Craig (Analyst)'s questions to Williams Companies Inc (WMB) leadership • Q4 2024
Question
An analyst identified as Craig asked about Williams' continued interest in LNG offtake and partnership opportunities and inquired about the all-in enterprise returns for data center projects when considering the pull-through value on existing assets.
Answer
EVP Chad Zamarin confirmed that Williams continues to evaluate LNG downstream and offtake opportunities but remains disciplined, ensuring any investment competes with the attractive returns available in its core business. CEO Alan Armstrong agreed that the all-in return for a data center project is highly location-dependent; projects near existing, available capacity can achieve very low multiples, while those in constrained areas would not see the same benefit. He noted the initial wave of projects prioritizes speed over optimal location.