The Williams Companies, Inc. (WMB): what the price assumes
In the published model solve dated 2026-Q2, anchored at $73.73, The Williams Companies, Inc. (WMB) is priced for +10.6% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-06-28.
Generated: 2026-08-30 · Exported: 2026-08-31 · Source: https://boothcheck.com/report/WMB
Headline
| Field | Value |
|---|---|
| Ticker | WMB |
| Company | The Williams Companies, Inc. |
| Current price | $73.73/sh |
| Composition | Transmission, Power & Gulf 43% / Northeast G&P 17% / West 23% / Gas & NGL Marketing Services 17% |
What The Price Assumes (Inversion)
The assumption today's price embeds, recovered by inverting the valuation.
| Field | Value |
|---|---|
| Inversion basis | whole-company |
| Operating margin (value-band context) | 14.8% |
| Operating margin today | 38.2% |
| Margin compression (value-band) | -23.4pp |
| Implied growth | 10.6% |
| Multiple paid | 25x operating income |
The operating-margin figure is value-band context at year 12: derived from the framework's value band, a separate calculation — not part of the priced-in solve.
Solve inputs: computed at a 7.6% cost of capital with 4% terminal growth over a 5-year stage.
How unusual the bet is: elevated (limited comparison data)
| Reference | Value |
|---|---|
| vs own history | -0.18σ |
| cohort percentile (of 70 peers) | 81 |
Valuation X-Ray
The price is justified by relative-multiple and growth-DCF; asset-based/earnings-power land below the price.
How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.
| Family | Median price/FV | Models | Reads |
|---|---|---|---|
| Asset | 2.71x | 5 | expensive |
| Earnings | 2.72x | 3 | expensive |
| Relative | 0.88x | 2 | justifies |
| Growth | 0.99x | 3 | justifies |
Families that justify the price: Relative, Growth Families that call it expensive: Asset, Earnings
The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 9.2%); the inversion above states its own rate.
Per-Model Detail (n=13)
| Model | Family | FV | Price/FV | Applicable | Methodology |
|---|---|---|---|---|---|
| DCF Perpetual Growth | Growth | $110.62 | 0.67x | yes | Reference only (OCF-based, capex excluded): OCF $6.0B |
| DCF Exit Multiple | Growth | $0.00 | — | no | Negative/zero FCF or EBITDA — equity value floored at $0 |
| Relative Valuation | Relative | — | — | no | P/E 20x (static sector reference · 2026-04), scenarios: 16.5x / 20.0x / 23.5x (bear / base = reference held flat / bull), EV/EBITDA 13x |
| Simple DDM | Growth | — | — | no | — |
| Two-Stage DDM | Growth | $74.45 | 0.99x | yes | Stage 1: 20% for 5yr, Stage 2: 3.5% perpetual |
| Simple Excess Return | Asset | $27.16 | 2.71x | yes | BV/sh $10.78, ROE (TTM) 23.3%, ke 9.3% |
| Two-Stage Excess Return | Asset | $43.04 | 1.71x | yes | 5yr excess ROE then converge to ke=9.3% |
| Discounted Future Market Cap | Growth | $64.37 | 1.15x | yes | Rev $15.4B, growth 10% (input: historical growth; tapered), Terminal P/S: 4.8x / 5.8x / 6.9x (bear / base = today's held flat / bull, cap 8x) |
| Peter Lynch Fair Value | Relative | $76.14 | 0.97x | yes | EPS $2.51, growth 30% (input: historical EPS growth), PEG=0.97 (Undervalued) |
| Margin Trajectory | Growth | — | — | no | — |
| Earnings Power Value | Earnings | $24.89 | 2.96x | yes | Normalized EBIT (5y avg op income, one-time charges added back) $3.73B × (1−23%) / WACC 9.2% → EPV (no growth) |
| Residual Income | Asset | $39.59 | 1.86x | yes | BV $10.78 + 5yr PV of (ROE (TTM) 23.3% − Kₑ 9.3%) × BV; BV grows 8.8%/yr |
| Graham Number | Asset | $24.68 | 2.99x | yes | √(22.5 × EPS $2.51 × BVPS $10.78) — Graham's conservative floor |
