Williams expects one or two additional power projects to be signed by year-end, adding potential spending commitments as the U.S. natural gas company plans how to finance growth in 2027.
Chief Financial Officer John Porter said on Williams’ Nov. 3 earnings call that the company expects less room on its balance sheet in 2026 and 2027, before anticipated earnings growth in 2028. The funding approach will depend on each project’s spending requirements and schedule, he said.
Porter projected year-end debt at about 3.75 times adjusted EBITDA on a pro forma basis that assumes a full-year earnings run rate for Momentum Midstream. Williams completed the acquisition Sept. 3, so that calculation does not represent a full year of Momentum earnings recorded in 2026. The estimate excludes the effect of additional power projects that may be announced before year-end.
At that ratio, Williams would have about $2 billion of incremental capacity for initial project spending before reaching its internal leverage ceiling of 4 times adjusted EBITDA, Porter said. That figure represents room under the company’s limit, not financing already raised.
Chief Executive Chad Zamarin said he expects signatures on one or two more projects before the end of 2026. Williams announces a project only after securing customer agreements and a site and reaching the stage where it is ready for permitting, he said. The company has set no deadline for a public announcement.
Porter said Williams would give an indication of its funding approach when it announces a larger project, with the detail depending on the project. The company cited a joint venture used for an earlier power project as one possible financing model.
Williams maintained its 2026 adjusted EBITDA forecast of $8.3 billion to $8.5 billion after reporting $6.214 billion for the first nine months. It said existing businesses were tracking toward the upper half of the annual range. The company targets compound annual adjusted EBITDA growth of at least 11% through 2030.
Zamarin expects additional projects to reach commercialization in 2027 and beyond. The next indicator for the nearer-term projects is whether one or two are signed by year-end.
