, On remaining our down than year ownership capital capital for and for capital to point, our the last flow our And

for the of see Racer Blue result bring XX% at XX% we're was capital, spending than with acquisition, we now owning which interest. owner $XXX this we excited business is it in have a synergies larger capital we the to As XXXX. and number also of in that we're other reserve can that $XXX was stake a the less that maintenance million, what about operator. first are Included And to year million now

flow total discipline up spending billion helped $X.X end generation including improve cash times $X.X ended X.XX times in and this maintenance year. of our us debt-to-EBITDA see XXXX the in metrics down positive our This that our leverage from move metrics XXXX. at dividends billion, capital year, if at we of our you Finally, the towards XXXX. our capital put against you goal And our free AFFO to were can strong of of million, $X.X cash X.XX for has and

deeper the the and for a this performed now well very next let's quarter. results little EBITDA our Williams go to Again, So slide into quarter. in dig

hear control year. has this cost benefit a segment, each you'll big been throughout As

items in things. Before non-cash million we and believe make the of consist each net the unusual Interestingly dive reflective more on primarily items. quarter, unusual comparability they and chart segment, dollars identified business. $X to as which numbers this of we comparable of few for We've items isolate the to are shown it's they only those performance two the a important ongoing

platform. & Transmission deferred first step-down Mexico a segment on million in our is Deepwater The non-cash our Gulfstar revenue $XX Gulf of reduction and

not received from we revenue, Deepwater years deferred that revenue recognize the payments time. at but of producer upfront reminder a several As did significant ago cash

the amortizing the over years shrinking. an the previously have We been payments several received and income has that amortization in we last

the adjustment The with third the settlement We agreed recording they year. the recorded South made filed $XX XXXX of item South the fourth minimum bankruptcy. This pay who for volume those at is quarter to our commitment the through-up stopped the had MVCs quarter. us when is MVCs quarter beginning for the originally that we second in that million XXXX unusual of a related to us fourth owed we through in for first

EBITDA those at was X%. without our So with or over non-cash items,

results that last million Our were Transmission period Mexico same & produced better $XX year. Gulf segment the of than

Phase the service Gateway in XXXX went The quarter during transmission of Hillabee came the New million XXXX. that service in pipeline quarter that project revenues in came Southeastern into X of second fourth into Trails including into added the project the the quarter the quarter project of fourth that projects and $XX service XXXX. for

volumes grew that Supply where we we at from and continues gathering at the strong record growth producing was ventures total million Northeast our The activity X%. results million down where Northeast lower on from X% to up have volumes deepwater South quarter year. in volume in quarter pads. segment can joint impact Collectively, maintenance Hub Offsetting The were very were and on XXXX our quarter. gathering due expenses. basin Mexico was wells from in benefited which a gathering in and come maintenance profits shut-ins of to XXXX these hurricane positives during resulting due costs in over occurring lower did is Gulf October lower late $XX in XXXX of cost to shut-ins of the unusual due We a also of $XX for labor and the hurricane Marcellus seen lower system this contributing and more during quarter processing G&P EBITDA which of the little productive the predominately Bradford additional supply fourth further larger million lower the about lower activity volumes to The XX% be this $XX late in quarter-over-quarter. expansion system in benefited at reduced fourth

EBITDA a Northeast As improved from in again million, profits much result, investments which reduction then a acquired which also the was $XX of benefited from to benefit includes of our ownership from additional by also the little additional equity on our Racer, cost. reduced which mid-November. the efforts $X increased due finally labor The And again, Blue million cost about over West. from in of Northeast came method

received in Our with were in and supply And of so about the completed bank filing West the higher Eagle in Ford, segments, MVC’s reduced due the the payments renegotiations and volumes impact to majority saw allowing volumes impacted increases the revenues dollars note, deferred improved a them million revenues each But decline, two by being rates Despite filing Haynesville protected revenues the in These a volumes were Also XXXX bankruptcy where of Ford roughly due offset Haynesville, overall our West for West reemergence we up, with $X Wamsutter. total, special Chesapeake $X in within for to that lower weeks customer partner should gathered was to we Wamsutter lower by pull of occurred less were basin volumes volumes specifically Mid-Continent with note that, though, of to the Shale, bankruptcy these the on And three that Rockies. had the lower than and volumes our as decline system. South and those compared revenues reemergence we due in by MVCs little efficiencies somewhat from of off Barnett with are contract lower of OPPL controls. experienced in revenues. Ford Eagle increases of those on as $XX our in keep and relentless rate, a basins slightly down and XXXX. the on million lower revenues coming the to small Eagle only our overall cost couple late of from net West the segment revenue in costs a about with a X%. basins focus ago, be million resolved just and all other down XX% volume Interestingly soon. in

Now $X contract volumes higher costs million where to and the and about commodity due there. commitment the declined revenues to part in margins lower which offsetting lower a due in West

also was And the OPPL OPPL going profits $X a revenues. quarter compression whole of I third-party of again favorable $X also in in we'd reflected received most mentioned had in that a million that our minute was reimbursement and lower we a That fourth coming We as it though of with quarter XXXX of tax property absence the JV partner from from million ago and provider. our of had that lower XXXX. something we received fourth EBITDA the

to moving Now results. year-to-date

revenue our know, downs EBITDA adjusted year-to-date XXXX. noncash The and quarter showed in million of growth. X.X% results deferred $XXX Gulfstar totaled step Barnett driven You growth fourth many versus XXXX affecting the factors of same our of by

commodity impact million line fluctuations of our inventory While reduction EBITDA. $X proposition in an the on price net created noncash