| EV/EBITDA Relative | Relative | — | — | no | EBITDA $6.99B × sector EV/EBITDA 13.0x |
| FCF Yield | Earnings | — | — | no | — |
| SBC-Adj FCF Yield | Earnings | — | — | no | — |
| Ben Graham Formula | Earnings | $80.99 | 0.91x | yes | EPS $2.51 × (8.5 + 2×15.0%) × (4.4 / 5.3%) |
| ROIC-Justified P/B | Asset | $7.80 | 9.45x | yes | BV $10.78 × (ROIC 6.7% / WACC 9.2%) |
| P/Sales Sector | Relative | — | — | no | Revenue $15.43B × sector P/S 2.5x |
| PEG Fair Value | Relative | $94.12 | 0.78x | yes | EPS $2.51 × (PEG 1.5 × growth 25.0% (input: historical EPS growth)) → PE 37.5x |
| Earnings Yield | Earnings | $27.14 | 2.72x | yes | EPS $2.51 / required return 9.3% (Rf 4.3% + ERP 5.0%) |
| Funds From Operations Multiple | Relative | — | — | no | — |
| Clinical Phase NPV | Growth | — | — | no | — |
| Merton | Asset | — | — | no | — |
| V5 Mechanical | — | — | — | no | — |
Economic-Unit Decomposition (Sum Of The Parts)
One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.
| Unit | Role | Valuation basis | Revenue | Reported profit | Value evidence | Status |
|---|---|---|---|---|---|---|
| Transmission, Power & Gulf | operating | enterprise | $5.4b | — | withheld | unresolved no unit value |
| Northeast G&P | operating | enterprise | $2.2b | — | withheld | unresolved no unit value |
| West | operating | enterprise | $2.8b | — | withheld | unresolved no unit value |
| Gas & NGL Marketing Services | operating | enterprise | $2.2b | — | withheld | unresolved no unit value |
No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.
Solvency
| Field | Value |
|---|---|
| Net debt | $30.1b |
| Net debt / NOPAT (after-tax) | 8.38x |
| Net debt / operating income (pre-tax) | 6.46x |
| Interest coverage | 3.1x |
| Share count CAGR (dilution) | 0.0% |
| Burning cash | no |
Bullet Takeaways
- Capital is being deployed into contracted power: a 7.3-billion-dollar 2026 growth-capital midpoint and roughly 5.1 billion dollars committed to gas-fired and hybrid plants for data centers, including the 682-megawatt, 12.5-year Neo project and a 400-megawatt Meta-affiliated plant.
- The base business set Q1 2026 records: adjusted EBITDA up 13 percent to 2.254 billion dollars and adjusted EPS up 22 percent, anchored by the Transco pipeline and roughly 188 Bcf of storage capacity (FY2025 10-K, accession 0000107263-26-000006), with the dividend raised about 5 percent to 2.10 dollars.
- Only the growth-DCF frame reaches the price while asset, earnings-power, and peer-multiple frames call it expensive, so the bet is on the data-center power buildout delivering on schedule, against overbuild, customer-concentration, and leverage (around 4.0 times) risks.
Bull Case
How Williams is deploying capital tells you where management sees the next decade, and the answer is power. The company raised its 2026 growth-capital midpoint to 7.3 billion dollars and has committed roughly 5.1 billion dollars to modular gas-fired and hybrid plants aimed at serving data-center and industrial loads in regions where the grid cannot keep up. This is not speculative spending; it is contracted. The Neo project, the largest power project Williams has announced, is 682 megawatts under a 12.5-year contract, and the first Power Innovation project in New Albany, Ohio, will supply 400 megawatts of onsite power to a Meta-affiliated data center entering service in late 2026. A pipeline operator pivoting its capital into long-dated, contracted power infrastructure is converting the AI-electricity boom into fee-based, multi-decade cash flows.
