Williams has closed its approximately $5.5 billion acquisition of Momentum Midstream, giving the U.S. pipeline operator a substantially larger position in the Haynesville natural gas basin as Gulf Coast LNG and power demand continue to rise.
The transaction consists of approximately $3.5 billion in cash and debt consideration and around $2 billion in Williams equity.
Momentum brings more than 4,000 miles of pipeline, over 1 million dedicated acres and 6 billion cubic feet per day of gas gathering capacity. The assets also include processing and treating facilities and three pipelines backed by take-or-pay contracts with a combined 4.05 Bcf/d of transportation capacity.
Williams initially announced the acquisition on August 3, valuing the transaction at up to $5.5 billion. At the time, the company said the deal carried an implied valuation of approximately 8.5 times projected 2027 EBITDA and was expected to increase both earnings per share and available funds from operations per share. Williams also raised the midpoint of its 2026 adjusted EBITDA guidance by $200 million to $8.4 billion to reflect the transaction.
The acquisition gives Williams a larger role in moving Haynesville gas toward some of the fastest-growing sources of U.S. gas demand, particularly LNG export facilities and industrial consumers along the Gulf Coast.
Haynesville production has already been expanding. The U.S. Energy Information Administration said output from the region increased by about 1.1 Bcf/d, or 7%, during the first half of 2026 compared with a year earlier. The agency currently expects Haynesville production to increase about 9% for the full year, noting that the basin’s proximity to Gulf Coast LNG terminals and industrial consumers continues to support drilling activity.
For Williams, the Momentum assets also strengthen the company’s strategy of connecting large natural gas supply basins with LNG, power-generation and industrial demand centers.
CEO Chad Zamarin said the completed acquisition establishes a stronger Haynesville position and provides Williams with additional infrastructure from which it can pursue future expansions.
The closing comes just one month after Williams announced the transaction, converting what had been a planned strategic expansion into an operating asset base with substantial contracted gathering and transportation capacity.
By Charles Kennedy for Oilprice.com
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