Home / Press Releases / Press Release Details

Williams Continues Track Record of Financial Stability and Growth With Higher Fourth Quarter and Full-Year 2022 Results; Analyst Day Set for Feb. 21

February 20, 2023

Williams (NYSE: WMB) today announced its unaudited financial results for the three and 12 months ended Dec. 31, 2022.

Strong fundamentals drive full-year 2022 financial results

  • GAAP net income of $2.046 billion, or $1.67 per diluted share (EPS) – up 35% vs. 2021
  • Adjusted net income of $2.228 billion, or $1.82 per diluted share (Adjusted EPS) – up 34% vs. 2021
  • Adjusted EBITDA of $6.418 billion – up $783 million or 14% vs. 2021
  • Cash flow from operations (CFFO) of $4.889 billion – up $944 million or 24% vs. 2021
  • Available funds from operations (AFFO) of $4.918 billion – up $845 million or 21% vs. 2021
  • Dividend coverage ratio of 2.37x (AFFO basis)
  • Record gathering volumes of 16.5 Bcf/d and contracted transmission capacity of 24.4 Bcf/d – up 9% and 3%, respectively, from 2021
  • Expect 3% growth in 2023 with Adjusted EBITDA guidance midpoint of $6.6 billion, yielding 7% CAGR over the last five years
  • Ended the year with 3.55x leverage ratio

Strong 4Q results across key financial metrics cap a record year

  • GAAP net income of $668 million, or $0.55 per diluted share
  • Adjusted net income of $653 million, or $0.53 per diluted share (Adjusted EPS) – up 37% and 36%, respectively, vs. 4Q 2021
  • Adjusted EBITDA of $1.774 billion – up $291 million or 20% vs. 4Q 2021
  • CFFO of $1.219 billion – up 7% vs. 4Q 2021
  • AFFO of $1.357 billion – up 30% vs. 4Q 2021
  • Dividend coverage ratio of 2.62x (AFFO basis)

Growth projects, acquisitions and tech investments advance clean energy strategy

  • Received FERC certificate and key permits for the Regional Energy Access expansion project which will provide the Northeast with greater access to clean, cost-effective natural gas
  • Completed three strategic acquisitions: NorTex Midstream, Trace Midstream’s Haynesville assets and MountainWest at attractive valuations
  • Advanced LNG capabilities with wellhead-to-water strategy and full-value chain NextGen Gas program
  • Secured additional commitments on the Louisiana Energy Gateway project which connects Haynesville production to growing Gulf Coast LNG markets
  • Continued execution of incremental growth projects on Transco, Northeast G&P, Haynesville and Deepwater Gulf of Mexico
  • Outpaced midstream industry across key sustainability rankings including the 2022 CDP Climate Change Questionnaire and S&P Global ESG Score
  • Named for the third consecutive year to the DJSI North American index and for the second consecutive year to the DJSI World index

CEO Perspective

Alan Armstrong, president and chief executive officer, made the following comments:

“Williams finished the year strong with 20% Adjusted EBITDA growth in the fourth quarter, driven by our core business, upstream JVs and commodity marketing segment. Our natural gas-focused strategy once again resulted in record performance in 2022 with contracted transmission capacity, gathering volumes and Adjusted EBITDA all surpassing previous highs. Despite macroeconomic impacts of inflation, higher interest rates and recession risks, Williams delivered outstanding results that exceeded our financial guidance, even after we raised it twice during the year.

“In addition to the outstanding financial results in 2022, we also reached agreements on three acquisitions that bolster our ability to deliver growth through a variety of macroeconomic conditions. We significantly expanded our footprint with the strategic acquisitions of NorTex Midstream and Trace Midstream’s Haynesville assets, a key link in our Gulf Coast wellhead-to-water strategy. And just last week, we closed on our acquisition of MountainWest, enhancing our asset footprint in the western U.S. and growing our fully contracted demand based services. These investments along with our slate of high-return growth opportunities along our existing infrastructure give us a clear path to significant growth for years to come.”

Armstrong added, “Looking ahead, Williams will continue to set the pace for sustainable midstream companies by driving best-in-class emissions performance across the entire value chain. Natural gas is one of the most important tools available to reduce emissions on a global scale, and the build out of electrification and renewables will require our infrastructure and deep expertise in reliable energy delivery, resulting in continued earnings growth for Williams and long-term value creation for our shareholders.”

Williams Summary Financial Information

4Q

 

Full Year

Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders.

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

GAAP Measures

 

 

 

 

 

 

 

Net Income

$668

 

$621

 

$2,046

 

$1,514

Net Income Per Share

$0.55

 

$0.51

 

$1.67

 

$1.24

Cash Flow From Operations

$1,219

 

$1,139

 

$4,889

 

$3,945

 

 

 

 

 

 

 

 

Non-GAAP Measures (1)

 

 

 

 

 

 

 

Adjusted EBITDA

$1,774

 

$1,483

 

$6,418

 

$5,635

Adjusted Net Income

$653

 

$476

 

$2,228

 

$1,658

Adjusted Earnings Per Share

$0.53

 

$0.39

 

$1.82

 

$1.36

Available Funds from Operations

$1,357

 

$1,045

 

$4,918

 

$4,073

Dividend Coverage Ratio

2.62x

 

2.10x

 

2.37x

 

2.04x

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Debt-to-Adjusted EBITDA at Quarter End (2)

3.55x

 

3.90x

 

 

 

 

Capital Investments (3) (4) (5)

$876

 

$371

 

$2,147

 

$1,577

 

 

 

 

 

 

 

 

(1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.

(2) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.

(3) Capital Investments includes increases to property, plant, and equipment (growth & maintenance capital), purchases of businesses, net of cash acquired, purchases of and contributions to equity-method investments and purchases of other long-term investments.

(4) Full-year 2022 excludes $933 million for purchase of the Trace Midstream Haynesville gathering assets, which closed April 29, 2022.

(5) Full-year 2022 excludes $424 million for purchase of the NorTex Midstream assets, which closed August 31, 2022.

GAAP Measures

Fourth-quarter 2022 net income increased by $47 million compared to the prior year reflecting the benefit of higher service revenues driven by increased Haynesville gathering volumes including the Trace Acquisition, as well as higher commodity margins, which included unfavorable write-downs of inventory to lower period-end market prices, and increased results from our upstream operations. These improvements were partially offset by an unfavorable change of $128 million in net unrealized gains/losses on commodity derivatives, higher operating expenses, including higher employee-related costs, and increased intangible asset amortization. The tax provision increased primarily due to higher pretax income.