The base business is already compounding at a rate that funds those ambitions. Q1 2026 was a record: adjusted EBITDA rose 13 percent to 2.254 billion dollars, adjusted EPS rose 22 percent to 0.73 dollars, and available funds from operations rose 22 percent to 1.77 billion dollars, with Transco up 10 percent on a rate settlement and expansions, Deepwater Gulf EBITDA up more than 60 percent, and storage EBITDA up 35 percent. The moat under this is physical: Williams operates Transco, the largest U.S. interstate gas pipeline, with roughly 188 Bcf of usable storage capacity available to it and its customers (FY2025 10-K, accession 0000107263-26-000006). Storage and firm transportation on an irreplaceable pipeline network are the kind of regulated, contracted assets that produce durable, inflation-protected cash.
The capital return rests on that durability. Williams raised its dividend about 5 percent to 2.10 dollars annually, extending one of the longest dividend track records in energy, while keeping leverage in check around 4.0 times with debt-to-EBITDA improving to 3.61 times in Q1. Management raised full-year guidance to the upper half of its original range on a growing backlog in power and pipeline expansions. The valuation engine reads the price as a moat-and-durability premium: only the growth-DCF reaches it, which is exactly what you would expect for a contracted-infrastructure compounder whose value lives in long-dated cash flows that single-period frames cannot capture. With analysts raising targets toward 97 dollars on the data-center thesis, the bull case is a regulated-moat business funding a secular growth wave with contracted capital.
Bear Case
Read Williams through the infrastructure cycle and the enthusiasm needs tempering, because the data-center power boom driving the bull case is also drawing in capital from every direction. When an entire industry races to build gas-fired generation and pipeline capacity for AI loads, the result historically is overbuild: too much capacity chasing demand that, while real, is being forecast aggressively by everyone at once. Williams itself notes that increasingly competitive markets for natural gas services, including competitive secondary markets in pipeline capacity, have developed, so that capacity is used more efficiently and peaking and storage services become effective substitutes (FY2025 10-K, accession 0000107263-26-000006). That is the filing acknowledging that the moat is not absolute: in a competitive capacity market, the pricing power of incremental projects is weaker than the contracted base suggests.
The customer-concentration risk inside the growth story is real. The marquee projects, the Meta-affiliated 400-megawatt plant, the Neo 682-megawatt contract, the Atlas pipeline for a large Northeast data-center customer, tie a meaningful slice of new growth to a handful of hyperscale buyers whose own capital plans can change quickly. AI infrastructure spending is at an unusually intense moment, and if the data-center buildout slows or shifts toward on-site renewables and batteries, the long-dated power contracts Williams is underwriting could face renegotiation or stranded-asset risk well before their 12-year terms expire. Building 682 megawatts for in-service in 2028 is a bet that today's demand forecast holds for years.
The balance sheet and valuation leave limited cushion. Leverage at roughly 4.0 times is normal for midstream but means the 7.3-billion-dollar growth-capital program is partly debt-funded into a rising-rate-sensitive asset class. The valuation is stretched on every static measure: the asset, earnings-power, and peer-multiple frames all read the stock as richly valued, with the zero-growth earnings-power value far below the price and book value per share only 10.60 dollars against a 73-dollar price. The inversion implies the market is paying about 25 times operating income for roughly 12 percent annual growth, which requires the power buildout to deliver on schedule and on contract. If gas prices spike, if a major project slips, or if the AI-power demand forecast proves too high, a premium-priced, leveraged infrastructure name has the most to give back.
Valuation
Williams is a contracted-infrastructure compounder, and its valuation X-ray shows the classic moat-premium pattern: only the growth-based methods reach the price. The perpetual-growth DCF lands near 117 dollars and the exit-multiple DCF near 104 dollars on roughly 15 percent historical growth, both well above the 73-dollar price, while the two-stage dividend model lands almost exactly at the price near 74 dollars. The static frames disagree sharply. The relative-valuation read at a blended P/E near 24 times lands around 54 dollars, the asset-based excess-return reads land in the 25-to-37-dollar range on a book value of just 10.60 dollars per share, and the zero-growth earnings-power value is far below the price.
