Williams Co.

Williams Co is a US based midstream company owning natural gas pipelines that routinely deliver approximately one third of the nation’s natural gas across its 33,000 mile network. The company is benefiting from an increase in expected demand from natural gas powered by industrialisation, LNG exports, and more recently AI related energy needs. This is expected to inflect the company’s growth in EBITDA to over 10% per annum over the next 5 years versus its historical 5-7% long term growth target. Through their comprehensive network and innovative approach to solving energy needs, Clearbridge expects the company to benefit through a few key drivers:

- Increasing gas transmission pipeline capacity by over 7bcf/d (billion cubic feet per day) through to the end of the decade

- Natural gas volume growth through its gathering pipeline network across the major natural gas basins in the US

- Behind the meter (BTMs) natural gas power generation, offering key data centre clients access to power with speed to market

ClearBridge believe these drivers will deliver continued upside to an already upsized growth expectation, given the size of the opportunity and confidence around a high-quality management team. The investment team believe the market continues to underestimate the quantum of the growth opportunities for Williams Co.

Source: Clearbridge Investment Management Limited, March 2026

‍