Full-year 2022 net income increased by $532 million compared to the prior year reflecting the benefit of higher service revenues as described above and also reflecting higher commodity-based rates and Transco’s Leidy South project being in service, higher results from our upstream operations, and higher commodity margins, which include unfavorable write-downs of inventory to lower period-end market prices. These improvements were partially offset by higher operating and administrative expenses driven by the increased scale of our upstream operations and higher employee-related costs, including costs from the Sequent acquisition for the full 2022 period, increased intangible asset amortization, an unfavorable change of $140 million in net unrealized gains and losses on commodity derivatives and the absence of a $77 million favorable impact in 2021 from Winter Storm Uri. The tax provision changed favorably as the impact of higher pretax income was more than offset by $134 million associated with the release of valuation allowances on deferred income tax assets and federal income tax settlements in the second quarter and the net benefit from a lower estimated state deferred income tax rate in the third quarter.

Cash flow from operations for the fourth quarter of 2022 increased as compared to 2021 primarily due to higher operating results exclusive of non-cash items partially offset by unfavorable net changes in working capital. Full-year 2022 cash flow from operations also increased compared to 2021 driven by higher operating results exclusive of non-cash items, favorable changes in margin deposits associated with commodity derivatives, and higher distributions from equity-method investments, partially offset by unfavorable net changes in working capital.

Non-GAAP Measures

Fourth-quarter 2022 Adjusted EBITDA increased by $291 million over the prior year, driven by the previously described benefits from service revenues, commodity margins, and upstream operations, partially offset by higher operating costs. Full-year 2022 Adjusted EBITDA increased by $783 million over the prior year due to similar drivers, but also reflecting higher administrative costs and the absence of the favorable impact in 2021 from Winter Storm Uri.

Fourth-quarter 2022 Adjusted Income improved by $177 million over the prior year, driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives and amortization of certain assets from the Sequent acquisition. Full-year 2022 Adjusted Income improved by $570 million over the prior year driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives, amortization of certain assets from the Sequent acquisition, and favorable income tax benefits.

Fourth-quarter 2022 Available Funds From Operations (AFFO) increased by $312 million compared to the prior year primarily due to higher operating results exclusive of non-cash items. Full-year 2022 AFFO increased by $845 million reflecting higher operating results exclusive of non-cash items and higher distributions from equity-method investments.

Business Segment Results & Form 10-K

Williams' operations are comprised of the following reportable segments: Transmission & Gulf of Mexico, Northeast G&P, West and Gas & NGL Marketing Services, as well as Other. For more information, see the company's 2022 Form 10-K.

 

Fourth Quarter

 

Full Year

Amounts in millions

Modified EBITDA

 

Adjusted EBITDA

 

Modified EBITDA

 

Adjusted EBITDA

4Q 2022

4Q 2021

Change

 

4Q 2022

4Q 2021

Change

 

2022

2021

Change

 

2022

2021

Change

Transmission & Gulf of Mexico

$687

$685

$2

 

$700

$685

$15

 

$2,674

$2,621

$53

 

$2,720

$2,623

$97

Northeast G&P

464

459

5

 

464

459

5

 

1,796

1,712

84

 

1,796

1,712

84

West

326

259

67

 

326

259

67

 

1,211

961

250

 

1,219

961

258

Gas & NGL Marketing Services

209

183

26

 

149

11

138

 

(40)

22

(62)

 

258

146

112

Other

150

87

63

 

135

69

66

 

434

178

256

 

425

193

232

Total

$1,836

$1,673

$163

 

$1,774

$1,483

$291

 

$6,075

$5,494

$581

 

$6,418

$5,635

$783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release.

Transmission & Gulf of Mexico

Fourth-quarter 2022 Modified and Adjusted EBITDA improved compared to the prior year driven by higher service revenues from the NorTex acquisition, partially offset by higher operating and administrative costs. Year-to-date 2022 Modified and Adjusted EBITDA improved compared to the prior year driven by higher service revenues reflecting Transco’s Leidy South project going in service and the NorTex acquisition, as well as the absence of hurricane related impacts, partially offset by higher operating and administrative costs. Modified EBITDA for the 2022 periods was further impacted by certain regulatory, abandonment, and monitoring charges which are excluded from Adjusted EBITDA.

Northeast G&P

Fourth-quarter 2022 Modified and Adjusted EBITDA increased over the prior year driven by higher service revenues from Ohio Valley Midstream, partially offset by lower contributions from equity-investees reflecting lower cost-of-service rates, lower commodity-based rates, lower volumes and impact from winter weather.

Both Modified and Adjusted EBITDA also improved for the full-year 2022 period, driven by Ohio Valley Midstream and gathering rate increases, partially offset by lower Susquehanna volumes, higher operating and administrative costs, lower net equity-investee contributions reflecting lower cost-of-service rates partially offset by higher commodity-based rates, lower volumes and impact from winter weather.

West

Fourth-quarter and full-year 2022 Modified and Adjusted EBITDA increased compared to the prior year benefiting from higher Haynesville gathering volumes including contributions from Trace Midstream acquired in April as well as higher net realized commodity-based rates, partially offset by winter weather impact in the Wamsutter and Rocky Mountain Midstream joint venture as well as higher operating and administrative costs.

Gas & NGL Marketing Services

Fourth-quarter 2022 Modified EBITDA improved from the prior year primarily reflecting higher commodity margins which included higher write-downs of inventory to lower period-end market prices, partially offset by a $122 million net unfavorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA.

Full-year 2022 Modified EBITDA declined from the prior year primarily reflecting a $168 million net unfavorable change in unrealized loss on commodity derivatives, which is excluded from Adjusted EBITDA, as well as the absence of a $58 million favorable impact in 2021 from Winter Storm Uri and higher administrative costs associated with the Sequent business acquired in July 2021. These decreases were partially offset by higher commodity margins which included higher write-downs of inventory to lower period-end market prices.

Other

Fourth-quarter 2022 Modified and Adjusted EBITDA improved compared to the prior year primarily reflecting higher volumes from our upstream operations in the Haynesville Shale, partially offset by winter weather impact in the Wamsutter.

