Williams Update: Constitution Pipeline Value Written Down

Williams issued its fourth-quarter and full-year 2019 update yesterday. Among the gems shared, the company reported gathering 13.3 billion cubic feet per day (Bcf/d) of natural gas and equivalents during 4Q19, up 10% from 4Q18. Just to put that in perspective, there was 85.5 Bcf/d of shale natural gas production in December 2019, according to the EIA. Williams gathered 15% of all the shale gas produced. That is an amazing statistic! Here’s an even more amazing stat: Although Williams gathered 13.3 Bcf/d during 4Q, their pipeline networks moved/flowed gas gathered by other companies too, to the tune of 21.8 Bcf/d (up 8% from 4Q18). That means the Williams pipe network moves fully 25% of all the shale natural gas that moves throughout the country.
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