WMB — Williams Companies

Advisor thesis on WMB — see notes below.

Natural gas volumes to AI datacenters are inflecting. Transco expansion projects fully contracted through 2028. Consensus models WMB as a boring 5% grower but the Southeast Supply Enhancement project alone adds ~1.6 Bcf/d. Street underestimates power-gen gas demand growth from datacenter buildout in Virginia/Georgia corridor. Dividend well covered at 1.9x. Risk: FERC permitting delays, gas price collapse below $2.

Variant view pending — model generation unavailable; advisor notes preserved verbatim.