Williams Companies, Inc. (The)

Good day, everyone, and welcome to the Williams Second Quarter 2026 Earnings Conference Call. Today's conference is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Mrs. Caroline Sardella, Director of Investor Relations. Please go ahead.

Thank you, and good morning, everyone. Thank you for joining us and for your interest in Williams. Yesterday afternoon we released our earnings press release and the presentation that our President and CEO Chad Zamarin and our Chief Financial Officer John Porter will speak to you this morning. Also joining us on the call today are Larry Larsen, our Chief Operating Officer, and Rob Wingo, our Executive Vice President of Corporate Strategic Development. In our presentation materials, you'll find a disclaimer related to forward-looking statements. This disclaimer is important and integral to our remarks, so please review it. Also included in the presentation materials are non-GAAP measures that we reconciled with generally accepted accounting principles. These reconciliation schedules appear at the back of today's presentation materials. So with that, I'll turn it over to Chad.

Thanks, Caroline. This was another quarter of accomplishment for Williams, with strong execution and meaningful growth across our business. I want to start by recognizing an awesome milestone for our power innovation business. Last week, we achieved in-service for phase one of Socrates, delivering a utility-scale 200 megawatts of power to our customer in under 18 months since commercialization. This is how America wins the race for the next generation of technology. A huge shout out to the Williams team and the incredible group of engineering, equipment, and construction partners that have worked to make this possible. We remain on track to deliver the next phase of Socrates before year end, with many more projects to come thereafter. With the first phase of Socrates completed on time and within budget, we have proven our ability to deliver, and we are well positioned to advance the commercialization and scaling of future power innovation projects. On Transco, we signed customer agreements for the Lighty Access and Garden Connector projects, two pipeline expansions that serve residential, commercial, and power demand in Pennsylvania and New Jersey. We also further upsized our Transco Power Express project. which now represents an 800 million cubic feet per day expansion of Transco to serve load growth, power demand, and data center growth in Virginia. Additionally, the team commercialized an extension of Line 200, which you'll recall is the 3.1 BCF per day transmission pipeline that Williams is building from Gillis to serve the Woodside LNG terminal. The extension of Line 200 includes a new lateral to serve growing power demand in the Lake Charles, Louisiana area and is a nice upside to the Woodside Partnership. In the second quarter, we also executed on two strategic transactions, including a power innovation financing joint venture with Blackstone and the strategic acquisition of Momentum Midstream. I'll let John provide more color in a minute, But I want to highlight that our financing JV creates a flexible source of low-cost equity that will enable us to continue the rapid growth and ongoing commercialization of near-term power innovation projects. I want to congratulate the Williams and Blackstone teams as well as key partners Apollo and KKR for achieving a great outcome and for supporting this exciting business. And as noted in our earnings release, we announced the highly strategic acquisition of Momentum Midstream. This bolt-on acquisition complements our Haynesville Gathering and Transco Gulf Coast Pipeline footprints and strengthens our position in the most important natural gas growth basin tied to the fastest growing and largest natural gas demand corridor. As a result of one financial quarter of assumed ownership of Momentum and improved performance across our base business, we are raising full-year 2026 EBITDA guidance by $200 million at the midpoint and we are increasing our long-term EBITDA growth rate target to 11 plus percent compound annual growth through 2030 versus our previously announced 10 plus percent compound annual growth target. Just as important, we are preserving near-term investment capacity with forecasted leverage of 3.75 times debt to EBITDA which preserves our ability to execute on additional near-term power and pipeline projects. So Williams really is firing on all cylinders. I'll now turn the call over to John to talk about our power innovation financing JV and to provide an overview of our quarterly financial results. After John is done, I'll come back to provide additional color on the momentum acquisition and I'll highlight two exciting pipeline expansion projects that we are announcing alongside the acquisition. John?