威廉姆斯公司（WMB）：东北复兴

Restricted - External WMBEQUAL WEIGHTNorth America Midstreamand RefiningNEUTRALPrice TargetUSD 58.00Price (29-May-25)USD 60.27Potential Upside/Downside-3.8%Source: Bloomberg, Barclays ResearchNorth America Midstream and RefiningTheresa Chen, CFA+1 212 526 7195theresa.chen@barclays.comBCI, USEve Abraham+1 212 526 7805eveanna.abraham@barclays.comBCI, USKelsey Zhu+1 212 526 5146kelsey.zhu@barclays.comBCI, USCatherine King+1 212 526 8674catherinelynn.king@barclays.comBCI, US during a February press briefing, WMB responded with assurances that the company wouldnot place capital at risk until Northeast governors (including Hochul) pledged support for theproject as well.Even with political support, however, Constitution would require significant coordinationfrom downstream pipes, such as Iroquois and Tennessee Gas, as well as the downstreamentities that would take the gas. We think WMB and partners are carefully threading theneedle on multiple fronts (commercial, permitting, etc.) to assess the project's ultimatefeasibility.In addition, we think resuscitating Constitution would likely require WMB to once again takeon producer customers as partners to both share in the capex burden and, more importantly,ensure the flow of incremental volumes onto WMB's G&P assets as well as Constitution itself.From a positioning standpoint, Constitution would run perpendicular to and compete withthe Millennium pipeline, which recently launched an open season for a 127-mmcf/dexpansion. Although we think there is ample resource from Appalachia to underwrite bothConstitution and the Millennium expansion over the long term,sufficientgatheringconnectivity and capacity are likely the bottlenecks.In fact, we think the Millennium expansion could face potential challenges related to supplyconnectivity. We think WMB will be open to potentially providing supply into Millennium viaWMB's Susquehanna and Bradford systems if doing so would incentivize incremental growthupstream, benefiting WMB's assets close to the wellhead.On a standalone basis,NESE and/or Constitution will likely yield lower returns thanWMB's Southeastern projects; however, the related benefit to WMB's NE gatheringsystem will generate additional earnings.The need for incremental gas egress capacity outof Appalachia is WMB's primary motivation to pursue NESE and/or Constitution. By providinga much needed outlet for Appalachian gas, WMB can encourage upstream supply growth andincrease throughput across its gathering assets. The company expects this indirect benefit tobring downside to estimated build multiples for both NESE and Constitution over time (whichwe think is likely >6x at the outset), should one or both of these projects eventually moveforward.2 •• Analyst(s) Certification(s):I, Theresa Chen, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedur