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Williams (WMB) Gets Extension to Complete $1B NESE Gas Pipeline
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Williams Companies Inc. (WMB - Free Report) received approval from U.S. energy regulators for a two-year extension of its Northeast Supply Enhancement (“NESE”) project, which is intended to transport natural gas from Pennsylvania to New York.
The NESE project was proposed by Transcontinental Gas Pipe Line Company, LLC (or Transco), a wholly-owned subsidiary of Williams, to construct and commission the expansion facilities for shipping gas from Pennsylvania through New Jersey.
In May 2019, the $1-billion project was approved by the Federal Energy Regulatory Commission of the United States and required Williams to commission the project by May 2021. However, the company had to postpone NESE since environmental regulators in New York and New Jersey disapproved water permits for the project.
The Transco pipeline is a 10,000-mile interstate transmission pipeline system, which would move more natural gas into New York City. Notably, the system, which is operated by Williams, includes more than 50 compressor facilities and features more than 500 miles of pipe and five compressor facilities in New Jersey.
The NESE project involves the enhancement of the existing Transco infrastructure in Pennsylvania, New Jersey and New York, which includes a new compressor facility, Station 206, in Franklin Township. The facility would possess two natural gas-fired turbine compressor units, with a combined output of 32,000 horsepower. Once developed, the project would add nearly 37 miles of pipeline and carry an additional 0.4 billion cubic feet of gas per day from Pennsylvania to New York.
The project is in line with the clean energy goals of New York to enhance local air quality, while providing access to reliable and affordable energy to address the increasing demand. Notably, Williams plans to re-submit water permit applications in both states before 2021 and maintains its commitment to constructing the project.
Company Profile & Price Performance
Headquartered in Tulsa, OK, Williams is a leading energy infrastructure provider in North America.
Shares of the company have underperformed the industry in the past six months. Its stock has gained 22% compared with the industry’s 23.5% growth.
Over the past 60 days, the Zacks Consensus Estimate for PDC Energy’s 2021 earnings has been raised by 40.3%, whereas that for Extraction has been increased by 235.5%.
Petrobras’ earnings for 2021 are expected to rise 6.5% year over year.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
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Williams (WMB) Gets Extension to Complete $1B NESE Gas Pipeline
Williams Companies Inc. (WMB - Free Report) received approval from U.S. energy regulators for a two-year extension of its Northeast Supply Enhancement (“NESE”) project, which is intended to transport natural gas from Pennsylvania to New York.
The NESE project was proposed by Transcontinental Gas Pipe Line Company, LLC (or Transco), a wholly-owned subsidiary of Williams, to construct and commission the expansion facilities for shipping gas from Pennsylvania through New Jersey.
In May 2019, the $1-billion project was approved by the Federal Energy Regulatory Commission of the United States and required Williams to commission the project by May 2021. However, the company had to postpone NESE since environmental regulators in New York and New Jersey disapproved water permits for the project.
The Transco pipeline is a 10,000-mile interstate transmission pipeline system, which would move more natural gas into New York City. Notably, the system, which is operated by Williams, includes more than 50 compressor facilities and features more than 500 miles of pipe and five compressor facilities in New Jersey.
The NESE project involves the enhancement of the existing Transco infrastructure in Pennsylvania, New Jersey and New York, which includes a new compressor facility, Station 206, in Franklin Township. The facility would possess two natural gas-fired turbine compressor units, with a combined output of 32,000 horsepower. Once developed, the project would add nearly 37 miles of pipeline and carry an additional 0.4 billion cubic feet of gas per day from Pennsylvania to New York.
The project is in line with the clean energy goals of New York to enhance local air quality, while providing access to reliable and affordable energy to address the increasing demand. Notably, Williams plans to re-submit water permit applications in both states before 2021 and maintains its commitment to constructing the project.
Company Profile & Price Performance
Headquartered in Tulsa, OK, Williams is a leading energy infrastructure provider in North America.
Shares of the company have underperformed the industry in the past six months. Its stock has gained 22% compared with the industry’s 23.5% growth.
Zacks Rank & Stocks to Consider
Williams currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are PDC Energy, Inc. , Extraction Oil & Gas, Inc. and Petrobras (PBR - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, the Zacks Consensus Estimate for PDC Energy’s 2021 earnings has been raised by 40.3%, whereas that for Extraction has been increased by 235.5%.
Petrobras’ earnings for 2021 are expected to rise 6.5% year over year.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How to Profit from Trillions on Spending for Infrastructure >>