The interpretation is that the price embeds durable compounding the single-period frames structurally cannot capture, a moat-and-durability premium appropriate for regulated pipeline and storage assets with long-dated contracts. Inverting the price puts the embedded bet at about 25 times company-wide operating income, implying roughly 12 percent annual operating growth for five years. For a midstream operator with a 7.3-billion-dollar contracted growth-capital program and a power backlog, that is ambitious but not implausible; each one-percentage-point change in the cost of capital moves the implied growth by about 8 points, so read it directionally.
The honest synthesis is that Williams is expensive on assets and current earnings and reasonable only if the contracted growth lands as planned. The roughly 12 percent implied growth is underwritten by specific, named projects, which makes it more concrete than a generic growth assumption, but it is still a forward bet executed at leverage near 4.0 times. The dividend, raised to 2.10 dollars, pays a real yield while you wait, and the asset base is genuinely scarce. But the absence of any valuation floor near the price means this is a pay-for-growth name: the buyer is underwriting the data-center power thesis, not buying a discount to current value.
Catalysts
The dominant catalyst is execution on the power and pipeline backlog. Williams advanced three major expansion projects, Neo, Atlas, and Silver Spur, and is building toward in-service dates from late 2026 (the New Albany Meta-affiliated plant and the Atlas pipeline) through 2028 (Neo). Each construction milestone and each new long-term contract is a direct read on whether the data-center power thesis is converting into contracted cash flow, and management has already raised full-year guidance to the upper half of its range on the growing backlog. The pace of new power-innovation announcements is the single clearest signal of the growth trajectory.
The second catalyst is the macro and commodity backdrop. As a gas-infrastructure operator, Williams benefits from rising structural gas demand from data centers and LNG, so confirmation that AI-driven electricity demand is materializing, particularly in the Haynesville and Marcellus basins that feed its system, supports the thesis, while any slowdown in data-center buildout or shift toward on-site renewables would undercut it. Capital discipline is a recurring catalyst: leverage near 4.0 times against a 7.3-billion-dollar capital program means each quarter's debt-to-EBITDA trend and dividend action signal whether growth is being funded prudently. Analysts raising targets toward 97 dollars reflect current optimism, so future gains depend on delivery rather than further re-rating.
Sources: Record Q1 2026 results for Williams, stocktitan.net; Q1 earnings recap, data centers accelerate growth, williams.com; Williams to invest 3.1B in power projects for data centers, nasdaq.com; Williams pushes deeper into power generation, power-eng.com.
Peer Cohorts (Per Segment, With Filing Citations)
Transmission, Power & Gulf (reported)
- KMI (KINDER MORGAN, INC.)
- FY2025 10-K: …that store fuels and offer blending services for ethanol and biodiesel. The transportation and storage volume levels are primarily driven by the demand for the refined petroleum products being shipped or stored. Demand for refined petroleum products tends to follow trends in population and economic growth, and, with…
- FY2025 10-K: …and supply lines for these transportation networks, which are strategically located throughout the North American natural gas pipeline grid. Our transportation network provides access to the major natural gas supply areas and consumers in the western U.S., Rocky Mountain, Midwest, Texas, Louisiana, Southeastern, and…
- OKE (ONEOK INC /NEW/)
- FY2025 10-K: …gas production areas in the Haynesville region and access to export markets in the Gulf Coast. These assets provide shippers access to western markets, several markets to the southeast along the Gulf Coast, including the Houston Ship Channel, the Mid-Continent market to the north and exports to Mexico. Our storage…
- FY2025 10-K: • Optimization and marketing - We utilize our assets, contract portfolio and market knowledge to capture location, product and seasonal price differentials through liquids blending and purchase and sale of Refined Products and crude oil, including transmix, which is a mixture that forms when different Refined Products…
- EPD (ENTERPRISE PRODUCTS PARTNERS L.P.)