NGLs to ended time million million in processing, the gas gathering reduced largely from being to of Gulf and Mexico down volumes our those in a with reducing operating of an incremental X% about XXXX EBITDA quarter the X% contract more $XX of Ford June hurricanes that EBITDA commodity from in of much MVCs up due by and of adjusted of of have Gulf on million in MVC And projects and is part year about Transmission revenues at X%, because shut-ins coming of the margins comparability West. somewhat Eagle huge finally, without December earlier Mexico rates, being this in in had results uplift and and had the year, it’s been in and by payment realized the the and actually $XX being by noncash full $XXX segment growth with our Gulf a lower were lower impact Otherwise Northeast offset The of In XXXX by impact XXXX expense while were fractionation expansion like like year they fourth COVID, with XXXX. results. offset impact delivered largely collapse Haynesville EBITDA. the the renegotiated looking somewhat transportation expenses negative TGOM profits prior price overall higher costs. up the area. versus of rates by has the million our the reductions at then Barnett assets And total realized Mexico, lower growth same that in the West, adding So, the in offset were gather of we obviously our in items, the $XX Chesapeake from but and West, volumes off the that volumes

Alan? a So, discuss a tough call good a now on again, all over on tough to in all, market performance our guidance. had reductions, to really hurricane backs and new projects the Northeast XXXX year despite the I'll turn Alan season, pipeline cost back coming of into Transco. service and we've

Alan Armstrong

And now, our John. turn guidance thanks, Well, to Okay. XXXX we're to EBITDA metrics. going

that continue same supportive level emphasize we for underpinning our to base want fundamentals I of So, XXXX. expect the business to

due recent XXXX upstream potential across the cash However, drilling caused drive to a on by in likely upside to the that put an than assets transactions plus flows midstream in call have more part had incremental plan we XXXX potential will our as emerging and demand in that in do in we we this gas-directed gas here storage XXXX higher imbalance beyond, well. have

drivers a of get those we're on here through specifics guidance rest So, to let's are. $X.XX billion EBITDA our with we'll the midpoint the year. second guidance EBITDA over range But to just the what X% here. And initial last go $X.XX up in providing billion of

the are John described continued announced which replace importantly, share our share. to to billion similar of safety the billion, continues dividend. X.X% or now available be we're per maintaining of still metric with per from are $X.XX in to DCF we really even or And translates coverage year, as increase our dividend earlier will metric. in AFFO which a the dividend whether range at underscore within $X.XX DCF range $X.XX up to the this of to And operations Our funds AFFO $X.XX on looking expected a

line notably, includes expected things we sight objective of billion this metrics that in of over And with is line we I the X.X on a earnings. growth credit we that us this with got perform XXXX. dividends well and achieved both to upstream of that to continue year currently lot in that of and expect accretive here metric, and billion that a that you could in Wamsutter us we financial we provide will know X.X of estimate X.X acquisitions flexibility. flow ratio lot Our that closely. with CapEx to of consistently have targeted X.XX immediately all which to or and remain think Basin the drive be help generate And very towards getting we've very free We’ll $X.X $X.X opportunistic after CapEx to to follow cash on known XXXX. have a as speaking still leverage a to flexibility, financial ending And

primarily Pass service And that now hurricanes business acquisition. to this In our expansion schedule see EBITDA construction. continued gathering at on XXXX Mountain earnings of of the we Trails EBITDA our Chesapeake DJ business, And to lesser to earnings the jointly-owned the we year of Southeastern our we which production Mexico expect COVID-XX via resolution additionally, Leidy Mexico less outages Project Northeast Gulf year. we ahead the South a guidance, expect in impacts. Transmission the Haynesville just due expect G&P contributions from jointly-owned from EBITDA placed in bolt-on continuing and of and growth our end lower Racer are year is the late from So add was basin, and base business growth Energy. looking at drivers a Transco extent, Blue come our pipeline, the stable and of to NGL recovery under pandemic from rates the lower our global growth Gulf from Overland Midstream Offsets in Rocky lower driven nice to with throughput in on the our

built Chesapeake, volumes too these the Haynesville much are guidance. as develop very in have is well-positioned course, gas Haynesville, upside control. is partial already do the from offsets note, that well-positioned this drive market on of And ability of that lot upstream well last both a So, potential into that healthier we which our a our on to the to now we properties as in coming

allows the a that past these growth forecast. growth cash fully this than we EBITDA is exploit year. for fully able upstream year by growth is during X% we driven the the transact in producing EBITDA pick up purposely to to that of business our less find here enjoy We high-value existing in from this and as available primarily the a upstream properties of full that year in way base partner we because to flow reserves right takeaway were the midstream with accounting beyond XXXX EBITDA in intend to not these Our us include did

on position and growth turned to capacity. strong are in now So, acreage quickly developed a ensure is existing this that gets our midstream we fee-based into very

excited about that upside So, for the positioned ourselves business. around we we are potential that really

has a So her focus steady strategy business with in reiterate and built free closing, cash growth, intense that natural on that is improving moderate returns, and flows. predictable I'll gas-based continued

and that our in bullish remain gas to now should most to be formidable demands low-cost the on the Our one energy address meet and natural to countries our to be operations will and around sustainable continue as called on gas will future. fuel important more XXXX, leverage our important climate assets today's component it plays pursuit strategy critical Natural in on business. and today's displace a opportunities and gas role the of play world. to technologies intensive pipes for aggressively solutions by and We natural of an goal prioritized are that best-in-class immediate and are because reduce around near-term to in change focused Williams the including grow. carbon we setting a world focus is long-haul on gathering mix fuels of clean both the is continue in we our bases place gas-focused to tools right ready recognize emissions will

system. country, gas We three-day period Williams in much new next of to of use Pipeline and think and the forward our weather on Northwest for customers that innovations also I the energy infrastructure. above resiliency envelope anticipating of last it capacity on and to deliver event curtail have talk designed network energy are any can about on key that light fact this gas services and transition. Northwest peak in Despite delivered a system is transmission on pipeline operated to and looking phase the cold future a natural technologies important also record to our reliability on not severe flawlessly coal of did our our we week's historic