Full-year 2022 Modified EBITDA also improved compared to the prior year primarily reflecting higher prices and volumes from our upstream operations and a $25 million net favorable change in unrealized gain/loss on commodity derivatives related to our upstream operations, which is excluded from Adjusted EBITDA. Both measures were also impacted by higher operating expenses and the absence of a $22 million favorable impact in 2021 from Winter Storm Uri. The full-year results were partially offset by winter weather impact in the Wamsutter.

2023 Financial Guidance

The company expects 2023 Adjusted EBITDA between $6.4 billion and $6.8 billion. The company also expects 2023 growth capex between $1.4 billion to $1.7 billion and maintenance capex between $750 million and $850 million, which includes capital of $250 million for emissions reduction and modernization initiatives. Importantly, Williams anticipates a leverage ratio midpoint of 3.65x, which will allow it to retain financial flexibility. The dividend has been increased by 5.3% on an annualized basis to $1.79 in 2023 from $1.70 in 2022.

Williams 2023 Analyst Day Scheduled for Tomorrow, Materials to be Posted Shortly

Williams is hosting its 2023 Analyst Day event on Tuesday, Feb. 21, 2023 beginning at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). In addition to discussing 2022 results, Williams' management will give in-depth presentations covering the company's natural gas infrastructure strategy to meet growing clean energy demands. These presentations will highlight the company’s efficient operations, disciplined project execution, strong financial position and 2023 financial guidance. Presentation slides and earnings materials will be accessible on the Williams’ Investor Relations website shortly.

Participants who wish to view the live presentation can access the webcast here: https://app.webinar.net/wAoX6Qm6lRx.

A replay of the 2023 Analyst Day webcast will also be available on the website for at least 90 days following the event.

About Williams

As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 32,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately one third of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, NextGen Gas and other innovations at www.williams.com.

The Williams Companies, Inc.

Consolidated Statement of Income

 

 

 

Year Ended December 31,

 

 

2022

 

2021

 

2020

 

(Millions, except per-share amounts)

Revenues:

 

 

 

 

 

 

Service revenues

 

$

6,536

 

 

$

6,001

 

 

$

5,924

 

Service revenues – commodity consideration

 

 

260

 

 

 

238

 

 

 

129

 

Product sales

 

 

4,556

 

 

 

4,536

 

 

 

1,671

 

Net gain (loss) on commodity derivatives

 

 

(387

)

 

 

(148

)

 

 

(5

)

Total revenues

 

 

10,965

 

 

 

10,627

 

 

 

7,719

 

Costs and expenses:

 

 

 

 

 

 

Product costs

 

 

3,369

 

 

 

3,931

 

 

 

1,545

 

Net processing commodity expenses

 

 

88

 

 

 

101

 

 

 

68

 

Operating and maintenance expenses

 

 

1,817

 

 

 

1,548

 

 

 

1,326

 

Depreciation and amortization expenses

 

 

2,009

 

 

 

1,842

 

 

 

1,721

 

Selling, general, and administrative expenses

 

 

636

 

 

 

558

 

 

 

466

 

Impairment of certain assets

 

 

 

 

 

2

 

 

 

182

 

Impairment of goodwill

 

 

 

 

 

 

 

 

187

 

Other (income) expense – net

 

 

28

 

 

 

14

 

 

 

22

 

Total costs and expenses

 

 

7,947

 

 

 

7,996

 

 

 

5,517

 

Operating income (loss)

 

 

3,018

 

 

 

2,631

 

 

 

2,202

 

Equity earnings (losses)

 

 

637

 

 

 

608

 

 

 

328

 

Impairment of equity-method investments

 

 

 

 

 

 

 

 

(1,046

)

Other investing income (loss) – net

 

 

16

 

 

 

7

 

 

 

8

 

Interest incurred

 

 

(1,167

)

 

 

(1,190

)

 

 

(1,192

)

Interest capitalized

 

 

20

 

 

 

11

 

 

 

20

 

Other income (expense) – net

 

 

18

 

 

 

6

 

 

 

(43

)

Income (loss) before income taxes

 

 

2,542

 

 

 

2,073

 

 

 

277

 

Less: Provision (benefit) for income taxes

 

 

425

 

 

 

511

 

 

 

79

 

Net income (loss)

 

 

2,117

 

 

 

1,562

 

 

 

198

 

Less: Net income (loss) attributable to noncontrolling interests

 

 

68

 

 

 

45

 

 

 

(13

)

Net income (loss) attributable to The Williams Companies, Inc.

 

 

2,049

 

 

 

1,517

 

 

 

211

 

Less: Preferred stock dividends

 

 

3

 

 

 

3

 

 

 

3

 

Net income (loss) available to common stockholders

 

$

2,046

 

 

$

1,514

 

 

$

208

 

Basic earnings (loss) per common share:

 

 

 

 

 

 

Net income (loss) available to common stockholders

 

$

1.68

 

 

$

1.25

 

 

$

.17

 

Weighted-average shares (thousands)

 

 

1,218,362

 

 

 

1,215,221

 

 

 

1,213,631

 

Diluted earnings (loss) per common share:

 

 

 

 

 

 

Net income (loss) available to common stockholders

 

$

1.67

 

 

$

1.24

 

 

$

.17

 

Weighted-average shares (thousands)

 

 

1,222,672

 

 

 

1,218,215

 

 

 

1,215,165

 

The Williams Companies, Inc.