- FY2025 10-K: …Our natural gas transmission pipelines transport natural gas from regional processing facilities to downstream electric generation plants, local gas distribution companies, industrial and municipal customers, storage facilities or other connecting pipelines. The results of operations from our natural gas pipelines…
- FY2025 10-K: …epd:PetrochemicalAndRefinedProductsServicesMember 2023-01-01 2023-12-31 0001061219 epd:TransportationMember epd:PetrochemicalAndRefinedProductsServicesMember 2025-01-01 2025-12-31 0001061219 epd:TransportationMember epd:PetrochemicalAndRefinedProductsServicesMember 2024-01-01 2024-12-31 0001061219…
- ET (ENERGY TRANSFER LP)
- FY2025 10-K: …Energy Transfer operates one of the largest intrastate pipeline systems in the United States, which provides energy logistics to major trading hubs and industrial consumption areas throughout the country. In Texas, our intrastate transportation and storage segment provides transportation of natural gas to major…
- FY2025 10-K: …of imported oil, natural gas and NGLs; • actions taken by foreign oil and gas producing nations; • the political and economic stability of petroleum producing nations; • the effect of weather conditions on demand for oil, natural gas and NGLs; • availability of local, intrastate and interstate transportation systems;…
- TRGP (TARGA RESOURCES CORP.)
- FY2025 10-K: …wildfires and wintry conditions and could have an adverse effect on our infrastructure or continued operations as well as the operations of our oil and gas exploration and production customers that deliver natural gas to us for processing and throughput, our third party vendors that supply us with goods, utilities…
- FY2025 10-K: …perform receipt, delivery and transportation services in order to meet refinery demand. Commercial Transportation Our NGL transportation and distribution infrastructure includes a wide range of assets supporting both third-party customers and the delivery requirements of our marketing and asset management business.…
- ENB (ENBRIDGE INC.)
- FY2025 10-K: …climate in Canada and the US continues to shift, including as a result of changes in governments, trade relations, and global geopolitical conflicts and conditions, such as the political situation in Venezuela. We continue to monitor these developments together with their impact on our business. 21 GAS TRANSMISSION…
- FY2025 10-K: …Georgia, North Carolina and Virginia, with associated compressor stations. East Tennessee has an LNG storage facility in Tennessee and also connects to the Saltville storage facilities in Virginia. Valley Crossing is an approximately 285 kilometer (177 mile) intrastate natural gas transmission system, with associated…
- TRP (TC ENERGY CORPORATION)
- FY2025 40-F: …November 1, 2025, subject to refund. As of December 31, 2025, ANR is pursuing a collaborative process to find a mutually beneficial outcome with customers. Columbia Gulf Columbia Gulf operates under a settlement approved by FERC in August 2023, effective March 1, 2024 (the 2023 Columbia Gulf Settlement). The 2023…
- FY2025 40-F: …share of annual maintenance, modernization and sanctioned growth capital expenditures through internally generated cash flows, debt financing within the Columbia entities, or from proportionate contributions from TC Energy and GIP. The sale was accounted for as an equity transaction of which $ 9.5 billion (US$ 6.9…
Northeast G&P (reported)
- MPLX (MPLX LP)
- FY2025 10-K: …us-gaap:ServiceMember mplx:NaturalGasAndNGLServicesMember 2024-01-01 2024-12-31 0001552000 us-gaap:OperatingSegmentsMember us-gaap:ServiceMember mplx:NaturalGasAndNGLServicesMember 2023-01-01 2023-12-31 0001552000 us-gaap:OperatingSegmentsMember mplx:NaturalGasAndNGLServicesMember 2025-01-01 2025-12-31 0001552000…
- FY2025 10-K: …DCF (a non-GAAP financial measure) Distributable Cash Flow DOT United States Department of Transportation EBITDA (a non-GAAP financial measure) Earnings Before Interest, Taxes, Depreciation and Amortization EPA United States Environmental Protection Agency ESG Environmental, social and governance FASB Financial…
- WES (Western Midstream Partners, LP)
- FY2025 10-K: …President and Chief Financial Officer and led the IPO of Oiltanking Partners. Before he joined Oiltanking, Mr. Owen worked in the energy investment banking groups at Citigroup Global Markets Inc. and UBS Investment Bank, where he advised on mergers and acquisitions, joint ventures, IPOs, and equity and debt…
- FY2025 10-K: GAAP, and (iv) may not be comparable to similarly titled measures of other companies in our industry, thereby diminishing their utility as comparative measures. Management compensates for the limitations of our non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the…
- AM (ANTERO MIDSTREAM CORPORATION)
- FY2025 10-K: …on a full and unconditional and joint and several senior unsecured basis by our wholly owned subsidiaries and certain of our future restricted subsidiaries. The net proceeds from this offering were used to partially fund the HG Acquisition. See Note 3-Transactions and Note 9-Long-Term Debt to our consolidated…
- FY2025 10-K: …2025-01-01 2025-12-31 0001623925 us-gaap:OperatingSegmentsMember am:AnteroResourcesCorporationMember am:WaterHandlingMember 2025-01-01 2025-12-31 0001623925 us-gaap:OperatingSegmentsMember am:AnteroResourcesCorporationMember am:GatheringAndCompressionMember 2025-01-01 2025-12-31 0001623925…
- TRGP (TARGA RESOURCES CORP.)