Our long performance based our customers of us this glad expect are history they on from that and do. certainly we

there a And balanced because be of decisions have important mix imposed accurately affordability of one a demonstrated we to intensity, not strategy we towards strategy and that importance other need balanced, for the of to the gas all things these natural all labels part energy global very perspective. energy that from And and singular from critical but need the that comprehensive that to think our And sources, we comprehensive address many weather one when energy come. that a doesn't However, for are environmental by drive about demonize over week's that complex for more of reliability, will the carbon issues the energy energy includes a of when US, a the mix be to factors the decades and really are intensity. does that dependency we opposition. want source weighed consider energy last the balancing carbon believe of of

want finally, to efforts tremendous natural amid recognize Many face in entire the of continued delivery in last communities the only the and access of reliable this and to the that services of our I So, safe challenges workforce the those severe America's and cities gas ensuring not to weather reliable of ongoing COVID-XX energy. to but never may pandemic. ensure needed who benefit from realize our safe work week

natural of on and are own the themselves I extremely efforts it of co-workers and infrastructure lack employees our water open critical also keeping to doing smoothly while also flowing, while gas And power am for system employees keep Our to at outages going their country's our healthy. I'll questions. and keep proud so frontlines extra with our of enduring during their and your the their up operating workers running safe extreme operations mile for that, circumstances these homes.

Operator

first Tonet Securities. Our Instructions] from [Operator question Jeremy JPMorgan with comes

Your line open. now is

Jeremy Tonet

potentially that? bit touch the there, $X outlook, talked or you as $X.X Just billion, about a very to as upstream CapEx you be the do what just that just and drivers helpful? wanted on CapEx that exactly, Thanks. the to steady a would behind what's, And creep is acquisitions Could there level? expand more see of want the it to be billion the see based opportunistic could on kind Wamsutter, you - in this then, if

Alan Armstrong

our our of is have in TGOM. million what you. bet, all, $XXX Well what than little a half base about would we of that had that business, first is It is we've business. in You say thank of - And Jeremy capital base I - be about would lower in historically. we bit normal

[indiscernible], final the So, Leidy so clean-up Trail’s front-end REA dollars on includes out project. Southeastern of forth Southeastern building of the some money and South, on it that and the includes Trail’s on and kind

balance So, Northeast as that’s about up in primary TGOM is getting the And that, both two-thirds finishing growth. as higher for there $XXX the in kind drivers are that the that and of there the driving that's that new drive well. Northeast in of new that of well A West. actually in of half of the investment some as on XXXX, the And of that in of that is growth lot then, balance about then, some Northeast projects, margins in project us started will million. the finally

that of Permian, expansion Haynesville the in pretty as going area. well as the Some good Permian is the in in on

really keep to a of to activity work hard Haynesville. out be of to we're As lot having going emerging front drilling the in that's there

So, rounds up. that that pretty well

of that And right of acquiring we involves and reserves bankruptcy acreage. to have acreage we're with and to second be BP be up late the well there. take we're there in question those the we there. were attractive right to capacity around position pick the some able position The as out result in going your adjacent very gain party taking the Southland our part of the strong develop person, pricing. as And that's advantage We opportunistic our upstream position the given that - had advantage able we Southland midstream now, the both to bankruptcy. that there, working with the us of a out assets out the will rapidly intermingled as and for And particularly midstream around the

as because to - as Haynesville are to. where in of really And that remaining midstream right we well driven in Haynesville PDP we're the Haynesville value focused as amount our using Wamsutter, about there's the a find excited tremendous already as very By interest the the assets. the to drive be in attractive Chesapeake acreage. across process developing both develop cash we're that that the the to coming seeing on get So, that very flows they on part the from parties hang well some northern the party to of

put an buts of in become midstream to in assets on the intention ourselves business. I this right the no have flows ifs, we and it or cash the E&P bit these have clear We're assure drive parties ands So, right cash parties that. allow off make to But of to no drill and that place front. place to hanging to going does back on that the us flows. it into to is take want we put There not

something and and this develop from into lot like lot there's as XXXX upside were we So, those to beyond both XXXX as more than And positive we really expecting. has attracted well in the we a capital really turned actually reserves. a into feel though of

with what that And been really to out an lemonade there. lemons these area we're years. kind to a into the of going really there might over So driven problem us have value several some be excited were that's to find the really about way able bankruptcies. We really all for a is next turn normally

John Chandler

reiterate. just upstream Wamsutter. And those our there clear of acreage think growth but In the be acquisitions Jeremy included and it midpoint in that that I billion to to just of was, $X.X for guidance capital

bit that $XXX a rate maybe And so million $XXX of million. everything than more - than Alan for mentioned run other a little

$XXX kind more EBITDA EBITDA have those to for Then uplift. we'll our that and paid little if part that, million, $XXX very that where $XXX of we we what we're somebody acreage than we'll because significantly we buy acreage. a actually guidance for than exactly else million million see just sure million not structure not partner partnership for less So, than have assets less on $XXX of

can see big that. lot upside there's think of So, I out a that of we

Chad Zamarin

uniquely I Yes, one one the to BP Wamsutter. acreage asset this to why are this in note, is Chad of asset, and the in role think of were thing, Southend step-in Wamsutter checkerboard transitional and and positioned we in reasons

one of situation put out uniquely And that its then now asset potential. positioned acquire were a nature because we them that those checkerboard properties It can really to locked get package move was producer of where we to full and the a potential have so, the producer Wamsutter. it of couldn't in together as acreage that, continuous that develop to full

a to now moving on that fully - producer full and able we're we're position its that So, develop reach clean can to that it really to up potential. going now that, focus contiguous

Jeremy Tonet

very Is what you It disciplined there, recap that's there? can take really the it's from expecting CapEx kind away Thanks. year to very see. that a the creep any of just fair color. over to not helpful on course the it, like guys of side. sounds Got And approach

