Williams’ M-U Assets Generate 25% of Earnings, Get 3% of Capex

Williams dropped its second quarter 2026 results after the close on Monday, August 3, and held the analyst call Tuesday morning. The headline numbers are good: adjusted EBITDA of $1.921 billion (up 6%), GAAP net income of $827 million (up 51%), and a raised full-year guidance midpoint of $8.4 billion. Wall Street liked it. But the story for MDN readers isn't in the headline. It's buried in the volume tables on page 8 of the release, in a capital spending line nobody read out loud, and in two new Transco projects in Pennsylvania and New Jersey that got about eleven seconds of airtime on the call.

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