Williams Q4'20 EBITDA edges above expectations

Williams Companies Inc. Feb. 22 reported adjusted fourth-quarter 2020 EBITDA of $1.34 billion, up 4% from $1.29 billion in the fourth quarter of 2019.

The median of the S&P Capital IQ consensus estimate for fourth-quarter 2020 EBITDA was $1.28 billion.

Distributable cash flow for the quarter was $926 million, compared to $828 million in the same quarter a year ago. Net income was $115 million, down from $138 million in the year-ago period.

For the full year of 2020, Williams reported adjusted EBITDA of $5.11 billion, compared to full-year 2019 results of $5.02 billion. Williams' 2020 distributable cash flow of $3.36 billion was slightly higher than the $3.30 billion reported in 2019.

Williams issued 2021 guidance calling for adjusted EBITDA between $5.05 billion and $5.35 billion for the full year. It plans to hold its 2021 growth capital spending flat to 2020 at $1.1 billion at midpoint.

The company said it expects to generate positive free cash flows in 2021 after paying dividends and capital spending while keeping its leverage ratio to 4.25-times, close to the 4.20-times company goal.

Williams owns and operates more than 30,000 miles of pipelines, including Transcontinental Gas Pipe Line Co. LLC, the largest gas pipeline system by volume in the U.S.