- FY2025 10-K: …2025-01-01 2025-12-31 0001389170 us-gaap:PerformanceSharesMember trgp:ExecutiveManagementMember trgp:TwoThousandTwentySixCompensationMember us-gaap:SubsequentEventMember trgp:TRCStockIncentivePlanMember 2026-01-01 2026-01-31 0001389170 srt:NaturalGasReservesMember 2025-01-01 2025-12-31 0001389170…
- FY2025 10-K: Member trgp:PreviousTRGPRevolverAndCommercialPaperProgramMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-12-31 0001389170 trgp:CorporateNonSegmentAndInterSegmentEliminationMember us-gaap:IntersegmentEliminationMember 2025-01-01 2025-12-31 0001389170 us-gaap:UnsecuredDebtMember…
- EPD (ENTERPRISE PRODUCTS PARTNERS L.P.)
- FY2025 10-K: …identify forward-looking statements. Although we and our general partner believe that our expectations reflected in such forward-looking statements (including any forward-looking statements/expectations of third parties referenced in this annual report) are reasonable, neither we nor our general partner can give any…
- FY2025 10-K: 004, by and among Enterprise Products Partners L.P., Enterprise Products GP, LLC, Enterprise Products GTM, LLC, El Paso Corporation, Sabine River Investors I, L.L.C., Sabine River Investors II, L.L.C., El Paso EPN Investments, L.L.C. and GulfTerra GP Holding Company (incorporated by reference to Exhibit 2.1 to Form…
- OKE (ONEOK INC /NEW/)
- FY2025 10-K: -01-01 2025-12-31 0001039684 oke:SellorMember us-gaap:NondesignatedMember oke:FuturesAndSwapsMember oke:FixedPriceMember srt:NaturalGasReservesMember 2024-01-01 2024-12-31 0001039684 oke:PurchasorMember us-gaap:NondesignatedMember oke:FuturesAndSwapsMember oke:FixedPriceMember srt:CrudeOilAndNGLPerBarrelMember…
- FY2025 10-K: …2024-01-01 2024-12-31 0001039684 us-gaap:OperatingSegmentsMember oke:ExchangeServicesAndNaturalGasGatheringAndProcessingRevenueMember 2024-01-01 2024-12-31 0001039684 us-gaap:OperatingSegmentsMember oke:TransportationandStorageRevenueMember oke:NaturalGasGatheringAndProcessingMember 2024-01-01 2024-12-31 0001039684…
- HESM (HESM)
- FY2025 10-K: …hesm:MayTwoThousandTwentyFiveMember 2025-01-01 2025-12-31 0001789832 us-gaap:NaturalGasProcessingPlantMember us-gaap:EquipmentMember 2024-12-31 0001789832 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember hesm:ChevronCorporationMember 2024-01-01 2024-12-31 0001789832…
- FY2025 10-K: …Schoonman 60 Director David W. Niemiec 76 Director Stephen J. J. Letwin 70 Director John P. Reddy 73 Director Kristi H. McCarthy. Kristi H. McCarthy was appointed as Chair of the Company Board in December 2025, appointed a member of the Company Board in July 2025 and has served as vice president and general counsel,…
West (reported)
- WES (Western Midstream Partners, LP)
- FY2025 10-K: West Texas complex and to the Mi Vida plant (see below) for processing, while lean gas is delivered into Enterprise GC, L.P.'s pipeline for ultimate delivery into Energy Transfer LP's ("ET") Oasis pipeline (the "Oasis pipeline"). Residue gas from the West Texas complex is delivered to the Red Bluff Express pipeline,…
- FY2025 10-K: …crude oil and condensate, NGLs, and natural gas. As of December 31, 2025, Occidental had a 39.7% limited partner interest in us, a 2.2% general partner interest in us, and a 1.9% limited partner interest in WES Operating. See Note 18-Subsequent Event in the Notes to Consolidated Financial Statements under Part II,…
- MPLX (MPLX LP)
- FY2025 10-K: …pipeline systems which we have an interest in through ownership of our equity method investments as of December 31, 2025. Diameter Length (miles) Ownership Percentage Crude Systems: MarEn Bakken Company LLC (1) 30" 1,916 25% Minnesota Pipe Line Company LLC 16" - 24" 975 17% W2W Holdings LLC (2) 24" - 36" 652 50%…
