Williams Cos Inc.: Quick Look: Momentum Midstream

研报英文原文证据摘录

Williams Cos Inc.: Quick Look: Momentum Midstream

Global Research

28 June 2026ab

First Read

EquitiesWilliams Cos Inc.

Quick Look: Momentum Midstream United States

Pipelines

12-month rating Buy

What happened?

As per Bloomberg, Williams Cos. is in advanced talks to acquire Momentum Midstream 12m price target US$91.00

for ~$5.5Bn. Momentum Midstream is a private company sponsored by leading energy

private equity. It is backed by a consortium of institutional investors led by EnCap

Price (26 Jun 2026) US$77.92

Flatrock Midstream (EFM), with participation from Yorktown Energy Partners, Martin

Sustainable Resources, Ridgemont Equity Partners, Bengas Midstream Partners, and RIC: WMB.N BBG: WMB US

Blackstone Credit. Trading data and key metrics

52-wk range US$79.40-56.51

Haynesville Shale

Market cap. US$95.3b

Last week, we published our Deep Dive report on Resurgence of Haynesville Shale. We

Shares o/s 1,223m (COM)

see this strong demand pull driving the resurgence of the Haynesville volumes following

Free float 99%

a decline beginning in 2H 2023. Haynesville production bottomed out around 13 Bcf/d

Avg. daily volume ('000) 2,118

in mid-to-late 2024 but has already rebounded to ~16Bcf/d by March 2026. EIA

forecasts production to grow to 16.4 Bcf/d by December 2026 (average of 15.7 Bcf/d for Avg. daily value (m) US$156.2

the year) and 17.6 Bcf/d by December 2027 (average of 17.2 Bcf/d for the year). We Common s/h equity (12/26E) US$13.0b

assume the region will continue to benefit from growing LNG feedgas demand, P/BV (12/26E) 7.3x

especially with terminals ramping up, including Golden Pass, Corpus Christi Stage 3, and Net debt to EBITDA (12/26E) 4.2x

Plaquemines. One of the key private companies we did identify in this report was EPS (UBS, diluted) (USD)

Momentum Midstream LLC.