Williams cuts growth spending target as US gas pipeline operator's profit slips

摘要

Williams will cut full-year spending on growth projects by about $100 million from previous expectations amid challenges from the coronavirus pandemic, geopolitical disruptions in the oil market, and tropical weather, the US midstream company said Aug. 3. While the operator of Transcontinental Gas Pipe Line and other energy infrastructure reported slightly lower second-quarter profit on a 12.7% decline in revenue, its results were better than some of its peers. The reliance on long-term fixed fees, weighted primarily to gas, which has seen less volatility than oil since the virus began to spread globally in January, has helped. Its outlook reflects a cautious approach similar to other pipeline, gathering, and processing operators in the sector.