Growth CapEx is expected near the high end of guidance at just under $2.9 billion, reflecting accelerated project timelines.
Northeast Gathering & Processing (G&P) business increased by $22 million or 5%, despite the negative impact of the Aux Sable divestiture.
Overall volumes increased across segments, with Gulf gathering volumes up 17% and NGL production up 77%.
The company expects a 9% CAGR in adjusted EBITDA from 2020 through 2025.
Transmission and Gulf business segment improved by $91 million or 11%, driven by expansion projects and higher revenues.
Upstream business showed a $7 million increase, partially offset by lower oil prices.
West segment grew by $22 million or 7%, supported by higher Haynesville volumes and the Rimrock acquisition.
Williams raised its 2025 adjusted EBITDA guidance midpoint by $50 million to $7.75 billion, representing a cumulative $350 million increase since 2024 guidance.
Williams reported an 8% increase in adjusted EBITDA for Q2 2025, reaching $1.808 billion compared to $1.667 billion in Q2 2024.
Capital spending was approximately $50 million below the low end of guidance due to midstream spending optimization and lower well costs.
Cumulative free cash flow over the past three quarters totaled nearly $2 billion despite average natural gas prices of $3.30 per MMBtu.
Hedging strategy includes modest winter hedges covering 10% of production with costless collars averaging a floor just above $4 and ceiling around $7 per MMBtu, plus 5% production hedged through Q1 2027 via Olympus acquisition.
Net debt decreased by approximately $350 million in Q2 to $7.8 billion, marking nearly $6 billion reduction over three quarters.
Pro forma Olympus acquisition, EQT remains on track to meet year-end 2025 net debt target of $7.5 billion and plans to operate with a maximum of $5 billion net debt over the medium to long term.
Q2 free cash flow attributable to EQT was approximately $240 million despite a $134 million litigation settlement expense; excluding this, free cash flow would have been about $375 million, exceeding expectations.
Q2 production was at the high end of guidance, driven by strong well productivity and compression project outperformance.
Corporate & Other was unfavorable by $56 million quarter-over-quarter due primarily to timing of taxes and higher interest expense, expected to reverse during the year.
DTE Electric earnings were $318 million, $39 million higher than Q2 2024, driven by rate implementation and tax timing, partially offset by higher O&M and rate base costs and warmer weather last year.
DTE Gas operating earnings were $6 million, $6 million lower than Q2 2024 due to higher O&M and rate base costs, partially offset by cooler weather.
DTE is positioned to achieve the high end of its 2025 operating EPS guidance range of $7.09 to $7.23.
DTE maintains a strong balance sheet and investment-grade credit rating with modest equity issuances of $0 to $100 million annually through 2027.
DTE Vantage operating earnings were $31 million, a $17 million increase from 2024, driven by RNG production tax credits and higher custom energy solutions earnings.
Energy Trading earned $24 million for the quarter, with strong margins in contracted and hedged physical power portfolio.
Operating earnings for Q2 2025 were $283 million, translating to $1.36 per share.
The 5-year capital investment plan totals $30 billion, supporting customer-focused reliability and cleaner generation investments.
Dafinchi