Q2 Earnings Outlook

Meanwhile, UBS Securities has projected that WMB’s October‑12 earnings call will reveal a softer second‑quarter performance. Adjusted EBITDA may fall to about $1.89 billion from $2.25 billion in Q1 as the effect of severe winter weather recedes and seasonal weakness spreads across the gas‑marketing, Transco, and West segments. UBS expects full‑year earnings to remain solid, buoyed by steady pipeline and gathering demand and by long‑term opportunities such as the Neo power initiative slated for H2 2028, which could add earnings over time. Investors are expected to examine management’s commentary on natural‑gas market conditions, capital spending plans, the Momentum deal, and other potential M&A opportunities leading up to the Q2 results, anticipated on Aug. 3. UBS holds a buy rating with a $91 price target and notes that the company’s market value is approximately $95 billion.