Consolidated Balance Sheet

 

 

 

December 31,

 

 

2022

 

2021

 

 

(Millions, except per-share amounts)

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

152

 

 

$

1,680

 

Trade accounts and other receivables

 

 

2,729

 

 

 

1,986

 

Allowance for doubtful accounts

 

 

(6

)

 

 

(8

)

Trade accounts and other receivables – net

 

 

2,723

 

 

 

1,978

 

Inventories

 

 

320

 

 

 

379

 

Derivative assets

 

 

323

 

 

 

301

 

Other current assets and deferred charges

 

 

279

 

 

 

211

 

Total current assets

 

 

3,797

 

 

 

4,549

 

 

 

 

 

 

Investments

 

 

5,065

 

 

 

5,127

 

Property, plant, and equipment – net

 

 

30,889

 

 

 

29,258

 

Intangible assets – net of accumulated amortization

 

 

7,363

 

 

 

7,402

 

Regulatory assets, deferred charges, and other

 

 

1,319

 

 

 

1,276

 

Total assets

 

$

48,433

 

 

$

47,612

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

2,327

 

 

$

1,746

 

Derivative liabilities

 

 

316

 

 

 

166

 

Accrued and other current liabilities

 

 

1,270

 

 

 

1,035

 

Commercial paper

 

 

350

 

 

 

 

Long-term debt due within one year

 

 

627

 

 

 

2,025

 

Total current liabilities

 

 

4,890

 

 

 

4,972

 

 

 

 

 

 

Long-term debt

 

 

21,927

 

 

 

21,650

 

Deferred income tax liabilities

 

 

2,887

 

 

 

2,453

 

Regulatory liabilities, deferred income, and other

 

 

4,684

 

 

 

4,436

 

Contingent liabilities and commitments

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

Stockholders’ equity:

 

 

 

 

Preferred stock ($1 par value; 30 million shares authorized at December 31, 2022 and December 31, 2021; 35,000 shares issued at December 31, 2022 and December 31, 2021)

 

 

35

 

 

 

35

 

Common stock ($1 par value; 1,470 million shares authorized at December 31, 2022 and December 31, 2021; 1,253 million shares issued at December 31, 2022 and 1,250 million shares issued at December 31, 2021)

 

 

1,253

 

 

 

1,250

 

Capital in excess of par value

 

 

24,542

 

 

 

24,449

 

Retained deficit

 

 

(13,271

)

 

 

(13,237

)

Accumulated other comprehensive income (loss)

 

 

(24

)

 

 

(33

)

Treasury stock, at cost (35 million shares of common stock)

 

 

(1,050

)

 

 

(1,041

)

Total stockholders’ equity

 

 

11,485

 

 

 

11,423

 

Noncontrolling interests in consolidated subsidiaries

 

 

2,560

 

 

 

2,678

 

Total equity

 

 

14,045

 

 

 

14,101

 

Total liabilities and equity

 

$

48,433

 

 

$

47,612

 

The Williams Companies, Inc.

Consolidated Statement of Cash Flows

 

 

 

Year Ended December 31,

 

 

2022

 

2021

 

2020

 

 

(Millions)

OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income (loss)

 

$

2,117

 

 

$

1,562

 

 

$

198

 

Adjustments to reconcile to net cash provided (used) by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

2,009

 

 

 

1,842

 

 

 

1,721

 

Provision (benefit) for deferred income taxes

 

 

431

 

 

 

509

 

 

 

108

 

Equity (earnings) losses

 

 

(637

)

 

 

(608

)

 

 

(328

)

Distributions from equity-method investees

 

 

865

 

 

 

757

 

 

 

653

 

Impairment of goodwill

 

 

 

 

 

 

 

 

187

 

Impairment of equity-method investments

 

 

 

 

 

 

 

 

1,046

 

Impairment of certain assets

 

 

 

 

 

2

 

 

 

182

 

Net unrealized (gain) loss from derivative instruments

 

 

249

 

 

 

109

 

 

 

 

Inventory write-downs

 

 

161

 

 

 

15

 

 

 

17

 

Amortization of stock-based awards

 

 

73

 

 

 

81

 

 

 

52

 

Cash provided (used) by changes in current assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(733

)

 

 

(545

)

 

 

(2

)

Inventories

 

 

(110

)

 

 

(139

)

 

 

(28

)

Other current assets and deferred charges

 

 

(33

)

 

 

(63

)

 

 

11

 

Accounts payable

 

 

410

 

 

 

643

 

 

 

(7

)

Accrued and other current liabilities

 

 

209

 

 

 

58

 

 

 

(309

)

Changes in current and noncurrent derivative assets and liabilities

 

 

94

 

 

 

(277

)

 

 

(4

)

Other, including changes in noncurrent assets and liabilities

 

 

(216

)

 

 

(1

)

 

 

(1

)

Net cash provided (used) by operating activities

 

 

4,889

 

 

 

3,945

 

 

 

3,496

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from (payments of) commercial paper – net

 

 

345

 

 

 

 

 

 

 

Proceeds from long-term debt

 

 

1,755

 

 

 

2,155

 

 

 

3,899

 

Payments of long-term debt

 

 

(2,876

)

 

 

(894

)

 

 

(3,841

)

Proceeds from issuance of common stock

 

 

54

 

 

 

9

 

 

 

9

 

Common dividends paid

 

 

(2,071

)

 

 

(1,992

)

 

 

(1,941

)

Dividends and distributions paid to noncontrolling interests

 

 

(204

)

 

 

(187

)

 

 

(185

)

Contributions from noncontrolling interests

 

 

18

 

 

 

9

 

 

 

7

 

Payments for debt issuance costs

 

 

(17

)

 

 

(26

)

 

 

(20

)

Other – net

 

 

(46

)

 

 

(16

)

 

 

(13

)

Net cash provided (used) by financing activities

 

 

(3,042

)

 

 

(942

)

 

 

(2,085

)

INVESTING ACTIVITIES:

 

 

 

 

 

 

Property, plant, and equipment:

 

 

 

 

 

 

Capital expenditures (1)

 

 

(2,253

)

 

 

(1,239

)

 

 

(1,239

)

Dispositions – net

 

 

(30

)

 

 

(8

)

 

 

(36

)

Contributions in aid of construction

 

 

12

 

 

 

52

 

 

 

37

 

Purchases of businesses, net of cash acquired

 

 

(933

)

 

 

(151

)

 

 

 

Purchases of and contributions to equity-method investments

 

 

(166

)

 

 

(115

)

 

 

(325

)

Other – net

 

 

(5

)

 

 

(4

)

 

 

5

 

Net cash provided (used) by investing activities

 

 

(3,375

)

 

 

(1,465

)

 

 

(1,558

)

Increase (decrease) in cash and cash equivalents

 

 

(1,528

)

 

 

1,538

 

 

 

(147

)

Cash and cash equivalents at beginning of year

 

 

1,680

 

 

 

142

 

 

 

289

 

Cash and cash equivalents at end of year

 

$

152

 

 

$

1,680

 

 

$

142

 

_________

 

 

 

 

 

 

(1) Increases to property, plant, and equipment

 

$

(2,394

)

 

$

(1,305

)

 

$

(1,160

)

