AI And Energy EfficiencyThe possibility that China's DeepSeek AI model could be more efficient in terms of chips and energy usage delivered a reality check to several midstream names under coverage, including WMB.
Free Cash FlowFree cash flow per share was below estimates due to higher dividends paid to non-controlling interests, resulting in a cash shortfall.
Operational ChallengesA modest headwind is expected from Eagle Ford volumes and MVC contract rolls, which could offset some positive impacts.