Natural-gas pipelines
Williams Companies
A top US natural-gas pipeline company (Transco and others, 30,000 miles). It moves gas from basins to gas-fired plants, LNG and industry, and committed $5B+ to power projects for datacenter gas generation. 2025 revenue $11.83B (+10%). The midstream axis fueling gas-turbine generation.
Business categories Power Generation Fuel Supply · Power & Grid · primary
WMB Updated Sep 24, 2026 4 AI consumers· 4 recurring
Per the valuechain.wiki graph, Williams Companies is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 12 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-09-24).
Financials & Segments
- Total revenue · 2025 revenue $11.83B (+10%)
- Customer concentration · $5B+ datacenter power; 30,000-mile network.
- Segments · Transmission (Transco) · Power & Gulf · G&P/marketing
Revenue from
- LNG · power generation · industrial (gas transport) High confidence
Gas transport to LNG, power plants, industry and datacenter gas generation ($5B+ power projects). - EQT Corporation High confidence
Williams, through its subsidiary Williams Ohio Valley Midstream, contracts to process EQT's produced gas and extract NGL streams such as ethane and propane, while counterparty-specific processing fees are not disclosed. - Atmos Energy Corporation High confidence
Williams, through its Sequent Energy Management subsidiary, is one of the major natural gas suppliers that Atmos Energy directly identified in its FY2025 Form 10-K, with supplier-specific purchases undisclosed.Confirms EN U.S. Securities and Exchange Commission EDGAR Published Nov 14, 2025: Atmos Energy Corporation FY2025 Form 10-KMentions EN Balfour Capital Group Research Department Published Jun 9, 2025: Atmos Energy Corporation ResearchConfirms EN Williams Published Jul 1, 2021: Williams Completes Acquisition of Sequent Energy Management - Vistra Medium confidence
Transports natural gas to Vistra's gas-fired plants — a transport-volume axis tied to generation utilization. - NextEra Energy Medium confidence
Transports natural gas to NextEra's gas plants and utilities — tied to generation and power demand.
Pays to
- Capacity expansion · acquisitions (undisclosed) Low confidence
Power-project capacity and acquisitions — investment to meet datacenter generation demand (undisclosed). - Pipelines · construction · operations (undisclosed) Low confidence
Pipeline construction, compression and operations — the capital-intensive cost axis of regulated transport capacity (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Entergy | lead2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +13.2 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Xcel Energy | lead2 | +4.4 | +6.4 | -8.7 | +12.3 | +13.9 | +4.1 |
| FirstEnergy | lead2 | +41.8 | +4.8 | -8.9 | +13.2 | +17.3 | +3.5 |
| WEC Energy Group | lead2 | +8.7 | -0.5 | -7 | +16.1 | +16 | +3.1 |
| Eversource Energy | lead2 | +8.2 | -5.1 | -23.4 | -2.5 | +22.9 | +1 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| NextEra Energy | lead1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +6.2 |
| EQT Corporation | lead1 | +71.6 | +57.6 | +16.2 | +21.4 | +17.6 | -0.6 |
| Atmos Energy Corporation | lead1 | +12.7 | +9.6 | +6.2 | +23.4 | +23.1 | -1.9 |
| Vistra | lead1 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| Williams Companies | node | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +25.2 |
YTD as of 2026-09-04 · source: Yahoo Finance
Williams Companies operates across Natural-gas pipelines. Momentum stayed firm and it is +25.2% in 2026. The stock (+25.2%) and its demand side (avg -0.5%) are moving in step. Among connected nodes the furthest ahead is NextEra Energy (+6.2%) and the furthest behind is Vistra (-7.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. The midstream axis fueling gas-turbine generation.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $83 · Price $74.15 (09-04) · Upside +12%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Barclays · Theresa Chen | Equal Weight | $75 | Jul 8, 2026 | Report ↗ |
| J.P. Morgan · Jeremy Tonet | Overweight | $89 | Jul 1, 2026 | Report ↗ |
| Jefferies · Julien Dumoulin-Smith | Buy | $85 | Jul 1, 2026 | Report ↗ |
J.P. Morgan and Jefferies stay Buy on power/AI-driven gas demand and the Power Innovation build-out, while Barclays nudges its target up but stays Equal Weight.
Analyses covering this node
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026
← All companiesMarkdown · JSON · Customers · Suppliers · Ripple · Consensus