Changes in related accounts payable and accrued liabilities

 

 

141

 

 

 

66

 

 

 

(79

)

Capital expenditures

 

$

(2,253

)

 

$

(1,239

)

 

$

(1,239

)

Transmission & Gulf of Mexico

 

(UNAUDITED)

 

 

2021

 

2022

 

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

Regulated interstate natural gas transportation, storage, and other revenues (1)

$

708

 

$

693

 

$

706

 

$

739

 

$

2,846

 

 

$

730

 

$

717

 

$

734

 

$

758

 

$

2,939

 

 

Gathering, processing, storage and transportation revenues

 

86

 

 

90

 

 

74

 

 

94

 

 

344

 

 

 

82

 

 

84

 

 

99

 

 

100

 

 

365

 

 

Other fee revenues (1)

 

4

 

 

4

 

 

5

 

 

5

 

 

18

 

 

 

5

 

 

5

 

 

4

 

 

7

 

 

21

 

 

Commodity margins

 

8

 

 

7

 

 

8

 

 

12

 

 

35

 

 

 

15

 

 

11

 

 

10

 

 

7

 

 

43

 

 

Net unrealized gain (loss) from derivative instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

(1

)

 

 

 

Operating and administrative costs (1)

 

(198

)

 

(197

)

 

(215

)

 

(226

)

 

(836

)

 

 

(202

)

 

(227

)

 

(238

)

 

(239

)

 

(906

)

 

Other segment income (expenses) - net (1)

 

5

 

 

5

 

 

7

 

 

16

 

 

33

 

 

 

19

 

 

17

 

 

(22

)

 

5

 

 

19

 

 

Impairment of certain assets

 

 

 

(2

)

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

Proportional Modified EBITDA of equity-method investments

 

47

 

 

46

 

 

45

 

 

45

 

 

183

 

 

 

48

 

 

45

 

 

50

 

 

50

 

 

193

 

 

Modified EBITDA

 

660

 

 

646

 

 

630

 

 

685

 

 

2,621

 

 

 

697

 

 

652

 

 

638

 

 

687

 

 

2,674

 

 

Adjustments

 

 

 

2

 

 

 

 

 

 

2

 

 

 

 

 

 

 

33

 

 

13

 

 

46

 

 

Adjusted EBITDA

$

660

 

$

648

 

$

630

 

$

685

 

$

2,623

 

 

$

697

 

$

652

 

$

671

 

$

700

 

$

2,720

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statistics for Operated Assets

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas Transmission (4)

 

 

 

 

 

 

 

 

 

 

 

 

Transcontinental Gas Pipe Line

 

 

 

 

 

 

 

 

 

 

 

 

Avg. daily transportation volumes (MMdth)

 

14.1

 

 

13.1

 

 

13.8

 

 

14.2

 

 

13.8

 

 

 

15.0

 

 

13.5

 

 

14.7

 

 

14.2

 

 

14.4

 

 

Avg. daily firm reserved capacity (MMdth)

 

18.6

 

 

18.3

 

 

18.7

 

 

19.2

 

 

18.7

 

 

 

19.3

 

 

19.1

 

 

19.2

 

 

19.3

 

 

19.2

 

 

Northwest Pipeline LLC

 

 

 

 

 

 

 

 

 

 

 

 

Avg. daily transportation volumes (MMdth)

 

2.8

 

 

2.2

 

 

2.0

 

 

2.6

 

 

2.4

 

 

 

2.8

 

 

2.1

 

 

2.0

 

 

2.9

 

 

2.5

 

 

Avg. daily firm reserved capacity (MMdth)

 

3.8

 

 

3.8

 

 

3.8

 

 

3.8

 

 

3.8

 

 

 

3.8

 

 

3.8

 

 

3.8

 

 

3.8

 

 

3.8

 

 

Gulfstream - Non-consolidated

 

 

 

 

 

 

 

 

 

 

 

 

Avg. daily transportation volumes (MMdth)

 

1.0

 

 

1.2

 

 

1.3

 

 

1.1

 

 

1.2

 

 

 

0.9

 

 

1.3

 

 

1.4

 

 

1.1

 

 

1.3

 

 

Avg. daily firm reserved capacity (MMdth)

 

1.3

 

 

1.3

 

 

1.3

 

 

1.3

 

 

1.3

 

 

 

1.3

 

 

1.3

 

 

1.4

 

 

1.4

 

 

1.4

 

 

Gathering, Processing, and Crude Oil Transportation

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated (2)

 

 

 

 

 

 

 

 

 

 

 

 

Gathering volumes (Bcf/d)

 

0.28

 

 

0.31

 

 

0.25

 

 

0.29

 

 

0.28

 

 

 

0.30

 

 

0.28

 

 

0.29

 

 

0.28

 

 

0.29

 

 

Plant inlet natural gas volumes (Bcf/d)

 

0.46

 

 

0.41

 

 

0.44

 

 

0.48

 

 

0.45

 

 

 

0.48

 

 

0.46

 

 

0.49

 

 

0.46

 

 

0.47

 

 

NGL production (Mbbls/d)

 

29

 

 

26

 

 

28

 

 

33

 

 

29

 

 

 

31

 

 

31

 

 

26

 

 

26

 

 

28

 

 

NGL equity sales (Mbbls/d)

 

7

 

 

5

 

 

6

 

 

7

 

 

6

 

 

 

7

 

 

7

 

 

4

 

 

5

 

 

6

 

 

Crude oil transportation volumes (Mbbls/d)

 

130

 

 

151

 

 

120

 

 

135

 

 

134

 

 

 

110

 

 

124

 

 

125

 

 

118

 

 

119

 

 

Non-consolidated (3)

 

 

 

 

 

 

 

 

 

 

 

 

Gathering volumes (Bcf/d)

 

0.36

 

 

0.40

 

 

0.29

 

 

0.36

 

 

0.35

 

 

 

0.39

 

 

0.37

 

 

0.41

 

 

0.42

 

 

0.40

 

 

Plant inlet natural gas volumes (Bcf/d)

 

0.37

 

 

0.40

 

 

0.29

 

 

0.36

 

 

0.35

 

 

 

0.38

 

 

0.37

 

 

0.41

 

 

0.42

 

 

0.40

 

 

NGL production (Mbbls/d)

 

28

 

 

31

 

 

21

 

 

27

 

 

27

 

 

 

28

 

 

26

 

 

29

 

 

29

 

 

28

 

 

NGL equity sales (Mbbls/d)

 

9

 

 

11

 

 

6

 

 

7

 

 

8

 

 

 

8

 

 

6

 

 

7

 

 

10

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Excludes certain amounts associated with revenues and operating costs for tracked or reimbursable charges.

