NEW YORK (TheStreet) -- Williams Cos. (WMB) - Get Report stock is up by 0.41% to $19.82 in early afternoon trading on Monday, after the company cut its 2016 capital expenditures by 32%, or $1 billion, to $2 billion as plunging commodities prices continues to pressure oil- and gas-related businesses.
The Tulsa, OK-based company provides large-scale infrastructure for natural gas and natural gas products in North America.
"Our strategy remains intact and the underlying fundamentals of our business are strong despite the slower growth rates producers currently face," CEO Alan Armstrong said in a statement. "Our revised capital plan addresses the realities of our current market environment while continuing to invest in the growing demand side of our business."
The $2 million capital expenditure budget includes $1.3 billion for the expansion of interstate pipeline growth projects, while the remainder will be used to non-interstate projects.
Separately, Williams Cos. has a "hold" rating and letter grade of C at TheStreet Ratings because of the company's good cash flow from operations, expanding profit margins, generally disappointing stock performance, deteriorating net income and generally higher debt management risk.
You can view the full analysis from the report here: WMB
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