Williams Planning Layoffs as Northeast Drillers Scale Back

Last week midstream giant Williams released its second quarter 2019 update. Although the company reported net income of $175 million, up 130% over the previous year's 2Q, total revenue dipped a tad from $2.09 billion to $2.04 billion. Amidst a lot of good news, there was one cloud. Because northeast drillers are pulling in the production reigns (given super low prices), and because Williams has recently sold off a bunch of assets, the company has launched a "voluntary separation program" to reduce head count.

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