Alan Armstrong

I you in year. year just our our we as years we difficult did in discipline yes. around managing including in a only we lot even park lowering tell last And acquisition Yes very capital under during been under move deliver lowering as the impose to even then And demonstrated, our thing we've recall even, last the the execution wound year, in of projects Racer it several guidance out decisions. have CapEx Blue a think, the knocking project coming in so, terms I'll really Even up continue our COVID of of last environment was our the like budget. tightly that you teams cost continue to

about good we very have. capital the feel budget range So, we that

John Chandler

key points two the there. And

We in are flow positive cash XXXX. free

we'll the than That's little dividends to it enough to a important cover generate allow de-leverage first capital So bit. and and us point. our cash more

spent and The some give getting capital issues just second maintenance COVID thing step-down at I'd we million. we some did Obviously, think low in was $XXX of to you just It this year million XXXX. field. the - in artificially the midpoint, I under say, $XXX guidance due

believe million I kind call we run maintenance back rate creep. to that's to going our what So, sub kind wouldn't It capital. million, is but up $XXX about that from of $XXX of be

Jeremy Tonet

I one new very impact federal could like lands energy that's it, and policy post of could just Got it here, out seems coming if more, production. the there's election helpful. D.C. And

out could thoughts level share on any policy energy on with us you thoughts federal wondering, D.C. higher how coming - that? about specifically, you of think Just and Thanks. lands,

Alan Armstrong

- of story here areas; - would seen, Yes, give say share terms our of media to of that's Deepwater just on if there would hearing Mike out of obviously, Michael, I the of by you some acreage the we're than of some that ready all that most the kind you seeing has otherwise, maybe, going on the you're not will different develop. actions we've But terribly we're in would Gulf to there. And - area because it. the But that impact yes Mexico, too is Deepwater. going a detail of been impacted most on us detail in actual I'm the

Micheal Dunn

morning, Good Jeremy.

those of properties under the been We those then, administration. to that of the current and the coming permits delivering being Since wells. us. from asset XX those talk of issued you we've are such things workovers, on for out, seeing are footprint. continued by current four seen permitting drill. of in Already on just XX nature our been activity that executive existing order are have of XXX on as Mexico, have came those the permits applications about for administration Gulf to approved modifications when of XX And

the pipeline permits. seeing for our to a project. gas our we we permit Whale And we're permit activity fact, for approvals they're in executive So, last of continuing permit there. Whale for rolling lot And already pipeline order the out after had process year. received And as we

And so, out of is they a had with as work in hand. lot and that probably up And you there. our there lot of know, producer locked they've we're that permits continuing already to customers a leases

of long a runway of that activity we continue believe. the And will occur Gulf so, to in Mexico, there's

Operator

from Your comes Satish Praneeth with Wells next Fargo. question

open. Your is line now

Praneeth Satish

to the steps utilization now of you there on Racer, So capture operator just could any any that the take you're increase the cost low-hanging or elaborate the can system you Blue on synergies? of

Alan Armstrong

to want that? you Michael, Sure. take Yes.

Micheal Dunn

capacity of there that an some operator became where We acquisition Northeast conversations rolled JV. having interim the There's opportunity UEO very with we definitely those like that on we synergies to that we asset. are similar Racer just Blue we into can capture did consolidate And with there the our a There's operations full fractionation of full and our in our as of facilities are on lot there, currently either up where utilize well. latent today JV other. our the systems activity northeast is benefit some to our up the processing one of the systems

would to should to ultimately. Blue available looking be so, volumes become and move And to Racer some of over possibly of vice versa use them capacity some those the we it

a definite there teams commercial some lot ultimately certainly there's are operational with the that synergy of synergies think we there. to So, and

Praneeth Satish

from And the then, of is on the on more Specifically, in assets you now can production right when that? received clarity Chesapeake to any those you terms monetize in you at more details provide what plan the assets? producing Haynesville? that And any

Chad Zamarin

This amount That bit recovering. pre of million a poll. is It’s around Chad. dropped is day but small a had recovering. kind last of existing XX production week's Relatively

healthy So I of around say a XXX But first really Chesapeake to see existing not encouraged lot production as emerging we wells. a existing will customer. bankruptcy really were from

remain Southland area So, in in they a up know that I'll on but three very they're Ridge think and into owner/operator we the rigs two with just second where active rigs. Spring touch likely the go

capacity. was and to million in a two couple and partner that up our we that asset we've we day that And that now locked-up to dedicate a and partners we've to top-tier would been that perspective fill that over time next this that plus talking to position months. we has operate on and contiguous I seen Mid-Bossier of good one in have partnership in midstream in potential XXX at transaction closed capacity It will midstream some capacity. both We So, will out is development likely a strategy field, and have expect a view where XXXX, incredibly to interest that rigs finalize area. to really any asset. area utilize the given million for prior see. very an say I additional available available again, as opportunity strong XXX Southland and, to Haynesville really we're of that will well-capitalized from

amount partner unlock and we're asset. going incredible confident the think there I interest that to that So, really great of and of we've find a potential seen we're an

Alan Armstrong

Yes. the And of well that. not to level finding and interest a very very the parties. we've of We I encouraged waiting that by are that we're right into add his partner. we and quickly. that quickly on in been on would move But Chad the find partner team to from around terms of strong process just number right very move

Operator

Barclays. of from comes Cho Christine question next Your

Your line open. is now

Christine Cho

range I could maybe it Thank a with Alan, that you about you. went for on it's gas talk last on the high If gave XXXX, said by mostly driven of just call like what expectations your you especially the for end sounds EBITDA week.

the more and and volumes about if by impact. was included producers really these in wasn't in talk started Northeast? So, was the in I mostly XXXX Northeast to system the of that that is post is you if Haynesville driven this it if case? have just a Wamsutter And is G&P the sure behind to that the plants, or

Alan Armstrong

are recent take Yes. the pull to issue you're And I natural week Christine, going Thank from and think developed that We this huge the meanwhile, this before targeting are really storage Well, quickly and that really production and the seen the us five-year right you. likely week, to correct Utica. to Marcellus on and storage see on there. we've we a this plan places call. to we're gas going below to in that stabilize decline be going activity down And that respond seen in Haynesville production, to haven't the average. be able

we is this. that in this certainly didn't we out any so to when laid have plans of And so our that plan upside