- FY2025 10-K: …2025 FY 0001552000 --12-31 FALSE http://fasb.org/us-gaap/2025#ValuationTechniqueDiscountedCashFlowMember http://fasb.org/us-gaap/2025#ValuationTechniqueDiscountedCashFlowMember P5Y P5Y P1Y P5Y http://fasb.org/us-gaap/2025#CostDirectMaterial http://fasb.org/us-gaap/2025#CostDirectMaterial…
- TRGP (TARGA RESOURCES CORP.)
- FY2025 10-K: …facility design and economies of scale. The Gathering and Processing segment's assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma…
- FY2025 10-K: West and Mexico and later as the Senior Vice President of Sales and Origination for Shell's North America business. Prior to joining Shell Energy, Ms. Bowman held management positions at Sempra Energy Trading and Sempra's San Diego Gas & Electric utility in various areas including trading and marketing, risk…
- EPD (ENTERPRISE PRODUCTS PARTNERS L.P.)
- FY2025 10-K: …West 1 natural gas processing trains, which were placed into service in late first quarter of 2024 and the third quarter of 2025, respectively. NGL pipelines, storage and terminals Gross operating margin from our NGL pipelines, storage and terminal assets for the year ended December 31, 2025 increased $181 million…
- FY2025 10-K: …and operate our Texas Western Products System ("TW Products System"), which utilizes new and previously existing assets primarily to transport refined products from the U.S. Gulf Coast to markets in West Texas, New Mexico, Colorado and Utah. Refined products destined for these western markets are sourced at our…
- OKE (ONEOK INC /NEW/)
- FY2025 10-K: …(incorporated by reference from Exhibit 4.5 to ONEOK Inc.'s Current Report on Form 8-K, filed Sept ember 25, 2023 (File No. 1-13643)). 4.53 Third Supplemental Indenture, dated as of Dec ember 13, 2023, by and among ONEOK, Inc., ONEOK Partners, L.P., ONEOK Partners Intermediate Limited Partnership, Magellan Midstream…
- FY2025 10-K: …affiliates: • 50% ownership interest in Northern Border, which owns a FERC-regulated interstate pipeline that transports natural gas from the Montana-Saskatchewan border near Port of Morgan, Montana, and the Williston Basin in North Dakota to a terminus near North Hayden, Indiana. • 50% ownership interest in…
- AM (ANTERO MIDSTREAM CORPORATION)
- FY2025 10-K: …income before taxes as a result of the following: Year Ended December 31, 2023 2024 2025 (in thousands, except percentages) Amount Percent Amount Percent Amount Percent U.S. federal statutory income tax $ 105,015 21.0 % $ 115,210 …
- FY2025 10-K: …2025-01-01 2025-12-31 0001623925 us-gaap:OperatingSegmentsMember am:AnteroResourcesCorporationMember am:WaterHandlingMember 2025-01-01 2025-12-31 0001623925 us-gaap:OperatingSegmentsMember am:AnteroResourcesCorporationMember am:GatheringAndCompressionMember 2025-01-01 2025-12-31 0001623925…
- PAA (PLAINS ALL AMERICAN PIPELINE LP)
- FY2025 10-K: …and providing upstream connectivity and downstream market optionality. • Wink to Webster Pipeline (Permian to Houston). We own an approximate 17% interest in the entity that owns the Wink to Webster Pipeline ("W2W Pipeline"), which in turn owns 100% of certain segments of the W2W Pipeline and a 71% UJI in the segment…
- FY2025 10-K: …We own a UJI in the Western Corridor pipeline system that extends from the Canadian border to our terminal in Guernsey, Wyoming and receives crude oil from our cross-border Rangeland South pipeline. In addition to these assets, our largest Rocky Mountain region systems include the following joint venture pipelines,…
Gas & NGL Marketing Services (reported)
- ET (ENERGY TRANSFER LP)
