Midstream giant Williams issued their third quarter 2016 update yesterday. According to Williams, the company had “strong” financial results in 3Q16. Indeed they did. The company swung from losing $194 million in 3Q15 to making $326 million in 3Q16–a net change of over half a billion dollars. Impressive! In the Marcellus/Utica, what Williams calls its Northeast G&P division, the company had revenue of $208 million, up from $189 million last year this time. On an investors phone call yesterday, CEO Alan Armstrong said the low prices in the Marcellus/Utica compared with other parts of the country will work themselves out, in time. That is, when more pipeline projects (like Williams Atlantic Sunrise and Constitution) go online to move the gas to other regions, the prices that gas fetches will go up and eventually gas prices in the northeast will be closer to the benchmark Henry Hub. Here’s the Williams 3Q16 update…
Midstream giant Williams issued their third quarter 2016 update yesterday. According to Williams, the company had “strong” financial results in 3Q16. Indeed they did. The company swung from losing $194 million in 3Q15 to making $326 million in 3Q16–a net change of over half a billion dollars. Impressive! In the Marcellus/Utica, what Williams calls its Northeast G&P division, the company had revenue of $208 million, up from $189 million last year this time. On an investors phone call yesterday, CEO Alan Armstrong said the low prices in the Marcellus/Utica compared with other parts of the country will work themselves out, in time. That is, when more pipeline projects (like Williams Atlantic Sunrise and Constitution) go online to move the gas to other regions, the prices that gas fetches will go up and eventually gas prices in the northeast will be closer to the benchmark Henry Hub. Here’s the Williams 3Q16 update…