The Williams Companies, Inc. WMB reported third-quarter 2022 adjusted earnings per share of 48 cents, beating the Zacks Consensus Estimate of 44 cents and surpassing the year-earlier period’s profit of 34 cents per share. The outperformance was due to higher-than-expected contributions from a couple of segments.Adjusted EBITDA from the Others segment totaled $127 million, ahead of the Zacks Consensus Estimate of $117 million. Adjusted EBITDA of $337 million from the West unit beat the Zacks Consensus Estimate of $314 million.Meanwhile, in the quarter ended Sep 30, Williams’ revenues of $3.02 billion outperformed the Zacks Consensus Estimate of $2.87 billion and also beat last year’s third-quarter revenues of $2.47 billion. The outperformance could be attributed to increased product sales.Key TakeawaysAdjusted EBITDA was $1.64 billion in the quarter under review, reflecting an increase of 15.3% from the corresponding period of 2021. Cash flow from operations totaled $1.49 billion, up 78.7% from the prior-year period.Williams Companies, Inc. The Price, Consensus and EPS Surprise Williams Companies, Inc. The price-consensus-eps-surprise-chart | Williams Companies, Inc. The QuoteSegmental AnalysisTransmission & Gulf of Mexico: Comprising WMB’s massive Transco pipeline system and Northwest Pipeline, the segment generated adjusted EBITDA of $671 million, rising 6.5% from the year-ago quarter.This unit’s performance was largely driven by higher service revenues from Transco’s Leidy South expansion project and reduced hurricane impacts on the Gulf Coast region.West: This segment focuses on the gathering and processing of assets in the Western region of the United States. It delivered an adjusted EBITDA of $337 million, 31.1% higher than the $257 million recorded in the year-earlier quarter.The improvement in results was primarily due to higher commodity-based rates and higher Haynesville gathering volumes, including contributions from Trace Midstream acquired in April.Northeast G&P: The segment is engaged in natural gas gathering and processing, along with the NGL fractionation business in the Marcellus and Utica shale regions.The unit generated adjusted EBITDA of $464 million, up almost 5% from the prior-year quarter’s $442 million. This uptick was driven by higher service revenues from Ohio Valley Midstream.Gas & NGL Marketing Services: This unit generated adjusted EBITDA of $38 million, up 11.8% from the prior-year quarter’s $34 million. The result of this segment benefited from stable commodity margins, which included the write-downs of inventory to lower period-end market prices.Costs, Capex & Balance SheetIn the reported quarter, total costs and expenses of $2.2 billion rose by almost 3.8% compared with the year-ago quarter’s figure of $2.12 billion.Williams’ total capital investment was $950 million in the third quarter, up from $469 million a year ago. As of Sep 30, 2022, the company had cash and cash equivalents of $859 million and long-term debt of $22.5 billion, with a debt-to-capitalization of almost 61.8%.2022 GuidanceWMB maintained its 2022 adjusted EBITDA in the range of $6.1 billion-$6.4 billion, with growth capital spending anticipated in the range of $1.25 billion-$1.35 billion. Further, Williams expects to achieve a leverage ratio midpoint of 3.6, lower than the original guidance of 3.8.Moreover, the company reaffirmed its maintenance capital expenditures between $650 million and $750 million.Zacks RankWilliams currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other Recent ReleasesTotalEnergies SE TTE reported third-quarter 2022 operating earnings of $3.83 (€3.78) per share, lagging the Zacks Consensus Estimate of $3.91 per share by 2.04%.The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 117.7%. TotalEnergies posted an average surprise of 10.9% in the last four reported quarters.Devon Energy Corp. DVN reported third-quarter 2022 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.13 by 2.4%. Earnings were up 101.9% from the year-ago quarter.The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 150.7%. Devon Energy witnessed an average surprise of 8.5% in the last four reported quarters.CNX Resources Corporation CNX reported a third-quarter 2022 adjusted loss of 54 cents per share, which missed the Zacks Consensus Estimate for earnings of 72 cents by 175%.CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 26.1%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 23.6%. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.8% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Williams Companies, Inc. The (WMB): Free Stock Analysis Report Devon Energy Corporation (DVN): Free Stock Analysis Report CNX Resources Corporation. (CNX): Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research