 

(2) Excludes volumes associated with equity-method investments that are not consolidated in our results.

 

(3) Includes 100% of the volumes associated with operated equity-method investments.

 

(4) Tbtu converted to MMdth at one trillion British thermal units = one million dekatherms.

 

Northeast G&P

 

(UNAUDITED)

 

 

2021

 

2022

 

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

Gathering, processing, transportation, and fractionation revenues

$

311

 

$

315

 

$

340

 

$

342

 

$

1,308

 

 

$

323

 

$

350

 

$

354

 

$

368

 

$

1,395

 

 

Other fee revenues (1)

 

25

 

 

25

 

 

26

 

 

27

 

 

103

 

 

 

27

 

 

27

 

 

27

 

 

46

 

 

127

 

 

Commodity margins

 

3

 

 

 

 

(2

)

 

4

 

 

5

 

 

 

6

 

 

1

 

 

3

 

 

 

 

10

 

 

Operating and administrative costs (1)

 

(89

)

 

(86

)

 

(94

)

 

(103

)

 

(372

)

 

 

(85

)

 

(102

)

 

(101

)

 

(97

)

 

(385

)

 

Other segment income (expenses) - net

 

(1

)

 

(7

)

 

(3

)

 

(3

)

 

(14

)

 

 

(3

)

 

 

 

(1

)

 

(1

)

 

(5

)

 

Proportional Modified EBITDA of equity-method investments

 

153

 

 

162

 

 

175

 

 

192

 

 

682

 

 

 

150

 

 

174

 

 

182

 

 

148

 

 

654

 

 

Modified EBITDA

 

402

 

 

409

 

 

442

 

 

459

 

 

1,712

 

 

 

418

 

 

450

 

 

464

 

 

464

 

 

1,796

 

 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

402

 

$

409

 

$

442

 

$

459

 

$

1,712

 

 

$

418

 

$

450

 

$

464

 

$

464

 

$

1,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statistics for Operated Assets and non-operated Blue Racer Midstream

 

 

 

 

 

 

 

 

 

 

 

 

Gathering and Processing

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated (2)

 

 

 

 

 

 

 

 

 

 

 

 

Gathering volumes (Bcf/d)

 

4.19

 

 

4.10

 

 

4.26

 

 

4.38

 

 

4.24

 

 

 

4.03

 

 

4.19

 

 

4.22

 

 

4.31

 

 

4.19

 

 

Plant inlet natural gas volumes (Bcf/d)

 

1.41

 

 

1.62

 

 

1.64

 

 

1.62

 

 

1.57

 

 

 

1.46

 

 

1.70

 

 

1.74

 

 

1.70

 

 

1.65

 

 

NGL production (Mbbls/d)

 

102

 

 

115

 

 

121

 

 

120

 

 

115

 

 

 

110

 

 

118

 

 

125

 

 

127

 

 

120

 

 

NGL equity sales (Mbbls/d)

 

1

 

 

1

 

 

 

 

1

 

 

1

 

 

 

2

 

 

1

 

 

1

 

 

1

 

 

1

 

 

Non-consolidated (3)

 

 

 

 

 

 

 

 

 

 

 

 

Gathering volumes (Bcf/d)

 

6.62

 

 

6.76

 

 

6.92

 

 

6.84

 

 

6.79

 

 

 

6.62

 

 

6.76

 

 

6.58

 

 

6.48

 

 

6.61

 

 

Plant inlet natural gas volumes (Bcf/d)

 

0.87

 

 

0.87

 

 

0.79

 

 

0.73

 

 

0.82

 

 

 

0.66

 

 

0.76

 

 

0.66

 

 

0.77

 

 

0.71

 

 

NGL production (Mbbls/d)

 

60

 

 

58

 

 

56

 

 

51

 

 

56

 

 

 

50

 

 

53

 

 

45

 

 

56

 

 

51

 

 

NGL equity sales (Mbbls/d)

 

8

 

 

6

 

 

6

 

 

6

 

 

6

 

 

 

4

 

 

3

 

 

2

 

 

2

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.

 

(2) Includes volumes associated with Susquehanna Supply Hub, the Northeast JV, and Utica Supply Hub, all of which are consolidated.

 

(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership; and the Bradford Supply Hub and the Marcellus South Supply Hub within the Appalachia Midstream Services partnership. Also, all periods include non-operated Blue Racer Midstream.

 

West

 

(UNAUDITED)

 

 

2021

 

2022

 

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

Net gathering, processing, transportation, storage, and fractionation revenues

$

269

 

$

285

 

$

302

 

$

313

 

$

1,169

 

 

$

317

 

$

360

 

$

397

 

$

401

 

$

1,475

 

 

Other fee revenues (1)

 

6

 

 

4

 

 

4

 

 

7

 

 

21

 

 

 

6

 

 

6

 

 

6

 

 

5

 

 

23

 

 

Commodity margins

 

31

 

 

26

 

 

21

 

 

22

 

 

100

 

 

 

23

 

 

25

 

 

27

 

 

27

 

 

102

 

 

Operating and administrative costs (1)

 

(109

)

 

(113

)

 

(108

)

 

(112

)

 

(442

)

 

 

(112

)

 

(133

)

 

(128

)

 

(133

)

 

(506

)

 

Other segment income (expenses) - net

 

 

 

(1

)

 

11

 

 

(2

)

 

8

 

 

 

(1

)

 

(1

)

 

(6

)

 

(7

)

 

(15

)

 

Proportional Modified EBITDA of equity-method investments

 

25

 

 

22

 

 

27

 

 

31

 

 

105

 

 

 

27

 

 

31

 

 

41

 

 

33

 

 

132

 

 

Modified EBITDA

 

222

 

 

223

 

 

257

 

 

259

 

 

961

 

 

 

260

 

 

288

 

 

337

 

 

326

 

 

1,211

 

 

Adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

8

 

 

Adjusted EBITDA

$

222

 

$

223

 

$

257

 

$

259

 

$

961

 

 

$

260

 

