Hennessy Midstream Fund on The Williams Companies, Inc.
Thesis
Natural gas demand is accelerating because of LNG export expansion and AI-driven power needs. Williams is pursuing infrastructure positioned directly against both themes, including transportation capacity feeding Gulf Coast LNG facilities and nearly $10 billion of data-center-related projects. The fund argues that fee-based midstream revenue, disciplined self-funded capital spending and improving balance sheets support durable cash generation and shareholder returns. Williams therefore fits the portfolio's broader view that midstream companies can benefit from rising throughput while maintaining capital discipline, and it was an 8.1% fund holding as of June 30, 2026. ([Hennessy Funds][2])
“Williams is participating in nearly $10 billion in data-center-related projects.”
Key risks
- Energy-related companies are exposed to fluctuations in commodity prices and consumer demand.
- Substantial government regulation can affect energy-related companies.