First Read: Williams Cos Inc. "Quick Look:  Momentum Midstream" (Buy) Gupta

Research evidence excerpt

First Read: Williams Cos Inc. "Quick Look: Momentum Midstream" (Buy) Gupta

operator focused Q2E 0.51 0.51

on gathering, treating, processing, and transporting natural gas (and NGLs) from Q3E 0.53 0.55

production basins to downstream markets. It has emerged as a significant player Q4E 0.56 0.60

particularly in the Haynesville Shale (East Texas & North Louisiana), where it has built a 12/26E 2.31 2.33

large-scale integrated gathering network linking prolific gas fields to Gulf Coast demand 12/27E 2.71 2.53

12/28E 2.97 3.03

centers and LNG export terminals.

Manav Gupta

Key assets include - 1) ~4,000 miles of active gathering and transmission infrastructure. Analyst

2) 6.0 Bcf/d of total throughput capacity. 3)20 Bcf/d of total connectivity across 91 manav.gupta@ubs.com

+1-212-713 4399

interconnects 4) Direct connectivity to 10 LNG export facilities, 26 gas-fired power

plants, 34 industrial/petrochemical end-users, and 16 city gates. 5) Backed by ~4.0 Bcf/d Sumantra Banerjee

of Minimum Volume Commitments (MVCs) across more than 1,000,000 dedicated Associate Analyst

acres. sumantra.banerjee@ubs.com

+1-212-713 5104

Saumya JainMomentum’s crown jewel is the New Generation Gas Gathering (NG3) pipeline

Associate Analyst

system, designed to bypass traditional pipeline bottlenecks and move Haynesville saumya.jain@ubs.com

molecules directly to coastal demand centers. The system achieved early commercial +1-212-882 0089

startup on October 1, 2025, flowing volumes ahead of its original late-2025 schedule. A

250–275 mile intrastate header system provides an initial 1.7 Bcf/d of takeaway capacity,

expandable up to 2.2 to 2.3 Bcf/d. Expand Energy (EXE) holds a 35% equity stake in the

Highlights (US$m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E