$

296

 

$

337

 

$

326

 

$

1,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statistics for Operated Assets

 

 

 

 

 

 

 

 

 

 

 

 

Gathering and Processing

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated (2)

 

 

 

 

 

 

 

 

 

 

 

 

Gathering volumes (Bcf/d) (3)

 

3.11

 

 

3.21

 

 

3.31

 

 

3.36

 

 

3.25

 

 

 

3.47

 

 

5.14

 

 

5.20

 

 

5.50

 

 

5.19

 

 

Plant inlet natural gas volumes (Bcf/d)

 

1.20

 

 

1.20

 

 

1.29

 

 

1.22

 

 

1.23

 

 

 

1.13

 

 

1.14

 

 

1.21

 

 

1.10

 

 

1.15

 

 

NGL production (Mbbls/d)

 

36

 

 

39

 

 

49

 

 

43

 

 

41

 

 

 

47

 

 

49

 

 

45

 

 

32

 

 

43

 

 

NGL equity sales (Mbbls/d)

 

13

 

 

16

 

 

19

 

 

15

 

 

16

 

 

 

17

 

 

18

 

 

13

 

 

7

 

 

14

 

 

Non-consolidated (4)

 

 

 

 

 

 

 

 

 

 

 

 

Gathering volumes (Bcf/d)

 

0.27

 

 

0.30

 

 

0.28

 

 

0.28

 

 

0.29

 

 

 

0.28

 

 

0.28

 

 

0.29

 

 

0.29

 

 

0.29

 

 

Plant inlet natural gas volumes (Bcf/d)

 

0.27

 

 

0.30

 

 

0.28

 

 

0.28

 

 

0.28

 

 

 

0.27

 

 

0.28

 

 

0.29

 

 

0.29

 

 

0.28

 

 

NGL production (Mbbls/d)

 

24

 

 

32

 

 

32

 

 

32

 

 

29

 

 

 

31

 

 

32

 

 

34

 

 

32

 

 

33

 

 

NGL and Crude Oil Transportation volumes (Mbbls/d) (5)

 

85

 

 

101

 

 

119

 

 

132

 

 

109

 

 

 

118

 

 

144

 

 

172

 

 

151

 

 

146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.

 

(2) Excludes volumes associated with equity-method investments that are not consolidated in our results.

 

(3) Includes 100% of the volumes associated with the Trace Acquisition gathering assets after the purchase on April 29, 2022. Average volumes were calculated over the period owned. Volumes for 2nd quarter 2022 and year-to-date 2022 if averaged over the entire period would have been 4.68 Bcf/d and 4.72 Bcf/d, respectively.

 

(4) Includes 100% of the volumes associated with operated equity-method investments, including Rocky Mountain Midstream.

 

(5) Includes 100% of the volumes associated with operated equity-method investments, including Overland Pass Pipeline Company and Rocky Mountain Midstream.

 

Gas & NGL Marketing Services

 

(UNAUDITED)

 

 

2021

 

2022

 

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

Commodity margins

$

95

 

$

13

 

$

46

 

$

11

 

$

165

 

 

$

100

 

$

23

 

$

39

 

$

161

 

$

323

 

 

Other fee revenues

 

1

 

 

1

 

 

 

 

1

 

 

3

 

 

 

1

 

 

 

 

1

 

 

1

 

 

3

 

 

Net unrealized gain (loss) from derivative instruments

 

 

 

(3

)

 

(294

)

 

188

 

 

(109

)

 

 

(57

)

 

(288

)

 

5

 

 

66

 

 

(274

)

 

Operating and administrative costs

 

(3

)

 

(3

)

 

(14

)

 

(17

)

 

(37

)

 

 

(31

)

 

(23

)

 

(24

)

 

(18

)

 

(96

)

 

Other segment income (expenses) - net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

(1

)

 

(1

)

 

4

 

 

Modified EBITDA

 

93

 

 

8

 

 

(262

)

 

183

 

 

22

 

 

 

13

 

 

(282

)

 

20

 

 

209

 

 

(40

)

 

Adjustments (1)

 

 

 

 

 

296

 

 

(172

)

 

124

 

 

 

52

 

 

288

 

 

18

 

 

(60

)

 

298

 

 

Adjusted EBITDA

$

93

 

$

8

 

$

34

 

$

11

 

$

146

 

 

$

65

 

$

6

 

$

38

 

$

149

 

$

258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statistics

 

 

 

 

 

 

 

 

 

 

 

 

Product Sales Volumes

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas (Bcf/d)(2)

 

1.05

 

 

0.94

 

 

7.98

 

 

7.71

 

 

7.70

 

 

 

7.96

 

 

6.66

 

 

7.11

 

 

7.05

 

 

7.20

 

 

NGLs (Mbbls/d)

 

233

 

 

216

 

 

229

 

 

229

 

 

227

 

 

 

246

 

 

234

 

 

267

 

 

254

 

 

250

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) 2022 Adjustments for Gas & NGL Marketing Services includes the impact of volatility on NGL linefill transactions. Had this adjustment been made in 2021, Adjusted EBITDA would have been reduced by ($15), ($5), ($15), $1, and ($34) for the 1st, 2nd, 3rd, and 4th quarters, and full year period, respectively.

 

(2) Includes 100% of the volumes associated with the Sequent Acquisition after the purchase on July 1, 2021. Average volumes were calculated over the period owned. Year-to-date volumes for 2021 would have been 4.45 Bcf/d if averaged over the entire year.

