Williams Calls Socrates the First of Many Power Projects and Says It Expects to Announce Additional Ones Soon

On November 2, 2026, Williams announced its financial results for the three and nine months ended September 30, 2026. The company says it uses its infrastructure to deliver "one third of the nation's natural gas to where it's needed most." Parts of the release follow, not the whole.

Power Projects and Pipelines

Among its key milestones, the release lists "Socrates' Plato North Power project on track for in-service by mid-November." The chief executive's comments praise the team's execution "to bring Socrates fully online ahead of schedule," call Socrates "the first of many power projects," and say the company is "actively working to commercialize additional power projects, which we expect to announce soon." The release's note on forward-looking statements lists "expects" and "in-service date" among the words that mark such statements, and says they are "based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report."

The release says higher service revenues in the third quarter reflected "new power generation revenues," along with an acquisition, projects placed in service and higher storage revenues. In the segment it calls Transmission, Power & Gulf, third-quarter Modified and Adjusted EBITDA improved compared to the prior year, "driven by new power generation revenues, contributions from projects placed in service, and higher storage revenues," partially offset by higher operating and administrative expenses.

On the gas side, the release says Williams closed an acquisition that enhances its position in the Haynesville "to serve growing LNG, industrial and power demand." Its list of key milestones also includes a storage expansion announced at Clay Basin, an announced expansion of Transco called Southeast Supply Enhancement II, more capacity on Transco's Garden Connector, and pipeline capacity expanded by 413 MMcf/d "across four projects."

Reimbursable Long-Lead Equipment

The release's summary table gives a ratio of debt to Adjusted EBITDA at quarter end. Its footnote says the ratio "does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies," and that the debt is net of cash on hand and, for 2026, of $857 million "of cash purchases of certain reimbursable long-lead Power equipment." The release's 2026 guidance adds, "Guidance for 2026 growth capex and debt-to-adjusted EBITDA excludes certain reimbursable long-lead equipment."

Reimbursable is the word a lender would ask about.