The Williams Companies, Inc. (WMB Quick QuoteWMB - Free Report) reported second-quarter 2025 adjusted earnings per share of 46 cents, which missed the Zacks Consensus Estimate of 49 cents. This was primarily due to the underperformance of the Gas & NGL Marketing Services segment on a year-over-year basis, as well as a rise in total costs and expenses during the quarter. However, the bottom line increased from the year-ago period’s level of 43 cents. This can be attributed to the strong results delivered by the company’s Transmission & Gulf of America, Northeast G&P, West and Other segments.

The Tulsa, OK-based oil and gas storage and transportation company’s revenues of $2.8 billion missed the Zacks Consensus Estimate by $277 million due to the weak performance of its Gas & NGL Marketing Services segment. However, the figure increased from the year-ago quarter’s reported number of $2.3 billion, supported by higher service revenues, including those tied to commodity contracts, stronger product sales and gains from commodity derivative instruments.

Adjusted EBITDA totaled $1.9 billion in the quarter under review, which was up 16% year over year. Cash flow from operations amounted to $1.5 billion, up 13% from the corresponding quarter of 2024.

On April 1, 2025, the company completed two major upgrades to its Transco pipeline system, including the Texas to Louisiana Energy Pathway and the Southeast Energy Connector. Building on this progress, work on the Southeast Supply Enhancement project was accelerated to better meet growing demand. To further strengthen its pipeline network, WMB secured a key agreement for the Northeast Supply Enhancement project.

During the summer, both the Transco and Gulfstream pipelines set new records for natural gas flow. The company also expanded its presence in the Haynesville region by acquiring Saber Midstream. Meanwhile, construction began on the Socrates Power Innovation project, a $1.6 billion effort aimed at supporting rising energy needs driven by artificial intelligence.

Offshore, Williams successfully brought the Ballymore and Shenandoah deepwater expansions online. Onshore, the Louisiana Energy Gateway started operating alongside the completion of the Haynesville West expansion. The company released its 2024 Sustainability Report, showcasing the leading environmental and operational achievements.

WMB’s Segmental Analysis

Transmission & Gulf of America: The segment reported an adjusted EBITDA of $903 million, up 11.2% from the year-ago quarter’s level. Moreover, the figure exceeded the Zacks Consensus Estimate of $899 million. The uplift reflected positive momentum from Transco pipeline expansions and additional volumes originating from the Gulf.

West: This segment focuses on the gathering and processing of assets in the Western United States. Adjusted EBITDA for this segment totaled $341 million, up 6.9% from the prior-year quarter’s level of $319 million. The strong performance was driven by higher volumes in the Haynesville and additional contributions from the 2025 Rimrock and Saber acquisitions. Moreover, the figure was up from the Zacks Consensus Estimate of $339 million.

Northeast G&P: Driven primarily by higher gathering and processing volumes at Ohio Valley Midstream, Cardinal and Bradford, the segment registered an adjusted EBITDA of $501 million. This represents a 4.6% increase from $479 million in the year-earlier quarter, though it missed the Zacks Consensus Estimate by 1%.

Gas & NGL Marketing Services: The unit reported an adjusted EBITDA loss of $15 million compared with a loss of $14 million in the prior-year quarter. The figure was wider than the consensus estimate, which predicted a loss of $8 million.

Other: This segment posted an adjusted EBITDA of $78 million, representing a 9.9% increase from $71 million in the year-earlier quarter. The figure was also 6.8% higher than the Zacks Consensus Estimate.

WMB’s Costs, Capex & Balance Sheet

In the reported quarter, total costs and expenses of $1.8 billion increased almost 12% from the year-ago quarter’s figure.

Total capital expenditure (Capex) was $2 billion. As of June 30, 2025, the company had cash and cash equivalents of $903 million and a long-term debt of $25.6 billion, with a debt-to-capitalization of 63.4%.

WMB’s 2025 Guidance

The company expects the midpoint of its 2025 adjusted EBITDA guidance to rise by $50 million to $7.75 billion, within a projected range of $7.6 billion to $7.9 billion. WMB anticipates 2025 growth capital expenditures to remain between $2.6 billion and $2.9 billion, while maintenance capital is expected to range from $650 million to $750 million, excluding $150 million allocated for emissions reduction and modernization efforts. Additionally, the company anticipates a 2025 leverage ratio midpoint of 3.65x and has raised its annual dividend by 5.3%, increasing the metric from $1.90 in 2024 to $2 in 2025.

Important Energy Earnings at a Glance

While we have discussed WMB’s second-quarter results in detail, let us take a look at three other key reports in this space.

San Antonio, TX-based oil and gas refining and marketing service provider, Valero Energy Corporation (VLO Quick QuoteVLO - Free Report) , reported second-quarter 2025 adjusted earnings of $2.28 per share, which beat the Zacks Consensus Estimate of $1.73. However, the bottom line declined from the year-ago quarter’s level of $2.71. The better-than-expected quarterly results can be attributed to an increase in refining margins per barrel of throughput and lower total cost of sales. The positives were partially offset by a decline in refining throughput volumes and renewable diesel sales volumes.

The company had cash and cash equivalents of $4.5 billion at the end of the second quarter. As of June 30, 2025, it had a total debt of $8.4 billion and finance-lease obligations of $2.3 billion.

Houston, TX-based oil and gas equipment and services provider, Halliburton Company (HAL Quick QuoteHAL - Free Report) , reported second-quarter 2025 adjusted net income of 55 cents per share, which was in line with the Zacks Consensus Estimate but below the year-ago quarter’s profit of 80 cents (adjusted). The numbers reflect softer activity in the North American region, partly offset by international growth.

As of June 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.4. Halliburton reported second-quarter capital expenditure of $354 million, up from our projection of $338.2 million.

Norway-based integrated oil and gas operator, Equinor ASA (EQNR Quick QuoteEQNR - Free Report) , reported second-quarter 2025 adjusted earnings per share of 64 cents, which missed the Zacks Consensus Estimate of 66 cents. The bottom line declined 25% from the year-ago quarter’s level of 84 cents. Weak quarterly results can be attributed to lower liquids production across major segments and reduced liquids prices. Natural declines and portfolio divestments in Nigeria and Azerbaijan also contributed to the decrease in overall production.