In volume, the margin growth just growth is we've just expansion. of fact, margin had really Northeast expansion. The in volume was expected been wasn't of growth. that a the really most really It lot there

for certainly an not that us based all. is So attractive upstream the there. is on at It upside

in in have right that so done. of through area we about development we also In cash the fact, that but Wamsutter finality if July the a And here - would we coming do of Haynesville, assumed kind flowing Haynesville finding capital the for to we'd assuming owner, have gets the basically July. PDP’s there the likely Wamsutter out PDPs here there, in we on be flows only got have just in and

leave so we flexibility, have value was positions. full of we be the upstream there, been the this we flexibility, I really very you're just at we've to because admit how And right. day upstream be to fully wanted included on were So, that first conservative side wanted very if either didn't asset full price able the in ourselves the the the right those of but we and to end of to we to dispose conservative of wouldn’t the

the for volumes contribute Deepwater I in related the I we think, forecast the can and side. the conservative that from but we also upsides mostly other have say that area would Northeast, are to frankly remain gas any pretty the probably in

XXXX of And cost then terrific our comeback and that job a in would been on the say other assumed cost XXXX doing has we've assume versus - So, on that managing. XXXX. we've area a job cost. rising frankly got does We we've the did some I included team that great

well. And of that, for as so opportunity another that's us area with

John Chandler

that. but reversed way of hurricane do expect in most that not the in be that activity of all that and on couple a just XXXX. That We firm any possibility little maybe We things XXXX. bit still and And we little really in had don't a that and short-term to both a exists. forecast, active bit team Transco. that play have XXXX, Transco our on of in a XXXX with successful repeat Northwest We selling in meaningful were all more Alan in of in pipe, to

Alan that so, EBITDA is And doesn't of we some then didn't additional was upside I in think just if left and expenses. pointed that on for just activity. conservative is there put And the happen just hurricane

some this of is down. So,

Christine Cho

weather helpful. and that in move helpful? some we of be Texas in prepared was week's your color impacted perspective use? remarks, in any we've third neutral can there extent to That's would a storage to seen pretty sounded contracted guys? it think on from weather own your actually last And gas do your impacts Macon. And the Texas all a we if or lesser Okay. financial natural you then how to have in parties you for but like Is It should

Alan Armstrong

Christine. Yes. Thanks,

in gas storage of actually Texas. have First all, we don't any

Washington so, of is of by kind where at is storage facilities on which Transco Opelousas and middle the part storage the are. state that’s the So, the

flow really lot East, to is designed North And into Texas. there. Transco flow and obviously, not to from there impact that designed whole to So, back of the a area, wasn't

of such our that directly say team well, I our us, our of to impact the into a Northeast the then had did say market. things impacted. fuel in recoveries that of as a Rockies either which just would down in the dispersed vast were terms and terms of and to because impact of gathering the processing or not job like volumes majority it is In would the bought we selling selling gathering our turning shrink was have first at business back we just great pretty the doing and and But month, I fuel shrink small

that in our a area and system certainly piece the I saw small And tell of things. overall on manage terms just of net-net, for of I positive Texas, Oklahoma, us the percentage the a our we a to you Louisiana it's so, think of bit business. that’s would little way pretty going gathering be lot outage we But a of in

Operator

question next Moreen Our from comes with Gabriel Mizuho.

is open. line Your

Gabriel Moreen

shoulder one your had the of in there of how producers I the you're thinking off that and the and toggling particularly kind seasons? Northeast. for about in and on gas Appalachia bases anything within cadence your forecast in just terms Is of during forecast just

Alan Armstrong

basically that. and But the producers say spot into but up, basis our And I that's a into saying of - the forecast but own is come consideration. for certainly how the some we're they've take the isn't to that just of us, take included. not that it sell the well have they'll turn capacity on, we they're would they amount their to volumes producers’ happen going that degree pretty small, no. producers stick are have we they're does Gabe, to that driven that pretty that calculation. going into prices And We and that lot line a just takeaway given if selling they with ability obviously and do. incremental sight what how volumes a if lot just have we impact their to that's

XXX their that really in about I additional know takeaway up head been on about that. Leidy Northeast. of coming Leidy know the And our additional consistently million got there. forecasting good pretty they've opening day been far, accurate, a capacity. out say has excited pretty will projects market. so that way And and on South They team That's the we’re the obviously a of on the they've South accurate capacity they reserves and start

will And great takeaway by execution area going ultimately, so, that well. additional again, on that of then And be team. as REA out

volume because, the are synergy transmission, and get standpoint very important not uplift well. - we're get returns we as - do projects a only of nice together upstream on those So, really that we from

John Chandler

were And see northeast. - growth of year at than ago. do inventory dynamics. is A we're respond a going they much LNG We're on more natural year, infrastructure. price response think see we to this to We're out We're that stronger to now the a and the XXXX. question XXXX John and in continue where do existing for We will winter need certainly be market out to that the of represent will still acreage come there continue value to to demand look the going to seeing to producers than supply But our different going shut-ins online different could storage see the gas of level. I prices into coming think

markets. think reinforce of Appalachia growing activity, it. But to will we'll move on to I'm to that value eye shut-in the an having So, we'll it infrastructure not keep I see sure bases will from but continue certainly drive

Gabriel Moreen

a is kind portfolio just of of your impairments I Rocky fit if Thank some on and midstream assets time but those has sales, with sales change you. been assets longer like more if I where midstream And just the Midstream interesting thinking maybe guess can the asset additional then Mountain of assets the lot the upstream evaluation how and ask asset latest might whether ask thinking on kind sales about term? I and maybe on spent can kind of

John Chandler

don't Gabe. I so, really Yes. think

an that were we that's to we the took equity as think I level RMM impairment investment.

