The Williams Companies, Inc.: WMB Inks Blackstone Power Innovation Funding (Possibly Announced Earlier Than Planned); Expect Sizeable New Deal Announcements; Buying Opportunity

Research evidence excerpt

The Williams Companies, Inc.: WMB Inks Blackstone Power Innovation Funding (Possibly Announced Earlier Than Planned); Expect Sizeable New Deal Announcements; Buying Opportunity

J P M O R G A N North America Equity Research

13 July 2026

The Williams Companies, Inc.

WMB Inks Blackstone Power Innovation Funding Overweight

(Possibly Announced Earlier Than Planned); Expect WMB, WMB US

Sizeable New Deal Announcements; Buying Price (10 Jul 26):$75.02

Opportunity

Head of North America Power,

Possibly in response to a leaked Peak load article published over the weekend, this Utilities, Midstream, LNG, and

Nuclear

morning WMB announced a $5.34bn investment from a Blackstone-led

consortium (Apollo and KKR as partners) for a 49% non-controlling equity Jeremy Tonet, CFA AC

interest in the five BTM Power Innovation projects currently in flight. The deal (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

lands consistent with prior expectations, though possibly larger in size than

Vrathan Reddyexpected, and delivers $4.4bn to cover 49% of growth capex plus a ~$0.9bn

(1-212) 622-4692

promote to WMB, with Blackstone capped at a 6.35% target return and no long- vrathan.reddy@jpmchase.com

term upside participation. We see effective 6.35% debt financing with equity

Eli Jossen, CFA

treatment as highly attractive. Critically, WMB retains 51% ownership and full (1-212) 622-4113

commercial and operational control, while the promote lifts project-level returns eli.jossen@jpmchase.com

above WMB's already-attractive ~5x build multiple target. Further, we expect Francina Kolluri

recycled capital re-deployed directly into the 6+ GW BTM backlog (‘+’ language (1-212) 270-5796

appears new), where the >$5bn deal proceeds likely point to new Power francina.kolluri@jpmchase.com