Williams capitalized on heightened natural gas price volatility and recorded all-time high gathering volumes during the first quarter, countering the unfavorable impacts of a harsh winter on its gathering system in the West.

Management credited the success of marketing arm Sequent Energy Management LP, purchased in 2021, in optimizing the assets in its base business.

For example, when natural gas liquids (NGL) processing margins slid into the red because of abnormally high gas prices near Opal, WY, Sequent took advantage of the large basis spreads. This more than offset the negative NGL margins, “turning this volatility into a net positive for Williams,” according to CEO Alan Armstrong.

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