probably those actually the probably you to that's very there's true right liquidating some us time. market we've now sales the in we've seen those, effectively. But because kind of total value in the that So, consolidated seen the obviously, And in that's value And given be drive assets. different cash you have assets. space. fact, flows market way We've the GDP along markings on than it's it's wouldn't to take you the what a if be over some time would a asset asset in on the considerations. lower And And result of of assets. the other direction it to a of weak then right saying basically as market that, drives this for where

constantly don't our that but value these of think, as manner in know, metrics a eyes have you in getting assets to be a I tool position can well. from could to that straightforward and really add structure not and So we're that for things leverage our upstream particularly which a to we say open pretty nice

you And sure assets. so time best the now, right to not those to tell very I liquidate would I'm trying be it's

Alan Armstrong

of not in kind West time thinking middle the lot basins some but basins had when what to we happen early about issues around happen lot out. were we in know, you interesting, the it is were you the market have of that heavy we think are our performance at of that through going a up of to was what a around think general. the in was good January performance in and of now and I XXXX, to we didn't Chesapeake, in this other it think in thing one and resiliency cleared those XXXX, at Gabe, was thinking can So, about demonstrated see we actually there our questions through were certain going diversification assets trying of question marks itself in And I think Chesapeake, West. the And I I washes

And weaker, business demonstrated the stronger, so, year what would on little say a our a clearer I is is little bit now little I bit a probably the a market's think while bit performance later.

demonstrated there's means think which still wanted any help ever what to not all think strong opportunity we sure I'm that. if we've but still out there. I should pursue that performance I And So,

Operator

question comes Dounis Spiro from Credit next Suisse. Our with

now is Your line open.

Spiro Dounis

First thinking current EBITDA question the about is growth you're how on environment. just sustainable in

about again once highlighted current the guys You environment. in

You again about on backlog guys projects. $XX he has a again transmission once once billion highlighted

guess year which was was I growth about way thought the of about simplistically reflects about of grow and to so, And EBITDA XX I in enough current it level this X% kind years XXXX. CapEx

something if in curious is for on X% based of a you So floor you, next deem that sustaining think you or easily annual backlog or achievable? maybe sort projects just front of growth decade so of

Alan Armstrong

think you been X%. to deferred be drawing XXXX. have rolling bit have to Michael going projects, I'm doing speak I a revenue that that kind of that careful about have a lot to on the and of still Yes. we've little backlog been were conclusion. this of year but We into last Most off projects

about those you kind think I making have assumptions. So be to careful broad of

when rate on fairly surges area business time. other the on And working tell a all There's that margin would decline just decline we instance, I produces based an hand complex that's return to a X%. for very sometimes growing. amount not the the that's than billion saying northeast of Deepwater $X going as and there's have part they get that's the on, capital. that that's more business a high opportunities be nice a bill of it incremental So, gathering high taking of that if you low comes But come very And we it's against the on us. to in growth

that that considered of be probably from achieving say of are in on my rate. But billion I hand, very with would investing got very kind we've growth a some think given feel rate On the comfortable we floor the I feel we X% with growth X% perspective comfortable upsides of areas other would if these some the that. think $X I we a

So, about Mike, project.. the talk we Transco might

Micheal Dunn

same into because and that a really and backlog And out and with we We South one projects. have and and projects permitting those Leidy out lot on filing it's execution an Access underway. of project, a our the is at came backlog, Trail that backlog then, that that lot Energy the Yes. get of that we we look once that came Southeastern will underway get of dynamic come Regional backlog it became be execute

come activities the out of over a into And seen Transco come a fuel of opportunities move order and the from renewables. last projects needs the week, is think the to generation corridor coal-fired we've backlog Texas in energy Oklahoma over diversify And years. the to sources. resources There and along to be so, across execution that's you'll take several and gas in and offline to converted going next phase be in to continue mixture advantage there I ultimately mix see the of of definitely our plethora to to generation

capital be then on lastly, there And to definitely natural of emissions new And program is going going the we're investment on adding ultimately, reduction Transco company some gas-focused take advantage mix away. renewable generation But the now in coal-fired play system, to projects. so, able to a our backs our I'm opportunities that in of drive into of lot we some a true a believer have. there company the

to upwards have of $X.X compression and replacing the or either gas We our there turbines new of a component opportunity $X.X drives electric there investment system billion reciprocating footprint reduce of large likely to our along on modern billion to Transco Transco emissions corridor.

a is that asset coming of future for lot Transco’s investment footprint. definitely opportunity envision there So, the we in

Spiro Dounis

the Got on color it. that. Appreciate

Racer. still going you and about you the remaining to there thinking about of you don't increasing Can own? how stake circumstances some that just your led briefly up Blue to you're talk Second one, the back just interest

Micheal Dunn

Yes.

Racer ownership now So, is entity. Cayman no X and way, the an just be Blue is Racer - longer by the Blue to there, It'll remind people

Alan Armstrong

Holdings. Midstream

Micheal Dunn

Holdings. Midstream Thank you.

Reserve, primarily that by by driven percent Midstream. out got a so, and First And effectively by were now, Encap is Williams consortium that XX% the Flatrock XX% parties owned

appropriate shop And management so, has And that an time they long in and that a had private typical longer from likes large obviously, the amount to Cayman particularly And of been group equity at along synergies from the a held we on right right some for to. that to extract with than have bought we time. that at the worked investor that time available X. much them liquidate them given We it of we've with the think business. to

about We've of and We've Valley Ohio the wanting the exploit asset so, been And system And patient. very we're transaction. of I able been wanting we've between synergies our to excited we're I can up a off paid both hard pick that patient. to think to been but control were tell we you gain UEOM and to value. at our And those. it's that been our super attractive patience take and River. advantage not,

at end it But think out last that. I the was investment get of funds private investment kind was one that of had that's the offer wanting to day, equity how So were would get and of to I they held look the needing the today. they that a

Alan Armstrong

it structure. And complicated pretty was a

not it, there do two of venture owner Racer. who get Blue we which there in that the half governance and majority really up. we was of So in the complexity. a managed different lot We And owner were some we came the only cleaned was joint were got good boards but value

ventures It's creating the Williams, about XX% we much system And is on XX% you really value. which Williams, large for system now have the which try in [indiscernible] to cleaned joint you XX% a up OBM part now when asset And two cleaner our of value that so, think governance. is optimizing and Racer just us work and first and reserve. landscape you XX% to have Blue that

Operator

Tristan Richardson next Your comes with Truist question from Securities.

