The Williams Companies, Inc. (NYSE:WMB) Q3 2023 Earnings Call Transcript

Chad Zamarin: And I think it’s important to remember the fundamentals of the eastern third of the United States, and there are less than 10% intermittent resources today. So there is – they’re just getting started in deploying alternatives like solar and wind. And if you look at forecast for PJM it’s, I think, widely understood that by 2040 and this is long term. By 2040, peak gas demand is going to double from where it is today. And so the utilities have recognized that, one, they need gas here and now and long term in order to achieve decarbonization goals are going to need even more.

Praneeth Satish: Got it. And then switching gears on Overland Pass. Do you see any disruption to volumes on the line after ONEOK expands Elk Creek if they decide to divert volumes, will that impact Bakken flows on Overland Pass? And then, I guess, if so, would you expect some of the NGLs picked up from the DJ assets? Could that potentially backfill any volume loss on OPPL?

Michael Dunn: Yes. This is Micheal. I’ll take that one. Thanks for the question. Yes, I would suspect if and when ONEOK gets the El Creek expansion done, we’d see less Bakken flows kind of a just they’ve been diverting some of the flows into the OPPL asset. We’ve got space and OPPL today to bring in the DJ volumes. So that’s really not a constraint as we see it today. But certainly, opening up more space is not a bad thing on OPPL ultimately, if we have the need to bring in more DJ volume. But we certainly enjoyed the volume from the Bakken to ONEOK has brought to our partnership.

Praneeth Satish: Got it. Thank you.

Operator: Thank you. And ladies and gentlemen, that is all the time we have for questions this morning. Mr. Armstrong, I’d like to turn things back to you for any closing comments, sir.

Alan Armstrong: Okay. Well, thank you. Thank you all for joining us today. Really exciting to get to announce a lot of accomplishments in the quarter and a real, I think, very clear picture of the kind of growth that we are seeing emerge ahead of us. And so very excited for the current performance, but even more excited about the growth and the signs of even more growth that we’re seeing in – across our strategy right now. So thanks for joining us, and I look forward to speaking with you next time.

Operator: Thank you, Mr. Armstrong. Ladies and gentlemen, that does conclude the Williams Third Quarter Earnings 2023 Conference Call. Again, I’d like to thank you all so much for joining us and wish you all a great day. Goodbye.