Natural-gas pipelines
Williams Companies
A top US natural-gas pipeline company (Transco and others, 30,000 miles). It moves gas from basins to gas-fired plants, LNG and industry, and committed $5B+ to power projects for datacenter gas generation. 2025 revenue $11.83B (+10%). The midstream axis fueling gas-turbine generation.
WMB Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, Williams Companies is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 5 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue $11.83B (+10%)
- Customer concentration · $5B+ datacenter power; 30,000-mile network.
- Segments · Transmission (Transco) · Power & Gulf · G&P/marketing
Revenue from
- LNG · power generation · industrial (gas transport) High confidence
Gas transport to LNG, power plants, industry and datacenter gas generation ($5B+ power projects). - Vistra Medium confidence
Transports natural gas to Vistra's gas-fired plants — a transport-volume axis tied to generation utilization. - NextEra Energy Medium confidence
Transports natural gas to NextEra's gas plants and utilities — tied to generation and power demand.
Pays to
- Capacity expansion · acquisitions (undisclosed) Low confidence
Power-project capacity and acquisitions — investment to meet datacenter generation demand (undisclosed). - Pipelines · construction · operations (undisclosed) Low confidence
Pipeline construction, compression and operations — the capital-intensive cost axis of regulated transport capacity (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +14.3 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +6.3 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| NextEra Energy | lead1 | +23.4 | -8.5 | -25.3 | +21.5 | +15.5 | +11.1 |
| Vistra | lead1 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -1.3 |
| Williams Companies | node | +38.4 | +32.8 | +11.9 | +62.3 | +14.9 | +26.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
Williams's thesis is a midstream bottleneck fueling the AI-datacenter power boom. Regulated, fee-based revenue from moving gas across its 30,000-mile trunk network (Transco) from basins to gas-fired power, LNG and industry is the stabilizer, on top of which it layered a growth option by committing $5B+ to datacenter gas-generation power projects — with the grid unable to keep pace with AI demand, gas-turbine generation is the bridge, and Williams holds its fuel and transport. 2025 revenue was $11.83B (+10%). Demand comes from generators like Vistra and NextEra and from LNG/industry, where generation capacity build-out is transport volume. On the cost side it is exposed to pipeline construction, compression, capacity and acquisitions. Re-rating triggers are datacenter power projects coming online, the gas-demand cycle, and new pipeline approvals.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $83 · Price $75.02 (07-10) · Upside +11%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Barclays · Theresa Chen | Equal Weight | $75 | Jul 8, 2026 | Report ↗ |
| J.P. Morgan · Jeremy Tonet | Overweight | $89 | Jul 1, 2026 | Report ↗ |
| Jefferies · Julien Dumoulin-Smith | Buy | $85 | Jul 1, 2026 | Report ↗ |
J.P. Morgan and Jefferies stay Buy on power/AI-driven gas demand and the Power Innovation build-out, while Barclays nudges its target up but stays Equal Weight.
Analyses covering this node
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026