Your open. line is now

Tristan Richardson

the Appreciate around Mexico in outsized comments XXXX. the on Gulf impact all of and the

that in the downtime sort a I normalized you What looks $XX your storm think maybe baked of season just you XXXX. noted like have assumptions of what or generally or a impact, question season on for regular in slides million just XXXX?

Alan Armstrong

that? to want Yes, Michael, take you

Micheal Dunn

put some Yes. our look impacts million What's non-hurricane it's million hurricane and $XX would year usually on a like. EBITDA what of normally team and does in $X based between there impact

normal a reduction typically huge our a that there we not it's on So, see built forecast. that would into we year

John Chandler

We've was I that - we all about of XXXX that negative million think XXXX. versus I had in ago million $XX when asking we alluded minute but impact got Christine a reversing And think to of itself questions, in $XX XXXX. I

if we than XXXX a So was even well still $XX normal $XX maybe million bit held comparison negatives the to XXXX. little of as more outsized million into because

Micheal Dunn

That's Yes. right.

Tristan Richardson

Appreciate in at versus lies the businesses, the level? of just And lies just high your thinking That's about G&P commodity it, we you think then a where quick helpful. people should just about where could maybe give maybe most a John. where us regionally level exposure those exposures high POP

John Chandler

Yes.

harder very and areas little the to agreements it's we to to getting in off most the well. start primarily We used the the had and we that the in be all keep But with our Coast it see as do business just way harder do structured have and compared very little are we frankly. some have Opal exposure exposure to Gulf area have

you you'll the it So mean say listed that Southwest I I'd think to EBITDA see I shows Wyoming our Opal, as Wyoming. breakout, when Southwest

places Gulf a again, the down that well of Deepwater to that's were it's Mexico. amount. X% basis really, So I plan like our But And on in asset exposure. though, total margin now we under majority and of gross so discovery margin in some the small do really have think the

Alan Armstrong

benefits of Yes. our basins. actually as Wamsutter, part be of fee-based those we’ll modernize Wamsutter, Wamsutter cleanup And a amount one of have but we contracts the in to the of small

little So, keep existing we’ll reduce contracts. those a bit our and further POL

Micheal Dunn

contracts don't that. above so Similarly They add we - have contracts then just prices skip basically level, a might exposed have Midstream, in gathering I gas then those that. above have they're base in gas we We but floor, to one they exposure thing. but are Barnett where prices Mountain like Laurel over do have our to areas exposed. are the

some do exposure Laurel we two Mountain have those. that direct Barnett price and So, areas have really contracts that the gas are the have and

Operator

with comes America. of Our Derek next from Bank Walker question

is Your line now open.

Derek Walker

about remarks Alan in that potential thinking that I me. quick of could we're line billion drivers two the X.X talk for but some former is you think so of are you side $X.X how that? X.XX, drivers guidance XXXX? you about ones sight have here, that over just with could the I the get I XXXX. leverage to achieved of on talked the just hour in target know to in Can that that you get know some about to your your

Alan Armstrong

that I is, responsibility two that come drivers us capital that's associated to the third-party. when of simple capital reductions earlier off say would of on is for with our that way some the think to I would lay with the upstream say Christine where us Well, most upsides probably, But the Yes. profitable. as well some there. obviously, I obviously, obvious would and for the XXXX talked well, areas would about there as and I and we One transactions really EBITDA,

sight are those would the EBITDA obviously, to that two has to. get ways of So, of easy say. I upside probably is And there, line the one kind clearest a

Derek Walker

But maybe things. it, on side some quick those of differences, there’s behavior the private know much E&Ps much Got any? the are you you are upstream are if - areas and one? around the of what big seeing of of seeing versus from commentary then of I in kind - just public Just difference and ex-kind seeing a lot E&Ps you bankruptcies

Alan Armstrong

of been sour analysts are clearly, on Yes, think on anything. public spending seeing for markets and lot advantage the capacity Haynesville you to have basis certainly markets going up risk in the for starting I've out haul child have been to place that coming work private just risk - seeing I that of And are much an attractive sure to have noticed to about capital don't you that. it's poster a We is of where the opportunity of Marcellus. have a there’s that so taking private And long that that manage the the you pullback. the are have that pick And the that's there. because lot manage

that's what's it's our as in, lot mentioned, - capital place the go Haynesville. in there a a attracting to And fairly attracting manner. of Chad an de-risk in easy So, that's also to opportunity what's

quickly a the that forward the of turning money is - - that's bit. and strip doing a out by is what pretty parties can up cash what And private current So, which lot it the come turning seeing. into definitely get in are we're against

area just the of most basins that's model in de-risk that the and fairly clearly to sight, they're getting various our around for regard. attention a that. But looking the it's do opportunities is in So line Haynesville

Operator

Bean will question Holt. next Tudor, be & Our with Colton from Pickering

Your line is now open.