- FY2025 10-K: …We face competition with respect to retaining and obtaining significant natural gas supplies under terms favorable to us for the gathering, treating and marketing portions of our business. Our competitors include major integrated oil and gas companies, interstate and intrastate pipelines and other companies that…
- FY2025 10-K: …production resulting in less use of services, while rising prices may diminish consumer demand and also limit the use of services. In addition, our competitors may attract our customers' business. If demand declines or competition increases, we may not be able to sustain existing levels of unreserved service or renew…
- EPD (ENTERPRISE PRODUCTS PARTNERS L.P.)
- FY2025 10-K: …(including those affiliated with major oil, petrochemical and natural gas companies) and barge, rail and truck fleet operations. In general, our NGL pipelines compete with these entities in terms of transportation fees, reliability and quality of customer service. Our primary competitors in the NGL and related…
- FY2025 10-K: …results of operations, liquidity and capital resources and capital investment program, see Part II, Item 7 of this annual report. For detailed financial information regarding our business segments, including major customer information, see Note 10 of the Notes to Consolidated Financial Statements included under Part…
- OKE (ONEOK INC /NEW/)
- FY2025 10-K: …segment derives fees for services primarily from major and independent crude oil and natural gas producers, which include both large integrated and independent exploration and production companies. In this segment, our downstream commodity sales customers are primarily utilities, large industrial companies, marketing…
- FY2025 10-K: …NGLs extracted at our own and third-party natural gas processing plants are gathered by our NGL gathering pipelines. Gathered NGLs are directed to our downstream fractionators to be separated into Purity NGLs. Purity NGLs are stored or distributed to our customers, such as petrochemical companies, propane…
- TRGP (TARGA RESOURCES CORP.)
- FY2025 10-K: …production of crude oil and natural gas; and • the extent and nature of governmental regulation and taxation, including those related to the prorationing of oil and gas production. Our commercial agreements across our Gathering and Processing and Logistics and Transportation businesses with our customers are…
- FY2025 10-K: …perform receipt, delivery and transportation services in order to meet refinery demand. Commercial Transportation Our NGL transportation and distribution infrastructure includes a wide range of assets supporting both third-party customers and the delivery requirements of our marketing and asset management business.…
- KMI (KINDER MORGAN, INC.)
- FY2025 10-K: …by negotiating contracts with longer terms, with higher per-unit pricing and for a greater percentage of our available capacity. These long-term contracts are typically structured with a fixed fee reserving the right to transport or store natural gas and specify that we receive the majority of our fee for making the…
- FY2025 10-K: …products we handle into the areas that our pipelines serve could offer transportation services that are more desirable to shippers than those we provide because of price, location, facilities, or other factors. Likewise, competing terminals or other storage options may become more attractive to our customers. To the…
Methodology Note
- Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
- Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
- Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
- Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
- Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.
Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.