Williams acquires Momentum Midstream for $5.5B

Sherwin-Williams announced on August 3, 2026, that it has agreed to acquire Momentum Midstream from private equity firm EnCap Flatrock Midstream in a deal valued at up to $5.5 billion. The consideration includes approximately $3.5 billion in cash and assumed debt and about $2 billion in Williams equity. The acquisition expands Williams' footprint in the United States — Haynesville Shale, adding over 4,000 miles of pipelines, more than 1 million dedicated acres, and gathering capacity of 6 billion cubic feet per day, along with three take-or-pay pipelines with combined capacity of 4.05 Bcf per day. Williams also announced two expansion projects: the $1.5 billion Delta Access project along the Transco corridor, scheduled for service in Q1 2029, and the Shelby Trough Connector, an expansion of its Louisiana Energy Gateway system, targeted for completion in Q2 2028. The deal is expected to increase earnings per share and available funds from operations per share, and Williams raised its 2026 adjusted EBITDA forecast to $8.3-$8.5 billion. The acquisition is subject to customary closing conditions, including U.S. antitrust clearance. Williams reported second-quarter results alongside the announcement, with net income rising 51% to $827 million and adjusted EBITDA up 6% to $1.92 billion. Shares rose about 2% in extended trading.