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The Pipes — Natural Gas & LNG Midstream · The Other Watts — Non-AI Energy

WMB

Williams Companies
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Largest US gas pipeline operator — Transco backbone

What they do

Operates ~33,000 miles of natural gas pipelines. Transco connects Gulf Coast LNG terminals to East Coast cities — the most important single piece of gas infrastructure in the US. Multiple expansions underway. Steady, slow compounder with a real yield. Data-center gas demand is a small but accelerating tailwind.