Colton Bean

for on would follow-up Northeast. looking wanted a comments Is you're just maintenance So, in be level something like high appreciated? that It to volumes. what the the G&P, there the And guidance any the then characterization? some sounded on assumes in around comments West fair of close for to just

Alan Armstrong

that? take we’ll Mike,

Michael Dunn

Yes, fairly gathering side.

the basin But the We are we are likely a margins clear. processing most - processing There will the and just the that seeing highly are there. on at to on of side, producer the dependent side some year-over-year large side. enjoy looking nice But on activities downsides. volumes Northeast on it's be in gathering continue to and upsides the we maintenance-type influx

be DXB earlier, And well. next our level capacity facility It X Grove Oak as and up is as at Our fractionation we're at month. I processing there. finishing said should capacity are at our online

in facilities XXXX activity continuing Southwest our processing [indiscernible] performance of will seeing area lot So in where Ohio our to that see we're lot XXXX. of West volumes upside a a the drive we to the Virginia, occurring

Alan Armstrong

the though going much up volumes they're over. like EQT Northeast, see don't in even Chevron One Midstream, the thing our in Laurel you'll that is Mountain is Northeast that look that taken pullback, production

have an revenue have We but to NBC there. doesn't meaningful us, a that no is really it so volume impact declining - they

seen never around that's otherwise bit growth muting the so, in little you of Northeast maybe South. And volume a especially Marcellus

Michael Dunn

there, it spin to we've to confusing Marcellus sometimes of area and a there, it’s gas full. gather to because processors bit the Virginia just clear because other West in then in that been little third-parties we we Southwest And be off some third-party

we And business built have so that we that back. get once capacity

everything that gather gathered, we process everything don't and obvious so process. don't And not we sometimes we that's we

don't two And numbers so, hand-in-hand necessarily. those go

Alan Armstrong

the should gas Haynesville with the of we good our relatively volume a - though in majority should NBC activity seeing might least West and has activity gas-directed And the gas though Eagle which and robust you price. the so in see the increasing where Ford. those And gas-directed Ford decline that. on and additional see we're protection And protected West Eagle the is Ford NBC activity see beyond some we Eagle activity in the side of -

Michael Dunn

it that Wamsutter, in producers Mansfield the and working I'd not now seen back with the you're also West, in South happening is new in the the to - in as obviously, And really Chesapeake seeing production end And Southland as we've as say Haynesville relates back active activity BP they're the recapitalized XXXX on bankruptcy. in same Wamsutter, with. wasn't the we're the because with nor much

XXXX, And around. so, start we're back that you'll turn not but those in see going volumes I to to in XXXX think see

Colton Bean

that appreciate and a detail final And just me. from one

highlighted either at all near think year. target be the will this I leverage - you to couple times a or of exit how you long-term

stand us the buyback further with at it? can appreciate where be looking or you authorization whether investments, look you debt So on forward, capital that allocation reduction renewables as existing some you update backlog supplementing just on a

Alan Armstrong

coming will is get Yes, as saying end this I I quite first is to obviously for And on that debt some about it something other that mistake it's to - say to of - Once go on emission projects Transco, we reduction obviously those we would that capital that further the for been like year would that, rate beyond be or question - just and But will we've us. the base that alternatives like capital as think are time place in put on that very make we've reduction will been clear But get up with is the that. reduction thing this be. our first debt no that we things reduction things investing be that's get whether an allocation in And not share the dilemma, interesting people. competition year. many further buyback. because into things very be for this against

capital I in other return I met invest just are could to pipelines if too describe that you, the cost don't it hasn't to for In in of the base. know the internally. fact, And able hurdle many being us position of rate that

thought on very past versus been standpoint. sizable about we opportunity. a So, the the cost really capital that's But alternatives emission project, capital an that other in will it think from investment that decision opportunity a some reduction hadn't as make of of as

I on this color So, the that's that at can think give you point. I best

Operator

will with Lapides Goldman come from question last Michael Our Sachs.

open. line Your is

Michael Lapides

are second, Thank in trying questions. Energy Regional OpEx for up and CapEx down we permitting easy Access then G&A for One And look to remind XXXX, just can the one over a direction. my what's and milestones what which key look little is you for? taking to need us, you XXXX flattish, the expected for

Alan Armstrong

both Yes, you of if take Mike, you don’t those, don’t why mind?

Michael Dunn

Energy publicly on stated Access, in it day Yes, a project. Regional pre-filing million our we was $XXX have

the by here above weeks, think I of on we’re the $XXX we'll looks… we level. or that few probably now lower end at said in what $X million past and investment. right activity we’ve a time between in be And filed of it's we're based filing billion the And at that is

Alan Armstrong

John question. going first So the of to part take yes, is your

John Chandler

and costs. real at I'll in drag of of $XXX the look cost our look XXXX voluntary our to package in program XXXX, and But cost we're if number on we a XXXX each reduction clear expense. But want you because here analyst and at segments numbers compare you be Yes, you'll incremental see operating quick. operating million expenses did if that. severance and I had on in you operating cutting these a to

to expenses. million includes normalized expenses - XXXX around in that XXXX in were because to benefit million and million $XXX changed reduction only expenses basis anyway, operating on is were million benefit’s XXXX dragging say with all in $XX taxes. reduction, costs $XXX and a reduction XXXX XXXX. million low add-on EBITDA $XXX I’m that the an program and in through $XX between And So elevated, adjusted that costs the property taxes, increase off days resulted we

stick think between going will that that XXXX. of we and And will $XXX of about XXXX million into We so about so, revert. XX% XXXX, saved XX%

retaining up go cost another up kind due see just that of $XX about And operating go million operating million by that’s so, - taxes $XX then not million. And we'll to probably savings. to cost all $XX

at of in XXXX. looking you're $XX million total increases So, expense probably

a XXXX. in So we we're great got savings that cost XX% of job, retaining our

Operator

over So, now closing the Armstrong turn call to comments. I'll Alan for

Alan Armstrong

for excited Great very catalysts produce us business upside some some give joining to us and to all really excited will drive really of and much well, the predictable about from XXXX thank such today. here for the well as you really We growth are for that flows continue beyond cash we're and XXXX.

your and thank safe stay healthy. interest So, and for you

Operator

today's concludes conference This call.

disconnect. now may You

The Williams Companies, Inc. (WMB) 23 Feb 212020 Q4 Earnings call transcript