WM WMB Williams Companies Загрузка... : Бычьи и медвежьи мнения аналитиков

APT's through-system revenues are benefiting from higher natural gas basis spreads, which are being driven by rising associated gas production, constrained takeaway capacity, and lower demand due to warm weather. Management expects this to add an additional $0.08-$0.12 to fiscal 2026 EPS in the second half. — This indicates a tightening natural gas takeaway market in the Permian Basin (Waha), which is a positive pricing signal for midstream companies with capacity on pipes leaving the basin (e.g., TRGP, WMB) and a negative signal for those with gathering/processing assets long on gas.

Atmos' APT division saw average spreads widen to $3.99 in Q1 FY26 (vs $1.56 a year prior) despite a ~2 Bcf volume decline, driven by rising associated gas production, constrained takeaway capacity, and warm weather demand destruction. This indicates significant Permian takeaway constraints continue to pressure Waha prices. — The persistent Waha basis blowout signals the need for incremental Permian takeaway capacity (pipelines like ET's projects) to resolve, but also implies volatile and lucrative trading opportunities for those with existing capacity.