 

Other

 

(UNAUDITED)

 

 

2021

 

2022

 

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

Service revenues

$

7

 

$

8

 

$

8

 

$

9

 

$

32

 

 

$

9

 

$

7

 

$

6

 

$

2

 

$

24

 

 

Net realized product sales

 

56

 

 

49

 

 

105

 

 

103

 

 

313

 

 

 

96

 

 

142

 

 

180

 

 

184

 

 

602

 

 

Net unrealized gain (loss) from derivative instruments

 

 

 

(5

)

 

(15

)

 

20

 

 

 

 

 

(66

)

 

47

 

 

29

 

 

15

 

 

25

 

 

Operating and administrative costs

 

(25

)

 

(26

)

 

(58

)

 

(43

)

 

(152

)

 

 

(33

)

 

(57

)

 

(62

)

 

(59

)

 

(211

)

 

Other segment income (expenses) - net

 

(5

)

 

(6

)

 

(2

)

 

(2

)

 

(15

)

 

 

(1

)

 

 

 

(13

)

 

8

 

 

(6

)

 

Modified EBITDA

 

33

 

 

20

 

 

38

 

 

87

 

 

178

 

 

 

5

 

 

139

 

 

140

 

 

150

 

 

434

 

 

Adjustments

 

5

 

 

9

 

 

19

 

 

(18

)

 

15

 

 

 

66

 

 

(47

)

 

(13

)

 

(15

)

 

(9

)

 

Adjusted EBITDA

$

38

 

$

29

 

$

57

 

$

69

 

$

193

 

 

$

71

 

$

92

 

$

127

 

$

135

 

$

425

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statistics

 

 

 

 

 

 

 

 

 

 

 

 

Net Product Sales Volumes

 

 

 

 

 

 

 

 

 

 

 

 

Natural Gas (Bcf/d)

 

0.07

 

 

0.14

 

 

0.17

 

 

0.14

 

 

0.13

 

 

 

0.12

 

 

0.19

 

 

0.27

 

 

0.31

 

 

0.22

 

 

NGLs (Mbbls/d)

 

2

 

 

6

 

 

8

 

 

8

 

 

6

 

 

 

7

 

 

7

 

 

8

 

 

7

 

 

7

 

 

Crude Oil (Mbbls/d)

 

1

 

 

2

 

 

3

 

 

3

 

 

2

 

 

 

2

 

 

3

 

 

2

 

 

2

 

 

2

 

 

 

 

Capital Expenditures and Investments

 

(UNAUDITED)

 

 

2021

 

2022

 

(Dollars in millions)

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Transmission & Gulf of Mexico

$

109

 

$

209

 

$

172

 

$

173

 

$

663

 

 

$

125

 

$

129

 

$

637

 

$

358

 

$

1,249

 

 

Northeast G&P

 

40

 

 

46

 

 

41

 

 

22

 

 

149

 

 

 

40

 

 

30

 

 

52

 

 

92

 

 

214

 

 

West

 

33

 

 

76

 

 

49

 

 

45

 

 

203

 

 

 

61

 

 

82

 

 

94

 

 

226

 

 

463

 

 

Other

 

78

 

 

94

 

 

10

 

 

42

 

 

224

 

 

 

65

 

 

74

 

 

58

 

 

130

 

 

327

 

 

Total (1)

$

260

 

$

425

 

$

272

 

$

282

 

$

1,239

 

 

$

291

 

$

315

 

$

841

 

$

806

 

$

2,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of and contributions to equity-method investments:

 

 

 

 

 

 

 

 

 

 

 

 

Transmission & Gulf of Mexico

$

3

 

$

6

 

$

5

 

$

12

 

$

26

 

 

$

16

 

$

26

 

$

11

 

$

17

 

$

70

 

 

Northeast G&P

 

11

 

 

24

 

 

30

 

 

24

 

 

89

 

 

 

32

 

 

18

 

 

28

 

 

8

 

 

86

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

1

 

 

1

 

 

10

 

 

Total

$

14

 

$

30

 

$

35

 

$

36

 

$

115

 

 

$

56

 

$

44

 

$

40

 

$

26

 

$

166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary:

 

 

 

 

 

 

 

 

 

 

 

 

Transmission & Gulf of Mexico

$

112

 

$

215

 

$

177

 

$

185

 

$

689

 

 

$

141

 

$

155

 

$

648

 

$

375

 

$

1,319

 

 

Northeast G&P

 

51

 

 

70

 

 

71

 

 

46

 

 

238

 

 

 

72

 

 

48

 

 

80

 

 

100

 

 

300

 

 

West

 

33

 

 

76

 

 

49

 

 

45

 

 

203

 

 

 

61

 

 

82

 

 

94

 

 

226

 

 

463

 

 

Other

 

78

 

 

94

 

 

10

 

 

42

 

 

224

 

 

 

73

 

 

74

 

 

59

 

 

131

 

 

337

 

 

Total

$

274

 

$

455

 

$

307

 

$

318

 

$

1,354

 

 

$

347

 

$

359

 

$

881

 

$

832

 

$

2,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital investments:

 

 

 

 

 

 

 

 

 

 

 

 

Increases to property, plant, and equipment

$

263

 

$

430

 

$

308

 

$

304

 

$

1,305

 

 

$

260

 

$

382

 

$

907

 

$

845

 

$

2,394

 

 

Purchases of businesses, net of cash acquired

 

 

 

 

 

126

 

 

25

 

 

151

 

 

 

 

 

933

 

 

 

 

 

 

933

 

 

Purchases of and contributions to equity-method investments

 

14

 

 

30

 

 

35

 

 

36

 

 

115

 

 

 

56

 

 

44

 

 

40

 

 

26

 

 

166

 

 

Purchases of other long-term investments

 

 

 

 

 

 

 

6

 

 

6

 

 

 

 

 

3

 

 

3

 

 

5

 

 

11

 

 

Total

$

277

 

$

460

 

$

469

 

$

371

 

$

1,577

 

 

$

316

 

$

1,362

 

$

950

 

$

876

 

$

3,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Increases to property, plant, and equipment

$

263

 

$

430

 

$

308

 

$

304

 

$

1,305

 

 

$

260

 

$

382

 

$

907

 

$

845

 

$

2,394

 

 

Changes in related accounts payable and accrued liabilities

 

(3

)

 

(5

)

 

(36

)

 

(22

)

 

(66

)

 

 

31

 

 

(67

)

 

(66

)

 

(39

)

 

(141

)

 

Capital expenditures

$

260

 

$

425

 

$

272

 

$

282

 

$

1,239

 

 

$

291

 

$

315

 

$

841

 

$

806

 

$

2,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contributions from noncontrolling interests

$

2

 

$

4

 

$

 

$

3

 

$

9

 

 

$

3

 

$

5

 

$

7

 

$

3

 

$

18

 

 

Contributions in aid of construction

$

19

 

$

17

 

$

10

 

$

6

 

$

52

 

 

$

(3

)

$

9

 

$

2

 

$

4

 

$

12

 

 

Proceeds from disposition of equity-method investments

$

 

$

1

 

$

 

$

 

$

1

 

 

$

 

$

 

$

7

 

$

 

$

7